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Intro to Management Exam 1 -
Hamilton, Rutgers / Actual Exam
Questions and Correct Answers
(Verified Answers) A+ Graded
_____________Quiz____________? Business Model -
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Customer Value Proposition and Profit Formula _____________Quiz____________? Profit Formula -
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How effectively the company can deliver on the value proposition as a profit _____________Quiz____________? Customer Value Proposition -
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Company's approach to satisfying buyer needs to wants at a price the customer will consider a good value _____________Quiz____________? Value-Price-Cost -
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Value > Price Price > Cost _____________Quiz____________? Why a business model is important -
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Attract customers Beat competition Survive due to lack of profitability _____________Quiz____________? Strategy -
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Action plan for outperforming competitors and achieving profitability (needs to be distinct) _____________Quiz____________? Why is strategy important? -
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Improve financial performance Strengthen its competitive position Gain competitive advantage _____________Quiz____________?
Strategic Vision vs. Mission -
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Strategic - future oriented, aspirational, high level Mission - present oriented, focus on purpose not goal, more specific _____________Quiz____________? Values -
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The beliefs, traits, and behavioral norms that employees are expected to display _____________Quiz____________? Objectives -
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Organization's performance targets (financial and strategic) _____________Quiz____________? Financial Objectives -
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financial performance targets _____________Quiz____________? Strategic Objectives -
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targets that indicate a company is increasing its market standing
_____________Quiz____________? Effective Objectives -
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- "stretch objectives": set high enough to stretch an organization to perform at its full potential and deliver best possible results
- Consists of both short term and long term objectives
- Created at all levels
- SMART goals _____________Quiz____________? SMART -
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Specific Measurable Actionable Realistic Timely _____________Quiz____________? Deliberate Strategy -
PESTEL Analysis: goal is to identify factors that are important enough to have a bearing on the company's strategic decisions
- Political
- Economic
- Sociocultural
- Technological
- Environmental
- Legal _____________Quiz____________? Industry and Competitive Environment -
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- Five forces analysis: diagnose the principal competitive pressures in an industry and assess the potential for profitability
- Driving forces
- Key success factors
- Industry outlook and profitability _____________Quiz____________? Driving Forces -
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Cause of change in industry and competitive and competitive conditions
- Identify the driving forces
- Assess whether the drivers of change are acting to make the industry more/less attractive
- Determine what strategy changes are needed for the impact driving forces _____________Quiz____________? Key Success Factors (KSFs) -
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The strategy elements, product attributes, operational approaches, resources, and competitive capabilities that are essential to surviving and thriving in an industry _____________Quiz____________? VRIN Test (for competitive advantage) -
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Valuable Rare Inimitable Non-substitutable _____________Quiz____________? Value Chain Analysis -
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The primary activities that create customer value
- aimed at value conscious buyers who shy away from cheap low end products and expensive high end products
- gives customers more value for money _____________Quiz____________? Corporate Governance -
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the relationship among shareholders, management, and the board of directors in determining the direction and performance of the corp. (reward and compensation agreements) _____________Quiz____________? Control -
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any process that directs the activities towards the achievement of goals _____________Quiz____________? Standard -
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Expected performance for a given goal (target/benchmark) _____________Quiz____________? Bureaucratic Control -
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- setting performance standards
- measuring performance
- comparing against standards
- taking action to correct a problem _____________Quiz____________? Feedforward Control -
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collecting performance info before a task or project is done _____________Quiz____________? Concurrent -
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collecting info while a task is being done (GPS tracking on UPS) _____________Quiz____________? Feedback -
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collecting information after a project is done _____________Quiz____________? Bureaucratic Control Disadvantage -
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- Resistance _____________Quiz____________? Rigid Bureaucratic Behavior -
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- people often act in ways that will help them look good on the control system's measures
- Can result in inflexible behavior geared toward doing only what the system requires (ex: United Airlines) _____________Quiz____________? Tactical Behavior -
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- controls will be ineffective if employees try to beat the system
- manipulating info or reporting false performance data _____________Quiz____________? Resistance -
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People resist control systems
- can decrease autonomy
- can change expertise and power structures _____________Quiz____________? Effective Control Systems -
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- establish valid performance standards
- provide adequate information to employees
- ensure acceptability to employees
- maintain open communication between managers and employees
- use multiple approaches _____________Quiz____________? Market Controls - Transfer pricing -
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price charged by one business unit to another within the same organization _____________Quiz____________? Leadership -
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The process of influencing and organized group toward achieving its goals _____________Quiz____________? Organizational Design -
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process by which managers create a specific type of org. structure and culture so that a co. can operate in the most efficient and effective way in implementing its strategy. _____________Quiz____________?
_____________Quiz____________? Job Characteristic Model -
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Create a structure of working relationships among employees to allow them to achieve an organization's goals effectively and efficiently _____________Quiz____________? Key Considerations in Designing Structures -
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- flow if info is supported
- groups are able to effectively interact routinely and spontaneously
- clarity of responsibility and authority
- individual's role is clear
- individual has a connection to the org. _____________Quiz____________? Problems with too many organizational levels -
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- communication: takes too long for decisions and orders from top to reach down
- Distortion of messages
- Too many managers (expensive) GOAL: minimum change of command
_____________Quiz____________? Why Integration and Coordination are Important -
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- Need unity of effort
- Multiple individuals and working groups
- Leverage different ideas
- Avoid silo mentality _____________Quiz____________? Organization Culture -
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Shared set of beliefs, expectations, values, and norms that influence how members of an org. relate to one another and cooperate to achieve the org.'s goal _____________Quiz____________? What are the issues? -
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traditional model of integration (hierarchy & direct oversight), no longer adequate _____________Quiz____________? Human Resource Management -
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All the activities managers engage in to attract and retain employees and to ensure that they perform at a high level and contribute to the accomplishment of organizational goals
Performance Feedback -
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managers share performance appraisal info w/ their subordinates _____________Quiz____________? Pay Structure -
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The arrangement of jobs into categories reflecting relative importance to the org. and its goals, levels of skill required _____________Quiz____________? Labor Relations -
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The activities managers engage in to ensure they have effective working relationships with the labor unions that represent their employees interests _____________Quiz____________? Collective Bargaining -
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Negotiations btwn labor unions and managers to resolve conflicts and disputes about important issues such as working hours, wages, working conditions and job security _____________Quiz____________? Human Resource Management -
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activities managers engage in to attract and retain employees and to ensure that they perform at a high level and contribute to the accomplishment of organizational goals _____________Quiz____________? HRM System -
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- Recruitment & selection
- Training & development
- Performance & appraisal
- Pay & benefits
- Labor relations _____________Quiz____________? Inner Work Life System -
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every workers performance is affected by the constant interplay of perceptions, emotions, motivations triggered by workday events _____________Quiz____________? High Performance Drivers -
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Creativity Productivity
