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MGMT Question and answers 100% correct 2024

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MGMT Question and answers 100% correct 2024 MGMT:2100, Iowa: MIDTERM II ____________ approach to innovation: Making a new product or service that did not exist before. - correct answer Experiential ____________ approach to innovation: Making an existing product better. - correct answer C...

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  • August 30, 2024
  • 32
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgmt
  • mgmt question and answers 100 correct 2024

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MGMT:2100, Iowa: MIDTERM II
____________ approach to innovation: Making a new product or service that
did not exist before. - correct answer ✔Experiential


____________ approach to innovation: Making an existing product better. -
correct answer ✔Compression


5 dimensions of quality in service provision (RATER) - correct answer
✔Reliability, Assurance, Tangibles, Empathy, Responsiveness


a direct tax on imported goods. (trade barriers) - correct answer ✔tariff


nontax methods of increasing the cost or reducing the volume of imported
goods. (trade barriers) - correct answer ✔non-tariff


Getting work done through others...concerned with efficiency and
effectiveness in the work process. - correct answer ✔Definition of
management


Types of managers - correct answer ✔top managers, middle managers, first-
line managers, team leaders


Forces for internationalization (4) - correct answer ✔modern communication
technology, air travel, corporate globalism, shipping container


Stage 1 of the Internationalization process:
EX: Selling products in a country you didn't make them in - correct answer
✔Exporting

,Stage 2 of the Internationalization process:
1) licensing - selling how they make their product
2) franchising - letting a country adopt your company
EX: McDonalds - correct answer ✔Cooperative Contracts


Stage 3 of the Internationalization process:
EX: when two companies decide to share their ideas together across seas,
and they share the the money they get - correct answer ✔Strategic Alliances


Stage 4 of the Internationalization process:
EX: A company in a home country who buys a company in another company -
correct answer ✔Wholly owned affiliates


One big option of the Internationalization process (Not a stage):
EX: global shipping company - correct answer ✔global venture


Two different types of cooperative contracts - correct answer ✔licensing and
franchising


VIDEO Example
-the communication was poor between the two men.
-the American was very direct and wanted to get the Chinese man to sign the
contract while the Chinese man wanted to get to know the American before
signing it.
-They were on very different pages when it came to signing the contract and
no deal was made - correct answer ✔Problem at Mustang Jeans

,Cultures in which nonverbal and situational messages convey meaning
**Relationship more important than terms - correct answer ✔High context
cultures


Cultures in which words convey primary meaning
-Nonverbal messages are secondary
***The terms of the deal are more important than building a business
relationship - correct answer ✔Low context cultures


-Long-term vs. Short-term orientation
-Uncertainty avoidance
-Masculinity (assertiveness) vs. Femininity (focuses on relationship building)
-Individualism (self-efficient) vs. Collectivism (group)
-Power distance (LOW = don't like to be told what to do) (HIGH = understand
authority) - correct answer ✔Hofstede's Dimensions


Because while free-trade agreements create new business opportunities, they
also intensify competition and addressing that competition is a manager's job.
- correct answer ✔Why managers need to know about tariffs and trade


Characteristics of an attractive foreign business climate (3) - correct answer
✔positions the company for easy access to growing markets, is an effective
but cost-efficient place to build an office or manufacturing facility, minimizes
the political risk to the company.


Correlation between missed classes and final points - correct answer
✔r=0.41


1. Do your homework = search for your answers first

, 2. Think strategically about who to ask
3. Prepare a good question
4. Be patient, kind, and professional - correct answer ✔How do I get help?


1. The most effective and most respected people show initiative and look for
answers before relying on other people
2. Sometimes the person sitting next to you is the best source of information
3. Even if your boss really likes you, do not bother him or her with questions
that you should be able to answer yourself
4. Do your homework, and let people know you've done your homework,
otherwise they just might ask you, "Did you do your homework?"
5. Make other people feel that their work is important, even if you are not sure
whether it is
6. Gratitude gains you a great deal of good will from others; adopting an
attitude of entitlement and being a jerk irritates others and may mean you
don't get the answers you need
7. Sometimes a short face-to-face meeting is the best way to get questions
answered, and the best way to get to know someone
8. Your time is valuable. So is theirs. People who schedule ahead of time will
get - correct answer ✔Life Lessons


Useful simplifications of reality - correct answer ✔models


Four functions of managers - correct answer ✔planning, organizing, leading,
controlling


Managerial skills (4) - correct answer ✔Conceptual, Human, Technical,
Motivation to Manage

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