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MGT Final Exam Review; Part 1 Questions and Answers 2024( A+ GRADED 100% VERIFIED).
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MGT Final Exam Review; Part 1 Questions and Answers 2024( A+ GRADED 100% VERIFIED).
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MGT Final Exam Review; Part 1Management - ANS Science of getting necessary work done using other people
Leadership - ANS The art of getting other people to do what you want
Difference Between Management and Leadership? - ANS All leaders are managers, but not all
managers are leaders.
Vision Objectives - ANS Organizational goals that evoke powerful and compelling mental
images
Mission Objectives - ANS Set of organizational goals that includes both the purpose of the
organization, its scope of operations, and the basis of competitive advantage
Strategic Objectives - ANS Set of organizational goals that are used to operationalize the
mission statement and that are specific and cover a well-defined time frame
-operationalize the mission statement
-Should be SMART (Specific, Measurable, Appropriate, Realistic, Timely)
Difference between vision, mission, and strategic objectives different - ANS Vision lacks
specificity and has longer time horizon
Strategic objectives are more tacit
Mission encompasses both the purpose of company as well as basis of competition and
competitive advantage
Vision--> mission-->strategic objectives
Efficiency vs. Effectiveness - ANS Efficiency "Doing things right"(Tailoring actions to the needs
of an organization rather than wasting effort)
Effectiveness "Doing the right thing" (performing actions at a low cost relative to a benchmark)
Sustainable Competitive Advantage - ANS Strategic management
Corporate Governance - ANS The relationship between Management, Stockholders, and Board
of Directors (top of the pyramid down)
Stakeholders - ANS Anyone who will be affected by the success, failure, or continued operation
of the firm
, Why do we care? - ANS Include customers, suppliers, competitors, neighbors, community
members, political leaders and others may have a stake in your success
Environmental Scanning - ANS Surveillance of a firm's external environment to predict
environmental changes and detect changes already under way
Why do we Environment Scan? - ANS Alerts organization to critical trends and events before
changes develop discernible pattern and competitors recognize them
Forecasting - ANS -External Scanning
-External Monitoring
-Competitive Advantage
External Scanning - ANS Predicting changes in the firm's environment, detecting changes
already underway, working out possible responses
External Monitoring - ANS Tracking trends, sequences or related activities, organized programs
Competitive Intelligence - ANS Tracking and understanding the industry, monitoring the
competition, identifying opportunities and threats that may be emerging.
Five Forces Model - ANS 1. Threat of new entrants
2. Bargaining power of suppliers
3. Bargaining power of buyers
4. Threat of substitutes
5. Intensity of competition
Threat of New Entrants - ANS Possibility that the profits of established firms in the industry may
be eroded by new competition
Bargaining Power of Suppliers - ANS Suppliers can threaten to raise prices or reduce the
quality of purchased goods and services
Bargaining Power of Buyers - ANS Buyers threaten an industry by forcing down prices,
bargaining for higher quality or more services, and playing competitors against each other
Threat of Substitutes - ANS Substitutes the potential returns of an industry by placing a ceiling
on the prices that firms in that industry can profitably charge
Intensity of Rivalry among Competitors in an Industry - ANS Rivalry occurs when competitors
sense the pressure or act on an opportunity to improve their position
Entry Barriers - ANS Conditions that make it difficult or expensive for new firms to enter an
industry (government regulation, large start up costs, etc.)
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