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MGMT 339 Quiz 1 with complete verified solutions 2024.
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MGMT 339 Quiz 1 with complete verified solutions 2024.
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MGMT 339: Quiz 1 withcomplete verified solutions
2024
Four Functions of Management - answer Planning, organizing,
leading, controlling
Management - answer The process of working with people and
resources to accomplish organizational goals effectively and
efficiently using four functions: POLC
Innovation - answer The introduction of new goods/services
Quality - answer The excellence of your product.
Service - answer Continually meeting the needs of customers to
establish mutually beneficial long-term relationships.
Speed - answer Rapid execution, response, and delivery of results.
Cost competitiveness - answer Keeping costs low to achieve profits
and be able to offer prices that are attractive to customers.
Planning - answer Delivering strategic value (setting goals)
Organizing - answer Building a dynamic organization
Leading - answer Mobilizing people
, Controlling - answer Learning and changing
3 Levels of Management - answer Top, Middle, Frontline
Single Use Plans - answer Designated to achieve mostly one-time
goals
Standing Plans - answer Ongoing activities for enduring set of goals
Contingency plans - answer Plans for when a company's initial plan
has not worked or require sudden changes
Strategic planning - answer Long term goals, include growth
Tactical planning - answer Translate broad strategic goals into
specific goals and plans, define outcomes that departments must
achieve
Operational planning - answer identifying specific procedures and
processes required at lower levels of organization
SWOT Analysis - answer A comparison of strengths, weakness,
opportunities, and threats that helps executives formulate strategy.
4 Types of Corporate Strategies - answer Concentration, Vertical
Integration, Concentric Diversification, Conglomerate Diversification
Concentration Strategy - answer Operates single business and
competes in a single industry
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