MGT 300 Exam 1 ASU Neck || QUESTIONS WITH ALL
PASSED SOLUTIONS!!
Management correct answers Process of working with people and distributing an
organization's resources to achieve goals efficiently, effectively
What are the 4 functions of management? correct answers -Planning
-Organization
-Leading
-Controlling
4 functions of management- Planning: correct answers Determine long-term missions and
goals and business plan to ahcieve goals
4 functions of management- Organization: correct answers Allocation of resources, what
needs to be done for long-term goals
-orchestrating people actions resources decisions to achieve goals
4 functions of management- Leading correct answers Leading and motivating people for goal
achievement
4 functions of management- Controlling correct answers Measuring how close we are to
achieving goal and mission
-monitoring activities, measuring results and comparing them w goals
What does O, L, and C for 4 functions of management go back to? correct answers Mission
and long-term goals
Trader Joe's Case- 4 functions of management
Planning, organization, leading, controlling correct answers -Planning- Low costs, unique
products, value
-Organization- non-prim real estate, limited narrow product, no advertising, straight from
supplier, organizational culture
-Leading- Hire for culture, hire managers within and high pay, lowest employee turnover
-Controlling- Sophisticated system for what sells and what doesn't
Dr. Neck recently showed a clip from ShawShank Redemption to illustrate what? correct
answers D. Application of 4 functions of management
Cross Fit Case - 4 functions of Management
Planning, organization, leading, controlling correct answers -Planning- Easy access to create
gym w low capital, viral and social media does marketing for you, Mission is to make fitness
accessible to everyone
-Organization- Very low control over boxes, the box itself, social media free
-Leading- Innovative, empowering
-Controlling- Lawyers, aggressive in-store opening (glassman sells well)
What video did we watch on fruit for 4 functions of management? correct answers Bananas
and fungi
, Strategic Management- correct answers Process involving managers from all parts of the
organization of formulating and implementing strategies to accomplish LONG TERM goals
and sustain competitive advantage
What's are the letters for strategic management process? correct answers DEFINE
Strategic Management Process- correct answers -DEFINE missions and goals
-EVALUATE situation (what they do well)
-FORMULATE plan after mission review
-IMPLEMENT plan
-NOW (cant wait to implement plan)
-EVALUATE performance
In class, we played tic tac toe. What was the purpose of this? correct answers D. Application
of define model
When we studied strategic management, what videos did we watch? correct answers Amazon
and National Audio Company
For Amazon, complete the strategic management process (DEFINE) correct answers
DEFINE MISSION- sell everything to everyone
EVALUATE SITUATION-
FORMULATE PLAN- sell everything to everyone
IMPLEMENT PLAN- technology here to stay
NOW-
EVALUATE PERFORMANCE- prime members, stock prices
Compelte the strategic management process for National Audio Company (DEFINE) correct
answers DEFINE MISSION- Be the last cassette manufacturer
EVALUATE SITUATION- recycling old parts, controls supply chain, networking
FORMULATE PLAN- buying everything out, be the last manufacturer
IMPLEMENT PLAN-
NOW-
EVALUATE PERFORMANCE-
What process can you use to look at internal and external for a company? correct answers
SWOT
SW- internal
OT- external
What does SWOT stand for? (internal and external) correct answers S/W- Strengths,
weaknesses (internal)
O/T- Opportunities, threats (external)
What company did we look at for SWOT? correct answers Tabasco Company
Perform SWOT for Tabasco Company correct answers S- trademark, brand, many
consumers, quality standards, varieties
W- family owned, location, succession plan, cant expand, seed disease, no advertising
