MGMT 1010 EXAM 1 QUESTIONS AND ANSWERS
What is the basic idea of "creating value for stakeholders" and what is the job of the
manager? - Answers - -Business can be understood as a set of relationships among
different groups, which have stake in the activities that make up the business.
-Business is about how customers, suppliers, employees, financiers, communities, and
managers interact and create value.
-Job of manager is to manage and shape these relationships.
Who are the primary and secondary stakeholder groups? - Answers - Primary:
Suppliers, Employees, customers, communities, financiers.
Secondary: Consumer advocate groups, special interest groups, competitors, media,
government
What is the mindset for managing stakeholder relationships? - Answers - To produce
long term results and create a growing prosperous company.
Why is employee development important in todays organization? - Answers -
employees Cross Training(training employees on more then one job.) Most employees
expect to move throughout many different companies over their careers, with more skills
they will be more marketable to other companies.
What are the three approaches to traditional employee development? - Answers - 1.
Design
2. Developmental/Implementation
3. Evalutation
Who has responsibility for employee development? what are things that an employee
can do to take the initiative for their own development? - Answers - -The Supervisor
along with HR must find sources of training that will identify with the employees needs.
-They should take any opportunities that they are given to better themselves and
become a better employee.
What are the reasons why management development is so important? What are the
two, long lasting benefits of understanding the match required between managers and
their organizational context? - Answers - - It helps employees grow both personally and
respectively to their jobs in the present and future.
-Benefits: helping employees focus on their personal development can lead to
employees thinking in different ways about what they have to offer.
What are the qualities required for a President/CEO? What are the challenges of
training executives? What are the different methods of executive training? - Answers - -
They must be effective in the role of entrepreneur(able to analyze the situation and
, choose the proper direction for the organization) and leader(able to implement the plan
through others.)
Challenges:
- These people are at the top, making it difficult for them to ask for help or be aware
they need it.
-Who is capable of helping them?
-They work long and don't have time for development
Methods: Coaching, Mentoring
What do Zappos and In-N-Out have in common? - Answers - Both have Customer
Loyalty. Zappos invests most of their money brought back that would be used to
advertise, back into customer service.
In-N-Out burger is similar because they dont go with the current trend, they know what
theyll do will work. They dont change their menu they make everything perfect
everytime and they have good customer service.
Marketing - Answers - Managing profitable customer relationships.
Goal of Marketing: Attract new customers by promising superior value and keep and
grow current customers by delivering satisfaction.
what are the steps in the marketing process? Review the expanded version at the end
of the chapter so you know where activities occur in the process. - Answers - 1.
Understand the marketplace and customer needs and wants.
2. Design a customer driven marketing strategy.
3. Construct an integrated marketing program that delivers superior value.
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity.
Market offerings - Answers - A Combination of products, services, information, or
experiences offered to a market to satisfy a need or a want
Marketing Myopia - Answers - The mistake of paying more attention to the specific
products a company offers than to the benefits and experiences produced by these
products.
Main elements in the marketing system - Answers - Persons, places, organizations,
information, and ideas.
What are the steps involved in designing a marketing strategy? what are the different
marketing management orientations? - Answers - -Selecting who to serve, how will the
company serve those customers, design strategies that will build profitable relationships
with target customers.
-Production Concept, Product Concept, Selling Concept, Marketing concept, Societal
Marketing concepts.
What is the basic idea of "creating value for stakeholders" and what is the job of the
manager? - Answers - -Business can be understood as a set of relationships among
different groups, which have stake in the activities that make up the business.
-Business is about how customers, suppliers, employees, financiers, communities, and
managers interact and create value.
-Job of manager is to manage and shape these relationships.
Who are the primary and secondary stakeholder groups? - Answers - Primary:
Suppliers, Employees, customers, communities, financiers.
Secondary: Consumer advocate groups, special interest groups, competitors, media,
government
What is the mindset for managing stakeholder relationships? - Answers - To produce
long term results and create a growing prosperous company.
Why is employee development important in todays organization? - Answers -
employees Cross Training(training employees on more then one job.) Most employees
expect to move throughout many different companies over their careers, with more skills
they will be more marketable to other companies.
What are the three approaches to traditional employee development? - Answers - 1.
Design
2. Developmental/Implementation
3. Evalutation
Who has responsibility for employee development? what are things that an employee
can do to take the initiative for their own development? - Answers - -The Supervisor
along with HR must find sources of training that will identify with the employees needs.
-They should take any opportunities that they are given to better themselves and
become a better employee.
What are the reasons why management development is so important? What are the
two, long lasting benefits of understanding the match required between managers and
their organizational context? - Answers - - It helps employees grow both personally and
respectively to their jobs in the present and future.
-Benefits: helping employees focus on their personal development can lead to
employees thinking in different ways about what they have to offer.
What are the qualities required for a President/CEO? What are the challenges of
training executives? What are the different methods of executive training? - Answers - -
They must be effective in the role of entrepreneur(able to analyze the situation and
, choose the proper direction for the organization) and leader(able to implement the plan
through others.)
Challenges:
- These people are at the top, making it difficult for them to ask for help or be aware
they need it.
-Who is capable of helping them?
-They work long and don't have time for development
Methods: Coaching, Mentoring
What do Zappos and In-N-Out have in common? - Answers - Both have Customer
Loyalty. Zappos invests most of their money brought back that would be used to
advertise, back into customer service.
In-N-Out burger is similar because they dont go with the current trend, they know what
theyll do will work. They dont change their menu they make everything perfect
everytime and they have good customer service.
Marketing - Answers - Managing profitable customer relationships.
Goal of Marketing: Attract new customers by promising superior value and keep and
grow current customers by delivering satisfaction.
what are the steps in the marketing process? Review the expanded version at the end
of the chapter so you know where activities occur in the process. - Answers - 1.
Understand the marketplace and customer needs and wants.
2. Design a customer driven marketing strategy.
3. Construct an integrated marketing program that delivers superior value.
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity.
Market offerings - Answers - A Combination of products, services, information, or
experiences offered to a market to satisfy a need or a want
Marketing Myopia - Answers - The mistake of paying more attention to the specific
products a company offers than to the benefits and experiences produced by these
products.
Main elements in the marketing system - Answers - Persons, places, organizations,
information, and ideas.
What are the steps involved in designing a marketing strategy? what are the different
marketing management orientations? - Answers - -Selecting who to serve, how will the
company serve those customers, design strategies that will build profitable relationships
with target customers.
-Production Concept, Product Concept, Selling Concept, Marketing concept, Societal
Marketing concepts.
