MGMT 601 Exam 1
Cost Competitiveness - ANSWER...-Keeping costs low to achieve profits and be able to
offer prices that are attractive to consumers. It requires efficiency.
Management - ANSWER...-The process of working with people and resources to
accomplish organizational goals efficiently and effectively.
Effeciency - ANSWER...-the ratio of output work to input work
Effectiveness - ANSWER...-accomplishing tasks that help fulfill organizational objectives
Emotional Intelligence - ANSWER...-Understanding yourself and managing yourself
while also dealing with others effectively
Social capital - ANSWER...-Goodwill stemming from your social relationships
Knowledge managment - ANSWER...-Set of practices aimed at discovering and
harnessing an organizations intellectual resources
Sources of Competetive Advantage (CIQSSS) - ANSWER...-Cost Competitiveness
Innovation
Quality
Service
Speed
Sustainability
cost competitiveness - ANSWER...-Keeping costs low to achieve profits and be able to
offer prices that are attractive to consumers.
Innovation - ANSWER...--The introduction of new good and services
-Creates a new market and/or product to expand sales. Generates a consumer buzz
around the new idea. Can extend product life cycle.
Quality - ANSWER...-The excellence of your product. It refers to attractiveness, lack of
defects, reliability, and long-term dependability
Service - ANSWER...-the speed and dependability with which an organization delivers
what customers want
Speed - ANSWER...--fast and timely execution, response, and delivery of results
-Speed combined with quality is a measure that a company is operating effeciently
, Sustainability - ANSWER...--Reducing resources use and waste especially for polluting
and non-renewable resources.
-Addressing sustainability issues often produces bottom line benefits
Collabaration - ANSWER...-Requires communication among departments, divisions, or
other subunits. Customers can also be collabarators
Four Functions of Management (POLC) - ANSWER...-1. Planning
2. Organizing
3. Leading
4. Controlling
Planning - ANSWER...-Delivering strategic value and setting the stage for action.
Traditionally top-down and a dynamic, continual process.
Organizing - ANSWER...-Build organizations that are flexible and adaptive.
Leading - ANSWER...-inspiring and motivating workers to work hard to achieve
organizational goals
Controlling - ANSWER...-monitoring performance, comparing it with goals, and taking
corrective action as needed
Levels of Management (TMFT) - ANSWER...-Top-level
Middle level
Frontline
Team leader
Top-level managers - ANSWER...-Senior executives responsible for the overall
management and effectiveness of the organization. Strategic managers
Middle-level Managers - ANSWER...-Located in the middle layers of the organizational
hierarchy reporting to top level executives. Tactical managers
Frontline managers - ANSWER...-Lower level managers who execute the operational
activities of the organization. The link between management and nonmanagment
personnel
Team leader - ANSWER...-Employees who are responsible for facilitating successful
team performance. Supports a positive social climate, challenges the team and provides
feedback
3 Types of Roles Managers perform (IID) - ANSWER...-Interpersonal roles
Informational roles
Decisional roles
Cost Competitiveness - ANSWER...-Keeping costs low to achieve profits and be able to
offer prices that are attractive to consumers. It requires efficiency.
Management - ANSWER...-The process of working with people and resources to
accomplish organizational goals efficiently and effectively.
Effeciency - ANSWER...-the ratio of output work to input work
Effectiveness - ANSWER...-accomplishing tasks that help fulfill organizational objectives
Emotional Intelligence - ANSWER...-Understanding yourself and managing yourself
while also dealing with others effectively
Social capital - ANSWER...-Goodwill stemming from your social relationships
Knowledge managment - ANSWER...-Set of practices aimed at discovering and
harnessing an organizations intellectual resources
Sources of Competetive Advantage (CIQSSS) - ANSWER...-Cost Competitiveness
Innovation
Quality
Service
Speed
Sustainability
cost competitiveness - ANSWER...-Keeping costs low to achieve profits and be able to
offer prices that are attractive to consumers.
Innovation - ANSWER...--The introduction of new good and services
-Creates a new market and/or product to expand sales. Generates a consumer buzz
around the new idea. Can extend product life cycle.
Quality - ANSWER...-The excellence of your product. It refers to attractiveness, lack of
defects, reliability, and long-term dependability
Service - ANSWER...-the speed and dependability with which an organization delivers
what customers want
Speed - ANSWER...--fast and timely execution, response, and delivery of results
-Speed combined with quality is a measure that a company is operating effeciently
, Sustainability - ANSWER...--Reducing resources use and waste especially for polluting
and non-renewable resources.
-Addressing sustainability issues often produces bottom line benefits
Collabaration - ANSWER...-Requires communication among departments, divisions, or
other subunits. Customers can also be collabarators
Four Functions of Management (POLC) - ANSWER...-1. Planning
2. Organizing
3. Leading
4. Controlling
Planning - ANSWER...-Delivering strategic value and setting the stage for action.
Traditionally top-down and a dynamic, continual process.
Organizing - ANSWER...-Build organizations that are flexible and adaptive.
Leading - ANSWER...-inspiring and motivating workers to work hard to achieve
organizational goals
Controlling - ANSWER...-monitoring performance, comparing it with goals, and taking
corrective action as needed
Levels of Management (TMFT) - ANSWER...-Top-level
Middle level
Frontline
Team leader
Top-level managers - ANSWER...-Senior executives responsible for the overall
management and effectiveness of the organization. Strategic managers
Middle-level Managers - ANSWER...-Located in the middle layers of the organizational
hierarchy reporting to top level executives. Tactical managers
Frontline managers - ANSWER...-Lower level managers who execute the operational
activities of the organization. The link between management and nonmanagment
personnel
Team leader - ANSWER...-Employees who are responsible for facilitating successful
team performance. Supports a positive social climate, challenges the team and provides
feedback
3 Types of Roles Managers perform (IID) - ANSWER...-Interpersonal roles
Informational roles
Decisional roles
