Mgt. Exam 1 Question Fully Solved.

Management - correct answer -The process of working with people and resources to accomplish organizational goals -Efficiently, effectively The Four Functions of Management - correct answer Planning Organizing Leading Controlling Planning - correct answer Specifying goals and deciding the actions needed to achieve those goals Organizing - correct answer Assembling and coordinating the resources needed to achieve goals Leading - correct answer Stimulating people to be high performers Controlling - correct answer Monitoring and reacting to performance Four Different Levels of Managers - correct answer Top Level Managers Middle level Managers Frontline Managers Team Leader Top-level managers - correct answer Senior executives responsible for the overall management and effectiveness of the organization. Middle-level managers - correct answer Managers located in the middle layers of the organizational hierarchy, reporting to top-level executives. Frontline managers - correct answer Lower-level managers who execute the operational activities of the organization Team leader - correct answer Employees who are responsible for facilitating successful team performance Three Roles That All Managers Perform - correct answer 1. Interpersonal roles -Leader, liaison, figurehead 2. Informational roles -Monitor, disseminator, spokesperson 3. Decisional roles -Entrepreneur, disturbance handler, negotiator Sources of Competitive Advantage - correct answer The best managers and companies deliver them all 1. Innovation -The introduction of new goods and services 2.Quality -The excellence of your product (goods or services) 3.Service -The speed and dependability with which an organization delivers what customers want. 4. Speed -Fast and timely execution, response, and delivery of results. 5. Cost competitiveness -Keeping costs low to achieve profits and be able to offer prices that are attractive to consumers. Major Challenges Facing Managers - correct answer -Globalization -Technological change