MGM 101 MIDTERM EXAM WITH CORRECT
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST ALREADY
GRADED A+
Hard Goals vs. Soft Goals - ANSWERS-Hard Goals: hard goals focus on the aims
and performance of the business as a classic economic entity, revealing
measurable targets and time frames.
Soft Goals: the soft goals of a business set out targets for the social conduct of
the business. They focus on the intentions of the business concerning its
managers, employees, and the community at large
Soft goals can be compelling elements that shape the direction of a business
Goal Structure - ANSWERS-A goal structure should represent, in scope and
balance, the important aims of the business
Product Market Focus - ANSWERS-spells out the nature of the products and/or
services that a business intends to offer and the characteristics of the markets
that it intends to compete in.
,may select a particular product market focus as a way of achieving competitive
differentiation and advantage.
A quite typical choice, for example, is to concentrate on product market niches
where competitors are relatively weak or simply uninterested.
core activities - ANSWERS-among the many activities that a business decides to
perform, some will be tactical whereas others can be described as quite critical
to the effective operation of the business
Henry Mintzberg presents five different types of strategy, which he called the
5Ps - ANSWERS-plan, position, ploy, perspective, pattern
Corporate Strategy - ANSWERS-The set of businesses, markets, or industries in
which an organization competes and the distribution of resources among those
entities.
the portfolio of business strategies and how they relate to each other.
Value of studying management - ANSWERS-The universality of management -
managers are needed in all types and sizes of organizations
The reality of work - you will manage or be managed
Significant rewards and challenges
, Managerial Values - ANSWERS-Values: stable, evaluative beliefs that guide our
preferences for outcomes or courses of action in
Enacted Values: values that actually guide behaviour
Espoused Values: what people say is important to them
Shared Values: values held in common by several people
Ethical Values: values that society expects people to follow because they
distinguish right from wrong in that society
Personalized Power Orientation: seeking power for personal gain
Socialized Power Orientation: seeking power for social and organizational
objective
Stakeholders: Shareholders - ANSWERS-Inner circle (transact with firm on
regular basis and important on how it operates)Employee, Distributers,
suppliers, shareholders, creditors, customers
Outer circle (have stake in how it operates, don't transact on regular basis)
goverment, general public, local communites.
Management - ANSWERS-the art of getting things done through people
Management Functions - ANSWERS-Planning: a management function that
involves defining goals, establishing a strategy for achieving those goals, and
developing plans to integrate and coordinate activities
ACTUAL QUESTIONS AND CORRECTLY
WELL DEFINED ANSWERS LATEST ALREADY
GRADED A+
Hard Goals vs. Soft Goals - ANSWERS-Hard Goals: hard goals focus on the aims
and performance of the business as a classic economic entity, revealing
measurable targets and time frames.
Soft Goals: the soft goals of a business set out targets for the social conduct of
the business. They focus on the intentions of the business concerning its
managers, employees, and the community at large
Soft goals can be compelling elements that shape the direction of a business
Goal Structure - ANSWERS-A goal structure should represent, in scope and
balance, the important aims of the business
Product Market Focus - ANSWERS-spells out the nature of the products and/or
services that a business intends to offer and the characteristics of the markets
that it intends to compete in.
,may select a particular product market focus as a way of achieving competitive
differentiation and advantage.
A quite typical choice, for example, is to concentrate on product market niches
where competitors are relatively weak or simply uninterested.
core activities - ANSWERS-among the many activities that a business decides to
perform, some will be tactical whereas others can be described as quite critical
to the effective operation of the business
Henry Mintzberg presents five different types of strategy, which he called the
5Ps - ANSWERS-plan, position, ploy, perspective, pattern
Corporate Strategy - ANSWERS-The set of businesses, markets, or industries in
which an organization competes and the distribution of resources among those
entities.
the portfolio of business strategies and how they relate to each other.
Value of studying management - ANSWERS-The universality of management -
managers are needed in all types and sizes of organizations
The reality of work - you will manage or be managed
Significant rewards and challenges
, Managerial Values - ANSWERS-Values: stable, evaluative beliefs that guide our
preferences for outcomes or courses of action in
Enacted Values: values that actually guide behaviour
Espoused Values: what people say is important to them
Shared Values: values held in common by several people
Ethical Values: values that society expects people to follow because they
distinguish right from wrong in that society
Personalized Power Orientation: seeking power for personal gain
Socialized Power Orientation: seeking power for social and organizational
objective
Stakeholders: Shareholders - ANSWERS-Inner circle (transact with firm on
regular basis and important on how it operates)Employee, Distributers,
suppliers, shareholders, creditors, customers
Outer circle (have stake in how it operates, don't transact on regular basis)
goverment, general public, local communites.
Management - ANSWERS-the art of getting things done through people
Management Functions - ANSWERS-Planning: a management function that
involves defining goals, establishing a strategy for achieving those goals, and
developing plans to integrate and coordinate activities
