MGM 101 Exam 2025 Questions and Answers Rated 100%
business structure - Answers business system, strategic input, operations, business strategy execution
operations management - Answers effective design, development, and management of processes in an
organizations business system for the purpose of achieving strategic intent
responsibilities of operations management - Answers process management, supply chain management,
product/service management
process management - Answers development of work flow processes to ensure efficient production and
delivery to makrteplace
supply chain management - Answers management of suppliers, manufacturers, and distributors. looks
to enable all parties to meet objectives efficiently
product/service management - Answers development of new products and support of existing ones via
modifications
value maximazation - Answers maximizing the benefits a customer will gain by using your product
primary activities - Answers specific activities where development of a product occurs
support activities - Answers not directly associated with production but aid in primary activity (IT,
finance, HR)
value chain - Answers 1. inbound logistics 2. operations 3. outbound logistics 4. marketing/sales 5.
customer service
inbound logistics - Answers components brought into a firm to produce products
operations - Answers manufacturing or the product changing process
outbound logistics - Answers getting the finished product to the consumer
marketing/sales - Answers creating awareness for brand
customer service - Answers support provided to customer
operations cycle - Answers alignment of tasks to meet outcomes defined in business strategy
process standardization - Answers utilization of common task sequencing to produce a variety of
products
process simplification - Answers utilization of a minimum number of tasks when developing products
dice - Answers define, identify, create, execute
, process management process - Answers 1. process design, layout, execution 2. materials management
3. facility design/layout 4. capital asset evaluation
PERT chart - Answers Program evaluation review technology, schedules and organizes tasks in a project
gnatt chart - Answers shows each step of a project and the amount of time it will take
capacity - Answers maximum amount of product that can be produced
supply chain partners - Answers customers, retailers, suppliers, distributors, transportation/logistics
supply chain management responsibilities - Answers supply chain planning, supply chain operating
execution, supply chain performance evealuation
cash operating cycle - Answers time it takes for a company to recover cash it paid out to produce
international organization for standardization - Answers world's largest developer of international
standards
six sigma - Answers focuses of philosophy of total improvement
total quality management - Answers broad-based approach to managing quality
geographic - Answers segmentation based on physical location
demographic - Answers segmentation based on age, income, education
psychographic - Answers segmentation based on activities, interests, opinions
behavioural - Answers segmentation based on opinions towards the given product
target marketing - Answers marketing towards segments a company believes it can be profitable in
market segmentation - Answers dividing markets into groups with similar characteristics
B2B market - Answers products/services meant for use in producing other goods
consumer marketing - Answers products/services meant for personal use
factors that effect market success - Answers global, sociological, technological, competitive, economic
environmental scanning - Answers identifying factors that can lead to market success
market research process - Answers 1. determine opportunity 2. collect and analyze data 3. choose best
way to implement data
test marketing - Answers process of testing products among potential users
marketing plan - Answers price, product, placement, promotion
business structure - Answers business system, strategic input, operations, business strategy execution
operations management - Answers effective design, development, and management of processes in an
organizations business system for the purpose of achieving strategic intent
responsibilities of operations management - Answers process management, supply chain management,
product/service management
process management - Answers development of work flow processes to ensure efficient production and
delivery to makrteplace
supply chain management - Answers management of suppliers, manufacturers, and distributors. looks
to enable all parties to meet objectives efficiently
product/service management - Answers development of new products and support of existing ones via
modifications
value maximazation - Answers maximizing the benefits a customer will gain by using your product
primary activities - Answers specific activities where development of a product occurs
support activities - Answers not directly associated with production but aid in primary activity (IT,
finance, HR)
value chain - Answers 1. inbound logistics 2. operations 3. outbound logistics 4. marketing/sales 5.
customer service
inbound logistics - Answers components brought into a firm to produce products
operations - Answers manufacturing or the product changing process
outbound logistics - Answers getting the finished product to the consumer
marketing/sales - Answers creating awareness for brand
customer service - Answers support provided to customer
operations cycle - Answers alignment of tasks to meet outcomes defined in business strategy
process standardization - Answers utilization of common task sequencing to produce a variety of
products
process simplification - Answers utilization of a minimum number of tasks when developing products
dice - Answers define, identify, create, execute
, process management process - Answers 1. process design, layout, execution 2. materials management
3. facility design/layout 4. capital asset evaluation
PERT chart - Answers Program evaluation review technology, schedules and organizes tasks in a project
gnatt chart - Answers shows each step of a project and the amount of time it will take
capacity - Answers maximum amount of product that can be produced
supply chain partners - Answers customers, retailers, suppliers, distributors, transportation/logistics
supply chain management responsibilities - Answers supply chain planning, supply chain operating
execution, supply chain performance evealuation
cash operating cycle - Answers time it takes for a company to recover cash it paid out to produce
international organization for standardization - Answers world's largest developer of international
standards
six sigma - Answers focuses of philosophy of total improvement
total quality management - Answers broad-based approach to managing quality
geographic - Answers segmentation based on physical location
demographic - Answers segmentation based on age, income, education
psychographic - Answers segmentation based on activities, interests, opinions
behavioural - Answers segmentation based on opinions towards the given product
target marketing - Answers marketing towards segments a company believes it can be profitable in
market segmentation - Answers dividing markets into groups with similar characteristics
B2B market - Answers products/services meant for use in producing other goods
consumer marketing - Answers products/services meant for personal use
factors that effect market success - Answers global, sociological, technological, competitive, economic
environmental scanning - Answers identifying factors that can lead to market success
market research process - Answers 1. determine opportunity 2. collect and analyze data 3. choose best
way to implement data
test marketing - Answers process of testing products among potential users
marketing plan - Answers price, product, placement, promotion
