MGMT 3140 - Test 1 Questions and Answers Already Passed Latest Update

MGMT 3140 - Test 1 Questions and Answers Already Passed Latest Update A company gains competitive advantage by - Answers -being better than competitors -doing valuable things for the customers what are some of the ways technological change has impacted management? - Answers - it speeds up globalization -it improves the efficiency of decision making -it improves access to information which statement about cost competitiveness is true? - Answers it is important bc a desirable product sold at a lower price is more likely to sell what is the management function of specifying goals to be achieved and deciding in advance the appropriate actions to achieve those goals? - Answers planning which management function includes activities such as attracting people to the organization, grouping jobs into work units, and allocating resources? - Answers organizing which statement about managing in a competitive world is true? - Answers management must adapt to new circumstances when facing a challenging economy which are key factors influencing the growth of globalization in the competitive landscape? - Answers -offices and production facilities are located worldwide -corporate operations transcend national borders -international markets are growing with rising incomes and increased demand an employee whose primary contributions are ideas and problem-solving expertise is known as a - Answers knowledge worker what are the roles and responsibilities of successful managers? - Answers - they focus on serving customers both inside and outside their firm -they are able to think strategically and translate strategies into objectives -they are accountable for results -they have knowledge of all business functions managing knowledge workers can be challenging and different from managing workers in manufacturing because... - Answers there is difficulty in measuring a knowledge worker's output which are essential elements of career success? - Answers - be flexible, creative, and ambitious -learn how to think strategically -take responsibility for decisions -focus on a capture opportunities _________ across boundaries occurs even beyond the boundaries of the organization to include customers - Answers collaboration when a company achieves success and is able to sustain that success because it consistently outperforms its rivals, that company has _____________ - Answers a competitive advantage because facilities in other countries can manufacture goods or write software at a lower cost than companies in the United States, U.S. firms must provide something that its foreign competitors cannot. This shows how the need for innovation is driven in part by ____________ - Answers globalization what is the role of quality in companies today? - Answers the standards for acceptable quality have become increasingly important select the items that are considered to be services: - Answers insurance, medical care, and haircuts select the ways in which speed is a competitive advantage for a company - Answers - quickly adjust to market demands -quickly respond to competitors' actions -market advantage by getting products to the consumer quickly the effort to minimize the use of resources, especially those that are polluting and nonrenewable, is referred to as_______________ - Answers sustainability which statement about the six competitive advantages is true? - Answers there a