MGT KEVIN LYMAN 3303 EXAM 1 QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE
2025/2026
Management - Answers Process of working with people and resources to accomplish
organizational goals
*Efficiency and Effectiveness*
Planning - Answers Specifying goals and deciding the actions needed to achieve those goals
Organizing - Answers Assembling and coordinating the resources needed to achieve goals
Leading - Answers Stimulating people to be high performers
Controlling - Answers Monitoring and reacting to performance
Four Levels of Management - Answers Top-level: overall management to organization
Middle-level: report to top-level, manage pieces of organization
Front-line: Execute operational activities
Team leader: Manage team success/performance
3 roles mangers perform - Answers Impersonal: leader, liasion, figurehead
Informational: monitor, disseminator, spokesman
Decisional: entrepreneur, disturbance handier, resource allocator
Technical Skills - Answers Ability to perform task involving particular method (Ex. Web design)
Conceptual and decision skills - Answers Ability to identify and resolve problems for the benefit
of the organization and its members (Ex. Picking location for new office)
interpersonal and communication skills - Answers The ability to understand, alter, lead, and
control the behavior of other individuals and groups. (Ex. Counseling employees)
Successful managers often demonstrate high emotional intelligence. (EQ) - Answers
Understanding yourself
Manage yourself
Dealing effectively with others
Major challenges facing managers - Answers 1- Globalization
2- Technological change
, 3- Collaboration across organizational boundaries
4- Increasingly diverse labor force
5- Importance of knowledge and ideas
Sources of Competitive Advantage - Answers Innovation
Quality
Service
Speed
Cost Competitiveness
Macroeconomics - Answers General environment, includes government, fundamental factors
that affect all organizations.
External Environment - Answers All relevant forces outside a firm's boundaries, including
macroeconomics and competitive environment.
Internal environment - Answers Relevant forces within a firms boundaries.
Competitive environment - Answers The immediate environment surrounding a firm; includes
suppliers, customers, rivals, etc.
Porter's Five Forces - Answers Threat of entry
Threat of substitute
Supplier power
Buyer power
Competitive rivalry
5 elements of macroenvironment - Answers Laws and regulations
Economy
Technology
Demographics
Social values
Environmental uncertainty - Answers Lack of information needed to understand or predict the
future.
2025/2026
Management - Answers Process of working with people and resources to accomplish
organizational goals
*Efficiency and Effectiveness*
Planning - Answers Specifying goals and deciding the actions needed to achieve those goals
Organizing - Answers Assembling and coordinating the resources needed to achieve goals
Leading - Answers Stimulating people to be high performers
Controlling - Answers Monitoring and reacting to performance
Four Levels of Management - Answers Top-level: overall management to organization
Middle-level: report to top-level, manage pieces of organization
Front-line: Execute operational activities
Team leader: Manage team success/performance
3 roles mangers perform - Answers Impersonal: leader, liasion, figurehead
Informational: monitor, disseminator, spokesman
Decisional: entrepreneur, disturbance handier, resource allocator
Technical Skills - Answers Ability to perform task involving particular method (Ex. Web design)
Conceptual and decision skills - Answers Ability to identify and resolve problems for the benefit
of the organization and its members (Ex. Picking location for new office)
interpersonal and communication skills - Answers The ability to understand, alter, lead, and
control the behavior of other individuals and groups. (Ex. Counseling employees)
Successful managers often demonstrate high emotional intelligence. (EQ) - Answers
Understanding yourself
Manage yourself
Dealing effectively with others
Major challenges facing managers - Answers 1- Globalization
2- Technological change
, 3- Collaboration across organizational boundaries
4- Increasingly diverse labor force
5- Importance of knowledge and ideas
Sources of Competitive Advantage - Answers Innovation
Quality
Service
Speed
Cost Competitiveness
Macroeconomics - Answers General environment, includes government, fundamental factors
that affect all organizations.
External Environment - Answers All relevant forces outside a firm's boundaries, including
macroeconomics and competitive environment.
Internal environment - Answers Relevant forces within a firms boundaries.
Competitive environment - Answers The immediate environment surrounding a firm; includes
suppliers, customers, rivals, etc.
Porter's Five Forces - Answers Threat of entry
Threat of substitute
Supplier power
Buyer power
Competitive rivalry
5 elements of macroenvironment - Answers Laws and regulations
Economy
Technology
Demographics
Social values
Environmental uncertainty - Answers Lack of information needed to understand or predict the
future.
