MGMT 3000 Test 1 - Cannon UGA
Exam Questions & Answers
Competitive Landscape - -GLOBALIZATION
TECHNOLOGY CHANGE
COLLABORATION
KNOWLEDGE MANAGEMENT
- GLOBALIZATION - -Corporations operate worldwide, transcending national
borders by tapping international markets
- TECHNOLOGY CHANGE - -Engagement in artificial intelligence (AI) and
machine learning, data protection, 5G etc. The internet can be a threat and
business opportunity. AI can interfere between humans and technology and
society
- COLLABORATION - -Requires productive communications among different
departments, divisions, or subunits of the organization.
Coopetition: simultaneous competition and cooperation among companies
with the intent of creating value.
- KNOWLEDGE MANAGEMENT - -The set of practices aimed at discovering
and harnessing an organization's intellectual resources - finding , unlocking,
sharing, and capitalizing on people expertise, skills, wisdom and
relationships
- Managing for Competitive Advantage - -•A key to understanding the
success of a company is how well it both creates and sustains competitive
advantage
The fundamental drivers of competitive advantage contributors to bottom-
line organizational performance are innovation, quality, service, speed, cost
competitiveness, and sustainability.
Innovation
Quality
Service
Speed
Cost Effectiveness
Sustainability
- Innovation - -Innovation comes from people and must be a strategic goal.
A firm must:
Adapt to changes in consumer demands and to new competitors.
,Continually innovate—especially important in the global marketplace.
- Quality - -Quality is the excellence of your product (goods or services).
Customers expect high-quality goods and services, and often they will
accept nothing less. Quality can be measured in terms of product
performance, customer service, reliability (avoidance of failure or
breakdowns), conformance to standards, durability, and aesthetics.
Historically, quality referred to attractiveness, lack of defects, and
dependability.
Today it is about preventing defects before they occur, achieving zero
defects in manufacturing, and designing products for quality.
A philosophy of continuous improvement
- Speed - -Speed:Fast and timely execution, response, and delivery of
products.
- Service - -Continually meeting the needs of customers and establishing
mutually beneficial long-term relationships.
Making it easy and enjoyable for the customer.
Giving customers what they want or need, when they want it.
- Cost competitiveness - -Keeping costs low to achieve profits and be able
to offer prices that are attractive to consumers.
Companies must pay close attention to cost because consumers can
compare prices from thousands of competitors.
- Sustainability - -Minimizing the use and loss of resources, especially those
that are polluting and nonrenewable.
in this text we emphasize a long-term perspective on sustaining the natural
environment and building tomorrow's business opportunities while effectively
managing today's business,
- Sources of Competitive Advantage - -Innovation, Quality, Service, Speed,
Cost Competitiveness
IN & Out Burger
The company's view on product quality encompasses not just ingredients,
but also the satisfaction of regional consumer preferences. Consumers flock
to In-N-Out Burger stores based on the ability of the company's products to
match the preferences of different cultural groups in the region. For
example, Latin American and Asian American consumers' preference for
spice is accounted for in the company's food products.
, - Four Functions of Management - -planning
organizing
leading
controlling
- Planning - -Delivering strategic value
•Systematically making decisions about goals and activities to be pursued.
- Organizing - -Building a dynamic organization
•Assembling and coordinating resources needed to achieve goals.
- Leading - -Mobilizing people
•Efforts to stimulate high performance by employees.
- Controlling - -Learning and Changing
•Monitoring performance and making needed changes.
- Three levels of management - -top managers, middle managers, Front-line
managers
- Top-level managers - -The senior executives of an organization and are
responsible for its overall management. Often referred to as strategic
managers.
- Middle-level managers - -located in the organization's hierarchy below top-
level management and above the frontline managers. Sometimes called
tactical managers, they are responsible for translating the general goals and
plans developed by strategic managers into more specific objectives and
activities.
- Frontline managers - -or operational managers, are lower-level managers
who supervise the operations of the organization. These managers often
have titles such as supervisor, team leader, or assistant manager.
- Roles of an effective manager - -informational roles, interpersonal roles,
and decisional roles
- Decisional Roles - --Entrepreneur: search for new business, initiate new
projects
-Disturbance handler: take corrective action during crises
-Resource allocator: provide funding and other resources, make significant
organizational decisions
-Negotiator: negotiate with internal and external parties
, - Informational Roles - --Monitor: seek information, serve as the center of
communication
-Disseminator: transmit information from source to source
-Spokesperson: speak on behalf of organization
- Interpersonal Roles - --Leader: staffing, developing, motivating people
-Liaison: maintain network of outside contacts
-Figurehead: perform symbolic duties
- Must-Have Management Skills - -technical, conceptual and decision,
interpersonal and communication
- Technical: - -- Individual Contribution
ability to perform a specialized task involving a particular method or process
- Conceptual and Decision: - -- Result oriented
skills related to abilities that help identify and resolve problems
identify and resolve problems for the benefit of the organization
- Interpersonal & Communication - -- Lead, motivate, and communicate with
others
people skills that represent the ability to lead, motivate, and communicate
effectively with others
- Emotional intelligence: - -The skills of understanding yourself, managing
yourself, and dealing effectively with others.
the skills of understanding yourself (including strengths and limitations),
managing yourself (dealing with emotions, making good decisions, seeking
and using feedback, exercising self-control), and dealing effectively with
others (listening, showing empathy, motivating, leading, and so on).
- Social capital: - --Goodwill stemming from your social relationships.
•Be both a specialist and a generalist.
•Be self-reliant.
•Connect with people.
•Actively manage your relationship with your organization.
•Survive and thrive.
- Gina, a sales manager, has increasing pressure from other vendors who
have shifted production of their parts overseas. She calls one of his
customers who normally buys at least once a month, but hasn't placed an
order with Gina in three months. The customer states that they are buying
from an alternate supplier based on price.Gina is competing for orders with
companies who have reduced costs by shifting production overseas. Gina
faces the management challenge involved with
Exam Questions & Answers
Competitive Landscape - -GLOBALIZATION
TECHNOLOGY CHANGE
COLLABORATION
KNOWLEDGE MANAGEMENT
- GLOBALIZATION - -Corporations operate worldwide, transcending national
borders by tapping international markets
- TECHNOLOGY CHANGE - -Engagement in artificial intelligence (AI) and
machine learning, data protection, 5G etc. The internet can be a threat and
business opportunity. AI can interfere between humans and technology and
society
- COLLABORATION - -Requires productive communications among different
departments, divisions, or subunits of the organization.
Coopetition: simultaneous competition and cooperation among companies
with the intent of creating value.
- KNOWLEDGE MANAGEMENT - -The set of practices aimed at discovering
and harnessing an organization's intellectual resources - finding , unlocking,
sharing, and capitalizing on people expertise, skills, wisdom and
relationships
- Managing for Competitive Advantage - -•A key to understanding the
success of a company is how well it both creates and sustains competitive
advantage
The fundamental drivers of competitive advantage contributors to bottom-
line organizational performance are innovation, quality, service, speed, cost
competitiveness, and sustainability.
Innovation
Quality
Service
Speed
Cost Effectiveness
Sustainability
- Innovation - -Innovation comes from people and must be a strategic goal.
A firm must:
Adapt to changes in consumer demands and to new competitors.
,Continually innovate—especially important in the global marketplace.
- Quality - -Quality is the excellence of your product (goods or services).
Customers expect high-quality goods and services, and often they will
accept nothing less. Quality can be measured in terms of product
performance, customer service, reliability (avoidance of failure or
breakdowns), conformance to standards, durability, and aesthetics.
Historically, quality referred to attractiveness, lack of defects, and
dependability.
Today it is about preventing defects before they occur, achieving zero
defects in manufacturing, and designing products for quality.
A philosophy of continuous improvement
- Speed - -Speed:Fast and timely execution, response, and delivery of
products.
- Service - -Continually meeting the needs of customers and establishing
mutually beneficial long-term relationships.
Making it easy and enjoyable for the customer.
Giving customers what they want or need, when they want it.
- Cost competitiveness - -Keeping costs low to achieve profits and be able
to offer prices that are attractive to consumers.
Companies must pay close attention to cost because consumers can
compare prices from thousands of competitors.
- Sustainability - -Minimizing the use and loss of resources, especially those
that are polluting and nonrenewable.
in this text we emphasize a long-term perspective on sustaining the natural
environment and building tomorrow's business opportunities while effectively
managing today's business,
- Sources of Competitive Advantage - -Innovation, Quality, Service, Speed,
Cost Competitiveness
IN & Out Burger
The company's view on product quality encompasses not just ingredients,
but also the satisfaction of regional consumer preferences. Consumers flock
to In-N-Out Burger stores based on the ability of the company's products to
match the preferences of different cultural groups in the region. For
example, Latin American and Asian American consumers' preference for
spice is accounted for in the company's food products.
, - Four Functions of Management - -planning
organizing
leading
controlling
- Planning - -Delivering strategic value
•Systematically making decisions about goals and activities to be pursued.
- Organizing - -Building a dynamic organization
•Assembling and coordinating resources needed to achieve goals.
- Leading - -Mobilizing people
•Efforts to stimulate high performance by employees.
- Controlling - -Learning and Changing
•Monitoring performance and making needed changes.
- Three levels of management - -top managers, middle managers, Front-line
managers
- Top-level managers - -The senior executives of an organization and are
responsible for its overall management. Often referred to as strategic
managers.
- Middle-level managers - -located in the organization's hierarchy below top-
level management and above the frontline managers. Sometimes called
tactical managers, they are responsible for translating the general goals and
plans developed by strategic managers into more specific objectives and
activities.
- Frontline managers - -or operational managers, are lower-level managers
who supervise the operations of the organization. These managers often
have titles such as supervisor, team leader, or assistant manager.
- Roles of an effective manager - -informational roles, interpersonal roles,
and decisional roles
- Decisional Roles - --Entrepreneur: search for new business, initiate new
projects
-Disturbance handler: take corrective action during crises
-Resource allocator: provide funding and other resources, make significant
organizational decisions
-Negotiator: negotiate with internal and external parties
, - Informational Roles - --Monitor: seek information, serve as the center of
communication
-Disseminator: transmit information from source to source
-Spokesperson: speak on behalf of organization
- Interpersonal Roles - --Leader: staffing, developing, motivating people
-Liaison: maintain network of outside contacts
-Figurehead: perform symbolic duties
- Must-Have Management Skills - -technical, conceptual and decision,
interpersonal and communication
- Technical: - -- Individual Contribution
ability to perform a specialized task involving a particular method or process
- Conceptual and Decision: - -- Result oriented
skills related to abilities that help identify and resolve problems
identify and resolve problems for the benefit of the organization
- Interpersonal & Communication - -- Lead, motivate, and communicate with
others
people skills that represent the ability to lead, motivate, and communicate
effectively with others
- Emotional intelligence: - -The skills of understanding yourself, managing
yourself, and dealing effectively with others.
the skills of understanding yourself (including strengths and limitations),
managing yourself (dealing with emotions, making good decisions, seeking
and using feedback, exercising self-control), and dealing effectively with
others (listening, showing empathy, motivating, leading, and so on).
- Social capital: - --Goodwill stemming from your social relationships.
•Be both a specialist and a generalist.
•Be self-reliant.
•Connect with people.
•Actively manage your relationship with your organization.
•Survive and thrive.
- Gina, a sales manager, has increasing pressure from other vendors who
have shifted production of their parts overseas. She calls one of his
customers who normally buys at least once a month, but hasn't placed an
order with Gina in three months. The customer states that they are buying
from an alternate supplier based on price.Gina is competing for orders with
companies who have reduced costs by shifting production overseas. Gina
faces the management challenge involved with
