MGT 330 Exam 1 Questions with
Complete Solutions6
Managenent - ANSWERS-getting work done through others
Efficiency - ANSWERS-getting work done with minimum effort
"doing things right" - ANSWERS-Efficiency
Effectiveness - ANSWERS-doing things that help fulfill organizations objectives
"doing the right thing" - ANSWERS-Effectiveness
4 functions of Management - ANSWERS-Planning, organizing, leading and controlling
Planning - ANSWERS-determining goals and a means for achieving them
Organizing - ANSWERS-deciding where decisions are made, who will do what, and who will work
for whom
Leading - ANSWERS-Inspiring and motivating workers to achieve goals
Controlling - ANSWERS-monitoring progress and taking corrective actions when needed
, 5 Specific Environmental Factors - ANSWERS-Customer, competitor, supplier, industry, advocacy
groups
Specific Environment - ANSWERS-environments that are unique to that firm's industry and
affects the way it conducts day-to-day business
Customer Component (reactive) - ANSWERS-identify and addressing customer trends and
problems AFTER occurance
Customer Component (proactive) - ANSWERS-identifying and addressing customer trends and
problems BEFORE occurance
Competitor Component - ANSWERS-companies in the same industry that sell similar
products/services
Supplier Component - ANSWERS-companies that provide material, human, financial, and
informational resources to other companies
Industry Regulation - ANSWERS-regulations and rules that govern business practices and
procedures
Advocacy Groups - ANSWERS-concerned citizens who band together to try to influence business
practices
4 General Environmental Factors - ANSWERS-Economy, technology, sociocultural, political/legal
General Environments - ANSWERS-trends that indirectly affect all organizations
Economy - ANSWERS-affects virtually every organization doing business
Complete Solutions6
Managenent - ANSWERS-getting work done through others
Efficiency - ANSWERS-getting work done with minimum effort
"doing things right" - ANSWERS-Efficiency
Effectiveness - ANSWERS-doing things that help fulfill organizations objectives
"doing the right thing" - ANSWERS-Effectiveness
4 functions of Management - ANSWERS-Planning, organizing, leading and controlling
Planning - ANSWERS-determining goals and a means for achieving them
Organizing - ANSWERS-deciding where decisions are made, who will do what, and who will work
for whom
Leading - ANSWERS-Inspiring and motivating workers to achieve goals
Controlling - ANSWERS-monitoring progress and taking corrective actions when needed
, 5 Specific Environmental Factors - ANSWERS-Customer, competitor, supplier, industry, advocacy
groups
Specific Environment - ANSWERS-environments that are unique to that firm's industry and
affects the way it conducts day-to-day business
Customer Component (reactive) - ANSWERS-identify and addressing customer trends and
problems AFTER occurance
Customer Component (proactive) - ANSWERS-identifying and addressing customer trends and
problems BEFORE occurance
Competitor Component - ANSWERS-companies in the same industry that sell similar
products/services
Supplier Component - ANSWERS-companies that provide material, human, financial, and
informational resources to other companies
Industry Regulation - ANSWERS-regulations and rules that govern business practices and
procedures
Advocacy Groups - ANSWERS-concerned citizens who band together to try to influence business
practices
4 General Environmental Factors - ANSWERS-Economy, technology, sociocultural, political/legal
General Environments - ANSWERS-trends that indirectly affect all organizations
Economy - ANSWERS-affects virtually every organization doing business
