MGM101 FINAL EXAM STUDY GUIDE
conceptual and decision skills - Answers -skills pertaining to the ability to identify and
resolve problems for the benefit of the organization and its members
controlling - Answers -The management function of monitoring performance and
making needed changes.
cost competitiveness - Answers -Keeping costs low to achieve profits and be able to
offer prices that are attractive to consumers.
emotional intelligence - Answers -Skills of understanding yourself, managing yourself,
and dealing effectively with others.
frontline managers - Answers -lower-level managers who supervise the operational
activities of the organization
innovation - Answers -The introduction of new goods and services; a change in method
or technology; a positive, useful departure from previous ways of doing things.
interpersonal and communication skills - Answers -People skills; the ability to lead,
motivate, and communicate effectively with others.
knowledge management - Answers -Practices aimed at discovering and harnessing an
organization's intellectual resources.
leading - Answers -The management function that involves the manager's efforts to
stimulate high performance by employees.
management - Answers -The process of working with people and resources to
accomplish organizational goals.
middle-level managers - Answers -Managers located in the middle layers of the
organizational hierarchy, reporting to top-level executives.
organizing - Answers -The management function of assembling and coordinating
human, financial, physical, informational, and other resources needed to achieve goals.
planning - Answers -The management function of systematically making decisions
about the goals and activities that an individual, a group, a work unit, or the overall
organization will pursue; see also strategic planning.
quality - Answers -The excellence of your product (goods or services).
,service - Answers -The speed and dependability with which an organization delivers
what customers want.
social capital - Answers -Goodwill stemming from your social relationships; a
competitive advantage in the form of relationships with other people and the image
other people have of you.
speed - Answers -Fast and timely execution, response, and delivery of products.
sustainability - Answers -Minimizing the use of resources, especially those that are
polluting and nonrenewable.
technical skill - Answers -The ability to perform a specialized task involving a particular
method or process.
top-level managers - Answers -Senior executives responsible for the overall
management and effectiveness of the organization.
value - Answers -The monetary amount associated with how well a job, task, good, or
service meets users' needs.
commercial endeavours - Answers -refers to the markets the organization serves, the
products and services it offers, and the needs it professes to meet in the marketplace.
employee interaction - Answers -refers to the value-creating skills an organization's
employees bring to the marketplace. The success of many businesses lies with the
specialized skills that exist within its labour force.
organizational efficiency and structure - Answers -is a reflection of the complexities of
the business activities that circulate within an organization.
business - Answers -refers to the mission-focused activities aimed at identifying the
needs of a particular market or markets, and the development of a solution to such
needs through the acquisition and transformation of resources into goods and services
that can be delivered to the marketplace at a profit.
business models - Answers -can be best visualized as the underlying operational
platform or structure which a business uses to position its approach to a given market
and thereby generate its revenue and, most importantly, derive its profit.
activities - Answers -refer to key processes an organization undertakes in order to
deliver products and services to the marketplace.
resources - Answers -refer to four core areas—assets, labour, capital, and managerial
acumen.
, assets - Answers -refers to the infrastructure and resource base of the organization.
labour - Answers -refers to the human resource (talent) requirements of the business.
capital - Answers -refers to the money needed by an organization to support asset-
based expenditures, meet operating cash requirements, and invest in the development
of new products and/or services which the organization desires to introduce into the
marketplace.
managerial acumen - Answers -refers to the foresight, drive, knowledge, ability,
decision-making competency, and ingenuity of the organization's key individuals—its
owners or top-level managers.
partners - Answers -refers to complementary dependencies and/or relationships we
have with other organizations that are deemed essential to the design, development,
and delivery of products and services to the marketplace.
cost structure - Answers -the expenses that will be incurred as a result of offering
products and/or delivering services to the marketplace.
product/service portfolio - Answers -refers to the different items, products, and/or
services which a company offers for sale.
opportunity assessment - Answers -is analyzing the marketplace in such a way (via
marketing research and data analytics) that enables the organization to determine
which segments are most likely to respond to its communication messages and
purchase its products and/or services.
positioning - Answers -refers to our ability to develop a unique, credible, sustainable,
and valued place in the minds of our customers for our brand, products, and/or services.
value proposition - Answers -is a statement that summarizes whom a product or
service is geared toward and the benefits the purchaser will realize as a result of using
the product or service.
revenue model - Answers -focuses on the relationship between the prices
organizations are able to charge for their services, the volume of purchases they are
able to generate, and the profitability derived from such activity.
competitive advantage - Answers -occurs when a company possesses capabilities that
enable it to perform critical activities better than its rivals.
scientific management - Answers -The systematic study of relationships between
people and tasks to increase efficiency.
conceptual and decision skills - Answers -skills pertaining to the ability to identify and
resolve problems for the benefit of the organization and its members
controlling - Answers -The management function of monitoring performance and
making needed changes.
cost competitiveness - Answers -Keeping costs low to achieve profits and be able to
offer prices that are attractive to consumers.
emotional intelligence - Answers -Skills of understanding yourself, managing yourself,
and dealing effectively with others.
frontline managers - Answers -lower-level managers who supervise the operational
activities of the organization
innovation - Answers -The introduction of new goods and services; a change in method
or technology; a positive, useful departure from previous ways of doing things.
interpersonal and communication skills - Answers -People skills; the ability to lead,
motivate, and communicate effectively with others.
knowledge management - Answers -Practices aimed at discovering and harnessing an
organization's intellectual resources.
leading - Answers -The management function that involves the manager's efforts to
stimulate high performance by employees.
management - Answers -The process of working with people and resources to
accomplish organizational goals.
middle-level managers - Answers -Managers located in the middle layers of the
organizational hierarchy, reporting to top-level executives.
organizing - Answers -The management function of assembling and coordinating
human, financial, physical, informational, and other resources needed to achieve goals.
planning - Answers -The management function of systematically making decisions
about the goals and activities that an individual, a group, a work unit, or the overall
organization will pursue; see also strategic planning.
quality - Answers -The excellence of your product (goods or services).
,service - Answers -The speed and dependability with which an organization delivers
what customers want.
social capital - Answers -Goodwill stemming from your social relationships; a
competitive advantage in the form of relationships with other people and the image
other people have of you.
speed - Answers -Fast and timely execution, response, and delivery of products.
sustainability - Answers -Minimizing the use of resources, especially those that are
polluting and nonrenewable.
technical skill - Answers -The ability to perform a specialized task involving a particular
method or process.
top-level managers - Answers -Senior executives responsible for the overall
management and effectiveness of the organization.
value - Answers -The monetary amount associated with how well a job, task, good, or
service meets users' needs.
commercial endeavours - Answers -refers to the markets the organization serves, the
products and services it offers, and the needs it professes to meet in the marketplace.
employee interaction - Answers -refers to the value-creating skills an organization's
employees bring to the marketplace. The success of many businesses lies with the
specialized skills that exist within its labour force.
organizational efficiency and structure - Answers -is a reflection of the complexities of
the business activities that circulate within an organization.
business - Answers -refers to the mission-focused activities aimed at identifying the
needs of a particular market or markets, and the development of a solution to such
needs through the acquisition and transformation of resources into goods and services
that can be delivered to the marketplace at a profit.
business models - Answers -can be best visualized as the underlying operational
platform or structure which a business uses to position its approach to a given market
and thereby generate its revenue and, most importantly, derive its profit.
activities - Answers -refer to key processes an organization undertakes in order to
deliver products and services to the marketplace.
resources - Answers -refer to four core areas—assets, labour, capital, and managerial
acumen.
, assets - Answers -refers to the infrastructure and resource base of the organization.
labour - Answers -refers to the human resource (talent) requirements of the business.
capital - Answers -refers to the money needed by an organization to support asset-
based expenditures, meet operating cash requirements, and invest in the development
of new products and/or services which the organization desires to introduce into the
marketplace.
managerial acumen - Answers -refers to the foresight, drive, knowledge, ability,
decision-making competency, and ingenuity of the organization's key individuals—its
owners or top-level managers.
partners - Answers -refers to complementary dependencies and/or relationships we
have with other organizations that are deemed essential to the design, development,
and delivery of products and services to the marketplace.
cost structure - Answers -the expenses that will be incurred as a result of offering
products and/or delivering services to the marketplace.
product/service portfolio - Answers -refers to the different items, products, and/or
services which a company offers for sale.
opportunity assessment - Answers -is analyzing the marketplace in such a way (via
marketing research and data analytics) that enables the organization to determine
which segments are most likely to respond to its communication messages and
purchase its products and/or services.
positioning - Answers -refers to our ability to develop a unique, credible, sustainable,
and valued place in the minds of our customers for our brand, products, and/or services.
value proposition - Answers -is a statement that summarizes whom a product or
service is geared toward and the benefits the purchaser will realize as a result of using
the product or service.
revenue model - Answers -focuses on the relationship between the prices
organizations are able to charge for their services, the volume of purchases they are
able to generate, and the profitability derived from such activity.
competitive advantage - Answers -occurs when a company possesses capabilities that
enable it to perform critical activities better than its rivals.
scientific management - Answers -The systematic study of relationships between
people and tasks to increase efficiency.
