MGT 605 EXAM 1 COMPLETE STUDY
GUIDE WITH PRACTICE QUESTIONS,
ANSWERS AND COMPREHENSIVE
MANAGEMENT TEST REVIEW
Updated 2026 Questions and Answers | 100% Verified
Exam Prep
, interpersonal skills the ability to effectively communicate with, understand, and motivate individuals and
groups
conceptual skills the ability to think abstract
diagnostic skills The ability to understand cause-and-effect relationships and to recognize the optimal
solutions to problems
Human Resource Management set of organizational activities directed at attracting, developing, and maintaining an
effective workforce
competitive advantage anything that gives a firm an edge over rivals in attracting customers and defending itself
against competition
cost leadership strategy striving to be the lowest cost producer for a particular level of product quality
operational excellence Maximizing the efficiency of the manufacturing/product development process to
minimize costs
differentiation strategy developing a product or service that has unique characteristics valued by customers
product innovation developing new products or services
specialization strategy focusing on a narrow market segment or niche and pursing either a differentiation or cost
leadership strategy within that market segment
customer intimacy delivering unique and customizable products or services to meet customers' needs and
increase customer loyalty
growth strategy company expansion organically or through acquisitions
Scientific Method based on the belief that productivity is maximized when organizational are rational with
the precise sets of instructions based on time and motion studies
Hawthorne Effect when people improve some aspect of their behavior or performance simply because
they are being assessed
GUIDE WITH PRACTICE QUESTIONS,
ANSWERS AND COMPREHENSIVE
MANAGEMENT TEST REVIEW
Updated 2026 Questions and Answers | 100% Verified
Exam Prep
, interpersonal skills the ability to effectively communicate with, understand, and motivate individuals and
groups
conceptual skills the ability to think abstract
diagnostic skills The ability to understand cause-and-effect relationships and to recognize the optimal
solutions to problems
Human Resource Management set of organizational activities directed at attracting, developing, and maintaining an
effective workforce
competitive advantage anything that gives a firm an edge over rivals in attracting customers and defending itself
against competition
cost leadership strategy striving to be the lowest cost producer for a particular level of product quality
operational excellence Maximizing the efficiency of the manufacturing/product development process to
minimize costs
differentiation strategy developing a product or service that has unique characteristics valued by customers
product innovation developing new products or services
specialization strategy focusing on a narrow market segment or niche and pursing either a differentiation or cost
leadership strategy within that market segment
customer intimacy delivering unique and customizable products or services to meet customers' needs and
increase customer loyalty
growth strategy company expansion organically or through acquisitions
Scientific Method based on the belief that productivity is maximized when organizational are rational with
the precise sets of instructions based on time and motion studies
Hawthorne Effect when people improve some aspect of their behavior or performance simply because
they are being assessed
