MGMT 3000 Test 1 - Cannon UGA Study Guide With Explanation Of Answers.

Competitive Landscape - correct answer GLOBALIZATION TECHNOLOGY CHANGE COLLABORATION KNOWLEDGE MANAGEMENT GLOBALIZATION - correct answer Corporations operate worldwide, transcending national borders by tapping international markets TECHNOLOGY CHANGE - correct answer 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 - correct answer 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 - correct answer 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 - correct answer •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 - correct answer 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 - correct answer 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 - correct answer Speed:Fast and timely execution, response, and delivery of products. Service - correct answer 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 - correct answer 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 - correct answer 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 - correct answer 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 - correct answer planning organizing leading controlling Planning - correct answer Delivering strategic value •Systematically making decisions about goals and activities to be pursued. Organizing - correct answer Building a dynamic organization •Assembling and coordinating resources needed to achieve goals. Leading - correct answer Mobilizing people •Efforts to stimulate high performance by employees. Controlling - correct answer Learning and Changing •Monitoring performance and making needed changes. Three levels of management - correct answer top managers, middle managers, Front-line managers Top-level managers - correct answer The senior executives of an organization and are responsible for its overall management. Often referred to as strategic managers. Middle-level managers - correct answer 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 - correct answer 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 - correct answer informational roles, interpersonal roles, and decisional roles Decisional Roles - correct answer -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 - correct answer -Monitor: seek information, serve as the center of communication -Disseminator: transmit information from source to source -Spokesperson: speak on behalf of organization Interpersonal Roles - correct answer -Leader: staffing, developing, motivating people -Liaison: maintain network of outside contacts -Figurehead: perform symbolic duties Must-Have Management Skills - correct answer technical, conceptual and decision, interpersonal and communication Technical: - correct answer - Individual Contribution ability to perform a specialized task involving a particular method or process Conceptual and Decision: - correct answer - Result oriented skills related to abilities that help identify and resolve problems identify and resolve problems for the benefit of the organization Interpersonal & Communication - correct answer - Lead, motivate, and communicate with others people skills that represent the ability to lead, motivate, and communicate effectively with others Emotional intelligence: - correct answer The skills of understanding yourself, managing your