MGT 300 EXAM 1 ASU NECK COMPREHENSIVE EXAM GUIDE LATEST UPDATE 2025

Management - -Process of working with people and distributing an organization's resources to achieve goals efficiently, effectively What are the 4 functions of management? - --Planning -Organization -Leading -Controlling 4 functions of management- Planning: - -Determine long-term missions and goals and business plan to ahcieve goals 4 functions of management- Organization: - -Allocation of resources, what needs to be done for long-term goals -orchestrating people actions resources decisions to achieve goals 4 functions of management- Leading - -Leading and motivating people for goal achievement 4 functions of management- Controlling - -Measuring how close we are to achieving goal and mission -monitoring activities, measuring results and comparing them w goals What does O, L, and C for 4 functions of management go back to? - -Mission and long term goals Trader Joe's Case- 4 functions of management Planning, organization, leading, controlling - --Planning- Low costs, unique products, value -Organization- non-prim real estate, limited narrow product, no advertising, straight from supplier, organizational culture -Leading- Hire for culture, hire managers within and high pay, lowest employee turnover -Controlling- Sophisticated system for what sells and what doesn't Dr. Neck recently showed a clip from ShawShank Redemption to illustrate what? - -D. Application of 4 functions of management Cross Fit Case - 4 functions of Management MGT 300 MGT 300 Planning, organization, leading, controlling - --Planning- Easy access to create gym w low capital, viral and social media does marketing for you, Mission is to make fitness accessible to everyone -Organization- Very low control over boxes, the box itself, social media free -Leading- Innovative, empowering -Controlling- Lawyers, aggressive in-store opening (glassman sells well) What video did we watch on fruit for 4 functions of management? - -Bananas and fungi Strategic Management- - -Process involving managers from all parts of the organization of formulating and implementing strategies to accomplish LONG TERM goals and sustain competitive advantage What's are the letters for strategic management process? - -DEFINE Strategic Management Process- - --DEFINE missions and goals -EVALUATE situation (what they do well) -FORMULATE plan after mission review -IMPLEMENT plan -NOW (cant wait to implement plan) -EVALUATE performance In class, we played tic tac toe. What was the purpose of this? - -D. Application of define model When we studied strategic management, what videos did we watch? - -Amazon and National Audio Company For Amazon, complete the strategic management process (DEFINE) - -DEFINE MISSION- sell everything to everyone EVALUATE SITUATION- FORMULATE PLAN- sell everything to everyone IMPLEMENT PLAN- technology here to stay NOW- EVALUATE PERFORMANCE- prime members, stock prices Complete the strategic management process for National Audio Company (DEFINE) - DEFINE MISSION- Be the last cassette manufacturer EVALUATE SITUATION- recycling old parts, controls supply chain, networking FORMULATE PLAN- buying everything out, be the last manufacturer IMPLEMENT PLAN- NOW- EVALUATE PERFORMANCE- What process can you use to look at internal and external for a company? - -SWOT SW- internal MGT 300 MGT 300 OT- external What does SWOT stand for? (internal and external) - -S/W- Strengths, weaknesses (internal) O/T- Opportunities, threats (external) What company did we look at for SWOT? - -Tabasco Company Perform SWOT for Tabasco Company - -S- trademark, brand, many consumers, quality standards, varieties W- family owned, location, succession plan, cant expand, seed disease, no advertising O- Rivals (theyll hook em), new varieties, market growing, sponsorship, partnering T- hurricanes, rirvals What can threats also be for a company? SWOT - -Oppurtunities What was the point of the song in class? - --Gain an understanding of perception about self -Perception on others, many times can be dysfunctional What's the objective of Porter's Five Forces? - -To find PP- Potential Profitability for entrance into business What are Porter's five factors for potential profitability? - --Bargaining power of suppliers -Bargaining power of buyers -Threats of new entrance -Availability of substitute products -Intensity of rivalry in industry For Porter's five factors for potential profitability, when one factor does down, what happens to PP? - -PP goes up, and opposite if factor goes up What company did we watch for Porter's Five Forces? - -Luxotica Complete Porter's Five Forces for creating a sunglass company. - --Bargaining power of suppliers ----High, bc u must buy from Luxotica -Bargaining power for buyers ----Low, bc buyer cant offer $20 for sunglasses that are $150 -Threats of new entrance ----High, Not as high as ice cream place but still high -Availability of sub products ----Low, not many designer brands -Intensity of rivalry ----Low, there's not EQUAL FOOTING. Its not like Wendys 4x4 and then jack in the box does the same thing. Cant do it for sunglasses. MGT 300 MGT 300 Porter's 4 Generic Strategies are? - --Cost Leader- produces products at lowest cost, broad market (Walmart) -Differentiator- High cost, broad market, high value (Nordstrom, southwest) -Focus Cost Leader- Low cost, narrow group (age, niche) (Champion, Alegant) -Focus Differentiator- High cost, narrow market (Lululemon) What's the rule for Porter's 4 generic strategies? - -Cannot be in middle or between two groups. MUST choose ONE to be successful. Culture: - --Personality of business organization -System of shared meaning that dictates how organizational members behave -Suggests the correct way to do things What video did we watch for culture? - -Trendhunters, Any Given Sunday (football movie), Zappos, Lion King What things can you use to get clues about a company's culture? - --Values (look at founder) -Symbols (something that reps something) -Practices (Something that happens daily, like team meetings) -Rituals (not as often as practices, like parties) -Myths What movie did we watch for culture? - -Lion King, Any given Sunday What was the ritual in Lion King? - -Presenting new heir to animal kingdom (organization) Purpose of showing Lion King in class? - -Ritual, organizational culture Why is it so important to research culture at a company? - -You need to match your culture w/ theirs. If not, you put in less effort and won't be successful and happy What are examples of myths? - -15 minutes early for Chicago Bears, Nordstrom- return snow tires Importance of culture - -As a manager: you need it to succeed As employee: dont go anywhere youre not a fit Process of monitoring activities, measuring results and comparing them w goals and correcting performance when necessary is known as ________ - -Controlling Achieving goals by altering behaviors or process in response to environment force is known as ______ - -Change Management MGT 300 MGT 300 ________ is a strategy that determines how a business will compete in a particular industry or market - -Divisional Strategy In Ch 1, self leadership profiles 1 person to provide real life example of someone who practiced self leadership: - -Wally Amos of Wally Cookies, talent agent Serena Williams too, In Ch 1 of big book, authors contrast 3 primary sources of leadership. 3 sources are: - C. external, participative, self-leadership Laura uses sea salt for business. Sea salt price supposed to rise. For SWOT, increase of sea salt is? - -Threat Saguave produces shoes. Puts money in R&D. -Expensive shoes and unique -Target: all people. Which of Porters 4 generic strategies is this? - -Differentiator Critcal thinking - -Ability to diagnose situations and predict patterns of behaviors, which results in better decision making (can put biases beside to improve understanding of the world) -Important bc linked w creativity, essential to rational decisions, desirable skill for employers Critical thinking steps - -Observe (objectively) interpret analyze infer (propose paths to change behavior) Evaluate (consequences, benefits) Explain Meta-thinking - Consider process used to propose this changed behavior Explain ---This all leads to behavioral change Four things organization needs to be successful - -1. Access to resources (money, talent) 2. Effective leaders 3. Competent employees 4. Interested consumers What company profiled? - -Firwire surfboards, Mark Price. Art side of business - -People-focused side of managers duties (collaborates and communicates w their team to pursue goal) Ex: collaborating, presenting, leading meetings, building relationsh