MGT 3013 Ronald Anderson - Exam 1 Questions and Correct Answers Latest 2025/2026

MGT 3013 Ronald Anderson - Exam 1 Questions and Correct Answers Latest 2025/2026 Organization - Answer -A group of people who work together to achieve some specific purpose Management - Answer -1. Pursuing goals Efficiently and Effectively 2. Integrating the work of people 3. Planning, organizing, leading, and controlling the organization's resources Efficiency - Answer -"the means" - the means of attaining an organization's goals -use resources wisely and cost-effectively Effectiveness - Answer -"the ends" - achieve results, make decisions, and successfully carry them out to achieve an organization's goals. Multiplier effect - Answer -Adding value that is multiplied throughout an organization that is greater than the contribution of one person alone. The 4 Principle Functions of Management - Answer -POLC PlanningOrganizing Leading Controlling Planning - Answer -setting goals and deciding how to achieve them Organizing - Answer -arranging tasks, people and other resources to accomplish the work Leading - Answer -motivating, directing, and influencing people to work hard to achieve goals Controlling - Answer -monitoring performance, comparing it with goals, and taking corrective action as needed. Competitive Advantage - Answer -the ability to produce outcomes more EFFECTIVELY than competitors 1. responsive to customers 2. innovation 3. quality 4. efficiency 2 Types of Differentiation - Answer -1. Preference for the firms output 2. Cost advantage Preference for the Firm's Output - Answer -Value added - people choose the firm's output over others/people are willing to pay more/premium Cost Advantage - Answer -Lower Price - Lower COGS*Just because a firm can lower their price, does NOT mean that they will -- markets are the only thing putting pressure on prices. Economies of Scale - Answer -[Efficiency] put downward pressure on costs as output increases (bulk buying) Economies of Scope - Answer -[Efficiency] reduced cost because of shared activities (similar packaging sizes for cigarettes and mac & cheese - 1 delivery man - 1 dolly - shared activity) Brand Name Recognition - Answer -[Effectiveness] Association between brand and something positive (Celebrity spokesperson, etc.) Brand Loyalty - Answer -[Effectiveness] the desire to pay more for the same product (Switching costs) Switching Costs - Answer -costs that make customers reluctant to switch to another product or service Supply Channel - Answer -[Efficiency & Effectiveness] Raw resources t