Mgt 8803 - Module 4 exam with correct ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers
What is planning? - correct answer✔✔Identifying goals and strategies to get to those goals.
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What was the focus of classical management? - correct answer✔✔Productivity, making
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workers and organizations more efficient.
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What are Fayol's four functions of management? - correct answer✔✔1. Planning (deciding
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business goals and how to achieve them) ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2. Organizing - (determining the best allocation of people and resources)
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3. Leading - coordination the directing the activities of the employees
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4. Controlling - observing and analyzing metrics
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What are the 4 reasons managers should plan? - correct answer✔✔1. Gives direction to
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managers and non-managerial employees ||\\||\\ ||\\||\\ ||\\||\\
2. Reduces uncertainty
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3. Establishes goals or standards that facilitate control
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4. Engages all levels of the organization
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What factors affect planning? - correct answer✔✔Organizational level
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Degree of environmental uncertainty
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Length of future commitments
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What are the 4 types of plans? - correct answer✔✔1. Strategic
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, 2. Functional
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3. Operational/Tactical
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4. Contingency
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What is business strategy? - correct answer✔✔The goal directed actions a firm intends to
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
take in its quest to gain and sustain competitive advantage.
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What is competitive advantage? - correct answer✔✔Superior performance relative to other
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
competitors in the same industry. ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What is competitive parity? - correct answer✔✔When two or more firms in the same
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
industry perform at the same level. ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What is competitive disadvantage? - correct answer✔✔A firm underperforming relative to
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
competitors in the same industry. ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What are three approaches to creating competitive advantage? - correct answer✔✔1. Cost
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
leadership
2. Differentiation
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3. Focus ||\\||\\
What is a business model? - correct answer✔✔How the various components of th ebusiness
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
fit together to produce a profit. It is the end results of decisions and tradeoffs made by
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
management in formulating strategy ||\\||\\ ||\\||\\ ||\\||\\
Name three components of a business model. - correct answer✔✔1. Markets Service Served
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2. Firm infrastructure
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3. Economic model
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answers
What is planning? - correct answer✔✔Identifying goals and strategies to get to those goals.
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What was the focus of classical management? - correct answer✔✔Productivity, making
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
workers and organizations more efficient.
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What are Fayol's four functions of management? - correct answer✔✔1. Planning (deciding
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
business goals and how to achieve them) ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2. Organizing - (determining the best allocation of people and resources)
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
3. Leading - coordination the directing the activities of the employees
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
4. Controlling - observing and analyzing metrics
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What are the 4 reasons managers should plan? - correct answer✔✔1. Gives direction to
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
managers and non-managerial employees ||\\||\\ ||\\||\\ ||\\||\\
2. Reduces uncertainty
||\\||\\ ||\\||\\
3. Establishes goals or standards that facilitate control
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
4. Engages all levels of the organization
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What factors affect planning? - correct answer✔✔Organizational level
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Degree of environmental uncertainty
||\\||\\ ||\\||\\ ||\\||\\
Length of future commitments
||\\||\\ ||\\||\\ ||\\||\\
What are the 4 types of plans? - correct answer✔✔1. Strategic
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
, 2. Functional
||\\||\\
3. Operational/Tactical
||\\||\\
4. Contingency
||\\||\\
What is business strategy? - correct answer✔✔The goal directed actions a firm intends to
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
take in its quest to gain and sustain competitive advantage.
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What is competitive advantage? - correct answer✔✔Superior performance relative to other
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
competitors in the same industry. ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What is competitive parity? - correct answer✔✔When two or more firms in the same
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
industry perform at the same level. ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What is competitive disadvantage? - correct answer✔✔A firm underperforming relative to
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
competitors in the same industry. ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
What are three approaches to creating competitive advantage? - correct answer✔✔1. Cost
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
leadership
2. Differentiation
||\\||\\
3. Focus ||\\||\\
What is a business model? - correct answer✔✔How the various components of th ebusiness
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
fit together to produce a profit. It is the end results of decisions and tradeoffs made by
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
management in formulating strategy ||\\||\\ ||\\||\\ ||\\||\\
Name three components of a business model. - correct answer✔✔1. Markets Service Served
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
2. Firm infrastructure
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3. Economic model
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