MGMT 2500 MIDTERM EXAM 2026/27
QUESTIONS AND ANSWERS 100%
VERIFIED
Reasons to Globalize - ANSWER-reduce costs, improve supply chain, provide better
goods and services, understand markets, learn to improve operations, attract and
retain global talent
Improve the Supply Chain - ANSWER-locating facilities closer to unique resources
provide better goods and services - ANSWER-Objective and subjective
characteristics of goods and services
- on time deliveries, cultural variables, and improved customer service
Understand Markets - ANSWER-Interacting with foreign customers, suppliers,
competition can lead to new opportunities
- cell phone design coming from a Europe, cell phone fads from Japan, and extend
the product life cycle
Learn to Improve Operations - ANSWER-Learning does not take place in isolation.
Remains open to the free flow of ideas.
For example, GM found that it could improve operations by jointly building and
running, with the Japanese, an auto assembly plant in San Jose, California. This
strategy allowed GM to contribute its capital and knowledge of U.S. labor and
environmental laws while the Japanese contributed production and inventory ideas.
Attract and Retain Global Talent - ANSWER-Offer better employment opportunities
- better growth opportunities and insulation against unemployment
- relocate unneeded personnel to more prosperous locations
Missions - ANSWER-Tell an organization where it's going
- organization's purpose for being, provides boundaries and focus
- answers "what do we provide society?"
Factors affecting mission - ANSWER-philosophy and values
profitability and growth
public image
benefit to society
customers
environment
Competing on cost - ANSWER-Provide the maximum value as perceived by
customer. Does not imply low quality.
, - porter airlines: secondary airports, few fare options, smaller crews, no expensive
ticket offices
SWOT Analysis - ANSWER-Internal Strengths, Internal Weaknesses, External
Opportunities, External Threats
Strategy - ANSWER-Tells the organization how to get there
- action plan to achieve mission
- functional areas have strategies
# exploit opportunities and strengths, neutralize threats, and avoid weaknesses
Strategies for competitive advantage - ANSWER-differentiation, cost leadership, and
response
Differentiation - ANSWER-Better, or at least different
- uniqueness beyond physical characteristics and service attributes to encompass
everything that impacts customers' perception of value
Competing on Response - ANSWER-- Flexibility is matching market changes in
design innovation and volumes
- Reliability is meeting schedules
- Timeliness is quickness in design, production, and delivery
Strategy development process - ANSWER-1. Analyze the Environment
2. Determine the Corporate Mission
3. Form a Strategy
Analyze the Environment - ANSWER-Identify the strengths, weaknesses,
opportunities, and threats. Understand the environment, customers, industry, and
competitors.
Determine the Corporate Mission - ANSWER-State the reason for the firm's
existence and identify the value it wishes to create
Form a Strategy - ANSWER-Build a competitive advantage, such as low price,
design, or volume flexibility, quality, quick delivery, dependability, after-sale service,
broad product lines
Strategic Process - ANSWER-Organization's Mission -> Functional Area Missions ->
(Marketing, Operations, Finance/accounting)
Product Life Cycle - ANSWER-introduction, growth, maturity, decline
introduction stage - ANSWER-- best period to increase market share
- r&d engineering is critical
- improve quality & change the price
- frequent product & process design changes
- short production runs
QUESTIONS AND ANSWERS 100%
VERIFIED
Reasons to Globalize - ANSWER-reduce costs, improve supply chain, provide better
goods and services, understand markets, learn to improve operations, attract and
retain global talent
Improve the Supply Chain - ANSWER-locating facilities closer to unique resources
provide better goods and services - ANSWER-Objective and subjective
characteristics of goods and services
- on time deliveries, cultural variables, and improved customer service
Understand Markets - ANSWER-Interacting with foreign customers, suppliers,
competition can lead to new opportunities
- cell phone design coming from a Europe, cell phone fads from Japan, and extend
the product life cycle
Learn to Improve Operations - ANSWER-Learning does not take place in isolation.
Remains open to the free flow of ideas.
For example, GM found that it could improve operations by jointly building and
running, with the Japanese, an auto assembly plant in San Jose, California. This
strategy allowed GM to contribute its capital and knowledge of U.S. labor and
environmental laws while the Japanese contributed production and inventory ideas.
Attract and Retain Global Talent - ANSWER-Offer better employment opportunities
- better growth opportunities and insulation against unemployment
- relocate unneeded personnel to more prosperous locations
Missions - ANSWER-Tell an organization where it's going
- organization's purpose for being, provides boundaries and focus
- answers "what do we provide society?"
Factors affecting mission - ANSWER-philosophy and values
profitability and growth
public image
benefit to society
customers
environment
Competing on cost - ANSWER-Provide the maximum value as perceived by
customer. Does not imply low quality.
, - porter airlines: secondary airports, few fare options, smaller crews, no expensive
ticket offices
SWOT Analysis - ANSWER-Internal Strengths, Internal Weaknesses, External
Opportunities, External Threats
Strategy - ANSWER-Tells the organization how to get there
- action plan to achieve mission
- functional areas have strategies
# exploit opportunities and strengths, neutralize threats, and avoid weaknesses
Strategies for competitive advantage - ANSWER-differentiation, cost leadership, and
response
Differentiation - ANSWER-Better, or at least different
- uniqueness beyond physical characteristics and service attributes to encompass
everything that impacts customers' perception of value
Competing on Response - ANSWER-- Flexibility is matching market changes in
design innovation and volumes
- Reliability is meeting schedules
- Timeliness is quickness in design, production, and delivery
Strategy development process - ANSWER-1. Analyze the Environment
2. Determine the Corporate Mission
3. Form a Strategy
Analyze the Environment - ANSWER-Identify the strengths, weaknesses,
opportunities, and threats. Understand the environment, customers, industry, and
competitors.
Determine the Corporate Mission - ANSWER-State the reason for the firm's
existence and identify the value it wishes to create
Form a Strategy - ANSWER-Build a competitive advantage, such as low price,
design, or volume flexibility, quality, quick delivery, dependability, after-sale service,
broad product lines
Strategic Process - ANSWER-Organization's Mission -> Functional Area Missions ->
(Marketing, Operations, Finance/accounting)
Product Life Cycle - ANSWER-introduction, growth, maturity, decline
introduction stage - ANSWER-- best period to increase market share
- r&d engineering is critical
- improve quality & change the price
- frequent product & process design changes
- short production runs
