MGMT 3000 UGA Lyons Test 1 Updated 2024/2025 Actual Questions and answers with complete solutions

Administrative costs - The costs of coordinating activities between a firm's business units. alliance - A structure where partners come together by contract to engage jointly in activities in a market. Alliances - A structure where partners come together by contract to engage jointly in activities in a market. backward integration - Occurs when a firm owns or controls the inputs it uses. bargaining power - The pressure that a supplier or buyer can exert on a company. barriers to entry - Obstacles a firm may face while trying to enter a market or an industry. board of directors - A group of individuals elected by shareholders and charged with overseeing the general direction of the firm. bureaucratic organization structure - A clear differentiation of tasks and responsibilities among individuals; coordination through a strict hierarchy of authority and decision rights; standardized rules and procedures; and the vertical separation of planning and execution so that plans are made in the upper ranks of an organization and executed in the lower ranks. business environment - The combination of all contextual forces and elements in the external and internal environments of a firm. business-level strategy - The determination of how a company will compete in a given business and position itself among its competitorscomparative advantage - An economic theory that proclaims countries should specialize in producing goods for which they have the lowest opportunity cost of production. competitive advantage - A firm achieves a competitive advantage when it creates more economic value than competitors by engaging in a strategy that is difficult or impossible for others to duplicate. competitor - Any organization that creates goods or services targeted at a similar group of customers. conflict of interest - occur when employees or managers engage in activities on behalf of the company and have a personal interest in the outcome of those activities. conglomeration - The act of growing through unrelated diversification, essentially by acquiring companies in different industries. contextual intelligence - The ability to understand the impact of environmental factors on a firm and the ability to understand how to influence those same factors.