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Alle Oberthemen / Management / MGMT 3000 Exam 1

MGMT 3000 Exam 1 (62 Karten)

Sag Danke
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What are the four Challenges managers face?
1) Managing Change
2) Managing Resources
3) Managing Strategically
4) Managing Entrepreneurially 
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The Managerial challenge of Managing Change highlights which two areas where change is very important?
Globalization and Technology
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According to the text, to what book does the field of strategic management owe its origins to?
The Art of War
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Who is the father of modern management?
Frederick Taylor
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What are the four principal managerial functions?
Planning
Organizing
Directing
Controlling
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The Planning Managerial Function is made up of three types of planning:
1) Strategic Planning
2) Tactical Planning
3) Operational Planning
Define each.
Strategic Planning - Long Range Goals
Tactical Planning - Short term goals
Operational Planning - identifies specific actions needed to accomplish goals for a particular unit
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The Managerial function "Directing" can be defined as...
attempting to influence others to attain the organization's objectives
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The Managerial function "Controlling" can be defined as...
regulate the work of those the manager is responsible for
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Mintzberg's typology sets three different categories for Managerial Roles.  What are they?
Interpersonal Roles
Decisional Roles
Informational Roles
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Chapter 2 Begins Here
Answer
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What are the three types of uncertainty?  Define them.
State Uncertainty - uncertainty of environment
Effect Uncertainty - uncertainty of effects of a change
Response Uncertainty - uncertainty of consequences
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What are the four organizational responses to Uncertainty? BRIEFLY describe each
1) Defenders - devoted to current products
2) Prospectors - first move advantage
3) Analyzers - follow the leader
4) Reactors - wait for change to hit them
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What are the A, B, and C in the ABC Priority System?
A - Must do
B - Should do
C - Nice to do
14
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What is the 80/20 Principle?
a minority does the majority

20% of inputs are responsible for 80% of output
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What is the "Busyness trap?"
being busy does not necessarily mean you are being effective
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What is MBO?
Management by Objectives - Set objectives, develop a plan, periodic review, performance appraisal
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What is a Gantt chart?  What does PERT stand for? Note: These are two different scheduling devices.
Gantt chart plots objectives on a time scale

PERT - Program Evaluation and Review Technique
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Between PERT and Gantt, which would be better for repetitive assembly line style scheduling?
Gantt
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What is the formula for BEP (in units)?
BEPunits = FC / (P-VC)
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Begin Chapter 3 Material
Answer
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What is the #1 firm in the Fortune 500?  What is the most profitable?
Walmart

Exxon Mobil
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Behind WalMart, what is the second largest general merchandise retailer?  Where is it in the list?
Target @ #30
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Who is the beverage industry dominated by?  How far behind is Pepsi?
Coke

Pepsi is more than 100 behind on the list at #174
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In the food industry, who is king?
PepsiCo
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Who is the entertainment king on the fortune 500 list? Who are they trailed by?
Walt Disney

News Corp
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What are the top two internet retailers?
Amazon followed by Google
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What are some Fortune 500 companies that are headquartered in Ga?
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What are the top four companies in the Global Fortune 500?
1) WalMart
2) Shell
3) Exxon Mobil
4) BP
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What is the most profitable firm in the Global 500?
Gazprom
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How many of the Global 500 firm are based in the US?
139 (~28%)
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How many employees does Walmart have? 
2.1 million
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T/F: The Agricultural Bank of China has more employees than AT&T, McDonald's, and General Electric.
True
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What are the three grand strategies discussed in class and in the book for achieving a competitive edge?  Briefly define each.
1) Cost leadership - lower cost
2) Differentiation - unique qualities
3) Focus - niche product w/ cost or differentiation ("stuck in the middle strategy")
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SWOT is a                     (3 words)                          that stands for what?
Strategic Management Process

Strengths, Weaknesses, Opportunities, and Threats
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The step in the Strategic Management Process that involves the O and the T in SWOT is called              (2 words)               .
environment scanning
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The unique skills and abilities that give an organization its competitive edge are called its             (2 words)                   .
Core Competencies
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Define Corporate Strategy, Business unit strategy, and Functional strategy.
Corporate Strategy - What business are we in?

Business unit strategy - ID competitive advantage for a product

Functional Strategy - product specific strategy
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T/F: The External Factor Evaluation Matrix is a way to evaluate opportunities and threats on a numerical scale.
True
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The              (3 word)                     suggests that an industry's profit potential is a function of the interaction between Suppliers, Buyers, Rival Firms, Product Substitutes, and the threat of New Entrants.
Five Forces Model
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T/F: Recession drives rational behavior.
FALSE: Irrational behavior
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T/F: Between 2005 and 2008, the ratio of Home price to Annual rent increased dramatically.
False: Decreased
42
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According to the CNN Money article, when does it make sense to Rent instead of Buy?
When the Price/Rent ratio is high
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What does CPM stand for and what is it used for?
Competitor Profile Matrix - used to evaluate your competitors numerically
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Begin Chapter 4 Material
Answer
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Explain the issue between Danone and Wahaha.
Danone sold its 51% joint venture share in Wahaha, a popular Chinese drink, for $555 million when it discovered that the local producer was making drinks on the side, effectively side-stepping any profit sharing Danone was entitled to.
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What are the three stages of Globalization?
1) Internationalization of Countries
2) Companies move into international markets
3) Individuals compete on a global basis
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T/F: The influx of goods from China has likely caused higher rates of inflation in the US, thus de-stimulating our economy.
False - lower inflation rates stimulating our economy
48
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What two things does a global company like WalMart need to understand about a country's environment? Define each briefly.
1) Institutions - rules, policies, laws

2) Culture - assumptions, values and beliefs
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T/F: The more multi-national firms in an economy, the greater the emphasis on reducing corruption.
True
50
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What is Power Distance?
the extent of acceptance of power between people
51
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What is Uncertainty Avoidance?
the acceptance of uncertainty by a culture
52
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Who is more OK as a people with uncertainty? The US or Japan?
US
53
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Does the US value masculine or feminine traits more heavily?
masculine
54
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What is a "Greenfield Venture"?
the creation of a wholly owned subsidiary in a foreign country
55
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T/F: Thomas Friedman famously said that the increasing interdependence among countries, companies, and individuals has increased the influence government can have in their economies.
False - decreases the influence governments have on their economies
56
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What is Accenture known for?
outsourcing
57
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T/F: From 2008 to 2009, Russia went from a growing economy with a surplus to a contracting economy with a deficit
True
58
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Explain the difference between a Global Focus, a Region-Country Focus, and a Transnational Focus.  Give a disadvantage for each.
Global Focus - international headquarters make decisions for all regions (centralized authority)
Disadvantage: less flexible/slow to respond to changes

Region-Country Focus - strategy is determined by the subsidiary
Disadvantage: diminished economies of scale

Transnational Focus - combination of both, decisions are decentralized but share resources
Disadvantage: hard to pull off
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Explain the difference between a Global Focus, a Region-Country Focus, and a Transnational Focus.  Give a disadvantage for each.
Global Focus - international headquarters make decisions for all regions (centralized authority)
Disadvantage: less flexible/slow to respond to changes

Region-Country Focus - strategy is determined by the subsidiary
Disadvantage: diminished economies of scale
Transnational Focus - combination of both, decisions are decentralized but share resources
Disadvantage: hard to pull off
60
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Explain the difference between a Global Focus, a Region-Country Focus, and a Transnational Focus.  Give a disadvantage for each.
Global Focus - international headquarters make decisions for all regions (centralized authority)
Disadvantage: less flexible/slow to respond to changes

Region-Country Focus - strategy is determined by the subsidiary
Disadvantage: diminished economies of scale

Transnational Focus - combination of both, decisions are decentralized but share resources
Disadvantage: hard to pull off
61
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A High Context situation means what in terms of the following:
-relationship length
-written information
-verbal explicitness
-long relationships
-less written or verbal info
-less explicit
62
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A Low Context situation means what in terms of the following:
-rules
-transferable knowledge
-length of communication
-more rules based
-more transferable knowledge
-shorter length of communication
Kartensatzinfo:
Autor: savhighsmith
Oberthema: Management
Thema: MGMT 3000 Exam 1
Schule / Uni: UGA
Ort: Athens
Veröffentlicht: 16.02.2011
Tags: Pirkle
 
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