MGMT Exam #1

Quality is best defined as Blank______.

the excellence of a product, whether it be goods or services

The introduction of new goods and services is known as Blank______.

innovation

Select the components that are part of total quality management. (Select every correct answer.)

preventing defects before they occur,achieving zero defects in manufacturing,designing products for quality,operating with a philosophy of continuous improvement

Blank______ across boundaries occurs even beyond the boundaries of the organization to include customers.

Collaboration

Which measurement of quality is focused on continually meeting the needs of customers to establish mutually beneficial long-term relationships?

service

When a company achieves success and is able to sustain that success because it consistently outperforms its rivals, that company has Blank______.

a competitive advantage

Which are key factors influencing the growth of globalization in the competitive landscape? (Select every correct answer.)

International markets are growing with rising incomes and increased demand.,Corporate operations transcend national borders.,Offices and production facilities are located worldwide.

What term refers to the excellence of a product, whether it be goods or services?

quality

The Blank______ approach to quality was to check work after it was completed and then eliminate defects, using inspection and statistical data to determine whether products were up to standards.

traditional

Blank______ means giving customers what they want or need, when they want it.

Service

The key to understanding the success of a company is the Blank______ the company holds and sustains.

competitive advantage

Which reason best explains why companies are operating globally?

increased opportunities for growth

Select the ways in which speed is a competitive advantage for a company. (Select every correct answer.)

A faster organization can quickly adjust to market demands.,A faster company has a market advantage by getting product to the consumer quickly.,A faster company can quickly respond to competitors' actions.

Which statement about cost competitiveness is true?

It is important because a desirable product sold at a lower price is more likely to sell.

is the effort to maintain the natural environment while effectively managing today's business and building tomorrow's business opportunities.

Sustainability

Successful managers tend to focus on Blank______.

all six competitive advantages

Wayde is responsible for working with his team and resources, making sure all members are doing their jobs, and that his team is focused on accomplishing organizational goals. Wayde is most likely a(n) Blank______.

manager

What term refers to the fast and timely execution, response, and delivery of results?

speed

The process of keeping costs low in order to achieve profits and to be able to offer prices that are attractive to consumers is called Blank______.

cost competitiveness

The management function of planning is Blank______.

systematically making decisions about the goals and activities that an individual, a group, a work unit, or the organization will pursue

Minimizing the use of resources, especially those that are polluting and nonrenewable, is a core goal of Blank______.

sustainability

Which statement about the six competitive advantages is true?

There are some trade-offs among the six sources of competitive advantage.

The process of working with people and resources to accomplish organizational goals is referred to as Blank______.

management

What is the management function of specifying the goals to be achieved and deciding in advance the appropriate actions to achieve those goals?

planning

is the effort to maintain the natural environment while effectively managing today's business and building tomorrow's business opportunities.

Sustainability

The monetary amount associated with how well a job, task, good, or service meets users' needs is called Blank______.

value

The management function of organizing includes Blank______.

assembling and coordinating all resources needed to achieve goals

The management function that involves the manager's efforts to stimulate high performance by employees is called Blank______.

leading

The management function of monitoring performance and making needed changes is called Blank______.

controlling

The better you meet users' needs, the more Blank______ you deliver.

value

What happens if as a manager, you fail to perform all four management functions? (Select every correct answer.)

You may not know if you are headed on the right track in meeting goals.,You will not reach your full potential as a manager.,You may fail to inspire employees to perform at high levels.

Gathering and coordinating human, financial, physical, informational, and other resources needed to achieve goals is the function of management called Blank______.

organizing

The ability to motivate and communicate effectively with employees is called Blank______.

leading

What is the definition of controlling?

supervising performance and making needed changes

To which of the managerial functions should managers devote adequate attention and resources?

planning, organizing, leading, and controlling

Senior executives responsible for the overall management and effectiveness of the organization are called Blank______ managers.

top-level

Which is a true statement about middle-level managers?

They are responsible for taking corporate objectives and breaking them down into specific activities.

Frontline managers are Blank______.

lower-level managers who supervise the operational activities of the organization

What are the roles and responsibilities of successful managers? (Select every correct answer.)

They are able to think strategically and translate strategies into objectives.,They have knowledge of all business functions.,They focus on serving customers both inside and outside their firm.,They are accountable for results.

Which statements about must-have management skills are true? (Select every correct answer.)

Without technical, conceptual, and communication skills, a manager will not succeed.,Managers need a variety of skills to perform their roles well.

What do top-level managers in an organization do? (Select every correct answer.)

focus on long-term issues,emphasize the survival, growth, and overall effectiveness of the organization

Which level of management is responsible for translating the general goals and plans developed by strategic managers into more specific objectives and activities?

middle-level managers

What are frontline managers also commonly referred to as?

lower-level managers,operational managers,supervisors

Successful managers Blank______.

have broad responsibilities

What are the three essential categories of skills for successful managers?

conceptual and decision skills,interpersonal and communication skills,technical skills

Which statement about technical skills is true?

They are focused on performing specialized tasks as part of a process.

The ability to deal effectively with your emotions, make good decisions, and exercise self-control is referred to as Blank______.

emotional intelligence

Which statements about generalists and specialists are correct? (Select every correct answer.)

Generalists are knowledgeable about a variety of disciplines.,It is recommended to be both a specialist and a generalist.,Specialists are experts in something.

Being self-reliant means Blank______.

you take responsibility for yourself

Being Blank______ is when someone has many good working relationships and interpersonal contacts and is a team player with strong interpersonal skills.

connected

A(n) Blank______ skill is the ability to perform a specialized task that involves a certain method or process.

technical

The skills of understanding and managing yourself are known as Blank______.

emotional intelligence

Which are reasons why it is important in a business career to be both a specialist and a generalist? (Select every correct answer.)

Becoming a generalist means having knowledge about a variety of business disciplines so you can think strategically with different perspectives.,Being a specialist provides specific skills that help you provide concrete, identifiable value to your firm and customers.

Which are ways to be self-reliant, improve your performance, and advance your career? (Select every correct answer.)

Take responsibility for change; be an innovator.,Look for opportunities to contribute in new ways and develop new products and processes.,Generate constructive change that strengthens the company and benefits customers and colleagues.

How can a new employee benefit from being connected? (Select every correct answer.)

Being connected can enhance the employee's relationships with outsiders.,It can improve the employee's professional development.,Connectedness can improve newcomers' knowledge of the organization.

True or false: Firms prefer their employees to be passive rather than active.

FALSE

What are the emotional intelligence skills needed to manage teams and advance your personal career? (Select every correct answer.)

Understand yourself, including your strengths and weaknesses.,Deal effectively with others by listening, showing empathy, motivating, and leading.,Manage yourself in dealing with emotions, making good decisions, seeking and using feedback, exercising self-control.

Which of the following are common practices for successful executives? (Select every correct answer.)

They take responsibility for decisions.,They write an action plan. They don't just think, they do, based on a sound, ethical plan.,They ask \What needs to be done?\" rather than only \"What do I want to do?\""

What are the two possible relationships that exist between individuals and their organizations?

individual as an active contributor,individual as a passive employee

Which are essential elements of career success? (Select every correct answer.)

Be flexible, creative, and ambitious.,Take responsibility for decisions.,Focus on capturing opportunities.,Learn how to think strategically.

An open system is best defined as Blank______.

an organization that is open to influences from outside the organization

True or false: The products and services organizations create are known as outputs.

TRUE

Which statement about the external environment is true?

It includes all relevant forces outside the organization's boundaries.

Select those factors which are part of the economic environment. (Choose every correct answer.)

falling interest rates,low levels of unemployment

Company A has proposed investing a significant amount in upgrading technologies throughout the company. Select the reasons why this is vital for the company's survival. (Choose every correct answer.)

Technology advancements create new products and improve production techniques.,Technology advancements create new competitive niches.,Technology advancements provide better ways of managing and communicating.

Organizations that are affected by and that affect their environment are considered Blank______ systems.

open

What are the products and services created by an organization?

outputs

The external environment includes Blank______.

competitors, customers, the government, and the economy

Interest rates and changes in the value of the dollar are examples of which macroenvironment factor?

economic

Technology and its advancement are vital to a company's survival because they Blank______.

create new products and opportunities

What are ways in which the government can affect business opportunities? (Choose every correct answer.)

tax laws,international trade rulings,economic policies

Age, gender, income, and family are examples of Blank______ measures.

demographic

Which are examples of an organization's dependence on the natural environment? (Choose every correct answer.)

Pepsi needing petroleum to make plastic bottles,International Paper needing trees to produce paper,Ford Motor Company needing steel to manufacture cars

Which are illegal practices for U.S. firms that are expected practices in some countries? (Choose every correct answer.)

bribes,kickbacks

The components of the competitive environment include rivalry among current competitors and the affect of new entrants, substitute and complementary products, suppliers, and Blank______.

customers

After a company identifies its competitors, it must next Blank______.

analyze how they compete

The measures of various characteristics of the people who make up groups or other social units are called Blank______.

demographics

Organizations rely heavily on the Blank______ environment to provide the raw materials needed to produce products.

natural

True or false: The competitive environment includes only those organizations that are direct rivals.

FALSE

What is the first step organizations must take in understanding the competitive environment?

Identify their competitors.

Which of the following are major barriers to entry? (Choose every correct answer.)

cost disadvantages,distribution channels,capital requirements,government policy

How do governmental laws and regulations affect organizations?

by imposing strategic constraints while also providing opportunities

In terms of business competition, a substitute is a(n) Blank______.

alternative to a product

What is the role of suppliers in an organization?

They provide resources needed for production.

Factors that make it difficult and costly for an organization to enter a particular task environment or industry are called Blank______.

barriers to entry

Which are examples of intermediate customers? (Choose every correct answer.)

an industrial buyer buying raw materials to convert to products,a retailer buying clothes from wholesalers,a restaurant purchasing food from a supplier

The customers who purchase products in their finished form are also called Blank______.

end users

In competition, a substitute is a(n) Blank______.

threat

Which are resources generally provided by suppliers? (Choose every correct answer.)

raw materials,financial capital,information,people

Sony buying components from IBM and using them to make gaming consoles is an example of a(n) Blank______ customer.

intermediate

Those who purchase products in their finished form are the Blank______.

final consumers

Nkozi is a manager. She is trying to make plans for the construction of a facility overseas, but she is unable to get trustworthy reports about the composition of the soil or about air quality regulations. Nkozi is operating under Blank______.

environmental uncertainty

Searching for and sorting through information about the environment is called Blank______.

environmental scanning

Which person is an intermediate consumer?

a corporate buyer at Dell buying microchips from Intel

When Lori buys a McDonald's Big Mac, she is a(n) Blank______ customer.

final

What is a narrative that describes a particular set of future conditions?

scenario

Which of the following describes the situation in which a manager does not have enough information about the environment to understand or predict the future?

environmental uncertainty

Forecasting can best be defined as Blank______.

a method for predicting how variables will change in the future

Select the questions managers can ask to help assess an organization's environment. (Choose every correct answer.)

Who are our current competitors?,Is the company too dependent on powerful customers?,Are there few or many entry barriers to our industry?,What substitutes exist for our product or service?

What is the process of comparing an organization's practice and technologies with those of other companies?

benchmarking