MGT Midterm 1

Positioning Strategies of Organizations

Q: What are three common positioning strategies organizations use?
A: Cost leadership, differentiation, and focus strategy.

Four Phases of Team Development (Teamwork - Chpt 9)

Q: What are the four phases of team development?
A: Forming, Storming, Norming, and Performing.

Risk and Diversification

Q: What is the relationship between risk and diversification?
A: Diversification reduces risk by spreading investments across various assets, industries, or markets.

Causes of Job Satisfaction / HR Function

Q: What are some common causes of job satisfaction?
A: Fair pay, work-life balance, career growth, supportive management, and a positive work environment.

Q: What is the primary function of Human Resources (HR)?
A: Recruiting, training, performance management, compensation, and ensuring legal compliance.

Four Primary Management Functions (POLC)

Q: What are the four primary management functions (POLC)?
A: Planning, Organizing, Leading, and Controlling.

Demographics & Population Changes in the US Workforce

Q: What are some major demographic trends in the US workforce?
A: Aging workforce, increased diversity, higher educational attainment, and technological adaptation.

Managerial Roles / Management Theory / History of Management

Q: What are Henry Mintzberg’s three primary managerial roles?
A: Interpersonal, Informational, and Decisional roles.

Q: What is one major contribution of classical management theory?
A: Emphasis on efficiency and formal organizational structure.

Four Kinds of Adaptive Strategies

Q: What are the four adaptive strategies?
A: Prospector, Defender, Analyzer, and Reactor.

International Business: Tariffs & Trade Barriers

Q: What is a tariff?
A: A tax imposed on imported goods to protect domestic industries or generate revenue.

Q: What are common trade barriers?
A: Tariffs, quotas, embargoes, and non-tariff barriers like regulations and subsidies.

Competitive Advantage & Sustainable Strategies

Q: What is competitive advantage?
A: The ability of a company to outperform rivals by offering unique value to customers.

Q: What makes a strategy sustainable?
A: It must be difficult for competitors to imitate and provide long-term value.

Advantages & Disadvantages of Planning

Q: What is one major advantage of planning?
A: Provides direction, reduces uncertainty, and improves efficiency.

Q: What is one disadvantage of planning?
A: Can be inflexible and time-consuming.

Efficiency & Effectiveness / Time & Motion Studies

Q: What is the difference between efficiency and effectiveness?
A: Efficiency is doing things right (minimal resource use), while effectiveness is doing the right things (achieving goals).

Q: What was the purpose of time and motion studies?
A: To improve productivity by analyzing and optimizing work processes.

The Hawthorne Studies / Inputs & Outputs

Q: What was the main finding of the Hawthorne Studies?
A: Workers' productivity increased when they felt valued and observed.

Q: What are inputs and outputs in a business context?
A: Inputs are resources (labor, capital, materials), and outputs are finished goods or services.

Management Principles – Author Suggestions (Chpt 2)

Q: What did early management theorists suggest as key principles?
A: Specialization, hierarchy, clear rules, and worker motivation.

Use of Gantt Charts / Organizing

Q: What is a Gantt chart used for?
A: Scheduling tasks and tracking project progress over time.

Q: How does organizing contribute to management?
A: It structures resources and activities to achieve objectives efficiently.

The Environment: Specific & General

Q: What is the difference between a specific and a general environment in business?
A: The specific environment directly affects a company (customers, suppliers), while the general environment includes broader influences (economy, technology, laws).Q: How can companies adapt to changes in their environments? A: By continuously analyzing both their specific and general environments, companies can identify trends and adjust their strategies accordingly. This proactive approach allows businesses to remain competitive and responsive to external challenges.