Exam (elaborations)
MGMT 3000 UGA EXAM Q’S AND A’S A+ GRADED
- Course
- Institution
MGMT 3000 UGA EXAM Q’S AND A’S A+ GRADED
[Show more]
Seller
Follow
blessedgal
Content preview
MGMT 3000 UGA EXAM Q’S AND A’S A+GRADED
Business is all about... - -Business is all about results and achieving it the
right way
- Business is a global system of... - -interconnected and interdependent
parts
- what are you accountable for? - -Results
- What's important? - -Focus
- What do you own, operate or participate in? - -Process
- Who are you accountable for? - -People
- Who is the receiver? - -Customer
- what decisions can you make? When do you delegate? - -Authority
- How to heighten awareness? - -Know your job, Keep eyes open,
Get outside bubble (ex: trade shows), Read and connect broadly
- Members know each other, know what's expected of them, depend on
each other, handle storming well, and hold each other accountable - -
Business is a Team sport
- BOE - -back of envelope financials
- Purpose of BOE - -quickly understand if things are right or wrong so you
can take actions if appropriate
To have knowledge to quickly evaluate opportunities
- Income statement, cash flow statement, and balance sheet - -Financial
metrics
- sales, marketing, customer service - -Revenue
- purchasing, logistics, production, sales repair - -Costs
- finance, sales and marketing, all jobs that impact cost - -Cashflow
- what is your true north? - -Personal Values
, - If behaviors are not consistent with your organizational values - -
communicate and hold people accountable
- how we do business and how we treat people, what we believe in - -Values
- Think global, strategize local - -Business is a global system, but all
governments are local
local : people, interests, language, currency, taste, and demand
- Adapting to change, technology, environmental changes, cultures,
competition, pandemic, work from home, learn, technologies we use - -
Those who adapt best, win
- What's the problem? - -What is the first key question in problem solving? -
what is the actual problem that the players need to solve.
- Where's the Data? - -What is the question that management will ask to
really understand the problem or possible solutions ? When does the data
become useful information?
- One is the magic number - -Mission: our purpose
Vision: Our aspiration, what we want to be, desired future state
core values: what we believe in, how we "do business" and behave
and strategic goals: what you want to achieve (measurable, addresses
crucial issues, challenging but realistic, specifies a time period)
- Know your battlefield...& yourself! - -Is business a competition? What are
you good at and not good at? What are your competitors good at and not?
Knowledge is Power: Know your enemy and know yourself-- gain the
knowledge about your battlefield and yourself with strategic internal and
external analysis
- How will you compete? - -Business level strategy
- Where will you compete - -Corporate level strategy
- Just because you can.. - -Just because you can, does not mean you should
CAN: Make a decision, Take an action, Respond
Because, it is an opportunity to:
Empower others and develop people
To be more thoughtful
To better understand what the real problem is
To get the data
Demonstrate / live the values and the guide rails
To lead and not just manage
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller blessedgal. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
51036 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 15 years now