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MGMT 3000 UGA EXAM Q’S AND A’S A+ GRADED
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- MGMT 3000 UGA EXAM Q’S AND A’S A+ GRADED
MGMT 3000 UGA EXAM Q’S AND A’S A+ GRADED
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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
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