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MGMT 3000 Exam 1 (Lyons, UGA) Questions With Revised Answers
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MGMT 3000 Exam 1 (Lyons, UGA) Questions With Revised Answers Business environment - answerThe combination of all contextual forces and elements in the external and internal environments of a firm. Leadership - answerThe ability to drive change and innovation through inspiration and motivation ...

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  • September 6, 2024
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MGMT 3000 Exam 1 (Lyons, UGA)
Questions With Revised Answers

Business environment - answer✔✔The combination of all contextual forces and elements in the
external and internal environments of a firm.

Leadership - answer✔✔The ability to drive change and innovation through inspiration and
motivation

The Pillars of Management - answer✔✔1. Strategic Position
2. Organizational Design
3. Individual Leadership

Components of strategy - answer✔✔1. Managing trade offs
2. Choosing a set of activities
3. Creating fit

Organizational Design - answer✔✔Developing and aligning organizational components to
achieve strategic objectives

Mangement - answer✔✔The act of working with and through a group of people to accomplish a
desired goal or objected in an efficient manner

bureaucratic organization structure - answer✔✔A clear differentiation of tasks and
responsibilities among individuals; coordination through a strict hierarchy of authority and
decision rights; standardized rules and procedures; and the vertical separation of planning and
execution so that plans are made in the upper ranks of an organization and executed in the lower
ranks.

environmental change - answer✔✔how quickly things are changing

environmental complexity - answer✔✔number of contextual factors in the environment

contextual intelligence - answer✔✔The ability to understand the impact of environmental factors
on a firm and the ability to understand how to influence those same factors.

Building Contextual Intelligence - answer✔✔1. Develop appreciation and awareness of history

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2. Stay attuned to trends in environment
3. Seize firsthand experiences
4. Engage in scenario assessment and contingency planning

contingency planning - answer✔✔The systematic assessment of the external environment to
prepare for a possible range of alternative futures for the organization.

environmental scanning - answer✔✔A tool that managers use to scan the business horizon for
key events and trends that will affect the business in the future.
Includes trend analysis, contextual intelligence, and stakeholder mapping

contingent view - answer✔✔A view of the firm where effective organizational structure is based
on fit or alignment between the organization and various aspects in its environment.

human relations movement - answer✔✔The belief that organizations must be understood as
systems of interdependent human beings who share a common interest in the survival and
effective functioning of the firm.

managerial view - answer✔✔A business framework where the firm is seen as a mechanism for
converting raw materials into products to sell to customers.
Outside parties not considered

scenario building - answer✔✔Forecasting the likely result that might occur when several events
and stakeholders are linked together.

scientific management - answer✔✔A focus on how jobs, work, and incentive schemes could be
designed to improve productivity using industrial engineering methods.

shareholder view - answer✔✔A business framework where the job of top managers is to produce
the highest possible stock market valuation of the firm's assets.

Stakeholder Mapping Steps - answer✔✔1. Map stakeholder relationships within firm
2. Identify subsets within stakeholders
3. Determine stakes for each stakeholder
4. Define connections between stakeholders

Multinational Strategy - answer✔✔The parent company organizes local subsidiaries and gives
them autonomy to develop products tailored to local tastes

Global Strategy - answer✔✔focus on developing overall scale economies and global efficiency
instead of catering to local tastes

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