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MGT320 Exam Study Questions with Complete Answers
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MGT320 Exam Study Questions with Complete Answers
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MGT320 Exam Study Questions withComplete Answers
Kurt Varner was found living in his car in Silicon Valley to try to sell his idea for a new mobile
app for chronic over-sleepers that incorporates an alarm clock with a voice greeting that
informs you of various things such as the date. Varner gave up a good-paying job and is living
apart from his wife whom he misses profoundly. Decide what entrepreneurial characteristics
Varner is exhibiting. - ✔✔Sacrifice and high energy
Managers who are focused on creating social value with a secondary focus of generating profit
and returns are called: - ✔✔social entrepreneurs.
Actress Jessica Alba started a company that focused on a problem many new mothers are
concerned with: "How to have healthy baby products that also assure a healthy environment."
Alba co-founded The Honest Company with a disposable diaper that is 85% biodegradable. The
Honest Company offers products designed to help children grow up in a world free of toxins.
Contrast Alba's work as a social entrepreneur with that of a traditional entrepreneur. -
✔✔She has created a business that meets critical human needs unsolved by current
institutions.
What type of business structure exists when one owner can make all of the business decisions
of the company without asking advice from anyone else? - ✔✔Sole proprietorship
The CEO and founder of Chipotle Mexican Grill, Steve Ells, launched his company with a loan
from his father, a SBA loan and raised money from friends and private investors. Eventually Ells
also received capital from McDonald's and from the stock that Chipotle issued when it went
public. What type of planning did Ells use in starting Chipotle? - ✔✔Equity financing and debt
financing
When purchasing a franchise, the franchisee doesn't have any output of money upfront. -
✔✔False
, Matt Maloney and Mike Evans founded GrubHub, which lists restaurants that deliver to a
specific area. They added ordering capabilities and features such as coupons, mobile ordering
and sorting abilities. GrubHub now has 15,000 or so restaurants that pay a fee for orders placed
through the site. GrubHub shows that an entrepreneur can take a simple idea and turn it into a
lucrative business. Distinguish the tactics Maloney and Evans are using with GrubHub. -
✔✔Mobile app and online business
Another term for the strategic goals of an organization is: - ✔✔official goals.
Kia's company has set a new operational goal for her work group: "Eliminate overtime." Which
action by Kia demonstrates adherence to her work group's operational plan to achieve this
goal? - ✔✔Discovering daily and weekly resource scheduling roadblocks.
What concept is at the top of an organization's goal hierarchy? - ✔✔Mission of the company
A start-up company founded a technical university to implement digital innovation into
teaching. Which feature of the company's mission statement demonstrates the company's
commitment to reinventing higher education? - ✔✔Statement of values that guide the
company
Which type of goals is middle management primarily concerned with? - ✔✔Tactical
An internal medicine group practice wants to adopt a new trend, becoming a "concierge"
operation. They will provide unlimited healthcare for monthly subscription fees. Which
operational goal will be needed to successfully make this transition? - ✔✔Doctors
immediately respond to illness and injury events.
What benefit does the popular technique of creating a strategy map not offer to users? -
✔✔Very detailed vision statement
Once the presentation of a non-profit's strategy map to its employees had concluded, the
agency director listened for employee responses to its learning and growth goals. Which
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