Principles of Management C483 (C483)

A value chain is the sequence of activities that begins with raw materials. What result does a value chain end with? Choose 1 answer Supply and demand Operations and logistics Outsourcing or insourcing Delivery of products or services correct answer: Delivery of products or services What happens when an effective value chain is created? Choose 1 answer Profit margins are increased. A mission statement is developed. Customized products are standardized. Total quality managem...

A value chain is the sequence of activities that begins with raw materials. What result does a value chain end with? correct answer: delivery of products and services what happens when an effective value chain is created correct answer: profit margins are increased industry and market, competitor analysis, and social analysis are examples of which step in strategic planning process correct answer: analysis of exteral opportunities and threats skilled management, positive cash flow, a...

Describe strategic planning correct answer: Making decisions about the organization's long-term goals and strategies Describe strategic goals correct answer: major target long-term goals that are effective and efficient describe strategy correct answer: pattern of actions and resource allocations designed to achieve the goals of the organization. 1. Where will we be active? 2. How will we get there (increase sales or acquire another company)? 3. How will we win the in the marketplace (...

Top-level Managers correct answer: Strategic Managers Middle-level Managers correct answer: Tactical Managers Frontline Managers correct answer: Operational Managers Goals should be: correct answer: S.M.A.R.T. Specific, Measurable, Attainable, Relevant, Time-bound Strategic Planning correct answer: Set of procedures for making decisions about an organization's long-term goals and strategies Have a strong external orientation and cover major portions of the organization Se...

Conceptual and decision skills correct answer: Skills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members. Controlling correct answer: The management function of monitoring performance and making needed changes. Cost competitiveness correct answer: Keeping costs low to achieve profits and be able to offer prices that are attractive to consumers. Emotional intelligence correct answer: The skills of understanding yourself, man...

Describe why people become entrepreneurs and what it takes, personally. correct answer: People become entrepreneurs because of the profit potential, the challenge, and the satisfaction they anticipate (and often receive) from participating in the process, and sometimes because they are blocked from more traditional avenues of career advancement. Successful entrepreneurs are innovators, and they have good knowledge and skills in management, business, and networking. Although there is no single e...

The internal environment includes: correct answer: culture and climate Which of the following refers to the immediate environment surrounding a firm, including suppliers, customers, rivals, and new entrants? correct answer: Competitive environment Pluto Inc. is computer technology corporation that has been manufacturing laptops for the last five years. Recently, in the face of sinking market share, Pluto reduced its dependency on laptops by venturing into tablets and smartphones. This is...

An employee was recently promoted to an executive level management position in an organization. Which type of planning will this employee manage in this new role? correct answer: Strategic A manager is asked to initiate activities that will support environmental scanning. Which activity should be used by this manager for this purpose? correct answer: Monitoring competitors A manager, who is acting as an internal consultant, is asked for a product recommendation. Which activity is ...

Accommodation A style of dealing with conflict involving cooperation on behalf of the other party but not being assertive about one's own interests Accounting audits Procedures used to verify accounting reports and statements Activity-Based costing (ABC) A method of cost accounting designed to identify streams of activity and then to allocate costs across particular business processes according to the mount of time employees devote to particular activities Adapters Companie...

A value chain is the sequence of activities that begins with raw materials. What result does a value chain end with? correct answer: delivery of products and services what happens when an effective value chain is created correct answer: profit margins are increased industry and market, competitor analysis, and social analysis are examples of which step in strategic planning process correct answer: analysis of exteral opportunities and threats skilled management, positive cash flow, a...