MGT Exam 1

Job knowledge, persuasiveness, tolerance of stress, negotiation, and initiative are some of the specific managerial skills that research has shown to be important to success.

True

Licensing is a way of entering the international marketplace without spending large amounts of money abroad

True

Henri Fayol's functional definition of management has become the basis of organization for most principles of management textbooks.

True

The real cause of the increase in output at Western Electric's Hawthorne plant was

increased attention paid to workers.

Which of the following characteristics best relates to management?

A set of activities designed to achieve an organization's objectives by using its resources effectively and efficiently in a changing environment

In SWOT analysis, an ability or attribute that a company possesses that may give it a distinctive competence is called

A strength

What is the nature of the organization's internal environment?

All factors that make up the organization, such as the owners, managers, employees, and board of directors

What is the factor that impacts on strategy implementation? Structure System Staffing All of the above None of the above

All of The Above

In BCG matrix, What is "D?" D is High (x),- Low (y)

Cash Cow

Fuji Film had more than a 20% share of the global digital camera market, and at the same time had increased its share of the global film market to about 35%. Despite this accomplishment, the company wanted to find new growth opportunities. Finally, Fuji Film made a decision to enter cosmetics industry. Fuji Film wanted to gain competitive advantages by operating in multiple markets and industries. This would be an example of which type of strategy?

Corporate Level Strategy

The role of management, according to Frederick Taylor, does NOT include which one of the following?

Delegating the mental and planning aspects of work to the workers

Which of the following strategies would you use as a corporate strategy? (select two choices)

Diversification, Joint Venture

This is a strategy of selling off businesses that the company no longer wishes to maintain, either because they are failing or because the company has changed its corporate strategy and does not wish to be in those businesses any longer. What is A?

Divestment

In BCG matrix, What is "C?" C is Low-Low

Dog

In BCG matrix, a business unit with low relative market share and low industry growth rate is referred to as

Dog

___A___refers to using resources in a way that produces a desired result.

Effectiveness

Actions that firms take to gain competitive advantage in a single market or industry are known as corporate-level strategy.

False

Disney diversified into television (ABC), hotels, retail stores, sport team, cruise line, publishing, consumer, products, and licensing. This would be an example of business level strategy.

False

Greater societal demand for socially responsible business activities has led some firms to view grossly unethical activities as a way to gain competitive advantages.

False

Human resources, marketing, finance, and production and operations are all examples of the different levels of management

False

Planning should be based on goals that cannot be attained feasibly.

False

Railroads, highways, ports, air fields, utilities and power plants, schools, hospitals, communication systems, and commercial distribution systems are all examples of sociocultural environment.

False

The greater a person's exposure to unethical behavior, the less likely it is that he or she will act unethically.

False

Three different environments--economic, legal, and political--constitute the entire global business environment

False

Unethical decisions foster trust but make the continuation of business difficult

False

Wal-Mart exemplifies a firm pursuing a product-differentiation strategy while Victoria's Secret exemplifies a firm pursuing a cost-leadership strategy

False

You own a computer company, and you launch a joint venture with a competitor to create a new super- speed tablet. Unfortunately, you do not realize that your operating system is totally incompatible with that of the other company's, and the new venture fails miserably. This is the result of your lack of analysis of the economic dimension of the general environment

False

Among the choices, which one is the last step in the planning process?

Implementing the Plan

What is NOT the good example of setting goals?

In 1989, Katada, a CEO of KOMATSU, announced that "Now we redefine in futuristic terms as a global and compound high-tech organization."

Green Frog is an environmentally friendly firm in the cosmetics industry. If Green Frog undertook an analysis to help it understand strengths and weaknesses it would be performing a(n)

Internal Analysis

Which of the following refers to activities that involve interacting with others who may be external or internal to the organization at a higher or lower level than the manager?

Interpersonal roles

When a manager uses skills that are necessary to work with other people, such as communicating and listening, he or she is using

Interpersonal skills

Which of the following is most true of management as an area of study?

It is relatively young discipline.

You are the president of Henry Motor Corp., and you see the great potential markets in Eastern Europe for personal transportation. Your plan is to purchase an old Soviet tank plant and convert it into an auto factory. The Russian government welcomes your plan, which is an example of

Joint Venture

___A___ is one of corporate strategies. ___A____ is defined as contractual partnerships with other organizations in which each partner contributes to the enterprise while retaining a separate identity What is A?

Joint Venture

Which of the following refers to a definition of an organization's fundamental purpose and its basic philosophy?

Mission

What term is used to describe a formal written declaration of the organization's mission that often includes the firm's philosophy, its primary products and markets, the intended geographic scope, and the nature of the relationships between the firm, its stakeholders, and society?

Mission Statement

Which of the following statements is False?

Mission statement is the specific measurable targets a firm can use to evaluate the extent to which it is realizing its mission

A set of conditions that limit unfavorable behavior or reward favorable behavior is called

Opportunity

Which of the following refers to a road map to achieve goals, whether for an entire organization, department, or an individual?

Plan

At Pizza Hut, an individual store manager should anticipate the next week's demand for food. What is her role as a manager?

Planning

Which of the following characteristics relates to business ethics?

Principles, values, and codes of conduct that define acceptable behavior in business

In BCG matrix, What is "A?" A is Low(x)-High(y)

Question Mark

What term describes a firm's acquisition of a business that has some connection with the company's existing businesses?

Related Diversification

What name is given to the evaluation of the organization's internal strengths and weaknesses and the opportunities and threats associated with the business's external environment?

SWOT analysis

In 2006, Komori, CEO of Fuji Film, targeted sales of ¥ 10 billion in three years when Fuji Film entered both the cosmetics and dietary supplements industries. This is an example of:

Setting goals

What name is given to the obligation a business assumes to maximize its positive impact and minimize its negative impact on society?

Social Responsibility

The translation of product names can be a crucial factor in the success or failure of a foreign marketing effort because of

Sociocultural Environment

In BCG matrix, What is "B?" B is High-High

Star

According to the Boston Consulting Group (BCG) matrix, ___A____ are businesses that have high market shares and operate in industries experiencing major growth. What is "A?"

Stars

Which of the following refers to a general statement of actions an organization intends to take or is taking that is based on the fit of the organization with its external and internal environment?

Strategy

What name is given to those factors that have a direct effect on a specific organization and its managers, including customers, suppliers, competitors, substitutes, and potential new entrants to the industry?

Task Environment

Which of the following characteristics relates to the sociocultural dimension?

The aspect of the general environment that includes the demographics, attitudes, and the values of the society within which an organization operates

In a joint venture, cooperating firms create a legally independent firm in which they invest and from which they share any profits that are created.

Tru

Limited capability, lack of information, superfluous information, and current organizational constraints are all common problems in receiving and using information about the external environment

True

Mission statement is used to describe a formal written declaration of the organization's mission.

True

One of the significant conclusions that has been drawn from the Hawthorne studies is that human relations and the social needs of workers are a critical variable in management

True

One of the strong arguments in favor of asking businesses to be socially responsible is that since they have created many social problems, they should also help solve them.

True

The Union Electric Company, a St. Louis utility, buys a large shipment of coal from Peabody Coal Company for use in its coal-fired plants. Peabody is one of Union Electric's suppliers

True

The fact that Fujifilm made a decision to enter cosmetic industry is one of the examples of diversification.

True

When a firm offers a unique good or service to a customer at a premium price, it is following the business- level strategy of "product differentiation."

True

Work groups, or the perceived ethicalness of work groups, represent one of the most important factors affecting daily ethical decisions.

True

What name is given to a philosophy where believers seek the greatest satisfaction for the largest number of individuals?

Utilitarianism

Henri Fayol was one of major contributors to the classical approach to management known as

administrative management

When Reebok has some of its athletic shoes produced by a Korean company, but the Reebok name still appears on the shoes, this illustrates

contract manufacturing

___A___ is a business-level strategy aimed at achieving the overall lowest cost structure in an industry What is A?

cost leadership

In 2006, Komori, a CEO of Fuji Film, established a new corporate philosophy in order to share with his employees his ideas about Fuji's raison d'être. This would be an example of:

defining its mission

Your organization decides that the smart phone business is not for your firm, and your CEO thinks the firm will begin producing a line of laptops instead. Your CEO contemplates a

development of goal

On 9 November 2010, Sara Lee said that by selling its North American Fresh Bakery unit to Grupo Bimbo for nearly $1 billion. Which of the below strategies is Sara Lee following here

divestment

The Adidas Group announced that it plans to sell off golf brands TaylorMade, Adams and Ashworth. This is an example of

divestment

eBay, the online auction company, has an impressive portfolio of cooperative agreements. This portfolio includes an agreement with the U.S. Postal Service to facilitate the shipping of goods purchased through eBay auctions, an agreement to allow MBNA to use eBay's name on a credit card, and an agreement in an online auction company in Korea that is supplemented with an investment by eBay in the Korean partner. In addition, at one time eBay had formed an independent firm, called eBay Australia and New Zealand, with an Australian company known as ecorp. Which of the following statements is TRUE?

eBay's former agreement with ecorp is best characterized as a joint venture

A managerial decision becomes a(n) ______A_______ when accepted rules no longer apply, and the person must use his or her own moral standards. When confronted with a(n) ____A_____, the utilitarian manager weighs the costs and benefits of the consequences of all possible alternatives, and then chooses the one that benefits the most people. On the other hand, deontologists judge an action by whether it infringes on individual rights or universal principles, such as the Golden Rule, equality, or justice.

ethical issue

rding to _________'s cultural dimensions theory, some national cultures like Japan have a very long time horizon, while other countries, such as the United States, want things to happen very quickly.

hofstede

___A__ of a plan is where the organization goes from the "thinking" mode to the "doing" mode.

implementation

When Weseeyu, Inc., of Rochester, New York, sells contact lenses to people in Moscow, Russia, the company

is exporting the lenses.

One of the frequent criticisms of Taylor's system of scientific management was that it

led to exploitation of workers by getting them to produce more.

A corporation that operates in several countries without significant ties to any of them is a

multinational

Firms such as PepsiCo that operate a number of businesses around the world that share a number of inputs, production technologies, or distribution channels are said to be implementing a

related diversification

Your business of TV sets was evaluated as "DOG". The Boston Consulting Group (BCG) matrix would undoubtedly advise you to

sell off the line of the business