3/4/26, 10:15 AM MGT 3013 Ronald Anderson - Exam 1 || 2026 (Actual Exam) Questions with verified Answers | FREQUENTLY MOST TESTED QU…
MGT 3013 Ronald Anderson - Exam 1 || 2026
(Actual Exam) Questions with verified Answers |
FREQUENTLY MOST TESTED QUESTIONS AND
VERIFIED SOLUTIONS @ 2026
Save
Terms in this set (240)
Organization A group of people who work together to achieve
some specific purpose
Management 1. Pursuing goals Efficiently and Effectively
2. Integrating the work of people
3. Planning, organizing, leading, and controlling
the organization's resources
Efficiency "the means" - the means of attaining an
organization's goals
-use resources wisely and cost-effectively
Effectiveness "the ends" - achieve results, make decisions, and
successfully carry them out to achieve an
organization's goals.
Multiplier effect Adding value that is multiplied throughout an
organization that is greater than the contribution of
one person alone.
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,3/4/26, 10:15 AM MGT 3013 Ronald Anderson - Exam 1 || 2026 (Actual Exam) Questions with verified Answers | FREQUENTLY MOST TESTED QU…
The 4 Principle Functions of POLC
Management Planning
Organizing
Leading
Controlling
Planning setting goals and deciding how to achieve them
Organizing arranging tasks, people and other resources to
accomplish the work
Leading motivating, directing, and influencing people to
work hard to achieve goals
Controlling monitoring performance, comparing it with goals,
and taking corrective action as needed.
Competitive Advantage the ability to produce outcomes more
EFFECTIVELY than competitors
1. responsive to customers
2. innovation
3. quality
4. efficiency
2 Types of Differentiation 1. Preference for the firms output
2. Cost advantage
Preference for the Firm's Output Value added - people choose the firm's output
over others/people are willing to pay
more/premium
https://quizlet.com/1151551386/mgt-3013-ronald-anderson-exam-1-2026-actual-exam-questions-with-verified-answers-frequently-most-tested-questi… 2/29
, 3/4/26, 10:15 AM MGT 3013 Ronald Anderson - Exam 1 || 2026 (Actual Exam) Questions with verified Answers | FREQUENTLY MOST TESTED QU…
Cost Advantage Lower Price - Lower COGS
*Just because a firm can lower their price, does
NOT mean that they will -- markets are the only
thing putting pressure on prices.
Economies of Scale [Efficiency] put downward pressure on costs as
output increases (bulk buying)
Economies of Scope [Efficiency] reduced cost because of shared
activities (similar packaging sizes for cigarettes and
mac & cheese - 1 delivery man - 1 dolly - shared
activity)
Brand Name Recognition [Effectiveness] Association between brand and
something positive (Celebrity spokesperson, etc.)
Brand Loyalty [Effectiveness] the desire to pay more for the same
product (Switching costs)
Switching Costs costs that make customers reluctant to switch to
another product or service
Supply Channel [Efficiency & Effectiveness] Raw resources to end
users (integrated supply channel - downward
pressure on costs OR flexible supply channel)
Integrated Supply Chain all the activities that organizations undertake to
deliver value to the customer, such as working with
suppliers and distribution through convenient
channels
https://quizlet.com/1151551386/mgt-3013-ronald-anderson-exam-1-2026-actual-exam-questions-with-verified-answers-frequently-most-tested-questi… 3/29
MGT 3013 Ronald Anderson - Exam 1 || 2026
(Actual Exam) Questions with verified Answers |
FREQUENTLY MOST TESTED QUESTIONS AND
VERIFIED SOLUTIONS @ 2026
Save
Terms in this set (240)
Organization A group of people who work together to achieve
some specific purpose
Management 1. Pursuing goals Efficiently and Effectively
2. Integrating the work of people
3. Planning, organizing, leading, and controlling
the organization's resources
Efficiency "the means" - the means of attaining an
organization's goals
-use resources wisely and cost-effectively
Effectiveness "the ends" - achieve results, make decisions, and
successfully carry them out to achieve an
organization's goals.
Multiplier effect Adding value that is multiplied throughout an
organization that is greater than the contribution of
one person alone.
https://quizlet.com/1151551386/mgt-3013-ronald-anderson-exam-1-2026-actual-exam-questions-with-verified-answers-frequently-most-tested-questi… 1/29
,3/4/26, 10:15 AM MGT 3013 Ronald Anderson - Exam 1 || 2026 (Actual Exam) Questions with verified Answers | FREQUENTLY MOST TESTED QU…
The 4 Principle Functions of POLC
Management Planning
Organizing
Leading
Controlling
Planning setting goals and deciding how to achieve them
Organizing arranging tasks, people and other resources to
accomplish the work
Leading motivating, directing, and influencing people to
work hard to achieve goals
Controlling monitoring performance, comparing it with goals,
and taking corrective action as needed.
Competitive Advantage the ability to produce outcomes more
EFFECTIVELY than competitors
1. responsive to customers
2. innovation
3. quality
4. efficiency
2 Types of Differentiation 1. Preference for the firms output
2. Cost advantage
Preference for the Firm's Output Value added - people choose the firm's output
over others/people are willing to pay
more/premium
https://quizlet.com/1151551386/mgt-3013-ronald-anderson-exam-1-2026-actual-exam-questions-with-verified-answers-frequently-most-tested-questi… 2/29
, 3/4/26, 10:15 AM MGT 3013 Ronald Anderson - Exam 1 || 2026 (Actual Exam) Questions with verified Answers | FREQUENTLY MOST TESTED QU…
Cost Advantage Lower Price - Lower COGS
*Just because a firm can lower their price, does
NOT mean that they will -- markets are the only
thing putting pressure on prices.
Economies of Scale [Efficiency] put downward pressure on costs as
output increases (bulk buying)
Economies of Scope [Efficiency] reduced cost because of shared
activities (similar packaging sizes for cigarettes and
mac & cheese - 1 delivery man - 1 dolly - shared
activity)
Brand Name Recognition [Effectiveness] Association between brand and
something positive (Celebrity spokesperson, etc.)
Brand Loyalty [Effectiveness] the desire to pay more for the same
product (Switching costs)
Switching Costs costs that make customers reluctant to switch to
another product or service
Supply Channel [Efficiency & Effectiveness] Raw resources to end
users (integrated supply channel - downward
pressure on costs OR flexible supply channel)
Integrated Supply Chain all the activities that organizations undertake to
deliver value to the customer, such as working with
suppliers and distribution through convenient
channels
https://quizlet.com/1151551386/mgt-3013-ronald-anderson-exam-1-2026-actual-exam-questions-with-verified-answers-frequently-most-tested-questi… 3/29
