MGT 487 Exam 2 (MO State) Questions
With Correct Answers
Product Strategies - CORRECT ANSWER✔✔-Production design strategies
| | | | | |
typically involve an organizations R&D functional area
| | | | | | |
People Strategies - CORRECT ANSWER✔✔-Human Resources
| | | | | |
Management
Strategic HR decisions - CORRECT ANSWER✔✔-Planning, recruiting,
| | | | | | |
staffing
Orientation and training | |
Employee relations |
Diversity
Goals of High Performance work practicesK - CORRECT ANSWER✔✔-
| | | | | | | |
Knowledge
Skills
Motivation
Retention
Encourage under performers to leave
| | | |
,Information Systems - CORRECT ANSWER✔✔-Collecting, processing,
| | | | | |
storing, and disseminating info that managers need to conduct a
| | | | | | | | | |
business
Financial Accounting - CORRECT ANSWER✔✔-provides info about the
| | | | | | | |
organizations financial transactions, accounts, and standing
| | | | |
Strategic Financial decisions include - CORRECT ANSWER✔✔-Evaluating
| | | | | | |
financial performance (ratio analysis)
| | |
Financial forecasting and budgeting
| | |
Funding
Competitive Strategy (Business Level) - CORRECT ANSWER✔✔-Decisions
| | | | | |
and Actions necessary to gain, maintain, and exploit competitive
| | | | | | | | | |
advantage over time within a given product market
| | | | | | |
Key Success Factors - CORRECT ANSWER✔✔-Criteria that drive buying
| | | | | | | | |
decisions
They change over time
| | |
Porters Competitive Strategies - CORRECT ANSWER✔✔-Broad Cost
| | | | | | |
Leadership, Broad Differentiation | |
, Focused Low Cost, Focused Differentiation
| | | |
Market Scope Four bases of customer segmentation - CORRECT
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ANSWER✔✔-Product, Geographic, Demographic, Psychographic | | |
Broad Cost Leadership - CORRECT ANSWER✔✔-1. Significant
| | | | | | |
investments in Operations, Procurement, Inbound Logistics and
| | | | | | |
Outbound Logistics to promote economies of scale and reduce costs
| | | | | | | | |
|
2. Low price to attract value seeking customers and build volumes
| | | | | | | | | |
Caution: The strategy is about low cost; low price is just one element of
| | | | | | | | | | | | | |
it.
| Example: WalMart |
Disadvantages of Broad Cost Leadership - CORRECT ANSWER✔✔- | | | | | | |
Competitors may find new ways to lower costs. | | | | | | |
Competitors may imitate the processes of the cost leader.
| | | | | | | |
Cost leader may lose sight of changing customer tastes and needs.
| | | | | | | | | |
Focused Low Cost - CORRECT ANSWER✔✔-1. Target specific, very well
| | | | | | | | | |
defined segments for which price is THE most important key success
| | | | | | | | | | |
With Correct Answers
Product Strategies - CORRECT ANSWER✔✔-Production design strategies
| | | | | |
typically involve an organizations R&D functional area
| | | | | | |
People Strategies - CORRECT ANSWER✔✔-Human Resources
| | | | | |
Management
Strategic HR decisions - CORRECT ANSWER✔✔-Planning, recruiting,
| | | | | | |
staffing
Orientation and training | |
Employee relations |
Diversity
Goals of High Performance work practicesK - CORRECT ANSWER✔✔-
| | | | | | | |
Knowledge
Skills
Motivation
Retention
Encourage under performers to leave
| | | |
,Information Systems - CORRECT ANSWER✔✔-Collecting, processing,
| | | | | |
storing, and disseminating info that managers need to conduct a
| | | | | | | | | |
business
Financial Accounting - CORRECT ANSWER✔✔-provides info about the
| | | | | | | |
organizations financial transactions, accounts, and standing
| | | | |
Strategic Financial decisions include - CORRECT ANSWER✔✔-Evaluating
| | | | | | |
financial performance (ratio analysis)
| | |
Financial forecasting and budgeting
| | |
Funding
Competitive Strategy (Business Level) - CORRECT ANSWER✔✔-Decisions
| | | | | |
and Actions necessary to gain, maintain, and exploit competitive
| | | | | | | | | |
advantage over time within a given product market
| | | | | | |
Key Success Factors - CORRECT ANSWER✔✔-Criteria that drive buying
| | | | | | | | |
decisions
They change over time
| | |
Porters Competitive Strategies - CORRECT ANSWER✔✔-Broad Cost
| | | | | | |
Leadership, Broad Differentiation | |
, Focused Low Cost, Focused Differentiation
| | | |
Market Scope Four bases of customer segmentation - CORRECT
| | | | | | | | |
ANSWER✔✔-Product, Geographic, Demographic, Psychographic | | |
Broad Cost Leadership - CORRECT ANSWER✔✔-1. Significant
| | | | | | |
investments in Operations, Procurement, Inbound Logistics and
| | | | | | |
Outbound Logistics to promote economies of scale and reduce costs
| | | | | | | | |
|
2. Low price to attract value seeking customers and build volumes
| | | | | | | | | |
Caution: The strategy is about low cost; low price is just one element of
| | | | | | | | | | | | | |
it.
| Example: WalMart |
Disadvantages of Broad Cost Leadership - CORRECT ANSWER✔✔- | | | | | | |
Competitors may find new ways to lower costs. | | | | | | |
Competitors may imitate the processes of the cost leader.
| | | | | | | |
Cost leader may lose sight of changing customer tastes and needs.
| | | | | | | | | |
Focused Low Cost - CORRECT ANSWER✔✔-1. Target specific, very well
| | | | | | | | | |
defined segments for which price is THE most important key success
| | | | | | | | | | |
