MGMT 490 Theory Exam UPDATED ACTUAL Exam Questions and CORRECT Answers

MGMT 490 Theory Exam UPDATED
ACTUAL Exam Questions and
CORRECT Answers
What parts make up the formulation and implementation model? - CORRECT
ANSWER✔✔- 1. Environment
2. Resources
3. Social Responsibility
4. Goals of management
5. Strategy
6. Structure
7. Systems
8. Leadership


Strategy - CORRECT ANSWER✔✔- -A way to develop strategic competence.
-How do I get a competitive advantage over my competition?


Leadership - CORRECT ANSWER✔✔- -Long-term effort with strategic values
-Task structure, position power, leader-member relations


Goals of management - CORRECT ANSWER✔✔- Cash
Account income
Retained Earnings
Sales


-You can have cash, but still have lost money


Social Responsibility - CORRECT ANSWER✔✔- A large scale society is good for business
and for us.
Ethical issues:

, -Don't kill the customer
-Equal opportunity
-Freedom of the press
-Helping the poor/sick


What models relate to environment? - CORRECT ANSWER✔✔- Porters and Supply Chain



Which models relate to resources? - CORRECT ANSWER✔✔- Financial Analysis Ratios



Which models relate to strategy? - CORRECT ANSWER✔✔- -Grand
-Generic
-Business Model
-BCG
-Rumelt


What items go under structure? - CORRECT ANSWER✔✔- -Size
-Product
-Decision making
-Evaluation


What parts make up the Porter's Five Forces of Competition model? - CORRECT
ANSWER✔✔- 1. Barriers to entry/exit
2. Industry competition
3. Suppliers
4. Buyers
5. Substitutes


Barriers to exit - CORRECT ANSWER✔✔- What keeps us in the industry?
-Company assets
-Legal obligations