MGT 300 - Exam 1 Questions and Answers 100% Pass

MGT 300 - Exam 1 Questions and Answers 100% Pass Management - ANSWER -The planning, organizing, leading, and controlling of human and other resources to achieve organizational goals efficiently and effectively. Organizations - ANSWER -Collection of people who work together and coordinate their actions to achieve a wide variety of goals or desire future outcomes. Organization Performances - ANSWER -A measure of how efficiently and effectively a manager uses resources to satisfy customers and achieve organizational goals. Efficiency - ANSWER -A measure of how well or how productively resources are used to a achieve a goal. Effectiveness is a measure of the appropriateness of the goals an organization is pursuing and the degree to which the organization achieves those goals. Strategy - ANSWER -A cluster of decisions about what goals to pursue,, what actions to take, and how to use resources to achieve goals. Why study management? - ANSWER -The more efficient and effective use that organization can make those resources, the greater the relative well-being and prosperity of people in that society. Managers decide how to use many of a society's most valued resources. Most of us encounter managers because most people have jobs and bosses. Most people want a job that pays well and provides an interesting and satisfying career; and understand management is one important path toward obtaining this objective. 2 | P a g e Created by Grace Amelia © 2025, All Rights Reserved. Mintzberg's Typology - ANSWER -Decisional (entrepreneur, disturbance handler, resource allocator, negotiator), Interpersonal (figurehead, leader, liaison), and Informational (monitor, disseminator, spokesperson) Middle Manager - ANSWER -A manager who supervises first-line managers and is responsible for finding the best way to use resources to achieve organizational goals. First -Line Manager - ANSWER -A manager who is responsible for the daily supervision of nonmangerial employees. Top Manager - ANSWER -A manager who establishes organizational goals, decides how departments should interact, and monitors the performance of middle managers. Skills needed to be an effective manager - ANSWER -conceptual skills - the ability to analyze and diagnose a situation and to distinguish between cause and effect. Human skills - the ability to understand, alter, lead, and control the behavior of other individuals and groups. Technical skills - the job-specific knowledge and techniques required to perform an organizational role. Core competency - ANSWER -The specific set if departmental skills, knowledge, and experience that allows one organization to outperform another. Competitive Advantage - ANSWER -An advantage that a firm has over its competitors, allowing it to generate greater sales or margins and/or retain more customers than its competition. Restructuring - ANSWER -Downsizing an organization by eliminating the jobs of large numbers of top, middle, and first-line managers and nonmanagerial employees. Can be done by eliminating product teams, shrinking departments, and reducing levels in hierarchy. Outsourcing - ANSWER -Contracting with another company, usually abroad, to have it perform an activity the organization previously performed itself. 3 | P a g e Created by Grace Amelia © 2025, All Rights Reserved. Empowerment - ANSWER -The expansion of employees' knowledge, tasks, and decision-making responsibilities. Self-managed team - ANSWER -A group of employees who assume responsibility for organizing, controlling, and supervising their own activities and monitoring the quality of the good and services they provide. The creation of a new vision for a struggling company using a new approach to planning and organizing to allow it to survive and eventually prosper is known as - ANSWER -Turnaround Management Low-cost strategy involves: - ANSWER -obtaining customers by offering goods and services more cheaply than others in the markets The differentiation strategy involves obtaining customers by offering goods and services more cheaply than its competitors. - ANSWER -False Organizations that are efficient but not effective produce low-quality products that customers do not want. - ANSWER -False Ethical Dilemma - ANSWER -The quandary people find themselves in when they have to decide if they should act in a way that might help another person or group even though doing so might help another person or group even though doing so might go against their own self-interest. Ethics - ANSWER -The inner guiding moral principles, values, and beliefs that people use to analyze or interpret a situation and then decide what is the right or appropriate way to behave. 4 | P a g e Created by Grace Amelia © 2025, All Rights Reserved. What is the relationship between ethics and law? - ANSWER -The important point to note is that while ethical beliefs lead to the development of laws and regulations to prevent certain behaviors or encourage others, laws themselves change or even disappear as ethical beliefs change. Changes in Ethics over Time - ANSWER -Neither laws nor ethics are fixed principals that do not change over time. Ethical beliefs change as time passes; and as they do so, laws change to reflect the changing ethical beliefs of a society. Laws as well as ethical principles or beliefs remain constant and do not change over time. - ANSWER -False Stockholders have a claim on a company. - ANSWER -True