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MGT Final Exam Review; Part 1 Questions and
Answers 100% Pass
Management - ANSWER ✔✔-Science of getting necessary work done using other people
Leadership - ANSWER ✔✔-The art of getting other people to do what you want
Difference Between Management and Leadership? - ANSWER ✔✔-All leaders are managers, but not all
managers are leaders.
Vision Objectives - ANSWER ✔✔-Organizational goals that evoke powerful and compelling mental
images
Mission Objectives - ANSWER ✔✔-Set of organizational goals that includes both the purpose of the
organization, its scope of operations, and the basis of competitive advantage
Strategic Objectives - ANSWER ✔✔-Set of organizational goals that are used to operationnalize the
mission statement and that are specific and cover a well-defined time frame
-operationalize the mission statement
-Should be SMART (Specific, Measurable, Appropriate, Realistic, Timely)
Difference between vision, mission, and strategic objectives different - ANSWER ✔✔-Vision lacks
specificity and has longer time horizon
Strategic objectives are more tacit
Mission encompasses both the purpose of company as well as basis of competition and competitive
advantage
Created by Grace Amelia © 2025, All Rights Reserved.
, 2|Page
Vision--> mission-->strategic objectives
Efficiency vs. Effectiveness - ANSWER ✔✔-Efficiency "Doing things right"(Tailoring actions to the needs
of an organization rather than wasting effort)
Effectiveness "Doing the right thing" (performing actions at a low cost relative to a benchmark)
Sustainable Competitive Advantage - ANSWER ✔✔-Strategic management
Corporate Governance - ANSWER ✔✔-The relationship between Management, Stockholders, and Board
of Directors (top of the pyramid down)
Stakeholders - ANSWER ✔✔-Anyone who will be affected by the success, failure, or continued operation
of the firm
Why do we care? - ANSWER ✔✔-Include customers, suppliers, competitors, neighbors, community
members, political leaders and others may have a stake in your success
Environmental Scanning - ANSWER ✔✔-Surveillance of a firm's external environment to predict
environmental changes and detect changes already under way
Why do we Environment Scan? - ANSWER ✔✔-Alerts organization to critical trends and events before
changes develop discernible pattern and competitors recognize them
Forecasting - ANSWER ✔✔--External Scanning
-External Monitoring
-Competitive Advantage
External Scanning - ANSWER ✔✔-Predicting changes in the firm's environment, detecting changes
already underway, working out possible responses
Created by Grace Amelia © 2025, All Rights Reserved.
MGT Final Exam Review; Part 1 Questions and
Answers 100% Pass
Management - ANSWER ✔✔-Science of getting necessary work done using other people
Leadership - ANSWER ✔✔-The art of getting other people to do what you want
Difference Between Management and Leadership? - ANSWER ✔✔-All leaders are managers, but not all
managers are leaders.
Vision Objectives - ANSWER ✔✔-Organizational goals that evoke powerful and compelling mental
images
Mission Objectives - ANSWER ✔✔-Set of organizational goals that includes both the purpose of the
organization, its scope of operations, and the basis of competitive advantage
Strategic Objectives - ANSWER ✔✔-Set of organizational goals that are used to operationnalize the
mission statement and that are specific and cover a well-defined time frame
-operationalize the mission statement
-Should be SMART (Specific, Measurable, Appropriate, Realistic, Timely)
Difference between vision, mission, and strategic objectives different - ANSWER ✔✔-Vision lacks
specificity and has longer time horizon
Strategic objectives are more tacit
Mission encompasses both the purpose of company as well as basis of competition and competitive
advantage
Created by Grace Amelia © 2025, All Rights Reserved.
, 2|Page
Vision--> mission-->strategic objectives
Efficiency vs. Effectiveness - ANSWER ✔✔-Efficiency "Doing things right"(Tailoring actions to the needs
of an organization rather than wasting effort)
Effectiveness "Doing the right thing" (performing actions at a low cost relative to a benchmark)
Sustainable Competitive Advantage - ANSWER ✔✔-Strategic management
Corporate Governance - ANSWER ✔✔-The relationship between Management, Stockholders, and Board
of Directors (top of the pyramid down)
Stakeholders - ANSWER ✔✔-Anyone who will be affected by the success, failure, or continued operation
of the firm
Why do we care? - ANSWER ✔✔-Include customers, suppliers, competitors, neighbors, community
members, political leaders and others may have a stake in your success
Environmental Scanning - ANSWER ✔✔-Surveillance of a firm's external environment to predict
environmental changes and detect changes already under way
Why do we Environment Scan? - ANSWER ✔✔-Alerts organization to critical trends and events before
changes develop discernible pattern and competitors recognize them
Forecasting - ANSWER ✔✔--External Scanning
-External Monitoring
-Competitive Advantage
External Scanning - ANSWER ✔✔-Predicting changes in the firm's environment, detecting changes
already underway, working out possible responses
Created by Grace Amelia © 2025, All Rights Reserved.
