9/23/25, 8:15 AM MGT 3013 Ronald Anderson - Exam 1 (updated 2025) Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flash…
MGT 3013 Ronald Anderson - Exam 1 (updated
2025) Questions & Answers | Latest Already
Graded A+ UPDATE 2025|2026
Save
Terms in this set (240)
A group of people who work together to achieve
Organization
some specific purpose
1. Pursuing goals Efficiently and Effectively
2. Integrating the work of people
Management
3. Planning, organizing, leading, and controlling the
organization's resources
"the means" - the means of attaining an organization's
Efficiency goals
-use resources wisely and cost-effectively
"the ends" - achieve results, make decisions, and
Effectiveness successfully carry them out to achieve an
organization's goals.
Adding value that is multiplied throughout an
Multiplier effect organization that is greater than the contribution of
one person alone.
POLC
Planning
The 4 Principle Functions
Organizing
of Management
Leading
Controlling
https://quizlet.com/1080999315/mgt-3013-ronald-anderson-exam-1-updated-2025-questions-answers-latest-already-graded-a-update-20252026-flas… 1/22
,9/23/25, 8:15 AM MGT 3013 Ronald Anderson - Exam 1 (updated 2025) Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flash…
Planning setting goals and deciding how to achieve them
arranging tasks, people and other resources to
Organizing
accomplish the work
motivating, directing, and influencing people to work
Leading
hard to achieve goals
monitoring performance, comparing it with goals, and
Controlling
taking corrective action as needed.
the ability to produce outcomes more EFFECTIVELY
than competitors
1. responsive to customers
Competitive Advantage
2. innovation
3. quality
4. efficiency
1. Preference for the firms output
2 Types of Differentiation
2. Cost advantage
Preference for the Firm's Value added - people choose the firm's output over
Output others/people are willing to pay more/premium
Lower Price - Lower COGS
*Just because a firm can lower their price, does NOT
Cost Advantage
mean that they will -- markets are the only thing
putting pressure on prices.
[Efficiency] put downward pressure on costs as
Economies of Scale
output increases (bulk buying)
[Efficiency] reduced cost because of shared activities
Economies of Scope (similar packaging sizes for cigarettes and mac &
cheese - 1 delivery man - 1 dolly - shared activity)
[Effectiveness] Association between brand and
Brand Name Recognition
something positive (Celebrity spokesperson, etc.)
[Effectiveness] the desire to pay more for the same
Brand Loyalty
product (Switching costs)
https://quizlet.com/1080999315/mgt-3013-ronald-anderson-exam-1-updated-2025-questions-answers-latest-already-graded-a-update-20252026-flas… 2/22
, 9/23/25, 8:15 AM MGT 3013 Ronald Anderson - Exam 1 (updated 2025) Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flash…
costs that make customers reluctant to switch to
Switching Costs
another product or service
[Efficiency & Effectiveness] Raw resources to end
Supply Channel users (integrated supply channel - downward
pressure on costs OR flexible supply channel)
all the activities that organizations undertake to
deliver value to the customer, such as working with
Integrated Supply Chain
suppliers and distribution through convenient
channels
Components of a supply system are produced in
different parts of the world then brought together to
Flexible Supply Chain
meet consumer needs, allowing companies to choose
from where they attain parts to produce goods.
taking a product [Effectiveness] or a process
[Efficiency] and creating new cash flow from that
Ability to Innovate
-Innovating products increase prices
-Innovating processes decreases costs
-Unique, Specialized, and Valuable Assets
Other examples of
-" operational technologies
differentiation
-" relationships
the total amount of money being transferred into and
Cash Flow
out of a business, especially as affecting liquidity.
Financing (Loans), Equity (Stocks/Ownership),
Retained Earnings (Previous year's profits)
-the purpose of a capital investment is to increase
cash flows
Capital -only time capital should be used as a cash flow is in
the case of a startup.
-capital investments = competitive advantage
-" that yield a better cash flow = better competitive
advantage
-Ownership/property
Equity
-Dividends
https://quizlet.com/1080999315/mgt-3013-ronald-anderson-exam-1-updated-2025-questions-answers-latest-already-graded-a-update-20252026-flas… 3/22
MGT 3013 Ronald Anderson - Exam 1 (updated
2025) Questions & Answers | Latest Already
Graded A+ UPDATE 2025|2026
Save
Terms in this set (240)
A group of people who work together to achieve
Organization
some specific purpose
1. Pursuing goals Efficiently and Effectively
2. Integrating the work of people
Management
3. Planning, organizing, leading, and controlling the
organization's resources
"the means" - the means of attaining an organization's
Efficiency goals
-use resources wisely and cost-effectively
"the ends" - achieve results, make decisions, and
Effectiveness successfully carry them out to achieve an
organization's goals.
Adding value that is multiplied throughout an
Multiplier effect organization that is greater than the contribution of
one person alone.
POLC
Planning
The 4 Principle Functions
Organizing
of Management
Leading
Controlling
https://quizlet.com/1080999315/mgt-3013-ronald-anderson-exam-1-updated-2025-questions-answers-latest-already-graded-a-update-20252026-flas… 1/22
,9/23/25, 8:15 AM MGT 3013 Ronald Anderson - Exam 1 (updated 2025) Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flash…
Planning setting goals and deciding how to achieve them
arranging tasks, people and other resources to
Organizing
accomplish the work
motivating, directing, and influencing people to work
Leading
hard to achieve goals
monitoring performance, comparing it with goals, and
Controlling
taking corrective action as needed.
the ability to produce outcomes more EFFECTIVELY
than competitors
1. responsive to customers
Competitive Advantage
2. innovation
3. quality
4. efficiency
1. Preference for the firms output
2 Types of Differentiation
2. Cost advantage
Preference for the Firm's Value added - people choose the firm's output over
Output others/people are willing to pay more/premium
Lower Price - Lower COGS
*Just because a firm can lower their price, does NOT
Cost Advantage
mean that they will -- markets are the only thing
putting pressure on prices.
[Efficiency] put downward pressure on costs as
Economies of Scale
output increases (bulk buying)
[Efficiency] reduced cost because of shared activities
Economies of Scope (similar packaging sizes for cigarettes and mac &
cheese - 1 delivery man - 1 dolly - shared activity)
[Effectiveness] Association between brand and
Brand Name Recognition
something positive (Celebrity spokesperson, etc.)
[Effectiveness] the desire to pay more for the same
Brand Loyalty
product (Switching costs)
https://quizlet.com/1080999315/mgt-3013-ronald-anderson-exam-1-updated-2025-questions-answers-latest-already-graded-a-update-20252026-flas… 2/22
, 9/23/25, 8:15 AM MGT 3013 Ronald Anderson - Exam 1 (updated 2025) Questions & Answers | Latest Already Graded A+ UPDATE 2025|2026 Flash…
costs that make customers reluctant to switch to
Switching Costs
another product or service
[Efficiency & Effectiveness] Raw resources to end
Supply Channel users (integrated supply channel - downward
pressure on costs OR flexible supply channel)
all the activities that organizations undertake to
deliver value to the customer, such as working with
Integrated Supply Chain
suppliers and distribution through convenient
channels
Components of a supply system are produced in
different parts of the world then brought together to
Flexible Supply Chain
meet consumer needs, allowing companies to choose
from where they attain parts to produce goods.
taking a product [Effectiveness] or a process
[Efficiency] and creating new cash flow from that
Ability to Innovate
-Innovating products increase prices
-Innovating processes decreases costs
-Unique, Specialized, and Valuable Assets
Other examples of
-" operational technologies
differentiation
-" relationships
the total amount of money being transferred into and
Cash Flow
out of a business, especially as affecting liquidity.
Financing (Loans), Equity (Stocks/Ownership),
Retained Earnings (Previous year's profits)
-the purpose of a capital investment is to increase
cash flows
Capital -only time capital should be used as a cash flow is in
the case of a startup.
-capital investments = competitive advantage
-" that yield a better cash flow = better competitive
advantage
-Ownership/property
Equity
-Dividends
https://quizlet.com/1080999315/mgt-3013-ronald-anderson-exam-1-updated-2025-questions-answers-latest-already-graded-a-update-20252026-flas… 3/22
