MGT 3013 Ronald Anderson - Exam 1 (updated
2025) Questions & Answers | Latest Already
Graded A+ UPDATE 2025|2026
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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
, 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)
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
, 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)
