MGMT 303 MGMT303 Week 4 Midterm Answers
- (TCO 1) Carry Jones has proven herself as an able manager. Her work department’s project completion rate is the highest in the firm’s division. Furthermore, her team’s projects produce the highest quality products and the lowest defects in her division. This is all accomplished with fewer fulltime people than other managers. When asked, Carry contributes the secret of her success is in her ability to delegate responsibility and her understanding of "management functions." Carry's ability to complete high quality activities efficiently and effectively with and through other people is known as _____.
(TCO 2) Various social networks have enabled people to stay in contact with each other. It also hurts relationships when too much information is shared. This reflects the _____ element of the general environment.
(TCO 3) The United Nations says that companies should have core values that include all of the following, EXCEPT
(TCO 4) _____ is the attitude in which managers use a global view and look for the best approaches and people regardless of origin.
(TCO 5) You have decided to become a small business owner. On your business plan, you state that the business will offer exceptional customer service while providing locally grown vegetables and fruits that are organically grown. What part of the business plan does this represent?
(TCO 6) Which of the following is a source of equity financing provided by a professionally managed pool of investors?
(TCO 1) What are the functions of a manager? Describe each function.
(TCO 2) Identify and comment on three organizational stakeholders.
(TCO 3) What are the three general areas that should be included in a company's code of ethics? Give two examples of a specific thing that would be found in each of these general areas.
(TCO4)WhatistheWorldTradeOrganizationandwhyisitimportanttothe global environment?
(TCO 4) Describe three environmental challenges of international management.
(TCO 5) Briefly describe each of Porter’s competitive (generic) strategies, and give an original example of how a firm might use each strategy.
(TCO 6) A new business can be started either from scratch or by buying an existing business. Which method seems best to you? Explain your answer.
(TCO 7) The business world today is increasingly complex and variable in virtually every country and industry. Thus, organizations must become more organic. How do you define an organic organization and a mechanistic organization? What are some of the outcomes that companies will experience as they become more organic and less mechanistic? Be sure to include both positive and negative outcomes.