MGMT 3000 Exam 1 | Learn flashcards online

The Planning Managerial Function is made up of three types of planning:
1) Strategic Planning
2) Tactical Planning
3) Operational Planning
Define each.

Strategic Planning - Long Range Goals
Tactical Planning - Short term goals
Operational Planning - identifies specific actions needed to accomplish goals for a particular unit

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The Managerial function "Directing" can be defined as...

attempting to influence others to attain the organization's objectives

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The Managerial function "Controlling" can be defined as...

regulate the work of those the manager is responsible for

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Mintzberg's typology sets three different categories for Managerial Roles. What are they?

Interpersonal Roles
Decisional Roles
Informational Roles

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Chapter 2 Begins Here

Answer

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What are the three types of uncertainty? Define them.

State Uncertainty - uncertainty of environment
Effect Uncertainty - uncertainty of effects of a change
Response Uncertainty - uncertainty of consequences

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What are the four organizational responses to Uncertainty? BRIEFLY describe each

1) Defenders - devoted to current products
2) Prospectors - first move advantage
3) Analyzers - follow the leader
4) Reactors - wait for change to hit them

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What are the A, B, and C in the ABC Priority System?

A - Must do
B - Should do
C - Nice to do

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What is the 80/20 Principle?

a minority does the majority

20% of inputs are responsible for 80% of output

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What is the "Busyness trap?"

being busy does not necessarily mean you are being effective

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What is MBO?

Management by Objectives - Set objectives, develop a plan, periodic review, performance appraisal

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What is a Gantt chart? What does PERT stand for? Note: These are two different scheduling devices.

Gantt chart plots objectives on a time scale

PERT - Program Evaluation and Review Technique

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Between PERT and Gantt, which would be better for repetitive assembly line style scheduling?

Gantt

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What is the formula for BEP (in units)?

BEPunits = FC / (P-VC)

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Begin Chapter 3 Material

Answer

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What is the #1 firm in the Fortune 500? What is the most profitable?

Walmart

Exxon Mobil

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Behind WalMart, what is the second largest general merchandise retailer? Where is it in the list?

Target @ #30

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Who is the beverage industry dominated by? How far behind is Pepsi?

Coke

Pepsi is more than 100 behind on the list at #174

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In the food industry, who is king?

PepsiCo

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Who is the entertainment king on the fortune 500 list? Who are they trailed by?

Walt Disney

News Corp

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What are the top two internet retailers?

Amazon followed by Google

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What are some Fortune 500 companies that are headquartered in Ga?

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What are the top four companies in the Global Fortune 500?

1) WalMart
2) Shell
3) Exxon Mobil
4) BP

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What is the most profitable firm in the Global 500?

Gazprom

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How many of the Global 500 firm are based in the US?

139 (~28%)

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How many employees does Walmart have?

2.1 million

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T/F: The Agricultural Bank of China has more employees than AT&T, McDonald's, and General Electric.

True

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What are the three grand strategies discussed in class and in the book for achieving a competitive edge? Briefly define each.

1) Cost leadership - lower cost
2) Differentiation - unique qualities
3) Focus - niche product w/ cost or differentiation ("stuck in the middle strategy")

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SWOT is a (3 words) that stands for what?

Strategic Management Process

Strengths, Weaknesses, Opportunities, and Threats

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The step in the Strategic Management Process that involves the O and the T in SWOT is called (2 words) .

environment scanning

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The unique skills and abilities that give an organization its competitive edge are called its (2 words) .

Core Competencies

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Define Corporate Strategy, Business unit strategy, and Functional strategy.

Corporate Strategy - What business are we in?

Business unit strategy - ID competitive advantage for a product

Functional Strategy - product specific strategy

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T/F: The External Factor Evaluation Matrix is a way to evaluate opportunities and threats on a numerical scale.

True

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The (3 word) suggests that an industry's profit potential is a function of the interaction between Suppliers, Buyers, Rival Firms, Product Substitutes, and the threat of New Entrants.

Five Forces Model

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T/F: Recession drives rational behavior.

FALSE: Irrational behavior

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T/F: Between 2005 and 2008, the ratio of Home price to Annual rent increased dramatically.

False: Decreased

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According to the CNN Money article, when does it make sense to Rent instead of Buy?

When the Price/Rent ratio is high

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What does CPM stand for and what is it used for?

Competitor Profile Matrix - used to evaluate your competitors numerically

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Begin Chapter 4 Material

Answer

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Explain the issue between Danone and Wahaha.

Danone sold its 51% joint venture share in Wahaha, a popular Chinese drink, for $555 million when it discovered that the local producer was making drinks on the side, effectively side-stepping any profit sharing Danone was entitled to.

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What are the three stages of Globalization?

1) Internationalization of Countries
2) Companies move into international markets
3) Individuals compete on a global basis

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T/F: The influx of goods from China has likely caused higher rates of inflation in the US, thus de-stimulating our economy.

False - lower inflation rates stimulating our economy

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What two things does a global company like WalMart need to understand about a country's environment? Define each briefly.

1) Institutions - rules, policies, laws

2) Culture - assumptions, values and beliefs

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T/F: The more multi-national firms in an economy, the greater the emphasis on reducing corruption.

True

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What is Power Distance?

the extent of acceptance of power between people

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What is Uncertainty Avoidance?

the acceptance of uncertainty by a culture

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Who is more OK as a people with uncertainty? The US or Japan?

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Does the US value masculine or feminine traits more heavily?

masculine

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What is a "Greenfield Venture"?

the creation of a wholly owned subsidiary in a foreign country

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T/F: Thomas Friedman famously said that the increasing interdependence among countries, companies, and individuals has increased the influence government can have in their economies.

False - decreases the influence governments have on their economies

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What is Accenture known for?

outsourcing

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T/F: From 2008 to 2009, Russia went from a growing economy with a surplus to a contracting economy with a deficit

True

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Explain the difference between a Global Focus, a Region-Country Focus, and a Transnational Focus. Give a disadvantage for each.

Global Focus - international headquarters make decisions for all regions (centralized authority)
Disadvantage: less flexible/slow to respond to changes

Region-Country Focus - strategy is determined by the subsidiary
Disadvantage: diminished economies of scale

Transnational Focus - combination of both, decisions are decentralized but share resources
Disadvantage: hard to pull off

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Explain the difference between a Global Focus, a Region-Country Focus, and a Transnational Focus. Give a disadvantage for each.

Global Focus - international headquarters make decisions for all regions (centralized authority)
Disadvantage: less flexible/slow to respond to changes

Region-Country Focus - strategy is determined by the subsidiary
Disadvantage: diminished economies of scale
Transnational Focus - combination of both, decisions are decentralized but share resources
Disadvantage: hard to pull off

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Explain the difference between a Global Focus, a Region-Country Focus, and a Transnational Focus. Give a disadvantage for each.