Management Chapter Learning Objectives

What are the four basic management functions in organizations?

Planning, organizing, leading, and controlling

What do managers need to be successful?

Technical skills, human skills, and conceptual skills

What is the scope of management in organizations?

It includes all activities required to produce goods and services

What is the nature of management?

Dynamic and goal-oriented Signup and view all the answers

What are the basic managerial roles played by managers?

Interpersonal roles, informational roles, and decisional roles Signup and view all the answers

What does the new workplace emerging in organizations today characterize?

Teamwork, flexibility, and technology integration Signup and view all the answers

What inspired Reed Hastings to start Netflix?

Realizing the convenience of workout subscriptions Signup and view all the answers

What was the initial business model of Netflix when it launched in 1998?

Renting movies for $4 apiece plus $2 for postage Signup and view all the answers

What was the primary innovation of Netflix when it launched in April 1998?

Ordering movies over the Internet Signup and view all the answers

What did Netflix introduce to its customers in 1999 to shift from pay-per-rental plans to subscription plans?

Free-trial subscription plans Signup and view all the answers

What does the 'queue' refer to in the context of Netflix?

The list of movies that the customer wants to watch Signup and view all the answers

What did Reed Hastings realize about the gym's business model during his workout?

Customers could pay a monthly fee and use the gym as much as they wanted Signup and view all the answers

What percentage of users renewed on a paid basis after trying the no-cost subscription plan?

80% Signup and view all the answers

'Having unlimited due dates and no late fees' worked in a powerful way for Netflix because it emphasized:

'Convenience' for customers Signup and view all the answers

'Enhancing customer convenience, even when combined with cost savings,' often gives a company:

'A competitive advantage' Signup and view all the answers

What did Reed Hastings realize about Blockbuster's late fee policy?

It was causing embarrassment to customers Signup and view all the answers