Management Chapter Learning Objectives
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Questions and Answers

What are the four basic management functions in organizations?

  • Planning, organizing, leading, and controlling (correct)
  • Marketing, sales, production, and finance
  • Researching, analyzing, strategizing, and implementing
  • Hiring, training, supervising, and evaluating

    • What do managers need to be successful?

  • Time management skills, conflict resolution abilities, and decision-making skills
  • Problem-solving skills, creativity, and multitasking abilities
  • Technical skills, human skills, and conceptual skills (correct)
  • Networking abilities, public speaking skills, and IT proficiency

    • What is the scope of management in organizations?

  • It is limited to supervising employees and ensuring compliance
  • It only involves financial management and budgeting
  • It focuses solely on marketing strategies and sales techniques
  • It includes all activities required to produce goods and services (correct)

    • What is the nature of management?

    <p>Dynamic and goal-oriented</p> Signup and view all the answers

    What are the basic managerial roles played by managers?

    <p>Interpersonal roles, informational roles, and decisional roles</p> Signup and view all the answers

    What does the new workplace emerging in organizations today characterize?

    <p>Teamwork, flexibility, and technology integration</p> Signup and view all the answers

    What inspired Reed Hastings to start Netflix?

    <p>Realizing the convenience of workout subscriptions</p> Signup and view all the answers

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

    <p>Renting movies for $4 apiece plus $2 for postage</p> Signup and view all the answers

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

    <p>Ordering movies over the Internet</p> 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?

    <p>Free-trial subscription plans</p> Signup and view all the answers

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

    <p>The list of movies that the customer wants to watch</p> Signup and view all the answers

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

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

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

    <p>80%</p> Signup and view all the answers

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

    <p>'Convenience' for customers</p> Signup and view all the answers

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

    <p>'A competitive advantage'</p> Signup and view all the answers

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

    <p>It was causing embarrassment to customers</p> Signup and view all the answers

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