16 Questions
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
What are the basic managerial roles played by managers?
Interpersonal roles, informational roles, and decisional roles
What does the new workplace emerging in organizations today characterize?
Teamwork, flexibility, and technology integration
What inspired Reed Hastings to start Netflix?
Realizing the convenience of workout subscriptions
What was the initial business model of Netflix when it launched in 1998?
Renting movies for $4 apiece plus $2 for postage
What was the primary innovation of Netflix when it launched in April 1998?
Ordering movies over the Internet
What did Netflix introduce to its customers in 1999 to shift from pay-per-rental plans to subscription plans?
Free-trial subscription plans
What does the 'queue' refer to in the context of Netflix?
The list of movies that the customer wants to watch
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
What percentage of users renewed on a paid basis after trying the no-cost subscription plan?
80%
'Having unlimited due dates and no late fees' worked in a powerful way for Netflix because it emphasized:
'Convenience' for customers
'Enhancing customer convenience, even when combined with cost savings,' often gives a company:
'A competitive advantage'
What did Reed Hastings realize about Blockbuster's late fee policy?
It was causing embarrassment to customers
Test your understanding of the learning objectives from the management chapter. Evaluate your knowledge of management nature, functions, types of managers, and managerial roles.
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