Introduction to Management (Fall 2023) Class Assignment 5 PDF

INTRODUCTION TO MANAGEMENT (FALL 2023) Dashboard / My Courses / MGR 220-F23 / 26 Septemb… / Class Assign… Quiz navigation Reneau Rigby-Uptagrafft 1 2 3 4 5 6 7 8 9 10 11 Finish review Started on State Completed on Time taken Marks Grade Wednesday, 11 October 2023, 9:13 PM Finished...

INTRODUCTION TO MANAGEMENT (FALL 2023) Dashboard / My Courses / MGR 220-F23 / 26 Septemb… / Class Assign… Quiz navigation Reneau Rigby-Uptagrafft 1 2 3 4 5 6 7 8 9 10 11 Finish review Started on State Completed on Time taken Marks Grade Wednesday, 11 October 2023, 9:13 PM Finished Wednesday, 11 October 2023, 9:51 PM 37 mins 41 secs 17/20 1 out of 1 (86%) QUESTION 1 Correct Mark 1 out of 1 A company sells to a foreign organization the rights to use its brand name and operating know-how in return for a lump-sum payment and a share of the franchiser's profits a. Joint Venture b. Franchisee c. Franchising  d. Licensing The correct answer is: Franchising QUESTION 2 Correct Mark 1 out of 1 Between one and five years a. Long-Term Plans b. Strategic Leadership c. Intermediate-Term Plans  d. Short-Term Plans The correct answer is: Intermediate-Term Plans QUESTION 3 Correct Mark 1 out of 1 Why Planning is Important? a. A company allows a foreign organization to take charge of both manufacturing and distributing one or more of its products in the licensee's country or world region for a negotiated fee. b. Obtained when the value created by two divisions cooperating is greater than the value that would be created if the two divisions operated separately and independently. c. Created when managers invest in establishing production operations in a foreign country independent of any local direct involvement d. -Gives organization a sense of direction and purpose -Useful way of getting managers to participate in decision making -Helps coordinate managers of different functions/divisions -Can be used as a device for controlling managers within an organization The correct answer is: -Gives organization a sense of direction and purpose -Useful way of getting managers to participate in decision making -Helps coordinate managers of different functions/divisions -Can be used as a device for controlling managers within an organization  QUESTION 4 Correct Mark 1 out of 1 According to Porter's theory, managers cannot simultaneously pursue both a low-cost strategy and a differentiation strategy. This term refers to managers/organization that have not made this choice. a. Low-Cost Strategy b. "Stuck in the Middle"  c. Business-Level Strategy d. Vertical Integration -Useful way of getting managers to participate in decision making -Helps coordinate managers of different functions/divisions -Can be used as a device for controlling managers within an organization The correct answer is: "Stuck in the Middle" QUESTION 5 Correct Mark 1 out of 1 Creates a competitive advantage because it allows an organization to COUNTER ANDREDUCE the threat of the five industry forces, therefore reducing rivalry. Developed by Michael Porter a. Corporate-Level Strategy b. Business-Level Strategy  c. Focused Low-Cost Strategy d. Unrelated Diversification The correct answer is: Business-Level Strategy QUESTION 6 Correct Mark 1 out of 1 The periods of time over which plans are intended to apply or endure is called time horizons. Select one: True  False The correct answer is 'True'. QUESTION 7 Corporate-Level Strategy Correct 1) Determine organization's mission and goals Mark 1 out of 1 2) Formulate strategy 3) Implement strategy Select one: True False  The correct answer is 'False'. QUESTION 8 Correct Mark 1 out of 1 The ability of the CEO and top managers to convey a compelling vision of what they want the organization to achieve to their subordinates is strategy formulation. Select one: True False  The correct answer is 'False'. QUESTION 9 Incorrect Mark 0 out of 1 Defining the Business looks at who are our customers, What customer needs are being satisfied, how are we satisfying customer needs. Select one: True  False The correct answer is 'False'. QUESTION 10 Correct Mark 1 out of 1 Vertical Integration is entering a new industry or buying a company in a new industry that is not related in any way to an organization's current businesses or industries. Select one: True False  The correct answer is 'False'. QUESTION 11 Partially correct Mark 8 out of 10 Matching Instructions: Choose the correct answer from the options provided to match the definition with the importance. Each word may be used only once or not at all. (1 point each) Developed to handle nonprogrammed decision Single-Use Plans making in unusual or one-of-a-  kind situations. Integrated sets of plans for Programs achieving certain goals Plans can be altered and changed if the situation  Flexibility changes Between one and five years  Intermediate-Term Plans  -Unity -Continuity Four reasons why plans are important -Accuracy  -Flexibility "Planning is an ongoing Continuity process for managers" A company sells products at home that are made abroad.  Importing  When managers establish divisions or buy companies in new industries that are NOT linked in any way to their current businesses or Unrelated Diversification  industries. Specifies in which industries and national markets an organization intends to compete in and why. Corporate-Level Strategy  Managers use this to try to gain a competitive advantage by focusing all the energies of the organization's departments on DISTINGUISHING the organization's products from those of competitors on one or more important dimensions (ex: product design, quality, after-sales service and support). Unrelated Differentiation  An organization uses its functional skills to develop new kinds of products, or it expands the number of Concentration on a Single Industry  locations in which it uses those skills. The correct answer is: Developed to handle nonprogrammed decision making in unusual or one-of-a-kind situations. → Single-Use Plans, Integrated sets of plans for achieving certain goals → Programs, Plans can be altered and changed if the situation changes → Flexibility, Between one and five years → Intermediate-Term Plans, -Unity -Continuity -Accuracy -Flexibility → Qualities of Effective Plans, "Planning is an ongoing process for managers" → Continuity, A company sells products at home that are made abroad. → Importing, When managers establish divisions or buy companies in new industries that are NOT linked in any way to their current businesses or industries. → Unrelated Diversification, Specifies in which industries and national markets an organization intends to compete in and why. → Corporate-Level Strategy, Managers use this to try to gain a competitive advantage by focusing all the energies of the organization's departments on DISTINGUISHING the organization's products from those of competitors on one or more important dimensions (ex: product design, quality, after-sales service and support). → Differentiation Strategy, An organization uses its functional skills to develop new kinds of products, or it expands the number of locations in which it uses those skills. → Concentration on a Single Industry ◄ Chapter 6:Planning, Strategy, and Competitive Advantage Jump to... 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