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Skool sux > MGT 4 Internal Assessment > Flashcards

MGT 4 Internal Assessment Flashcards

1
Q

“Weak Leadership can wreck the soundest strategy”

A

Sun Tzu

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2
Q

“Great Spirits have always encountered violent opposition from mediocre minds”

A

Albert Einstein

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3
Q

“The Idea is to concentrate our strength against our competitor’s greatest weakness”

A

Bruce Henderson

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4
Q

“The difference between now and five years ago is that information systems had limited function, you weren’t betting your company on it, now you are”

A

William Gruber

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5
Q

Jeff Bezos’s strategic plan for Amazon

A

Make it into “The Wal-Mart of the internet”

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6
Q

A ____ can be defined as a business that gets a _______ by featuring links to outside e-commerce sites on their own website.

A

Marketing Affiliate gets a Sales Commission

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7
Q

“It is not possible in a strategic management text to review in depth all the material presented in courses such as ………”

A

That’s the statement, It might appear in a true or false

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8
Q

A firm’s strengths that can’t be easily matched or imitated by competitors are called

A

Distinctive Competencies

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9
Q

“The process of an internal audit closely parallels the process of performing an external audit”

A

That’s the statement, It might appear in a true or false

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10
Q

“Compared to the external audit, the process of performing an internal audit provides more opportunity for participant’s to understand how their jobs, departments, divisions fit into the org”

A

That’s the statement, It might appear in a true or false

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11
Q

What may be the most important word in management?

A

Communication

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12
Q

According to ____, a task force of managers from different units of the organization, supported by staff, should be charged with determining the (amount), most important strengths and weaknesses that should influence the future of the org

A

William King, 10-20 most important strengths and weaknesses

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13
Q

This exemplifies the complexity of relationships among the functional areas of business.

A

Financial Return Analysis

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14
Q

What does RBV mean?

A

Resource Based View

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15
Q

What is RBV?

A

It contends that the internal resources of a firm are more valuable than external factors.

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15
Q

Who concluded that the internal audit is more important than the external one?

A

Robert Grant

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16
Q

3 all-encompassing categories of internal resources?

A

Physical Resources
Human Resources
Organizational Resources

Org Resources are firm structure, planning, IS, etc.

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17
Q

The basic premise of RBV is that the mix, type, amount, and nature of a firms internal resources should be considered first and foremost.

A

That’s the statement, It might appear in a true or false

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18
Q

For a resource to be valuable it must be either:

A
  1. Rare
  2. Hard to imitate
  3. Not easily substitutable

Also called as Empirical Indicators

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19
Q

One cannot say with any degree of certainty that either external/internal factors is more important to gaining and maintaining competitive advantage.

A

That’s the statement, It might appear in a true or false

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20
Q

What can be defined as “A pattern of behavior that has been developed by the org as it learns to cope with its problems of external adaptation and internal integration, and that has worked enough to teach new members how to think and feel”

A

Organizational Culture

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21
Q

Cultural Products include what?

A

Values, Beliefs, Metaphors, etc.

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22
Q

How can an Org culture compare to an individual’s personality?

A

They compare in a sense in that no 2 orgs have the same culture and no 2 individuals have the same personality

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23
Q

What did Lorsch conclude?

A

He concluded that culture can inhibit strategic management in 2 basic ways.
1. Managers forget the significance of external conditions
2. When a particular culture works in the past, they believe it’ll work in the future.

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24
Q

Who emphasized the need to understand culture?

A

Allarie and Firsirotu

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25
Q

The 5 Basic Functions of Management

A

Planning
Organizing
Motivating
Staffing
Controlling

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26
Q

This is the essential bridge between present and future that increases the likelihood of a desirable result.

A

Planning

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27
Q

Aspects of Planning

A

-Enables one to avoid the trap of working hard but achieving little.
-Is an upfront investment
-Enables the org to figure out the 5 W’s and 1 H
-Commonly the task managers neglect the most

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28
Q

What can an org develop through planning?

A

Synergy

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29
Q

When can synergy exist?

A

Synergy exists when everyone pulls together as a team.

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30
Q

What is the purpose of Organizing?

A

to achieve a coordinated effort by defining task and authority relationships.

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31
Q

What are the 3 sequential activities of organizing?

A

Work Specialization
Departmentalization
Delegating Authority

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32
Q

Who created The Wealth of Nations and in what year?

A

Adam Smith (1776)

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33
Q

What does an Organizational Structure dictate?

A

How resources are allocated and how objectives are established

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34
Q

Defined as the process of influencing people to accomplish specific objectives.

A

Motivating

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35
Q

4 Major components of Motivating

A

Leadership
Group Dynamics
Communication
Organizational Change

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36
Q

This is the lifting of a person’s vision to higher sights.

A

Leadership

37
Q

Alternative names for staffing

A

Personnel Management/Human Resource Management

38
Q

How many basic steps does controlling have?

A

4

39
Q

“Measuring Individual Performance is often conducted ineffectively, or not at all in orgs”

A

That’s the statement, It might appear in a true or false

40
Q

“In a Management Audit, there are 9(?) checklist questions, answering no on even one of them could indicate a potential weakness.”

A

That’s the statement, It might appear in a true or false

41
Q

Process of defining, creating, fulfilling customer wants and needs.

A

Marketing

42
Q

1st Basic Function of Marketing

A

Customer Analysis

43
Q

The examination and evaluation of customer needs, desires, and wants.

A

Customer Analysis

44
Q

2nd Basic Function of Marketing

A

Selling Products/Services

45
Q

Who said “Ads have to get combative in bad times”

A

Nick Brien

46
Q

3rd Basic Function of Marketing

A

Product and Service Planning

47
Q

One of the most effective product and service techniques.

A

Test Marketing

48
Q

2 notes about test marketing

A

-Consumer goods use it more than Industrial Goods
-Can allow an org to avoid substantial losses by revealing weak products

49
Q

4th Basic Function of Marketing

A

Pricing

50
Q

The 5 major stakeholders that affect Pricing Decisions

A

Consumers, Governments, Suppliers, Distributors, and Competitors

51
Q

What act prohibits manufacturers and and wholesalers from discriminating in price among channel member purchasers if competition is injured?

A

Robinson-Patman act

52
Q

5th Basic Function of Marketing

A

Distribution

53
Q

The systematic gathering, recording, and analyzing data about marketing goods and services

A

Marketing Research

53
Q

6th Basic Function of Marketing

A

Marketing Research

53
Q

7th Basic Function of Marketing

A

Cost/Benefit Analysis

53
Q

The 3 steps of Cost/Benefit analysis

A
  1. Compute the total costs
  2. Estimate the total benefits
  3. Compare the total costs with the total benefits
54
Q

The 3 decisions in functions of finance/accounting

A
  1. Investment Decision
  2. Financing Decision
  3. Dividend Decision
54
Q

Alternative name for Investment Decision

A

Capital Budgeting

55
Q

This is the allocation/reallocation of capital resources to projects and etc. of an org.

A

Investment Decision

56
Q

This determines the best capital structure for the firm.

A

Financing Decision

57
Q

This concerns issues such as the percentage of earnings to be paid to stockholders, and etc.

A

Dividend Decision

58
Q

“Paying cash dividends is customary, to not do so is thought to be a stigma”
“A myth exists that paying all dividends will increase stock price”

A

That’s the statement, It might appear in a true or false

59
Q

These are computed from an org’s income statement and balance sheet

A

Financial Ratio

60
Q

1st type of financial ratio that measures a firm’s ability to meet maturing short term obligations. (Also give it’s coverages)

A

Liquidity Ratio
(Current Ratio/Quick (Acid-Test) Ratio))

61
Q

2nd type of financial ratio that measures the extent to which a firm has been financed by debt.

A

Leverage Ratio
(Debt to ___ Ratios)

62
Q

3rd type of financial ratio that measures how effectively a firm uses its resources

A

Activity Ratio
(Inventory, Fixed/Total Assets, Accounts receivable Turnover)

63
Q

4th type of financial ratio that measures management’s overall effectiveness.

A

Profitability Ratio
(Margins, Return on Assets (ROA), Return on stockholder equity (ROE), etc.)

64
Q

5th type of financial ratio that measures firms ability to maintain its economic position in the growth of the economy and industry

A

Growth Ratio
(Sales, Net income, etc)

65
Q

Point where total costs meets total revenue

A

Breakeven Point

66
Q

Consists of all those activities that transform inputs into goods/services.

A

Production/Operation

67
Q

Who suggested that production/operation management comprises of 5 functions or decision areas?

A

Roger Schroeder

68
Q

5 functions/decision areas of production/operation management

A
  1. Process
  2. Capacity
  3. Inventory
  4. Workforce
  5. Quality
68
Q

The 5th major area of internal operations that should be examined for specific strengths and weaknesses is?

A

R&D (Research and Development)

69
Q

The strategy of Corning Inc. for the economic downturn.

A

“Rings of Defense”

70
Q

The 2 basic forms of R&D and their purpose

A

Internal R&D: Org operates in their own department
Contract R&D: Where a firm hires independent ppl to develop specific products.

71
Q

Motto of Mitsui the Japanese Trading Company

A

“Information is the lifeblood of the company”

72
Q

Purpose of Management Information system

A

To improve the performance of an enterprise by improving the quality of managerial decisions.

73
Q

A ____ receives raw material from both the internal and external evaluation of the org.

A

Management Information System

74
Q

What does VCA mean?

A

Value Chain Analysis

75
Q

According to Porter, the business of a firm can be best described as?

A

A Value Chain

76
Q

What is a value chain?

A

It is the Total Revenues minus the cost of all activities undertaken to develop and market a product yields value.

77
Q

What is VCA?

A

It refers to the process whereby a firm determines the costs associated with org activities from purchasing raw materials to manufacturing then marketing.

78
Q

How should firms determine where cost advantages and disadvantages in their value chain occur?

A

They should determine it relative to the value chain of rival firms

79
Q

What is a core competence?

A

A value chain activity that a firm performs well.

80
Q

When a core competence evolves into a major competitive advantage what is it called?

A

Distinctive Competence

81
Q

Is an analytical tool used to determine whether a firm’s value chain activities are competitive compared to rivals, and thus conducive to winning the marketplace.

A

Benchmarking

82
Q

What does IFE mean?

A

Internal Factor Evaluation

83
Q

This strategy formulation tool summarizes and evaluates the major strengths and weaknesses in the functional areas of a business.

A

Internal Factor Evaluation Matrix

This is basically the weight things in ch 3, also called EFE lmao

84
Q

The hardest part of Benchmarking

A

Gaining access to other firm’s value chain activities with associated costs.

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