Principles of Management (C483)
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Free Principles of Management (C483) Questions
Why would an entrepreneurial business choose to use its own resources versus seeking outside resources in financing a business venture?
- To go public
- To fuel large growth
- To spread the risk
- To maintain control
Explanation
An entrepreneurial business may choose to use its own resources to maintain control. Using internal funds allows entrepreneurs to retain full ownership and decision-making authority without external interference from investors or lenders. This approach ensures autonomy in setting business direction, managing profits, and pursuing long-term goals. Although it may limit available capital for rapid expansion, it safeguards the founder’s independence and creative vision.
Correct Answer Is:
To maintain control
Which concept entails all aspects of interaction a company has with its customers in both sales and service-related environments
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Customer connection society
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Customer liaison administration
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Customer association organization
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Customer relationship management
Explanation
Correct Answer:
D) Customer relationship management
Explanation:
Customer Relationship Management (CRM) refers to the strategies, technologies, and practices that companies use to manage and analyze customer interactions throughout the sales and service lifecycle. It helps businesses improve customer satisfaction, retention, and loyalty.
Why other options are wrong:
A) Customer connection society: This is not a recognized business concept.
B) Customer liaison administration: While liaison roles exist, CRM encompasses a broader range of customer interactions and management.
C) Customer association organization: This phrase does not refer to a defined business strategy like CRM.
A company believes that employees should be grouped according to the tasks they perform in the organization. Which type of organizational design does this company use
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Directional
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Virtual
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Divisional
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Functional
Explanation
Correct Answer
D. Functional
Explanation
In a functional organizational design, employees are grouped according to the specific tasks or functions they perform within the company. This approach allows for specialization and a clear division of labor based on expertise. For example, departments such as marketing, finance, and operations would be separate and organized by their function within the company.
Why other options are wrong
A. Directional – Directional design is not a standard term used to describe an organizational structure. The term "directional" does not apply to the way employees are grouped according to tasks.
B. Virtual – A virtual organization is one where the company operates without a physical presence, relying on technology to connect employees working remotely. This design does not focus on grouping employees by the tasks they perform, but rather by their locations and how they collaborate.
C. Divisional – A divisional structure organizes employees based on the products, services, or geographical locations of the company. Employees are grouped by business units or divisions, rather than by functional tasks.
Industry and market analysis, competitor analysis, and social analysis are examples of which step in the strategic planning process?
- Analysis of management implementation
- Analysis of external opportunities and threats
- Analysis of mission, vision, and goals
- Analysis of internal strengths and weaknesses
Explanation
Industry, market, competitor, and social analyses fall under the step of analyzing external opportunities and threats. This part of the strategic planning process focuses on evaluating factors outside the organization that could impact its performance. Understanding these external forces helps leaders anticipate challenges, identify growth opportunities, and make informed decisions that align with market trends and competitive dynamics.
Correct Answer Is:
Analysis of external opportunities and threats
Which customer relationship concept emphasizes the relationship between the company, the competition, and the customer
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Tactical strategy
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Liaison concept
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Strategic triangle
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Strategic relationship
Explanation
Correct Answer
C. Strategic triangle
Explanation
The strategic triangle concept emphasizes the relationships between the company, the customer, and the competition. It focuses on understanding how these three elements interact and influence each other, which helps the company strategize to improve customer satisfaction and competitive advantage.
Why other options are wrong
A. Tactical strategy – Tactical strategies refer to specific actions or plans designed to achieve broader strategic goals. It does not directly focus on the relationship between the company, customer, and competition.
B. Liaison concept – The liaison concept refers to connecting various individuals or groups, often within an organization or between entities. It does not emphasize the relationship between the company, competition, and customer in the same way the strategic triangle does.
D. Strategic relationship – Strategic relationships refer to long-term, mutually beneficial partnerships with other organizations or stakeholders. While it involves relationships, it does not focus specifically on the company-competition-customer dynamic like the strategic triangle.
Rachel has been exceeding her targets for the past two months, and therefore her boss decided to give her a bonus. This is an example of _____ reinforcement
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Positive
-
Authoritative
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Negative
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Affiliative
- Cognitive
Explanation
Correct Answer A: Positive
Explanation:
Positive reinforcement is the process of rewarding desired behavior to encourage its repetition. Rachel’s boss gave her a bonus (reward) for exceeding targets (desired behavior), which makes her more likely to continue performing well.
Why other options are wrong:
B) Authoritative → This term relates to leadership styles, not reinforcement.
C) Negative → Negative reinforcement involves removing an undesirable condition (e.g., removing strict supervision for good performance). Giving a bonus is adding a reward, not removing a negative factor.
D) Affiliative → Affiliative behaviors focus on building relationships and teamwork, not reinforcement.
E) Cognitive → Cognitive reinforcement involves mental processes and decision-making, not direct reward-based motivation.
Harry has been promoted because of his hard work. Judy, his colleague, feels that it is unfair and that he does not deserve the promotion. In this case, Judy illustrates
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Low instrumentality
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Negative valence
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High expectancy
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Low valence
- Negative instrumentality
Explanation
Correct Answer:
E) Negative instrumentality
Explanation:
Instrumentality refers to the belief that performance leads to outcomes (e.g., rewards, promotions). Negative instrumentality means that a person believes that outcomes are not fairly linked to performance—in this case, Judy does not believe that Harry’s promotion was truly earned.
Why other options are wrong:
A) Low instrumentality → This refers to a weak belief that performance leads to rewards in general, but negative instrumentality is a more accurate term for believing that rewards were distributed unfairly.
B) Negative valence → Valence refers to the value or attractiveness of a reward. Judy's complaint is not about whether the promotion itself is desirable, but rather about fairness.
C) High expectancy → Expectancy refers to the belief that effort leads to performance. Judy’s feelings do not reflect her belief in effort-performance linkage, but rather in reward fairness.
D) Low valence → Valence is about the desirability of a reward. Even if Judy does not personally want the promotion, her complaint is about fairness, not the attractiveness of the promotion.
What is the fourth step of the control process which ensures that operations are adjusted to achieve planned results?
- Measuring performance
- Comparing performance against standards
- Setting performance standards
- Taking corrective action
Explanation
The fourth step in the control process is taking corrective action. After setting performance standards, measuring actual performance, and comparing results to those standards, managers must act to address any deviations. Corrective action ensures that operations are realigned with goals, whether by adjusting procedures, retraining employees, or revising targets. This step is essential for maintaining efficiency and achieving organizational objectives effectively.
Correct Answer Is:
Taking corrective action
Which of the following is one among the six components of the strategic management process
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Skill improvement plan
-
Stockholder reporting
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Technology assessment
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Stakeholder analysis
Explanation
Correct Answer D: Stakeholder analysis
Explanation: Stakeholder analysis is a key component of the strategic management process because it helps organizations identify and understand the interests, influence, and impact of various stakeholders on business strategies and operations.
Why other options are wrong:
A: Skill improvement plan: This focuses on individual employee development rather than the overall strategic management process. While important, it is not a fundamental component of strategic management.
B: Stockholder reporting: While reporting to stockholders is a necessary business activity, it is not considered a core element of the strategic management process, which is more about planning and execution.
C: Technology assessment: This is useful for evaluating technological trends but is not one of the six primary components of strategic management. It is more of a supporting activity.
What designates those who take hands-on responsibility for creating innovation such as new ideas, products, or methods within an organization?
- Controller
- Franchiser
- Pacesetter
- Intrapreneur
Explanation
An intrapreneur is an employee within an organization who takes initiative to innovate by developing new ideas, products, or methods. Intrapreneurs act like entrepreneurs but operate inside a company, using its resources to drive creative solutions and business improvements. They play a crucial role in fostering a culture of innovation, helping the organization stay competitive and adaptable in a changing market.
Correct Answer Is:
Intrapreneur
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