MGT 300 Exam 2: Chapter 5 T/F ∙ What is growing global interdependence called? o Globalization ∙ What is the trend in global sourcing? o ∙ What is world 3.0? o A world where nations balance cooperation in the global economy with national identities and interests. ∙ Who is in NAFTA? o The North American Free Trade Agreement linking Canada, the If you want to learn more check out a person should consume more of something when its marginal
If you want to learn more check out pentadactylism
Don't forget about the age old question of anth 101
We also discuss several other topics like How does he define “superstition”?
We also discuss several other topics like atms 120 uiuc
If you want to learn more check out how are national boundaries viewed today
United States and Mexico in an economic alliance. ∙ What is a foreign subsiding? o A local operation completely owned by a foreign firm. ∙ What is the goal of tariffs? o Taxes government levy on imports from abroad. ∙ What is ethnocentrism? o Tendency to consider one’s culture superior to others. Chapter 5 MC ∙ In what ways can a business go global? o Global sourcing, exporting and importing, licensing and franchising. ∙ What are some formal road blocks in international trade? o Quotas, import restrictions and other forms of protectionism. ∙ What are some of the issues international managers have to contend with? o ∙ What is cultural intelligence? o An individual capacity to understand, respect, and adapt to cultural differences. ∙ What are some key differences between cultures? oChapter 6 T/F ∙ What are the characteristics of entrepreneurs? o Self-confident, internal locus of control, high energy level, tolerance for ambiguity, flexible, passion and action orientation, high need for achievement, self-reliance. ∙ What are the characteristics of a start up? o New, shapeless, temporary, under developed. ∙ Stages in an entrepreneurial firm’s life cycle? o Birth stage> Breakthrough stage> Maturity stage. ∙ What is social enterprise? o Have a social mission to help make lives better for underserved populations. ∙ What is a start up? o A new and temporary venture that is trying to discover a profitable business model for future success. ∙ What are the elements of a business plan? o Executive summary, industry analysis, company description, product/service description, market description, market strategy, operations description, staffing description, financial projection, capital needs, milestones. ∙ What are the different forms of new venture financing? o Debt financing: involves borrowing money that must be rapid over time with interest. o Equity financing: involves exchanging ownership shares for outside investment monies. Chapter 6 MC ∙ What are the characteristics of a social entrepreneur? o A unique and ethical entrepreneur that seeks novel ways to solve pressing social problems. ∙ What are the different forms of entrepreneurship? o Social, ∙ What is a business model? o Plan that conducts how your business will make money. ∙ What are some of the transition hurdles business owners contend with? o ∙ What are the stages of the life cycle of an entrepreneurial venture? o Birth, breakthrough and maturity? ∙ About various venture ownership models? o ∙ About the various forms financing can take on. oChapter 8 T/F ∙ What is involved in the management process? o Planning, organizing, leading and controlling the use of resources to achieve performance objectives. ∙ Various forms of planning? o Long-range/short-range plans, strategic and tactical plans, operational plans. ∙ Elements of the management process? o Planning, leading, organizing, controlling. ∙ The benefits of planning? o Improves focus and flexibility, improves action orientation, improves coordination and control. ∙ What strategic planning is? o Focuses on the organization as a whole or a major component. ∙ What policies are? o A standing plan that communicates broad guidelines for decisions and action. ∙ What procedures are? o A rule describing actions that are to be taken in specific situations. ∙ What benchmarking is? o The use of external and internal comparisons to plan for future improvements. Chapter 8 MC ∙ The functions of management? o Identify and define the problem o Generate and evaluate alternative courses of action o Choose a preferred course of action o Implement the decision ∙ What is involved in planning? o Planning is the process of setting performance objectives and determining what should be done to accomplish them. ∙ What happens in the various phases of planning? o Define your objectives: identify desired outcomes, plan how you will get there. o Determine where you stand with your objectives: evaluate current accomplishments relative to desired results. o Develop premises regarding future conditions: anticipate future events, generate alternate “Scenarios” for what may happen. o Analyze alternatives and make a plan: list and evaluate possible actions, choose the alternative most likely to accomplish your objectives.o Implement the plan and evaluate the results: take action and carefully measure progress toward your objectives follow through by doing what the plan requires and revise plans as needed. ∙ Cons of having a plan? o Making a plan is one thing, but taking the action and actually implementing the plan is crucial to reaching your desired outcomes, and some people often forget that. ∙ How the management are connected? o ∙ Various types of plans? o Short range plans: tend to cover a year or less o Long range plans: extend up to three years or more. o Strategic plans: set critical long range directions. o Operational plans: designed to implement strategic plans. ∙ What a vision is? o Clarifies the purpose of the organization and expresses what it hopes to be in the future. ∙ What differentiates policies from procedures? o Policies, such as sexual harassment policy, are plans that set guidelines for the behavior of organizational members. o Procedures are plans that describe actions to be taken in specific situations, such as the steps to be taken when persons believe they have been subjected to sexual harassment.