MBA Bootcamp Quiz - 20 Questions

Many companies choose to start their international activities in a country that is close to their home market and shares similar business practices and needs. This is because it allows them to leverage their existing knowledge, resources, and relationships in a familiar environment. By entering a market that is geographically close and culturally similar, companies can minimize the risks and challenges associated with entering completely new and unfamiliar markets. Additionally, starting in a nearby country allows for easier logistics and communication, making it more efficient to manage and support operations. Overall, beginning in a close and familiar market provides a smoother transition into international expansion.

Behavioral economics is indeed the study of psychology as it relates to the economic decision-making processes of individuals and institutions. It combines insights from psychology and economics to understand how people make choices, including the influence of cognitive biases, social norms, and emotional factors on decision-making. This field recognizes that humans do not always make rational decisions and seeks to explain and predict their behavior in economic contexts.

The given answer is true. The research conducted at Stanford University suggests that only 20% of managers consistently apply best practices when making decisions. This implies that a majority of managers do not regularly follow established guidelines or proven methods when making decisions.

A manager's primary task is to measure performance in the 'here and now'. This involves creating measurements that focus on the performance of the entire organization and each individual staff member. The manager then analyzes, appraises, and interprets performance based on these measurements. Finally, the manager communicates the meaning of the measurements and their findings to subordinates, leaders, and other managers. This ensures that everyone is aware of the current performance levels and can work towards improving them. Therefore, the statement is true.

The given statement is true. The Boston Consulting Group (BCG) has identified five strategic styles, namely Visionary, Adaptive, Classical, Survival, and Shaping. These styles represent different approaches to strategic planning and decision-making within organizations. Each style has its own characteristics and is suitable for different business situations and contexts.

Digital marketing ROI (Return on Investment) is the measure of the profit or loss generated by digital marketing campaigns. A positive return means your campaigns are bringing in more money than you're spending on them.

The explanation for the given correct answer is that the triple bottom line (TBL) framework suggests that companies should prioritize not only profits but also social and environmental concerns. It proposes that there should be three bottom lines: profit, people, and the planet. This means that companies should consider the impact of their actions on society and the environment, in addition to financial gains. Therefore, the statement that the TBL recommends focusing on social and environmental concerns just as much as profits is true.

According to Peter Drucker, management is focused on the efficient execution of tasks and processes, ensuring that things are done correctly. On the other hand, leadership is concerned with setting the right direction and making strategic decisions, ensuring that the organization is doing the right things. This means that management and leadership have distinct roles and responsibilities, with management focused on operational efficiency and leadership focused on strategic effectiveness.

There five primary tasks of a manager are;

Setting objectives.
Organizing.
Motivating and communicating.
Measuring performance.
Developing people.

Drucker's definition of Management by Objectives (MBO) involves managers evaluating employee performance by comparing it to the typical standards for the job they are assigned to complete. This implies that managers set specific goals and objectives for employees and then assess their performance based on how well they meet these targets. Therefore, the statement "True" accurately reflects Drucker's definition of MBO.

The real formula was 2 x G + TS = Success

(2 X GRIT + TALENT SKILL = SUCCESS)

OLI analysis: Do we have only an ownership advantage? Do we have an ownership advantage and internalization advantage? Do we have advantages in ownership, internalization and location?

Agile companies have developed capabilities to deal with both stability and change. These capabilities include organizational structure, governance, and processes. The given answer, "Finely tuned: In order to optimize efficiency in stable conditions," is not one of these capabilities. It suggests that optimizing efficiency in stable conditions is not a capability that truly agile companies have developed.

The correct answer includes the eight Change Management Accelerators as identified by John Kotter from Harvard. These accelerators are: 1. Create a sense of urgency, 2. Form the urgency team, 3. Strategic Vision, 4. Volunteer army, 5. Remove Barriers, 6. Short-term wins, 7. Sustainable change, and 8. Anchor change. The answer provided matches these eight accelerators, therefore it is the correct answer.

Lack of market need

The three important complexity reduction questions are;

What it is?
How it occurs?
How to minimize, if not remove it entirely?

’MarTech’ (mar marketing, and tech technology). MarTech is the blending of marketing and technology and especially applies to major initiatives, efforts and tools that harness technology to achieve marketing goals and objectives.

OCF (Operating Cash Flow) measures the amount of cash generated by a company's normal business operations.

Entrepreneurs will earn 35% less in personal income over the first 10-year period, compared to what they could have earned in a paid job.

INVENTION is the action of inventing something new, typically a process or device or a creative ability’. INNOVATION is turning an idea into a solution that ADDS VALUE in some way for example; from a customer’s perspective.