What do you know about the principles of management? Would you be interested in taking this quiz? Management entails organization and delegation of duties. It is creating and maintaining such a business environment wherein members of the organization can work in synergy. Management serves as an example of how to conduct yourself as an employee. If you want to learn more about the principles of management, complete this quiz.
​shared by most companies in an industry.
​rare, valuable, difficult to imitate and organized or managed by the company.
​the foundation of a company’s strategy.
​kept as a trade secret rather than as a patent.
​increases the cost of producing the product and therefore the price charged to customers.
​identified the resource as a resource.
​built a department to execute its operations using the resource.
​takes the resource for granted and assumes its value.
​has made it difficult to copy or imitate.
​has developed a method for making sure it gets the most out of its unique strengths.
​identify its internal resources and evaluate the quality of those resources.
​only count something as a resource if the company is actively managing it.
​always file for patents and trademarks on intellectual property.
​exclude any resource as a source of competitive advantage if it isn’t rare.
​identify as many resources as possible, regardless of their value or rarity.
They represent the unique strengths of the company.
They refer to company strengths that competitors cannot easily match or imitate.
They form the bedrock of a company's strategy.
They can be based in any of the value creation functions of the company.
They are shared by many firms in an industry.
are only the tangible assets available to a company.
can be both tangible and intangible.
are harder for a company to copy than capabilities are.
do not include patents, copyrights, and trademarks.
are considered valuable only if they increase a company's costs.
distinctive competencies.
the Icarus paradox.
higher cost structure.
prior strategic commitments.
barriers to change in a company.
a defective business model.
average profitability within an industry.
superior profitability.
the Icarus paradox.
barriers to changes in the organization.
It decreases the utility of the products.
It lowers unit costs of the products.
It adversely affects employee productivity.
It limits the company's ability to differentiate its products.
It increases the need for after sales services.
tangible resource.
strategic commitment.
tangible capability.
barrier to change.
intangible resource.
$50.
$75.
$125.
$150.
$225.
$5.
$7.5.
$10.
$15.
$25.
distinctive competence.
profit.
support activity.
value chain.
retired product.
the amount of money the company has to work with in the short term.
the ratio of revenues divided by invested capital.
the net profit expressed as a percentage of sales.
the total costs of producing products.
the quantity of inputs that it takes to produce a given output.
quantity.
logistics.
variety.
distribution.
innovation.
defined as the time it takes to produce a product.
the quantity of inputs required to produce an output.
independent of customers' perception of a product's value.
measured by looking at a product's price.
lower when the output is high-quality.
the time taken for value to be placed on a company's products by customers.
the time taken for development of a new process for producing products and delivering them to customers.
the time taken for given inputs to be converted into an output.
the time taken for development of products that have superior attributes to existing products.
the time taken for a good to be delivered or a service to be performed.
all products produced by a firm.
products consumers believe to be high-quality; not low-quality.
only those products of a firm popular among a large customer base.
custom-made products only.
only those products that have been redesigned.
Styling
Aesthetic appeal
Wait time at the point of sale
Features
Performance
process
product
customer
sector
absorptive
seeking patent protection for new products.
creating new products and processes.
measuring time taken for a service to be provided.
measuring the output produced by an employee.
identifying and satisfying the needs of a customer.
Transforming a quantity of inputs into a given output
Identifying and satisfying a customer's needs
Creating products that have superior attributes than existing products.
Developing a new process that focuses on quantity rather than quality.
Measuring the quantity of outputs produced per employee
Research and development
Marketing and sales
Materials management
Production
Company infrastructure
Research and development
Marketing and sales
Logistics
Production
Service and support
Research and development
Marketing and sales
Service and support
Production
Human resources
Research and development
Human resources
Materials management
Marketing and sales
Company infrastructure
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