MGMT 3303 Midterm Questions (Short Answer) The exam is short-answer format; you will be given five of the eight questions listed below during the exam. I advise you to use a Word document to answer

MGMT 3303 

Midterm Questions (Short Answer) 

The exam is short-answer format; you will be given five of the eight questions listed below during the exam. I advise you to use a Word document to answer each of the questions BEFORE opening the exam as your time is limited to 50 minutes. Canvas will randomly select your exam questions.  

QUESTIONS 

1.What are the key benefits of studying management, both personally and professionally? How do you anticipate applying the knowledge and skills gained in this course to your future workplace experiences? 

         R: 

2. Read the following business scenario and answer the questions provided. 

A visiting American executive finds that a foreign subsidiary in a poor nation has hired a 12-year-old girl to work on a factory floor, in violation of the parent company's prohibition on child labor.  He tells the local manager to replace the child and tell her to go back to school.  The local manager tells the American executive that the child is an orphan with no other means of support, and she will probably become a street child if she is denied work. 

Question: What should the American executive do in this situation? In your response include an explanation for which of the Four Approaches to Deciding Ethical Dilemmas (utilitarian, individual, moral-rights, justice) your response is reflective of.  Then discuss which of the types of managers your response choice makes you - ethnocentric, polycentric, or geocentric. 

     R: Instead of simply firing the child, the company should explore ways to provide education or financial assistance to prevent it from becoming homeless. In my response it aligns more closely with the utilitarian approach of ethical decision making. The utilitarian approach seeks to create the greatest good for the largest number of people. Instead of simply enforcing a strict rule, the executive considers the consequences of the decision on the child and the community in general. This approach reflects geocentric management. A Geocentric manager balances global ethical standards with local cultural and economic realities to find solutions that are fair and effective in a specific context.   (The American executive is facing a challenging ethical decision between the apportion of company policy and the well-being of the child. The best approach would be to seek an alternative solution that maintains ethical labor practices and ensures the well-being of the child). 

3. Read the following situation and answer the questions provided. 

Mark and Cindy started Premium Sport Experiences five years ago. At that time, they were the company. It was an adventure tour company located in the Blue Ridge Mountains in North Carolina. They specialized in guided hiking tours and overnight camping experiences. 

When they started, they were able to manage the bookings, the marketing, the finances, and the tours themselves. They were a small start-up with an idea. After their first season, however, their reputation for providing amazing experiences meant a significant increase in bookings for the following year. They increased over 200 percent in that first year alone. 

They hired new guides, a customer services agent, and someone to help with digital marketing. This growth continued and after the 4th year, they found themselves with 37 employees (20 guides, 5 customer service agents, 1 bookkeeper, 3 marketing personal, 1 human resource generalist, 3 logistics personal to manage equipment, 2 maintenance personnel, and 2 cleaners). They began to feel completely overwhelmed trying to manage all of them. The employees did not know who to talk to about questions, there was limited time for planning to provide direction, and things were starting to fall through the cracks. 

Question: Based on your knowledge of levels and types of management, what advice could you provide Mark and Cindy to help them better manage their organization? How do you suggest they organize their company? 

     R: Mark and Cindy should adopt a more structured management hierarchy to improve efficiency and communication. 

Top-Level Management  

Mark and Cindy should take on executive roles (CEOs/Owners) and focus on long-term strategy, partnerships and business growth, rather than daily operations. 

Middle-Level Management  

Hire department managers to supervise different areas: 

• Operations Manager - Manages tourist guides and travel coordination. 

• Customer Service Manager - Supervises customer service agents. 

• Marketing Manager - Leads marketing strategies and campaigns. 

• Finance/HR Manager - Deals with accounting, payroll and employee concerns. 

First-Line Management  

Appoint team leaders for each functional area (for example, a leadership guide for walking teams, a customer service supervisor for service agents). 

• These leaders ensure smooth day-to-day operations and report to middle management. 

Responsibilities Effectively 

Mark and Cindy should focus on leadership and strategy, while middle managers deal with day-to-day operations and employee management. 

• Empower managers with decision-making authority to solve problems efficiently. 

4. Examine Toyota’s business environment using the six components of the General Environment. Describe how each factor influences Toyota’s strategy in the automotive industry.  

R: Economic Factors 

During economic crises, Toyota focuses on producing affordable, low-fuel cars to attract cost-conscious consumers. 

Technological Factors 

Advances in automation, AI and electric vehicle technology drive Toyota's innovation. 

Sociocultural Factors 

Customers prioritize safety and technology features, leading Toyota to innovate in driver assistance systems. 

Demographic Factors 

The aging of populations in developed markets (Japan, Europe) increases the demand for comfortable and power steering vehicles. 

Political-Legal Factors 

Commercial policies, tariffs and import/export restrictions affect Toyota's global operations. 

International Factors 

Currency fluctuations impact Toyota’s revenues from international markets. 

5. Reflect on your education and career aspirations. Develop three SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals that will help you progress toward your objectives. Explain why each goal is important and how you plan to achieve it. 

R: Goal: Earn a Degree in International Business by 2027. 

Specific: Complete all required coursework and keep a strong GPA in my international business program. 

Measurable: Achieve at least a 3.5 GPA and complete all credits on time. 

Achievable:  Achievable: Keep committed to the study, seek help when necessary and manage time effectively 

Relevant: A degree in international business aligns with my goal of working in global markets and entrepreneurship. 

Limited time: Graduate until 2027. 

This diploma will provide fundamental knowledge and skills necessary for my career in international business. 

I plan to achieve this Following a structured study plan. 

Looking for guidance from teachers and professionals. 

 Do internships to gain practical experience. 

6. Analyze Apple's product portfolio using the BCG Matrix. Identify one product for each quadrant, and explain your reasoning based on market share and industry growth. How does Apple’s strategy reflect the principles of the BCG Matrix? 

R:  

7. Describe each of the 10 common decision-making biases and explain their impact on business decisions. Then, choose one bias and provide a real-life example of when you experienced it—either in your own decision-making or when someone used it against you. Reflect on how it influenced the outcome and what could have been done differently. 

R: Overconfidence bias - People overestimate your knowledge or skills, leading to risky decisions or ignoring advice from business experts. 

• Impact: managers can launch overly ambitious projects without proper evaluation. 

2. Confirmation Bias - Seeking information that supports existing beliefs, ignoring contradictory evidence. 

• Impact: Business leaders can reject market research that challenges their strategies, leading to bad decisions. 

3. Bias Anchor - Counting too much in the first information found. 

• Impact: A company can pay more for acquisitions by anchoring a high first valuation. 

4. Availability Bias - Make decisions based on readily available information, rather than considering all data. 

• Impact: A company can overestimate risks based on recent failures and avoid profitable opportunities. 

5.   Commitment Escalation (Sunk Cost Flacy) - Continuing an investment despite the evidence of failure due to the earlier commitment. 

• Impact: Companies stick to products that fail instead of reducing losses. 

6. Framing Bias - Decisions are influenced by the way information is presented, and not by the facts themselves. 

• Impact: A "limited time offer" can generate impulsive purchases, even if it is not beneficial. 

7. Retrospective bias - Believing that past events were predictable, leading to overconfidence in future decisions. 

• Impact: business leaders do not learn from mistakes; the results of thought were inevitable. 

8.   Representativeness Bias - If a small sample represents a larger trend. 

• Impact: A company can expand a product line based on a small successful test market, leading to failure. 

9. Status Quo Bias - Preferring to keep things the same instead of adapting to change. 

• Impact: Companies resist innovation, lagging competitors. 

10. Halo Effect - Allowing a positive characteristic to influence the overall judgment. 

• Impact: Hire a candidate based on charisma instead of qualifications. 

8. The statement “Culture Eats Strategy for Lunch” was made popular by a book published in 2012. It is an expression that many of today’s CEOs would agree with. Please explain what you think is meant by the expression. Then give an example of a place where you worked where the culture either motivated or demotivated you to perform your job. 

R : The expression "Culture Eats Strategy for Lunch" means that a company's culture has a greater impact on success than strategy alone. No matter how well planned a business strategy is, it will fail if the organizational culture does not support it. In one of my previous jobs, the company had a supportive and team-oriented culture, where leaders encouraged open communication and recognized the contributions of employees. The environment made me feel valued and motivated, leading me to go further in my work.