Question 1

Quality is the excellence of your product (including goods and services).

Accepted Answer

Quality refers to the level of excellence or superiority of a product or service. It is an essential factor that determines customer satisfaction and the success of a business.

Question 2

Knowledge management is a set of practices aimed at discovering and harnessing the competition's intellectual resources.

Accepted Answer

Knowledge management is the set of practices aimed at discovering and harnessing an organization's intellectual resources,fully utilizing the intellects of the organization's people.

Question 3

Using personal technology such as a BlackBerry, means that you must be available all of the time to do the best job possible.

Accepted Answer

False

Question 4

The fundamental success drivers for an organization are innovation, quality, speed, and product delivery time.

Accepted Answer

What really drives performance is the need for innovation, quality, service, speed, and cost competitiveness.

Question 5

Corporate speed often separates the winners from the losers in business.

Accepted Answer

In the modern business environment, speed-rapid execution, response, and delivery of results-often separates the winners from the losers.

Question 6

The four key elements that make the current business environment different from the past include globalization, technological change, the importance of knowledge and ideas and collaboration across organizational boundaries.

Accepted Answer

These four elements have had a significant impact on the way businesses operate in the present times, making it different from the past. Globalization has increased the competition, technological advancements have revolutionized the way information is processed and utilized, the importance of knowledge-based economy has increased and collaboration has become more important because businesses are now interconnected and interdependent.

Question 7

Today, customers value both the quality of physical goods and the quality of services.

Accepted Answer

Quality is the excellence of your product including goods and services, both of which are valued by customers.

Question 8

To be efficient is to achieve organizational goals. To be effective is to achieve goals with minimum waste of resources.

Accepted Answer

The answer of To be efficient is to achieve organizational...

Question 9

One dimension of service quality is making it easy and enjoyable for customers to experience a service or to buy and use products.

Accepted Answer

This statement is true. A dimension of service quality is ensuring that customers have a positive experience when interacting with a service or purchasing and using products. This includes making it easy and enjoyable for them to do so.

Question 10

It can be said that technology both complicates things and creates new opportunities.

Accepted Answer

Technology can complicate things by adding new layers of complexity or requiring additional knowledge or training to use it effectively. However, it can also create new opportunities by facilitating communication, automating processes, and providing access to information and resources that were previously unavailable.

Question 11

Better serving the customer can start with involving the customer more in company decisions, especially when it comes to discovering more about customer attitudes.

Accepted Answer

Customers can be collaborators. Companies must realize that the need to serve the customer drives everything else. Best serving the customer can start with involving the customer more in company decisions.

Question 12

The key to company success is how much the industry in which it operates will affect society or how much it will grow.

Accepted Answer

The key to understanding the success of a company is the competitive advantage held by a particular company and how well it can sustain that advantage.

Question 13

Management is the process of working with people and resources to make profit at all costs.

Accepted Answer

While making a profit is one of the main goals of management, it should not be at the cost of ethical, legal, or social responsibilities. A more accurate statement would be that management is the process of working with people and resources to achieve organizational goals while also considering the impact on stakeholders and society as a whole.

Question 14

Total quality includes preventing defects before they occur.

Accepted Answer

Total quality includes preventing defects before they occur, achieving zero defects in manufacturing, and designing products for quality. The goal is to solve and eradicate from the beginning all quality-related problems and to live a philosophy of continuous improvement in the way the company operates.

Question 15

Innovation is the introduction of new goods and services.

Accepted Answer

Innovation is defined as the introduction of new goods, services, or ideas that are useful, valuable, and novel. Therefore, the statement is true.

Question 16

If an organization does not innovate, it will die.

Accepted Answer

A firm must adapt to changes in consumer demands and to new competitors, that is, it must innovate or it will die.

Question 17

Managing for competitive advantage includes delivering innovation, quality, service, speed, and cost competitiveness.

Accepted Answer

Managing for competitive advantage involves considering multiple factors including innovation, quality, service, speed, and cost competitiveness, as all of these aspects can contribute to a company's success and ability to compete in a crowded marketplace.

Question 18

Efficiency is far more important than effectiveness in today's competitive environment.

Accepted Answer

Some managers fail on both criteria, or focus on one at the expense of another. The best managers maintain a clear focus on both effectiveness and efficiency.

Question 19

Collaboration can occur between but not within organizations.

Accepted Answer

One of the most important processes of knowledge management is to ensure that people in different parts of the organization collaborate effectively with one another.

Question 20

"Cost competitiveness" means pricing your products lower than all competitors' products.

Accepted Answer

"Cost competitiveness" refers to the ability to produce goods or services at a lower cost than competitors, which can then be translated into lower prices for consumers. However, it does not necessarily mean pricing your products lower than all competitors' products, as there may be other factors such as quality, features, or brand reputation that allow competitors to charge higher prices.

Quiz 1: Managing in a Global World