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    MGM101-102 Test 1 SA Questions F14

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    Victor Dodig was recently hired as the new CEO of CIBC bank. He has reorganized the senior executive team, which will have significant short and long-term impacts being watched closely by stakeholders. Stakeholders include customers concerned with banking services and fees, employees impacted by potential jobs or restructuring, and governments interested in bank stability and economic effects. A value proposition describes the benefits a product or service provides to its target market. Firms create value by providing superior benefits to increase what customers are willing to pay. For example, Walmart's value proposition focuses on low prices and broad product selection. Bureaucracy can enable business performance when principles like allocating positions based on performance and clearly defining roles

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    MGM101-102 Test 1 SA Questions F14

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    RevownSada
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    Victor Dodig was recently hired as the new CEO of CIBC bank. He has reorganized the senior executive team, which will have significant short and long-term impacts being watched closely by stakeholders. Stakeholders include customers concerned with banking services and fees, employees impacted by potential jobs or restructuring, and governments interested in bank stability and economic effects. A value proposition describes the benefits a product or service provides to its target market. Firms create value by providing superior benefits to increase what customers are willing to pay. For example, Walmart's value proposition focuses on low prices and broad product selection. Bureaucracy can enable business performance when principles like allocating positions based on performance and clearly defining roles

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    mgm101 test 1 short answer questions utm

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    Victor Dodig was recently hired as the new CEO of CIBC bank. He has reorganized the senior executive team, which will have significant short and long-term impacts being watched closely by stakeholders. Stakeholders include customers concerned with banking services and fees, employees impacted by potential jobs or restructuring, and governments interested in bank stability and economic effects. A value proposition describes the benefits a product or service provides to its target market. Firms create value by providing superior benefits to increase what customers are willing to pay. For example, Walmart's value proposition focuses on low prices and broad product selection. Bureaucracy can enable business performance when principles like allocating positions based on performance and clearly defining roles

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    1K views2 pages

    MGM101-102 Test 1 SA Questions F14

    Uploaded by

    RevownSada
    Victor Dodig was recently hired as the new CEO of CIBC bank. He has reorganized the senior executive team, which will have significant short and long-term impacts being watched closely by stakeholders. Stakeholders include customers concerned with banking services and fees, employees impacted by potential jobs or restructuring, and governments interested in bank stability and economic effects. A value proposition describes the benefits a product or service provides to its target market. Firms create value by providing superior benefits to increase what customers are willing to pay. For example, Walmart's value proposition focuses on low prices and broad product selection. Bureaucracy can enable business performance when principles like allocating positions based on performance and clearly defining roles

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    MGM101 Fall 2014 Section 102

    Test #1 Short Answer Questions


    1. As discussed in class, Victor Dodig was hired as the new CEO of CIBC bank. He has
    promptly reorganized the senior executive team at the bank. These changes will have
    sweeping impacts in both the short, and long-term, and are being carefully watched a
    variety of stakeholders. What is meant by the term stakeholder? Other than senior
    executives, identify three groups of stakeholders from your readings who would have an
    interest in these changes and describe what each of their priorities would likely be when
    evaluating these changes. (4 Marks)
    One mark for properly describing what a stakeholder is. One mark for each proper identification
    of a relevant stakeholder along with a reasonable explanation of each of their priorities.
    Stakeholders may include Customers (concerned with changes to their banking services and
    fees), Employees (Impact on jobs, morale, future career advancement, potential restructuring),
    Governments (bank and industry stability, economic impact, ripple effects), Current shareholder
    and potential shareholders (profitability and impact on share prices, long term competitiveness
    and growth potential)
    2. During our in-class exercise we discussed the value propositions provided by several
    retail brands. What is meant by the term value proposition? How does a firm create
    value? Identify one of the brands discussed in class and describe the key components of
    their value proposition. (4 Marks)
    One mark for proper explanation of value proposition. One mark for describing how firms
    create value. Two marks for properly identifying one of the brands discussed in class and
    describe the key components of their value proposition.
    Value Proposition Describes the target market(s) for the product and/or service along with the
    expected benefits that will be realized by the customer. Communicates product/service
    differences and key benefits
    Creating Value Firms create value by provide superior benefits to customers (Emotional,
    Brand, Service, Product, cost) increasing the amount customers would be willing to pay in
    relation to what the customer actually pay.
    Walmart VP benefits include everyday low prices, familiar brands, broad selection (one stop
    shop)
    Canadian Tire VP benefits include broad selection with products within categories, average
    price points, quality brands, Canadian owned
    Toys R Us VP includes largest selection of toys, games and childrens goods, popular brands,
    specialty items, average to higher prices.
    Whole Foods VP focuses on local, healthy and organic product lines, higher prices, adequate
    staffing and customer service is high, Information about unique products are explained
    Hudsons Bay Co. VP focuses on top quality and current fashion, reputable brands, higher
    price point, knowledgeable staff and service levels
    Harry Rosen VP focuses on craftsmanship, highest quality materials and products, staff
    experts, product selection includes all mens needs

    3. The word bureaucracy often carries negative associations but successful firms often
    follow many bureaucratic principles. Identify any two of Max Webers principles of
    bureaucracy and describe why they are essential for modern day business performance. (2
    Marks)
    One mark for each principle properly identified with an explanation of its importance to modern
    business performance.
    Principle Managers formal authority derives from their position Important because it creates
    clear lines of accountability and decision making. Creates a respect for more senior management.
    Principle Positions should be allocated based on performance Important because best person
    for a position should fill that position. Avoids poor match of ability and position requirements.
    Principle Clear specifications of positions authority and responsibilities Important because
    employees know what is expected of them, and what they are accountable for.
    Principle Hierarchical structure of positions Important because employees know who they
    should take guidance from and where to seek direction.
    Principle Need for rules and SOPs Important because these create guidelines and norms to
    help control behaviour

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