MIDTERM EXAMThis exam consists of three questions. Each has multiple parts. Be sure to cover all parts of all questions. In answering the questions, use critical thinking. Try to demonstrate that you can apply course concepts to analyze and evaluate the question and develop your answer.Because the prompt is rather long, I have decided to allow an unusual amount of time to complete the exam. You have three hours. The exam is open book and open note. You must complete it in one sitting. (You may not leave and return later.)Tips: First, read all of the questions before you begin to answer any of them. Second, apply concepts and theories from class as specifically as you can. Third, pay attention to how many points each question is worth and allocate your time accordingly.You should understand and be able to apply the following concepts, as well as use them to analyze, evaluate, and create solutions to problems. Introduction to managementThe four functions of managementManagerial rolesManagerial skillsTeamsDefinition of teamsSelf-directed and virtual teamsTeam effectiveness modelTeam rolesStages of group development (forming, storming, norming, performing)Managing interdependenciesManaging team conflictSocial loafing, and how to address itFactors that influence and consequences of cohesivenessGroupthink, and how to address itMission, vision, and valuesMission and vision — definitions, roles, impact on competitive advantageGoals and objectivesSMART goalsStrategic managementDefinition of strategyBusiness strategy and corporate strategySWOT analysis Planned emergenceBusiness strategy – low cost, differentiation, integrationStakeholder management and business ethicsShareholder and stakeholder theories of the firmWhy ethical problems occur in business, including situational factors that affect behavior (see slides and Obedience film)Moral absolutism and moral relativismStages of moral developmentCompliance-based and integrity-based ethics programsEthical frameworks: Utilitarian, rights, virtue, careBe creative, have fun, and good luck!