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MGT 300 Test 1 Created by michael_j_vaughn
199 terms
199 terms
Define Critical Thinking The ability to diagnoise situations and
predict patterns of behaviors which result in
better decision making
"Break down the term ""critical thinking""" Critical = importance ; Thinking = refers to
analysis
What are the seven steps to critical thinking? "Observe, interpret, analyze, infer, evaluate,
explain, meta-think, behavior change
(repeat)"
Define management The process of working with people and
distributing an organization's resources to
achieve goals efficently and effectively.
What are the four success factors for an
organization?
"Access to resource, effective leadership,
competent team, and interested customers
and advocates."
How is management an art? "The people focused side of management:
collaborating, communicating, presenting,
leading meetings, building relationships,
celebrating, handling conflict, motivating,
negociating. "
How is management a science? "The technical side: Observing, gathering
data, analzying data, tracking goals,
modeling budgets, refining processes,
reviewing feedback, collecting figures,
processing, documenting"
What is the tripple bottom line? "People, profit, planet"
How does management make a difference
through people?
"Investing in wellness programs, training,
education, retirement accounts, healthcare
benefits, career advancement, and flexible
environments where work is fun, meaningful
and productive"
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How does management make a difference
through profit?
"They offer employees stable jobs, hire new
college graduates, reward investors, and
support local and global causes. "
How does management make a difference
through planet?
"They focus on communities, causes, and
the enironment. This increases employee
morale, customer loyalty, and their public
image"
What is corpoate social responsibility An organization's self-defined commitment
to the health and well-being of the local and
gloal community beyond its legal obligation.
What are the four major tasks of a manager? "Planning, organizing, leading controlling,
(and sustaining)"
Define planning "The process of setting goals for the future,
designing strategies, and deciding on the
actions and resources needed to achieve
success"
Define organzining "The process of orchestrating people,
actions, resources, and decisions to achieve
goals"
Define leading The process of effectively motivating and
communicating with people to achieve goals
Define controlling "The process of monitoring activities,
measuring results, and comparing them with
goals and correcting performance when
necessary. "
What are 5 threats to the organization? "Unethical behavior, limited natural
resources, uneducated workforces, rising
energy costs, global political instability, and
economic turbulence"
Define sustaining "Seeing, analyzing, and designing systems
to achieve long-term organizational,
community, and enviornmental health"
How do successful sustaining managers see
the organization?
"The organization is a system that is
connected to the internal and external
environment where their responsibilities are
to think through, analyze, and design the
systems of behavior and processes that help
the organization achieve its goals. "
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How does sustaining and trust connect? "Sustaining works to create, build, and
continiously nurture trust among customers
employees, and communities. "
Define managerial roles "Organizational expectations that determine
the actions of managers, including
interpersonal, and informational, and
decisional roles. "
Define interpersonal roles "Managerial roles in which managers build
relationships with the people they work with
and act as a public symbol for the many
people they represent. Ex. Figurehead,
leader, and liasion."
Define informational roles. "Managerial roles in which managers gather,
assess and communicate information to
individuals and teams in support of the
organization's values, mission, vision, and
goals. Ex. Monitor, disseminator,
spokesperson. "
Define decisional roles "Managerial roles in which managers are
responsible for judgements and decisions
based on available information and analysis
of the situations. Ex. Entrepreneur,
disturbance handler, resource allocator,
negoitiator. "
Define organization An entity formed and structured to achieve
goals
Define small organization Organization with fewer than 100
employees.
Define mid-sized organizations Organizations with between 100 and 500
employees.
Define larrge organizations. Organizations with more than 500
employees.
Define start-up company A newly formed organization with limted or
no operational history
Define multinational corporation "An organization with operations in multiple
countries, usually more than 10,000
employees, and designs, develops, and sells
products and services to customers all over
the world."
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Define growth company An organization that increases its annual
revenue faster than its competitors.
Define nonprofit organization Organizations that are required by the IRS to
reinvest all profits back into the organization
as opposed to distributing that money to
investors or employees.
Define student organizations "An organization formed to engage students
further into the college experience through
academic, political, religious, sports,
environmental, and social action. "
Define top managers "Managers who set the organization's
direction and make decisions that affect
everyone. Ex. CEO, President, Exeuctive
Director, Director, General Manager,
Executive Vice President. "
Define middle managers "Managers who direct the work of first line
managers and are responsible for divisions
or departments. Ex. Vice president, Assistant
vice president, manager"
Define first-line managers "Managers who direct daily activities for
producing goods and services. Ex.
Associative director, project manager,
coordinator, assistant manager, team leader.
"
Define values Beliefs that shape employee and
organizational behavior and are intended to
be timeless
Define mission An organization's central purpose intended
to generate value in the market place or
community and which last the life of the
leader.
Define vision. A description of an optimal future 1-10
years from now.
Define effectiveness The level to which people or organizations
achieve their agreed upon goals
Define efficiency Using the smallest amount of resources to
achieve the greatest output
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Define skills "The talents or abilities that enable a person
to complete a particular task, interaction, or
process effectively and efficently. "
What skills are required for top managers? They need a higher level of conceptual skills
than middle managers or first line managers
What skills are required for middle
managers?
Middle Managers require greater degree of
relational skills.
What skills do first line managers need? Technical skills
Define conceptual skills The ability to think through complex
systems and problems.
Define technical skills The ability to perform job-specific tasks.
Define relational skills The ability to collaborate and communicate
with others effectively.
Define strengths Skills in which managers demonstrate the
gretest aptitude
What should managers focus on as far as
their main tasks (strengths vs weaknesses)
Managers who focus on their strengths are
more successful than those who spend a lot
of time on their weaknesses.
Define positive psychology A field of psychology that helps people
define and cultivate their personal strengths
so they can thrive and flourish with a sense
of purpose through challenging works
What is system thinking? A methodology of analysis that managers
use to understand interconnected cause and
effect relationships that change
organizational behaviors and deynamics.
Where does system thinking comes from? MIT senior lecturer Peter Sengage's The
Fifth Discipline
What are the five disciplines in relation to
systems thinking?
"Personal mastery, mental models, building
a structure, team lerning and ideas, and
system thinking"
What is personal mastery? "It involves focus, patience, and holding
onto a our vision - personal motivation to
learn and be successful. "
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What are mental models? Perceptions we form about the world around
us and how they shape our behavior -
unearth short comings in our present way of
seeing the world.
What does building a structure allow us to
do?
We share our vision of the future with others
to inspire and motivate - commitment to the
long-term
What is team learning and ideas Develops skills to look at the larger picture
What does system thinking do with the five
disciplines?
It intergrates the previous four disciplines
What three disabilities can get in an
organization's way?
"People viewing themselves as cogs in the
wheel with little influence, blame culture
which leads to inertia, and people taking the
short term view and failing to see the big
picture"
Define behavior-over-time diagrams: A visual tool that allows managers to see the
change in measurements across a span of
time.
What is a stock in a stock and flow
diagrams?
"Material or information that can be
measured. It can be the number of trees in a
forest, satification, profit etc."
What is inflows in stock and flow diagrams? Inflows increase the valueof a stock
measurement (increases number of trees for
example)
What is outflow in stock and flow diagrams? Outflows decrease the value of a stock
measurement (decreases number of trees for
example)
What is a cloud in a stock and flow
diagram?
"Clouds mean the source is not being
considered but process still might be. For
example, you say rain is an inflow from the
river but you don't know the source of the
rain. "
How do you create a behavior over time
diagram?
"You graph the inflows and outflows.
Essentially you're graphing the function, and
the aspects of its derivative to visualize the
relationship."
Define discrepancy. A difference between the desired result and
what the result will be without intervention.
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Define delay "refers to the time a force, internal or
external takes to have an effect on systems
behavior"
Why do you have to consider delay? You have to take into account the delay so
that you will have the desired result when
you want it.
Define feedback loop Reactionary forces that cause flucuations in
behavior
Define balancing loop "A reactionary force that seeks stabilization
towards a stock level equilibrium, typically
a goal or desired state. Temperature
dissipation is an example. Cold water
eventually goes to room temp. (shown with
B in the loop). The key is that equillibrum or
a goal is the goal even if it requires you to
change to get there. "
Define reinforcing loop "A self-multiplying reactionary force that
amplifies change in a stock level. For
example: You practice music, you get better
at it and appericate it more, you pratice more
etc. (shown with an R in the loop)."
What is intensity in terms of feedback loop? The degree to which the feedback loop
changes things
What is the difference between goal and
purpose?
Goal is to spend 48 hours at work a week.
The purpose of that goal is to have work-life
balance.
Define a runaway or reinforcing loop. Where feedback becomes self-multiplying
or amplifying to the level of stock.
Define exponetial growth or decay "When a stock increases or decreases
relative to its size, whwerein the stock is
self-multiplying. "
What is the management's core
responsibility in loops?
They need to create positive run away loops
and balance them so that organizations can
expeience healthy growth over time.
What is a causal loop diagram? Map out the structure of a system and show
how the components of a system interact
with each other.
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List the five steps to building a culture of
change
1. Understand the company's mission. 2.
Comprehend the purpose of its subsystems.
3. Acknowledge the imbalances or
discrepancies that feedback loops are
impoising on the subsystem's purpose 4.
Design a plan to achieve balance 5.
Communicate to all relevant employees a
subsystem's purpose and discreoabcues.
List the five reasons for change / change
management.
"1. Goal for growth in one subsystem makes
it implausible to achieve stability in another.
2. Intensity of balancing loop not sufficent
to curb behavior in runaway loop. 3.
Purpose of subsystem inconsitent with
mission of system. 4. Organization does not
have the talent, customers, or suppliers to
achieve goals. 5. Capacity to inflow or
outflow exceeds the enviornment's ability to
saturate or evaporate resources to or from
system"
Define system archetypes Peter Senge's classification of common
patterns of complex problems that managers
encounter.
What is the limits of growth archetypes? A system pattern where an external or
internal force restricts the ability to expand a
service of product offering.
What is the underlying problem in the limits
on growth archetype?
"The cycle begins when a process has
proved so successful that certain problems
go unnoticed or management reinforces the
situation by relying too much on the old way
of doing things as opposed to addressing the
problem. However, the more they rely on the
same business model, the more static the
business becomes. "
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What is the shifting the burden archetype? "A system pattern similar to ""fixes that
fail"" where managers use short term fixes
that result in long-term problems, typically
by using non-sustainble resources to address
a challenge. Typically done when the
underlying problem seems to time
consuming, difficult or costly to address
fully. For example, when you bring in
outside help and have to call them back
when the problem occurs again. Instead, you
should find an actual solution and only shift
the burden to buy time."
What is the eroding goals archetype A systems pattern where managers instead
of solving underlying challenges slowly
lower goal expectations over time. A good
solution is having absolute goals.
What is the escalation archetypes? "A system pattern where two competing
interests eventually take irrational actions
aginst one another resulting in a ""loose-
loose"" situation. An example is a price war.
They need to look for ways for both sides to
achieve their goals - this involves
cooperation, mutual understanding and open
discussion. "
What is the success to the successful
archetypes?
"A system pattern where two efforts
compete for the same resources, and the
more successful effort today gets support
regardless of future potential of the
competing effort. You have to find a way to
balance the two activities. "
What is the tragedy of the commons
archetype?
"A system pattern where multiple efforts are
competing for the same resources, where
self-interest overrides a collective solution.
Example: Using a limited resource to
depletion. You have to find a way to regulate
use. "
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What is the fixes that fail archetypes? "A system pattern where managers use
short-term fixes that result in long-term
prolems, typically significantly worse than
the orginial challenge. They really need to
focus on fixing the fundamental problem
with a long-term solution."
What is the growth and underinvestment
archetypes?
"A systems pattern where managers reduce
resource allocation to increase profits
temporaily or to avoid risks, with the
unintended consequences of losing its
equilibrium in the marketplace. To address
the balance, managers need to determine if
there is capacity and real potential for
growth. "
Define strategy A plan of action for achieving goals
Define organizational strategy "a corporate level strategy that addresses the
question, ""What businesss are we in?"" and
unities all parts of the organization. "
Define divisional strategy A strategy that determines how a business
will compete in a particular industry or
market
Define functional strategy A strategy that determines how employees
will implement and achieve a tactical plan.
Define business plan. The stated actions and goals that support the
organizational strategy
Define tactical plan The stated actions and goals that support
achieving the divisional strategy.
Define operational plan The stated actions and goals that support
achieving the functional strategy.
Define strategic plan "Document showing the decisions regarding
the required goals, strategies, resource
allocation, and actions"
What are the inputs of business plans? "Visions, mission, and values go into
organizational strategies and is reflected in
business plans."
What is reflected in tactical plans? Business plans go into divisional strategies
which are reflected in tactical plans.
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What are reflected in operational plans? Tactical plans go into functional strategies
and are reflected in operational plans.
Define competive advantage The characteristics of an organization's
products or services that distinguish it from
competitors and provide an advantag in the
marketplace.
Define reactor strategy A company that does not follow a consistent
strategy but just responds to changes in the
environment. It is the least effective of all
strategies.
Define analyzer strategy A company whose strategies seek to
maintain existing products and services
while pursuing limited innovation. They
often imitate or follow the proven success of
prospecter organizations.
Define Defender strategy A company whose strategies support stable
growth and continual improvement of
existing products and services.
Define stability strategy "A strategy in which an organization focuses
on pocesses, products, and services that will
sustain it over the long run. "
Define cost leadership strategy A strategy in which an organization seeks
competive advantage by reducing
production costs and therefore consumer
prices.
Define prospector strategy "A company that uses strategies for high
risk, and fast growth throough product and
market innovation. "
Define first mover strategy A company that gains competitive advantage
by being the first to offer a new product or
service or to use a new cost-saving
technology.
Define competitive analysis The process of assessing and monitoring the
competition in order to design more
effective strategies.
What are the five forces of Porter's five
forces?
"Power of suppliers, power of customers,
subsitute products and services, new
enterants, and riveraly"
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Define barriers to entry An obstcale that makes it difficult for an
organization to enter a particular market or
replicate a competitor's service and product
offerings
List 7 barriers to entry. "Supply-side economies of scale, demand
side benefits of scale, customers switching
costs, capital requirements, incumbent
advantages independent of size, unequal
access to distirbution channels, restrictive
government policy. "
Define competitive inertia A tendency to continue with competitive
pratices that had been successful in the past
even if they are less effective in the present.
Define resources "The assets, people, processes, and
capabilities of an organization. "
Define Market position An honest assessment about how the
company competes in its industry.
Define capacity "refers to the financial and human resources
available to the company, which will enable
or hinder it to achieve its goals. "
Define BCG matrix A framework developed by BCG for
evaluting business units according to growth
and market share.
Define growth strategy "A strategy for increase revenue, profits,
market-share or terriotories. "
Define dogs Low market share and low market growth -
unless something happens in the industry
there is very little chance the company will
develop into a real competitor. They have to
work very hard in order to establish higher
growth and to be considered a serious
player.
Define cash cows High market share / low market growth.
They could grow more than likely but there
is very little opportunity. A lot of them just
save cash until the market is growing again.
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Define stars. "High market share / high market growth. It
is optimal. Not only is the company well
established, they have growth opportunities.
"
Define question marks. Low market share / high market growth.
Most questionable where they are headed.
Usually question marks will invest heavily
in order to achieve star status. Only time
will tell if the question marks become cash
cows or eventually stars.
What tool can be used to plot companies on
the BCG matrix.
SWOT analysis.
Define SWOT analysis "A method of assessing an organization's
strengths, weakness, oppotrunities, and
threats. "
Define core capabilities Activities and pocesses that an organization
routinely does well in comparsion to
competitors. Also known as core
competencies.
Define resources "Assets, people and process of the
organization. "
Define balanced scorecard Balanced scorecards look at financial
performance but also 1) the company's
relationship with its customers. 2) It's key
internal processes. 3) It's learning and
growth.
What does the balance scorecard help
businesses do?
The balanced scorecard helps translates
vision into strategy and helps execute the
strategy.
Define focus strategy A strategy in which an organization
concentrates on specific target market and
may use cost leadership and or differentation
strategies.
Define differentiation strategy A strategy in which an organization seeks
competitive advantages by providing goods
or services that are significantly different
from the competition.
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Define vertical intergration A method of diversification in which the
organization begins producing its own
supplies (backward intergration) or takes on
distribution and selling of its products
(forward intergation). It is a risk reducing
strategy.
Define renewal strategy A strategy to address declining performance
through retrenchment and regrowth.
Describe management focused management Management focused management came
about in early 1900s and foucses on the
internal environment. It was brought on by
the invention of scientific management and
HR.
Define share-holder focused management Brought in by the 60s and Milton Friedman.
They wanted to create value for the owners.
It came to the US in the 80s when Jack
Welch (GE) put profits first.
How has the profit first mentality continued
on?
It has been questioned in the 21st century
because it didn't actually increase returns for
investors.
Define internal environment "The forces inside an organization that
affects how the managers set expectations,
how employees perform their roles, and how
they interact with stakeholders and responds
to external environment. "
Define organizational culture A collection of beliefs that individuals and
groups share to help their organizations
respond to environmental forces and to
changes.
Define concious culture "Concious culture include things that can be
seen or heard openly in orgranizations
including dress codes, mission statements,
slogans chanted at meetings, and even the
office funiture. "
Define unconcious culture The beliefs and perceptions and values of an
organization. What employees think and
feel.
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Define slogan "A repetitive phrase intended to support an
organization's culture, mission, vision, and
values. "
Define story "A narrative, usually fictionalized or
enhanced over time based on the actual
organizational experience. "
Define Symbol "An event, situation, object, person or other
artificat that provides greater meaning to the
organization. "
Define ritual A formalized activity intended to
communicate and teach the organization's
culture. More often than ceremonies.
Define ceremony An event that provides one or more
stakeholders with the sense of purpose and
meaning connected to the organization.
Define hero A real or imagined person who represents an
ideal performer specifc to the organizational
culture.
What is the archetype of heros story Heroes journey have three phases: 1)
Leaving home for adventure 2) facing
barriers that question success 3) returning
home successful.
Define external environments The specific and general factors outside the
organization that can change how it
operates. One of the mistakes managers
make is not focusing on the external
environment.
Define specific environment "The industry focused part of the external
environment that directly affects an
organization's operation and performance.
Customers, talent, suppliers, competitors,
advoacy, and regulation. "
Define reactive enagement with customers Monitoring postive and negative customer
feedback and improving the organization's
products and services accordingly.
Define proactive enagement with customers Creating a product or service as an
alternative to enhance the customer
experience.
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Define interactivce engagement with
customers
collaborating with customers to develop
future products and services.
Define talent "The people who have the skills, knowledge,
creativity, and relationships necessary to
optimize an organization's performance. "
Define crowd sourcing Employing the efforts of customers and the
public to innovate and further organization's
mission.
Define advoacy group A set of people dedicated to insituting
change based on their concerns or interests.
Define boycott An attempt by an individual or group to
change the actions of an organization by
convincing other customers not to purchase
its products and services.
Define suppliers "Entities that provide an organization with
the external resources that it needs to
operate including money, materials, people
and information"
Define regulations "Rules set by external governing bodies that
dictate standards and procedures for
industries, businesses, and professionals. "
How much does federal regulation cost US
businesses?
"$1.75 million annually or over $8,000 per
employee."
Define government activism Government's active role in encouraging
businesses to behave in ways that are in the
public interest through tax credits and other
incentives.
Define competitors organizations that sell comparable products
and services
Define blue ocean strategy When a company is the first in the market.
They have no direct competitors yet.
Define competive analysis When managers analyze competitors
strengths and weaknesses
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Define general environment "Extenral forces that affect all organizations
participating in an economy, where
managers have little or no power to effect
change. They include political / legal,
resource availability, economic,
technological and sociocultural. "
What businesses do political / laws impact? These effect all business. It's not industry
specific regulation.
What three resources affect how business
operate globally?
"Food, energy, water. "
What percentage of the world's population is
undernourished?
6-Jan
How has energy needs impacting the world? The planet's natural capital has doubled over
the last 40 years and today global green
house emissions are 5 times greater than
Earth can absorb.
Define sociocultural forces the behaviors and beliefs associated with
demographic groups that comprise an
organization's available talent and
customers.
Define demographics "Sociological characteriscs including age,
gender, martial status, ethncity, and
geographic location which affect buying
habits, work ethic, work life balance,
expectations, travel patterns, and disposable
income. "
Define economy "An ochestrated system of talent, resources,
and money with the purpose to create and
distribute products and services. "
Define change management Achieving goals by altering behaviors or
processes in reponse to enviornmental
forces.
List four reasons for resistant to change "Personal threat, uncertainity and mistrust,
fear and doubt about abilities, classing
perspectives / opinions, driving and
restraining forces (force-field analysis)"
Define driving forces Driving forces help motivation towards
achieving a goal.
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Define restraining forces Barriaers to change which impede the
progress of the goal.
What are the 3 steps of change? "Unfreezing, changing, and refreezing. "
Define unfreezing The process by which managers inform their
staff of the change and why it is needed.
Define changing A strategy for employees to help reinforce
the need for change.
Define refreezing When people embrace the change and adopt
the behaviors and attitudes needed to
generate successful result.
What are the eight steps for implementing
change.
"Putting the pressure on, forming a guiding
coalition (involving people in the change),
creating a vision, using widespread
communication, overcoming obstacles,
celebrating short-term win, assessing the
transformation process, instilling change in
the corporate culture. "
What are the three main gaols for MGT
300?
"Learn about management, learn about
managemnt such that it helps yourself,
management 300 be the best class you ever
take at ASU"
What do we as students need to do to
achieve the MGT 300 goals?
"1. Energy. Bring it to every class. 2. Focus.
3. Remove the mask - speak up in class 4.
Little something extra. Do the extra work,
reading, prepping etc. "
Why did we watch a scene for Shawshank
Redpemption?
To apply the four functions for management
Why did we watch a clip on facebook? To explore strategy and understanding who
you are as a company.
What is the strategic management process? "DEFINE. Define mission and goals.
Evaluate the situation. Formulate plan after
mission review, Implement plan. Now.
Evaluate performance. "
Why did we play tic tac toe? To apply the DEFINE module of strategic
management
Define leadership A process of influence
14-2-13 9:12MGT 300 Test 1 flashcards | Quizlet
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Why did we watch a video on brown M&Ms
w/ Van Halen
To show self leadershup and overcome your
obsticals
Why did we stare at a pper clip? Self-observation self leadership strategy
What is a goal? A dream with a deadline
Why did we watch the pursuit of happiness? He was not sidetracked because he had a
process down - it was self leadership
What are the 7 elements of goal attainment? "1. Put pen to paper, 2. Break into chunks
(short term to long term), 3. Specific not
fuzzy 4. Publically annouce 5. Less is more
6. Set meetings with yourself. 7. Proper your
ladder against the proper wall"
Why did we do the CD exercise? To talk about the power of perceptions
What are the four main tools for success
according to Oh Yeah!
"Networking, organization, creativity,
leadership"
Why did we watch a video on Zappos? Culture.
What are some clues to culture? "Values, symbols, pratices, riuals, and
myths. "
Why did we watch Lion King? To see rituals / cultural
Why did we watch a clip of David
Letterman and GE?
Clues to culture.
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