question

four functions of management

answer

planning, organizing, leading, controlling

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planning

answer

defining goals for future performance and how to attain them

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organizing

answer

assigning tasks, grouping tasks into departments, allocating resources

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leading

answer

using influence to motivate employees to achieve the organization's goals

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controlling

answer

monitoring employees' activities, keeping the organization on track toward meeting its goals and making corrections as necessary

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management

answer

the attainment of organizational goals in an effective and efficient manner through planning, organizing, leading, and controlling organizational resources

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spokesperson and entrepreneur

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most important roles in small businesses/nonprofits

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generating social impact

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nonprofit organizations direct their efforts toward

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making money

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for profit organizations direct their efforts toward

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conventional bottom line

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the absence of this causes nonprofit managers to struggle with defining effectiveness

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scientific management

answer

subfield of the classical perspective that emphasizes scientifically determined changes in management practices as the solution to improving labor productivity

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Frederick Winslow Taylor

answer

the father of scientific management

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scientific management is considered

answer

one of the most significant innovations influencing modern management

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human resources perspective

answer

jobs should be designed to meet people's higher-level needs by allowing employees to use their full potential

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human resources perspective combines

answer

prescriptions for design of job tasks with theories of motivation

question

Abraham Maslow and Douglas McGregor

answer

contributors to the human resources perspective

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Douglas McGregor

answer

formulated Theory X and Theory Y

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Theory X

answer

the average human being prefers to be directed, wishes to avoid responsibility, has relatively little ambition, and wants security above all

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Theory Y

answer

the average human does not inherently dislike work, and a person will be self-directed and self-controlled to for things they're committed, and seeks responsibility

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supply chain management

answer

managing the sequence of suppliers and purchasers, covering all stages of processing from obtaining raw materials to distributing finished goods to consumers

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supply chain

answer

network of multiple businesses and individuals that are connected through the flow of products or services

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Gantt chart

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bar graph that measures planned and completed work along each stage of production by time elapsed

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types of environment

answer

organizational, general, task, internal

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organizational environment

answer

consists of both general and task environments; includes all elements existing outside the boundary of the organization that have the potential to affect the organization

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general environment

answer

indirectly influences all organizations within an industry and includes five dimensions

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task environment

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includes the sectors that conduct day-to-day transactions with the organization and directly influence its basic operations and performance

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internal environment

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includes elements within the organization's boundaries such as employees, management, and corporate culture

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organizational ecosystem

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includes organizations in all the sectors of the task and general environments that provide the resource and information transactions, flows, and linkages necessary for an organization to thrive

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globalization

answer

refers to the extent to which trade and investments, information, ideas, and political cooperation flow between countries

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market entry strategies

answer

various tactics that managers use to enter foreign markets; exporting, licensing, franchising, direct investing,

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exporting

answer

a company maintains production facilities within its home country and transfers products for sale in foreign countries

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licensing

answer

a company in one country makes certain resources available to companies in other countries to participate in the production and sale of its products abroad

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franchising

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form of licensing in which a company provides its foreign franchisees with a complete package of materials and services

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direct investing

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the organization is directly involved in managing its production facilities in a foreign country

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alternatives for direct investing

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joint venture, wholly owned foreign affiliate, greenfield venture

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joint venture

answer

an organization shares costs and risks with another firm in a foreign country to build a facility, develop new products, or set up sales distribution network

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wholly owned foreign affiliate

answer

foreign subsidiary over which an organization has complete control

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greenfield venture

answer

a company builds a subsidiary from scratch in a foreign country

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ethnocentrism

answer

natural tendency among people to regard their own culture as superior to others

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power distance

answer

the degree tow which people accept inequality in power among institutions, organizations, and people

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uncertainty avoidance

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people's intolerance for uncertainty and ambiguity and resulting in support for beliefs that promise certainty and conformity

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individualism

answer

preference for a loosely knit social framework in which individuals are expected to take care of themselves

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collectivism

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preference for a tightly knit social framework in which individuals look after one another and organizations protect their members' interests

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masculinity

answer

cultural preference for achievement, heroism, assertiveness, work centrality, and material success

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femininity

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cultural preference for relationships, cooperation, group decision making, and quality of life

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culture

answer

shared knowledge, beliefs, and values as well as the common modes of behavior and ways of thinking among members of a society

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ethical approaches

answer

utilitarian, individualism, moral-rights, justice, practical

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utilitarian approach

answer

the ethical choice is one that produces the greatest good for the greatest number

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individualism approach

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actions are ethical when they promote the individual's best long-term interests, because with everyone pursuing self-interest, the greater good is ultimately served

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moral-rights approach

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ethical decisions are those that best maintain the fundamental rights of the people affected by them

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justice approach

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ethical decisions must be based on standards of equity, fairness, and impartiality

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stages of personal development

answer

preconventional, conventional, postconventional

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preconventional moral development

answer

concerned with external rewards and punishments and obey authority to avoid detrimental personal consequences; autocratic/coercive leadership style; dependable employees - task accomplishment

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conventional moral development

answer

conform to expectations of good behavior; meet social and interpersonal obligations; prefer workgroup collaboration to accomplish organizational goals; mangers encourage interpersonal relationship and cooperation

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postconventional moral development

answer

guided by an internal set of values based on universal principles of justice and right and will disobey rules that violate the principles; internal values are most important; transformative/servant leadership; empowered employees

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corporate social responsibility

answer

the obligation of organizational managers to make choices and take actions that will enhance the welfare and interests of society as well as the organization

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stakeholder

answer

group or person within or outside the organization that has some type of investment or interest in the organization's performance

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ethical domain

answer

has no specific laws, but has standards of conduct based on shared principles and values about moral conduct that guide an individual or company

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entrepreneurship and small business

answer

represents 98% of all firms and employ about half of all private sector employees

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stages of growth

answer

start-up, survival, success, takeoff, resource maturity

question

start-up

answer

funding, adjusting product; pivot - change strategic direction

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survival

answer

produces product, sufficient customers; sustain their early momentum and chart a course for long-term success

question

success

answer

solidly based and profitable

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takeoff

answer

owner delegates, company must find sufficient capital to invest in major growth

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resource maturity

answer

substantial financial gains may come at the cost of losing its advantages of small size

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business plan

answer

prepared prior to opening; document specifying the details of the business

question

legal forms of business

answer

sole proprietorship, partnership, corporation

question

sole proprietorship

answer

unincorporated for-profit owned by an individual

question

partnership

answer

formed when two or more people choose to own an unincorporated business

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corporation

answer

artificial entity created by the state and existing apart from its owners

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criteria for effective goals

answer

specific and measurable, defined time period, cover key result areas, challenging but realistic, linked to rewards

question

contingency planning

answer

identifies important factors in the environment and defines a range of alternative responses to be taken in the case of emergencies, setbacks, or unexpected conditions

question

strategic goals

answer

broad statements describing where the organization wants to be in the future; pertain to the organization as a whole rather than to specific divisions or departments

question

strategic plans

answer

define the action steps by which the company intends to attain strategic goals; blueprint that defines the organizational activities and resource allocations required for meeting targets; long term - turns organization goals into realities

question

tactical goals

answer

results that major divisions and departments within the organization intend to achieve; apply to middle management and describe what major subunits must do for the organization to achieve its overall goals

question

tactical plans

answer

designed to help execute the major strategic plans and to accomplish a specific part of the company's strategy; shorter timeline;

question

operational goals

answer

results expected from departments, work groups, and individuals; precise and measurable

question

operational plans

answer

developed at the lower levels of the organization to specify action steps toward achieving operational goals and to support tactical plans

question

single-use plans

answer

developed to achieve a set of goals that are not likely to be repeated in the future; programs and projects

question

standing plans

answer

ongoing plans that provide guidance for tasks or situations that occur repeatedly within the organization; policies, rules, procedures

question

levels of strategy

answer

corporate, business, functional

question

corporate-level strategy

answer

pertains to the organization as a whole and the combination of business units and product lines that make up the corporate entity (What business are we in?)

question

business-level strategy

answer

pertains to each business unit or product line (How do we compete?)

question

functional-level strategy

answer

pertains to the major functional departments within the business unit (How do we support the business-level strategy?)

question

strategic management process

answer

evaluate current mission, goals, and strategies; scan external environment; identify strategic factors; define new mission, goals, and strategies; formulate strategy; execute strategy via changes in leadership/culture, structure, human resources, and communication systems

question

BCG matrix

answer

organizes business along two dimensions - business growth rate and market share

question

business growth rate

answer

how rapidly the entire industry is increasing

question

market share

answer

defines whether a business unit has a larger or smaller share than competitors

question

stars

answer

high market share and high business growth rate; rapid growth and expansion

question

question marks

answer

low market share and high business growth rate; new ventures - risky, a few become stars, others are divested

question

cash cows

answer

high market share and low business growth rate; milk to finance question marks and stars

question

dogs

answer

low market share and low business growth rate; no investment, keep if some profit, consider divestment

question

decision making

answer

process of identifying problems and opportunities and then resolving them

question

classical model of decision making

answer

based on rational economic assumptions and manager beliefs about what ideal decision making should be; normative - defines how much a decision maker should make decisions

question

decision-making process

answer

recognition of decision requirement, diagnosis and analysis of causes, development of alternatives, selection of desired alternative, implementation of chosen alternative, evaluation and feedback

question

administrative model

answer

describes how managers make decisions in situations that are characterized by uncertainty and ambiguity

question

descriptive

answer

describes how managers actually make decisions, rather than how they should make decisions according to a theoretical model

question

bounded rationality

answer

people have the time and cognitive ability to process only a limited amount of information on which to base decisions

question

satisficing

answer

choosing the first alternative that satisfies minimal decision criteria, regardless of whether better solutions are presumed to exist

question

intuition

answer

quick comprehension of a decision situation based on past experience but without conscious thought

question

authority

answer

formal and legitimate right of a manager to make decisions, issue orders, and allocate resources to achieve organizationally desired outcomes: positions not people, flows down vertically, accepted by subordinates

question

responsibility

answer

duty to perform the task or activity as assigned

question

delegation

answer

process managers use to transfer authority and responsibility to positions below them in the hierarchy

question

span of management

answer

(span of control) number of employees reporting to a supervisor; determines how closely a supervisor can monitor subordinates

question

horizontal structure

answer

breaking barriers between departments

question

discrimination

answer

occurs when someone acts out their negative attitudes toward people who are the targets of their prejudice

question

diversity in corporate America

answer

unprecedented generational diversity, aging workers, increased diversity, growth in woman workers

question

diversity

answer

all ways in which people differ

question

Title VII of the Civil Rights Act

answer

sexual harassment in the classroom; generalized, inappropriate/offensive, solicitation with promise of reward, coercion with threat of punishment, sexual crimes and misdemeanors

question

stereotype

answer

rigid, exaggerated, irrational beliefs associated with a particular group of people

question

perceptual distortions

answer

errors in perceptual judgment that arise from inaccuracies in any part of the perception process

question

Big Five personality factors

answer

extroversion, agreeableness, conscientiousness, emotional ability, openness to experience

question

extroversion

answer

degree to which a person is outgoing, sociable, assertive, and comfortable with interpersonal relationships

question

agreeableness

answer

degree to which a person is able to get along with others by being good-natured, likable, cooperative, forgiving, understanding, and trusting

question

conscientiousness

answer

degree to which a person is focused on a few goals, thus behaving in ways that are responsible, dependable, persistent, and achievement-oriented

question

emotional stability

answer

degree to which a person is calm, enthusiastic, and self-confident, rather than tense, depressed, moody, or insecure

question

openness to experience

answer

degree to which a person has a broad range of interests and is imaginative, creative, artistically sensitive, and willing to consider new ideas

question

locus of control

answer

how people perceive the cause of life events, whether they place the primary responsibility within themselves or on outside forces

question

leadership

answer

the ability to influence people toward the attainment of goals; leaders are involved with other people in the achievement of goals

question

servant leader

answer

transcends self-interest to serve others, the organization, and society; operate on two levels: for the fulfillment of their subordinates' goals and needs and for the realization of the larger purpose or mission of their organization

question

levels of leadership

answer

individual, team member, manager, leader, executive

question

individual

answer

level 1 leader; capable - contributes talent, skills, knowledge

question

team member

answer

level 2 leader; contributing - contributes individually; works well in group

question

manager

answer

level 3 leader; component - manages team members and assets to reach set objectives

question

leader

answer

level 4 leader; effective - stimulates high standards, champions dedication to vision

question

executive

answer

level 5 leader; builds excellence through dedication and humility

question

leadership traits

answer

distinguishing personal characteristics of a leader, such as intelligence, honesty, self-confidence, and even appearance;

question

situational model of leadership

answer

originated with Hershey Blanchard; focuses on the characteristics of followers in determining appropriate leadership behavior; directing, coaching, entrusting, supporting

question

directing style

answer

high focus on task needs, low focus on people needs; authoritative leader provides detailed goals and tasks, closely monitors operations and performance; used with low readiness, low ability, and lack of confidence in employees

question

coaching style

answer

high focus on task needs, high focus on people needs; dual-focus leader provides task instruction and personal support; used with employees with moderate readiness because of confidence to proceed but lack ability

question

entrusting style

answer

low focus on task needs, low focus on people needs; delegating leader displays little focus on either task or people needs; used with high readiness because of ability and confidence to perform tasks in employees

question

supporting style

answer

low focus on task needs, high focus on people needs; engaging leader encourages, supports, consults with, and develops followers' skills and confidence; used with employees with moderate readiness because of ability but lack confidence and need personal support

question

motivation

answer

forces either within or external to a person that arouse enthusiasm and persistence to pursue a certain course of action; affects productivity

question

model of motivation

answer

need - behavior - rewards - feedback

question

need

answer

creates desire to fulfill needs (money, friendship, recognition, achievement)

question

behavior

answer

results in actions to fulfill needs

question

rewards

answer

satisfy needs; intrinsic or extrinsic rewards

question

feedback

answer

reward informs person whether behavior was appropriate and should be used again

question

equity theory

answer

focuses on individuals' perceptions of how fairly they are treated compared with others; developed by J. Stacy Adams; proposes that people are motivated to seek social equity in the rewards that they receive for performance

question

expectancy theory

answer

motivation depends on individuals' expectations about their ability to perform tasks and receive desired rewards; associated with Victor Vroom; concerned with the thinking process that individuals use to achieve rewards

question

communication

answer

the process by which information is exchanged and understood by two or more people, usually with the intent to influence or motivate behavior

question

communication channels

answer

medium by which the message is sent; phone call, email, formal report, face-to-face conversation

question

channel richness

answer

amount of information that can be transmitted during a communication episode; ability to handle multiple cues simultaneously, ability to facilitate rapid, two-way feedback, and ability to establish a personal focus for the communication

question

nonverbal communication

answer

messages sent through human actions and behavior rather than through words

question

grapevine

answer

informal, person-to-person communication network that is not officially sanctioned by the organization; links employees in all directions ranging from CEO through middle management, support staff, and line employees

question

crisis communication

answer

stay calm, listen hard; be visible; get the awful truth out; communicate a vision for the future

question

team

answer

unit of two or more people who interact and coordinate their work to accomplish a common goal to which they are committee and hold themselves mutually accountable

question

self-managed teams

answer

5-20 multiskilled workers who rotate jobs to produce an entire product or service or at least one complete aspect or portion of a product or service; teams themselves take responsibility for their work, make decisions, monitor their own performance, and alter their work behavior as needed to solve problems, meet goals, and adapt to changing conditions

question

team effectiveness

answer

organizational context - team type, team characteristics, team composition - team processes - work team effectiveness

question

organizational context

answer

leadership, environment, culture, strategy, reward, control systems

question

team type

answer

formal, self-managed, virtual/global

question

team characteristics

answer

size, diversity, roles

question

team composition

answer

knowledge and skills, benefits and costs

question

team processes

answer

stages of development, cohesiveness, norms, conflict resolution

question

work team effectiveness

answer

productive output, personal satisfaction, capacity to adapt and learn

question

virtual teams

answer

group made up of geographically or organizationally dispersed members who are linked primarily through advanced information and telecommunications technologies

question

balanced scoreboard

answer

comprehensive management control system that balances traditional financial measures with operational measures relating to a company's critical success factors; financial performance, customer service, internal business processes, the organization's capacity for learning and growth

question

feedback control model

answer

establish strategic goals - establish standards of performance - measure actual performance - compare performance to standards - take corrective action or provide reinforcement

question

total quality management

answer

organization wide effort to infuse quality into every activity in a company through continuous improvement

question

hierarchical control

answer

monitoring and influencing employee behavior through extensive use of rules, policies, hierarchy of authority, written documentation, reward systems, and other formal mechanisms

question

financial statements

answer

balance sheet, income statement

question

balance sheet

answer

shows the firm's financial position with respect to assets and liabilities at a specific point in time

question

income statement

answer

summarizes the firm's financial position with respect to assets and liabilities at a specific point in time

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