Business Exam #2 – Flashcards
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A cowboy who herded cattle in the pampas of Argentina and Uruguay.
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Gaucho
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When the finance department aims for a 3 percent increase in return on investment in three years.
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Intermediate goal
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Strategy takes place at level of the product line and focuses on firm's competitive position.
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Business strategy
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Element of an organization is defined by shared experiences, stories, beliefs, and norms.
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Corporate culture
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It can direct employees efforts toward goals
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True about corporate culture
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Determining how best to arrange an organization's resources into a coherent structure
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Identify the organizing function of the management process
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Monitoring a firm's performance to ensure that it is meeting its goals.
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Identify the controlling function of the management process
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Type of business constituent has titles such as President and CEO
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Top managers
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Steve motivates employees by rewarding them with additional vacation when standards are achieved.
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Example of Leading function in the management process
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Top managers
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Level of management that is responsible for the overall performance and effectiveness of the firm
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Titles such as plant manager, operations manager, and division manger designate this level of management
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Middle managers
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Responsible for production and quality control
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Operations manager
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Managers directly responsible for getting products from producers to consumers.
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Marketing managers
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An organization's statement of how it will achieve its purpose in the environment in which it conducts business.
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Describe a Mission
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Titles like CFO and controller
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Financial manager
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Clarifies structure and shows employees where they fit into a firm's operations
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Organization charts
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Main organizational characteristic of decentralized firms.
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Flat
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Authority given to a special group of employees that play a central roles in the firm's daily operations.
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Committee and team
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Type of departments linked to the production and sales of specific products
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Line departments
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Everyday social interaction among employees that transcend formal jobs and job interrelationships.
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Informal organization
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At Chaparral Steel, some employees transport scrap steel while others operate shredding equipment.
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Specialization
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Dividing a store into a men's department, a women's department, and a luggage department
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Customer departmentalization
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Companies with centralized authority systems typically require multiple layers of management
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Tall organizational structure
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Preferred span of control when jobs are more diversified or prone to change.
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Narrow
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Begins when a manager assigns responsibility to a subordinate
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Delegation
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The obligation employees have to their manager for the successful completion of an assigned task
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Accountability
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Structure that relies on product departmentalization
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Divisional
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Type of organization seeks to integrate continuous improvements with continuous employee development
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Leaning
