Flashcards on Understanding Business Chapter 7

After 8 years of working for a company that installed underground sprinkling systems for golf courses, Jake was ready to venture into his own business. As he prepared his SWOT analysis, he evaluated where he stood at this time. He was fortunate to have $100,000 financing to get the business under way. He knew of three skilled installers who were willing and interested to work for him, and he was aware that new construction was at an all-time low, with several residential properties being foreclosed. In reviewing his list, you would categorize these events as __________

Technical skills that apply to the business at hand are most often necessary at __________

Most businesses follow a logical process when performing the planning function. It is important to understand ______________________, before embarking upon creating future long-term goals, objectives, and strategies

The controlling function closes the loop for managers. It answers the question: "Did we succeed in doing what we set out to do?" Which of the following business departments has a very important role in the controlling function?

Contemporary managers ___________

Ben oversaw the work of six pharmaceutical sales managers in the southeast region of the U.S. Each sales manager managed a team of 8-10 pharmaceutical sales representatives that developed relationships with doctors, clinics, hospital pharmacies, and local drug stores. Ben met regularly with four others in his company whose jobs were similar to his position. How would you describe the level of management Ben has achieved?

As managers perform all functions, we recognize that ______________ is required. For example, when making plans, the manager must typically choose between two or three alternatives, sometimes equally good ideas or sometimes ideas that each has its pros and cons.

A mobile veterinary business, Preferred Pet Care, Inc., created a mission statement long before it opened its doors for business. The mission statement referred to the unique characteristics of the business: a traveling pet unit whose veterinarians went to the home of the pet owner, rather than the pet owner bringing the pet to the clinic. What other criteria should be considered for the mission statement?

A traditional tool that serves as a way or organizing the company's current situation is called the SWOT Analysis. This is an acronym for ___________

Jenna started a small business a little less than 10 years ago. The business employed several social workers and nurses that visited and cared for persons who had left hospital care, but were not quite ready to be on their own at home. As the CEO of the firm, Jenna decided it was time to hire a business operations manager and a marketing manager to handle the details of the business. Which of the following functions of management was Jenna performing?

Dave facilitated a hiring committee for his advertising company. Six employees (including two managers) met together to discuss applicants and select the finalists for a creative writer position in the public relations department. Although the head of public relations would have the final nod on the candidate that would ultimately be hired, the evaluative work of the committee was very important because this group would send forward those persons they believed would be good work colleagues. In setting up this type of hiring process, the head of public relations was utilizing a(n) __________ style of leadership.

Sergey Brin and Larry Page were the founders of Google™. Most would agree that they had a superb product, but in order to grow, the company needed more structure. Together, they agreed to hire Eric Schmidt to join the executive team as the executive chairman. Schmidt quickly began performing the __________ function, where he created well-structured departments and hired skilled people to perform the various functions of the business.

Which of the following leadership styles focuses on making decisions without consulting others?

Select the statement that best substantiates why we say, "The role of management is changing."

All managers do planning. Allison is a general manager for a large toy store. Each day she plans the number of employees she will have in each department, including the number of cashiers. She plans the break schedules and the freight delivery schedules. In the business world, we refer to this type of planning as ___________.

____________ is concerned with finding the right information and making that information accessible and understood by everyone in an organization.

__________ planning determines the major goals of an organization and lays the foundation for obtaining and using resources to achieve those goals.

Supervisory managers spend most of their time on:

As a manager, two of Sylvia's strengths are her ability to communicate goals clearly, and her ability to guide, coach, and motivate workers. Based on these strengths, __________ is a management function that Sylvia is likely to be good at performing.