Business Management Exam 1 Questions & Answers Aready Solved 100%

Four Management Functions - Answer 1. Planning 2. Organizing 3. Leading 4. Controlling Management Skills - Answer 1. Conceptual- ability to see the organization as a whole system 2. Human Skills- Managers ability to work with the entire group. 3. Technical Skills- Understanding of and proficiency in the performance of specific tasks. Different levels of manager (Vertical) - Answer -Top manager - setting organizational goals, defining strategies for achieving them, monitoring and interpreting the external environment -Middle managers - implementing the overall strategies and policies defined by top managers, concerning with the near future. -First-line managers - Production of goods and services. Horizontal Differences - Answer i. Functional managers 1. Responsible for a department that performs a single functional task, such as finance or marketing ii. General managers 1. Responsible for several departments that perform different functions, such as the manager of Macy's department store or a Ford automobile factory. Becoming a New Manager - Answer a. Making the shift from individual identity to manager identity i. Specialist; performs tasks à generalist; coordinates diverse tasks ii. Gets things done through own efforts à gets things done through others iii. An individual actor à a network builder iv. Works relatively independently à works in highly interdependent manner Manager roles - Answer -Informational role - activities used to maintain and develop an information network. -Interpersonal role - relationships with others and are related to the human skills -decisional role - events about which the manager must make a choice and take action Social Forces: - Answer Values, needs, standards of behavior influence → Social Contract Examples of Current Social Forces- Workers want Flexible environment Career Opportunity Feel valued, able to influence company Political Forces - Answer legal and political influence -Political Stability -property rights -contract rights -regulation Economic Forces - Answer -Availability and distribution of resources -Changes in supply and demand -Credit Availability External environment (international) - Answer as managers plan for expansions into global markets they have to consider the international dimension, which includes events originating in foreign countries, as well as new opportunities for U.S. companies in other countries. Provides new customers, competitors, suppliers, shapes social, technological, and economic trends as well. technological - Answer includes scientific and technological advancements in a specific industry, as well as society at large. sociocultural - Answer represents the demographic characteristics as well as the norms, customs, and values of the general population. population, age, education levels. economic - Answer represents the general economic health of the country or region in which the organization operates. Consumer purchasing power, the unemployment rate, and interest rates are a part of this. Has become very complex and is uncertain. legal-political - Answer government regulations at the local, state, and federal levels, as well as political activities designed to influence company behavior. Gov't tries not to overregulate business. Task Environment - Answer Direct working relationship Customers - Answer organizations output Competitors - Answer same set of customers-same industry Suppliers - Answer Romitello materials Supply chain - Answer flow of products or services Labor market - Answer hiring people Availability - Answer unions- Investment in human resources Environmental uncertainty - Answer Lack of sufficient information Strategic issues - Answer Events or forces- Likely to alter abilities to achieve objectives bullet Boundary spanning rolls - Answer detecting process information about changes in the environment- Political lobbying- - Answer business intelligence- Competitive intelligence Equitable solution to conflicts - Answer everyone profits- Sharing- Feedback and solving problems