Business Management Exam 1 Questions And Answers

Business Management Exam 1 Questions And Answers Four Management Functions - ANS 1. Planning 2. Organizing 3. Leading 4. Controlling Management Skills - ANS 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) - ANS -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 the near future. -First-line managers - Production of goods and services. Horizontal Differences - ANS 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 - ANS 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 - ANS -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: - ANS 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 - ANS legal and political influence -Political Stability -property rights -contract rights -regulation Economic Forces - ANS -Availability and distribution of resources -Changes in supply and demand -Credit Availability External environment (international) - ANS 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 - ANS includes scientific and technological advancements in a specific industry, as well as society at large. sociocultural - ANS represents the demographic characteristics as well as the norms, customs, and values of the general population. population, age, education levels. economic - ANS 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.