Business Management Chapter 1-5 Exam Questions And Answers

Business Management Chapter 1-5 Exam Questions And Answers organization - ANS a group of people who work together to achieve some specific purpose management - ANS pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading and controlling the organization's resources efficient - ANS cheap and wise effective - ANS get it done Management process(Four Management Functions) - ANS Planning Organizing Leading Controlling Competitive Advantage - ANS Ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them Sustainable Competitive Advantage - ANS Must stay ahead in: Response to customers Innovation Quality Efficiency Managing for diversity - ANS 1/6 American Workers is foreign born Maximize the contributions of employees Diverse in gender, age, race, ethnicity & sexual orientation Managing for Globalization - ANS verbal expressions & gestures don't have the same meaning to everyone throughout the world Managing for I.T. - ANS consumers spend trillions online e-business: use the internet to facilitate every aspect of the business Managing for Ethical Standards - ANS balance sales & business w/ethics safety environment sucking up trash talking Managing for Sustainability - ANS the Business of Green U.S. Chamber of Commerce is resistant to climate change legislation Managing for Happiness and Meaningfulness - ANS Truly like people, enjoy mentoring & helping others grow and thrive Traditional Management Pyramid - ANS Top Manager Middle Manager First-Line Manager Team Leader Top Manager - ANS long-term decisions about the overall direction of the organization establish objectives, policies, & strategies for it attentive Middle Manager - ANS Implement policies & plans of the top managers above them & supervise & coordinate the activities of the First-Line Managers Organized Deal w/people