Business Management Chapter 1-5 Questions and Answers ( Graded A)

Business Management Chapter 1-5 Questions and Answers ( Graded A) 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 First-Line Managers - ANS- Short-term operating decisions (hiring/firing) direct daily tasks starting place for managers Team Leaders - ANS- Responsible for facilitating team activities toward achieving key results may not have authority over others resolve conflicts Functional Management - ANS- Responsible for just one organizational activity General (Line Managers) - ANS- Responsible for several organizational activities For Profit - ANS- formed to make money measured in gain/loss Non-Profit - ANS- Known as "administrators"