Business Management Exam 1 Questions and Answers ( Graded A)

Business Management Exam 1 Questions and Answers ( Graded A) 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 with 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. legal-political - ANS- 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 - ANS- Direct working relationship Customers - ANS- organizations output Competitors - ANS- same set of customers-same industry Suppliers - ANS- Romitello materials Supply chain - ANS- flow of products or services Labor market - ANS- hiring people Availability - ANS- unions- Investment in human resources Environmental uncertainty - ANS- Lack of sufficient information Strategic issues - ANS- Events or forces- Likely to alter abilities to achieve objectives bullet Boundary spanning rolls - ANS- detecting process information about changes in the environmentPolitical lobbying- - ANS- business intelligence- Competitive intelligence Equitable solution to conflicts - ANS- everyone profits- Sharing- Feedback and solving problems bullet joint venture - ANS- alliance or program bullet internal environment bullet bullet the internal Classical Perspective - ANS- early study of management. Bureaucratic Organizations - ANS- emphasizes management on an impersonal, rational, basis through elements such as clearly defined authority and responsibility, formal record keeping, and separation of management and ownership. Administrative Principles Approach - ANS- -a subfield of the classical perspective -focuses on the total organization rather then the workers - Humanistic Approach - ANS- emphasizes the the importance of understanding human behaviors, needs and attitudes in the workplace as well as social interactions and group processes. Hawthorne Studies - ANS- a series of research efforts that was important in shaping ideas concerning how managers should treat workers. Theory X - ANS- - the average human dislikes work Theory Y - ANS- - the average human being does not dislike work. Management Science - ANS- -uses mathematics, statistical techniques, and computer technology to facilitate management decision making for complex problems. Systems thinking - ANS- - is the ability to see both the distinct elements of a system or situation and the complex and changing interaction among those elements. System - ANS- is a set of interrelated parts that function as a whole to achieve a common purpose. Total Quality Management (TQM) - ANS- focuses on managing the total organization to deliver better quality to customers Organizational Environment - ANS- includes all elements existing outside the boundary of the organization that have the potential to affect the organization. General Environment - ANS- indirectly influences all organizations within an industry and includes five dimensions. Organizational Ecosystems - ANS- includes organizations in all sectors of the task and general environments that provide the resource and information transactions, flows, and linkages necessary for an organization to thrive