Chapter 1 Business Management Questions and Answers ( 100% pass)

Chapter 1 Business Management Questions and Answers ( 100% pass) Management - ANS- the process of planning, organizing, leading, and controlling an organization's financial, physical, human, and information resources to achieve its goals Planning - ANS- Management process of determining what an organization needs to do and how best to get it done Three Main Components of Planning - ANS- 1. Determine goals 2. Develop a comprehensive strategy for achieving those goals 3. Design tactical and operational plans for implementing the strategy Organization - ANS- Determining the best way to arrange a business's resources and activities into a coherent structure Leading - ANS- Management process of guiding and motivating employees to meet an organization's objectives Controlling - ANS- Process of monitoring a firm's performance to make sure that it is meeting its goals Top Managers - ANS- Are responsible for a firm's overall performance and effectiveness Middle Managers - ANS- Implement the strategies and work toward the goals set by top managers First-Line Managers - ANS- Supervise the work of employees Human Resource Mangers - ANS- Hire and train employees, evaluate performance, and determine compensation Operations Mangers - ANS- Responsible for ensuring that operations processes create value and provide benefits to customers Marketing Managers - ANS- Plans and implements the marketing activities that result in the transfer of products from producer to consumer Information Managers - ANS- Operate the systems used for getting, organizing, and distributing information Financial Managers - ANS- Plan and oversee its accounting functions and financial resources Technical Skills - ANS- The skills needed to perform specialized tasks Human Relation Skills - ANS- Skills in understanding and getting along with people Conceptual Skills - ANS- People's ability to think in the abstract, to diagnose and analyze different situations, and to see beyond the present situation Decision-Making Skills - ANS- The ability to define problems and to select the best course of action Time Management Skills - ANS- The productive use that managers make of their time Strategic Management - ANS- The process of helping an organization maintain an effective alignment with its environment Goals - ANS- Objectives that a business hopes and plans to achieve Strategy - ANS- Broad set of organizational plans for implementing the decisions made for achieving organizational goals Mission Statements - ANS- Statement of how they will achieve their purposes in the environments in which they conduct their businesses Long-Term Goals - ANS- Goal set for an extended time, typically five years or more into the future Intermediate Goals - ANS- Goal set for a period of one to five years into the future Short-Term Goals - ANS- Goal set for the very near future Corporate Strategy - ANS- Strategy for determining a firm's overall attitude toward growth and the way it will manage its businesses or product lines Business Strategy - ANS- Strategy at the business-unit or product-line level focusing on improving a firm's competitive position Functional Strategy - ANS- Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity Strategy Formulation - ANS- Creation of a broad program for defining and meeting an organization's goals Strategic Goals - ANS- Goal derived directly from a firm's mission statement SWOT Analysis - ANS- Identification and analysis or organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation Environmental Analysis - ANS- Process of scanning the business environment fro threats and opportunities Organizational Analysis - ANS- Process of better understand a company's strengths and weaknesses Strategic Plans - ANS- Plan reflecting decisions about resource allocations, company priorities, and the steps needed to meet strategic goals Tactical Plans - ANS- Are shorter-term plans for implementing specific aspects of the company's strategic plans Operational Plans - ANS- Developed by mid-level and lower-level mangers, set short-term targets for daily, weekly, or monthly performance Contingency Planning - ANS- Seeks to identify in advance important aspects of a business or its market that might change Crisis Management - ANS- An organization's methods for dealing with emergencies Corporate Culture - ANS- Shared experiences, stories, beliefs, and norms that characterize an organization