Principles of Management Final Exam with Complete Solutions 2024

Principles of Management Final Exam with Co mplete Solutions 2024 External Environments ✔️✔️All events outside a company that have the potential to influence or affect it Environmental Change ✔️✔️The rate at which a company's general and specific environments change Stable Environment ✔️✔️An environment in which the rate of change is slow Dynamic Environment ✔️✔️An environment in which the rate of change is slow Punctuated Equilibrium Theory ✔️✔️The theory that companies go through long periods of stability, followed by short periods of dynamic, fundamental change, and finishing with a return to stability Environmental Complexity ✔️✔️The number and the intensity of external factors in the environment that affects organizations Simple Environment ✔️✔️An environment with few environmental factors Complex Environment ✔️✔️An environment with many environmental factors Resource scarcity ✔️✔️The abundance or shortage of critical organizational resources in an organization's external environment Uncertainty ✔️✔️Extent to which managers can understand or predict which environmental changes and trends will affect their businesses General Environment ✔️✔️The economic, technological, sociocultural, and political trends that indirectly affect all organizations Specific Environment ✔️✔️The customers, competitors, suppliers, industry regulations, and advocacy groups that are unique to an industry and directly affect how a company does business Business Confidence Indices ✔️✔️Indices that show managers' level of confidence about future business growth Technology ✔️✔️The knowledge, tools, and techniques used to transform input into output Competitors ✔️✔️Companies in the same industry that sell similar products or services to customers Competitive Analysis ✔️✔️A process for monitoring the competition that involves identifying competition, anticipating their moves, and determining their strengths and weaknesses Suppliers ✔️✔️Companies that provide material, human, financial, and informational resources to other companies Supplier Dependence ✔️✔️The degree to which a company relies on a supplier because of the importance of the supplier;s product to the company and the difficulty of finding other sources of that product Buyer Dependence ✔️✔️The degree to which a supplier relies on a buyer because of the importance of that buyer to the supplier and the difficulty of finding other buyers for it's products Opportunistic Behavior ✔️✔️A transaction in which one party in the relationship benefits at the expense of the other Relationship Behavior ✔️✔️The establishment of mutually beneficial, long -term exchanges between buyers and suppliers Industry Regulation ✔️✔️Regulations and rules that govern the business practices and procedures of specific industries, businesses, and professions Advocacy Groups ✔️✔️Concerned citizens who band together to try to influence the business practices of specific industries, businesses and professions Public Communications ✔️✔️An advocacy group tactic that relies on voluntary participation by the news media and the advertising industry to get the advocacy group's message out Media Advocacy ✔️✔️An advocacy group tactic that involves framing issues as public issues Product Boycott ✔️✔️An advocacy group tactic that involves protesting a company's actions by persuading consumers not to purchase it's product or service Environmental Scanning ✔️✔️Searching the environment for important events or issues that might affect an organization Internal Environment ✔️✔️The events and trends inside an organization that affect management, employees, and organizational culture Organizational Culture ✔️✔️The values, beliefs, and attitudes shared by organizational members Organizational Stories ✔️✔️Stories told by organizational members to make sense of organizational events and changes and to emphasize culturally consistent assumptions, decisions, and actions Organizational Heroes ✔️✔️People celebrated for their qualities and achievements within an organization Company Vision ✔️✔️A company's purpose or reason for existing Consistent Organizational Culture ✔️✔️A company culture in which the company actively defines and teaches organizational values, beliefs, and attitudes Behavioral Addition ✔️✔️The process of having managers and employees perform new behaviors that are central to and symbolic of the new organizational culture that a company wants to create Behavioral Substitution ✔️✔️The process of having managers and employees perform new behaviors central to the "new" organizational culture in place of behaviors that were central to the "old" organizational culture Visible Artifacts ✔️✔️Visible signs of an organization's culture, such as the office design and layout, company dress code, and company benefits and perks, like stock options, personal parking spaces, or the private company dinning room Ethics ✔️✔️The set of moral principles or values that defines right and wrong for a person or group Ethical Behavior ✔️✔️Behavior that conforms to a society's accepted principles of right and wrong