QUESTIONS AND CORRECT ANSWERS
What is Management? - ✔✔Management is the process of achieving
Organizational objectives through people and other resources. The Manager's
job is to combine Human and Technical resources in the best way possible to
achieve the company's goals.
How do the jobs of top managers, middle managers, and supervisory managers
differ? - ✔✔Top managers design long term plans, set a direction for their
organization and inspire all employees to achieve the company's vision. Middle
managers focus on the specific mission and operations, products, or customers.
They develop procedures to implement the company's strategic plans.
Supervisory interact directly with non-management employees, who produce
and sell the companies goods and services. They are responsible for
implementing the plans developed by middle managers and motivating workers
to accomplish daily, weekly, and monthly goals.
What is the relationship between the managers planning and controlling
functions? - ✔✔Controlling assess the success of the planning function.
Controlling also produces feedback for the next round of planning.
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,What is meant by a vision for the company? - ✔✔A vision serves as a target for
the company's actions, helping direct the company towards opportunities and
differentiating it from its competitors.
Why is it important for a top executive to set high ethical standards? - ✔✔High
ethical standards often result in a stable workforce, job satisfaction, and
customer loyalty.
Outline the planning process. - ✔✔Some plans are very broad and long range,
focusing on key organizational objectives; others are more detailed and specify
how particular objectives will be achieved. From the mission statement to
objectives to specific plans, each phase must fit into comprehensive planning
framework.
Describe the purpose of tactical planning. - ✔✔The purpose of tactical planning
is to determine which short-term activities should be implemented to
accomplish the companies overall strategy.
Compare the kinds of plans made by top managers and middle managers. -
✔✔Top managers focus on long-range, strategic plans. In contrast, middle-level
managers focus on short term tactical planning.
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, What is the purpose of a mission statement? - ✔✔A mission statement is a
companies written explanation of its purpose, the reason it exists, the
customers it will serve, and how it is different from its competitors. A mission
statement guides the actions of its company, managers, and employees.
Which of a company's characteristics does a SWOT analysis compare? -
✔✔Strength, Weaknesses, Opportunities and Threats Compared to its
competitors.
How do managers use objectives? - ✔✔Objectives set guideposts by which
managers define the organizations desired performance in such areas as new
product development, sales, customer service, and employee satisfaction.
Distinguish between programmed and nonprogrammed decisions. -
✔✔Programmed decisions are like ordering office supplies, simple and happen
frequently- they are streamlined. Non-programmed are like entering a new
market or launching a new product- they require more individual evaluation.
What are they steps in the decision-making process? - ✔✔Recognition of
problem or opportunity, development of alternatives, evaluation of
alternatives, selection and implementation of chosen alternative, and follow up
to determine the effectiveness of the decision.
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