SOM 122 EXAM #2 ACCURATE STUDY GUIDE
Management - Answers - getting work done through others
Management Process - Answers - set of activities that are directed towards an
organization's resources with the aim of accomplishing goals in an effective and efficient
way
Basic Task of Management - Answers - -transform resources: outputs > inputs
-motivate using vision, training, and experience
Efficency - Answers - getting work done through minimal effort or waste
-efficient with THINGS
Effectiveness - Answers - setting/achieving a goal
-More important because you are effective with PEOPLE
Management Process Inputs - Answers - human, financial, physical, and informational
resources (factors of production)
Management Process - Answers - 1. planning
2.organizing - roles of employees
3.controlling - assessment of performance
4.leading - motivating employees to execute their roles
Management Process Outputs - Answers - goals attained efficiently and effectively
Three Levels of Management (Highest Level) - Answers - Top Managers: Presidents,
CEO, VP, CFO
-responsible for overall performance
-represent firms w/ other firms and government bodies
Three Levels of Management (Middle Level) - Answers - Middle Managers: division,
plant, regional sales manager
-responsible for implementing strategies which top managers have set
Three Levels of Management (Lowest Level) - Answers - 1st line managers: supervisor,
sales manager
-responsible of supervising work of employees who report to them
-train employees
Basic Managerial Roles - Answers - Interpersonal:
-figurehead= attend ribbon cutting
-leader= encourage workers
, -liason= coordinating activities of 2 project groups
Basic Managerial Roles - Answers - Informational:
-monitor= scanning industry reports
-disseminator= sending memos outlining new organization initiatives
-spokesperson= speeches to discuss growth plans
Basic Managerial Roles - Answers - Decisional:
-Entrepreneur= developing new ideas
-Disturbance Handler
-Resource Allocator
-Negotiator
Why Firms Need Strategy - Answers - 1.) Strategy as Decision Support (quality decision
making)
2.) Strategy as Coordinating Device (consistency)
3.) Strategy as Target (sets high aspirations)
Common Elements of Successful Strategy - Answers - 1.) Vision: clear long-term goal
2.) Internal Analysis and External Analysis: PEST
3.) Effective Implementation: strategy into action
Levels of Strategy - Answers - corporate, business, functional
corporate level strategy - Answers - all aspects of business, who gets what resources
business level strategy - Answers - how to compete successfully in particular markets
(related to Strategic Business Unit)
Functional-level strategy - Answers - how component parts deliver corporate level
strategies
-ex: product line, transport/delivery
* all must be align to be align with the corporate strategy
The Strategy Process - Answers - 1.) set strategic goals
2.) analyze the organization/environment
3.) Match organization/environment
4.) Formulate Strategy
Decision Making - Answers - process of developing and analyzing alternatives and
making a choice
Programmed Decision - Answers - well structured, routine, repetitive, usually take place
at lower levels in the organization
Management - Answers - getting work done through others
Management Process - Answers - set of activities that are directed towards an
organization's resources with the aim of accomplishing goals in an effective and efficient
way
Basic Task of Management - Answers - -transform resources: outputs > inputs
-motivate using vision, training, and experience
Efficency - Answers - getting work done through minimal effort or waste
-efficient with THINGS
Effectiveness - Answers - setting/achieving a goal
-More important because you are effective with PEOPLE
Management Process Inputs - Answers - human, financial, physical, and informational
resources (factors of production)
Management Process - Answers - 1. planning
2.organizing - roles of employees
3.controlling - assessment of performance
4.leading - motivating employees to execute their roles
Management Process Outputs - Answers - goals attained efficiently and effectively
Three Levels of Management (Highest Level) - Answers - Top Managers: Presidents,
CEO, VP, CFO
-responsible for overall performance
-represent firms w/ other firms and government bodies
Three Levels of Management (Middle Level) - Answers - Middle Managers: division,
plant, regional sales manager
-responsible for implementing strategies which top managers have set
Three Levels of Management (Lowest Level) - Answers - 1st line managers: supervisor,
sales manager
-responsible of supervising work of employees who report to them
-train employees
Basic Managerial Roles - Answers - Interpersonal:
-figurehead= attend ribbon cutting
-leader= encourage workers
, -liason= coordinating activities of 2 project groups
Basic Managerial Roles - Answers - Informational:
-monitor= scanning industry reports
-disseminator= sending memos outlining new organization initiatives
-spokesperson= speeches to discuss growth plans
Basic Managerial Roles - Answers - Decisional:
-Entrepreneur= developing new ideas
-Disturbance Handler
-Resource Allocator
-Negotiator
Why Firms Need Strategy - Answers - 1.) Strategy as Decision Support (quality decision
making)
2.) Strategy as Coordinating Device (consistency)
3.) Strategy as Target (sets high aspirations)
Common Elements of Successful Strategy - Answers - 1.) Vision: clear long-term goal
2.) Internal Analysis and External Analysis: PEST
3.) Effective Implementation: strategy into action
Levels of Strategy - Answers - corporate, business, functional
corporate level strategy - Answers - all aspects of business, who gets what resources
business level strategy - Answers - how to compete successfully in particular markets
(related to Strategic Business Unit)
Functional-level strategy - Answers - how component parts deliver corporate level
strategies
-ex: product line, transport/delivery
* all must be align to be align with the corporate strategy
The Strategy Process - Answers - 1.) set strategic goals
2.) analyze the organization/environment
3.) Match organization/environment
4.) Formulate Strategy
Decision Making - Answers - process of developing and analyzing alternatives and
making a choice
Programmed Decision - Answers - well structured, routine, repetitive, usually take place
at lower levels in the organization
