Business Management Chapter 1-5 Exam Questions With Correct Answers

organization - Answer a group of people who work together to achieve some specific purpose management - Answer pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading and controlling the organization's resources efficient - Answer cheap and wise effective - Answer get it done Management process(Four Management Functions) - Answer Planning Organizing Leading Controlling Competitive Advantage - Answer Ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them Sustainable Competitive Advantage - Answer Must stay ahead in: Response to customers Innovation Quality Efficiency Managing for diversity - Answer 1/6 American Workers is foreign born Maximize the contributions of employees Diverse in gender, age, race, ethnicity & sexual orientation Managing for Globalization - Answer verbal expressions & gestures don't have the same meaning to everyone throughout the world Managing for I.T. - Answer consumers spend trillions online e-business: use the internet to facilitate every aspect of the business Managing for Ethical Standards - Answer balance sales & business w/ethics safety environment sucking up trash talking Managing for Sustainability - Answer the Business of Green U.S. Chamber of Commerce is resistant to climate change legislation Managing for Happiness and Meaningfulness - Answer Truly like people, enjoy mentoring & helping others grow and thrive Traditional Management Pyramid - Answer Top Manager Middle Manager First-Line Manager Team Leader Top Manager - Answer long-term decisions about the overall direction of the organization establish objectives, policies, & strategies for it attentive Middle Manager - Answer Implement policies & plans of the top managers above them & supervise & coordinate the activities of the First-Line Managers Organized Deal w/people First-Line Managers - Answer Short-term operating decisions (hiring/firing) direct daily tasks starting place for managers Team Leaders - Answer Responsible for facilitating team activities toward achieving key results may not have authority over others resolve conflicts Functional Management - Answer Responsible for just one organizational activity General (Line Managers) - Answer Responsible for several organizational activities For Profit - Answer formed to make money measured in gain/loss Non-Profit - Answer Known as "administrators" offer services to clients, not to make a profit for offering services measured in effectiveness Mutual Benefit Organizations - Answer for aiding members advance members' interests i.e. political parties measured in effectiveness Technical Skills - Answer ability to perform a certain job consist of the job specific knowledge needed to perform well in a specialized field lower levels of management Conceptual Skills - Answer ability to think analytically consist of the ability to think analytically, to visualize an organization as a whole and understand how the parts work together important for top managers Human Skills - Answer "soft skills": ability to motivate, inspire trust & communicate w/others ability to interact w/people definition: ability to work well in cooperation w/other people to get things done necessary for all managers Valued Traits - Answer ability to motivate & engage others ability to communicate work experience outside the U.S. high energy levels to meet the demands of global travels and a 24/7 world Manager's Roles - Answer verbal over written communication no breaks coffee in meetings and lunch = formal/informal meetings start w/50 hours (up to 90 hours) weekend work decreasing hours for family time(time still promoted) short "sprints" of work subordinates fill free time no division between work/non-work hours w/tech Interpersonal - Answer interact w/people inside and outside their work units figurehead/leader/liaison role Informational - Answer Managers receive and communicate info monitor, disseminator, and spokesperson Decisional - Answer managers use info to make decisions to solve problems or take advantage of an opportunity entrepreneur, disturbance handler, resource allocator, negotiator