MGMT 100 Exam 4 Questions And
Outlined Answers
what is management
an art that can be learned, the art of getting things done through people
4 principle functions of management
planning--> organizing-->leading--> controlling
levels of management
non-managerial employees, team leaders, first-line managers, middle managers, top managers
board of directors
a group elected to govern a company or organization, set strategic direction, averse
management, and protect shareholder interest
Hawthorne studies
employees work harder if they receive additional attention, if they think managers care about
their welfare, and if they think that their supervisors pay attention to them
contingency theories
developed when managers discovered that better results come by breaking the 'one-best-way'
rule; there is not one best way to manage
ethical dilemma
deciding whether or not to benefit yourself or the public
external stakeholders
general environment, task environment
shareholders
, owners of a company
licensing
way of expanding; middle-risk level investment
benefits of globalization
availability of supplies, new markets, lower labor costs, access to finance capital, avoidance of
tariffs & import quotas
ethnocentric managers
"we know best"
polycentric managers
"they know best"
geocentric managers
"whats best is what effective, regardless of origin"
quality control
ensures products & services meet specific standards of excellence & customer requirements
operational planning
done by first-line managers for the next 1-52 weeks, goals-->action plans
cost-focus strategy
keeping costs & prices low for a narrow market
SWOT analysis (tool for competitive advantage)
strengths, weakness, opportunities, threats
VRIO analysis (tool for competitive advantage)
value, rarity, imitability, organization
MBO
management by objectives
benefits of group decision making
greater pool of knowledge, different perspectives, intellectual stimulation, better understanding
of decision rationale
Outlined Answers
what is management
an art that can be learned, the art of getting things done through people
4 principle functions of management
planning--> organizing-->leading--> controlling
levels of management
non-managerial employees, team leaders, first-line managers, middle managers, top managers
board of directors
a group elected to govern a company or organization, set strategic direction, averse
management, and protect shareholder interest
Hawthorne studies
employees work harder if they receive additional attention, if they think managers care about
their welfare, and if they think that their supervisors pay attention to them
contingency theories
developed when managers discovered that better results come by breaking the 'one-best-way'
rule; there is not one best way to manage
ethical dilemma
deciding whether or not to benefit yourself or the public
external stakeholders
general environment, task environment
shareholders
, owners of a company
licensing
way of expanding; middle-risk level investment
benefits of globalization
availability of supplies, new markets, lower labor costs, access to finance capital, avoidance of
tariffs & import quotas
ethnocentric managers
"we know best"
polycentric managers
"they know best"
geocentric managers
"whats best is what effective, regardless of origin"
quality control
ensures products & services meet specific standards of excellence & customer requirements
operational planning
done by first-line managers for the next 1-52 weeks, goals-->action plans
cost-focus strategy
keeping costs & prices low for a narrow market
SWOT analysis (tool for competitive advantage)
strengths, weakness, opportunities, threats
VRIO analysis (tool for competitive advantage)
value, rarity, imitability, organization
MBO
management by objectives
benefits of group decision making
greater pool of knowledge, different perspectives, intellectual stimulation, better understanding
of decision rationale
