Principles of Management Exam Questions And Answers Practice Questions with Solutions Newest | Already Graded A+

Principles of Management Exam Questions And Answers Practice Questions with Solutions Newest | Already Graded A+ Dynamic Environment - Answer- An environment in which the rate of change is slow Punctuated Equilibrium Theory - Answer- 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 - Answer- The number and the intensity of external factors in the environment that affects organizations External Environments - Answer- All events outside a company that have the potential to influence or affect it Environmental Change - Answer- The rate at which a company's general and specific environments change Stable Environment - Answer- An environment in which the rate of change is slow Simple Environment - Answer- An environment with few environmental factors Complex Environment - Answer- An environment with many environmental factors Resource scarcity - Answer- The abundance or shortage of critical organizational resources in an organization's external environment Uncertainty - Answer- Extent to which managers can understand or predict which environmental changes and trends will affect their businesses General Environment - Answer- The economic, technological, sociocultural, and political trends that indirectly affect all organizations Specific Environment - Answer- 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 - Answer- Indices that show managers' level of confidence about future business growth Technology - Answer- The knowledge, tools, and techniques used to transform input into output Competitors - Answer- Companies in the same industry that sell similar products or services to customers Competitive Analysis - Answer- A process for monitoring the competition that involves identifying competition, anticipating their moves, and determining their strengths and weaknesses Suppliers - Answer- Companies that provide material, human, financial, and informational resources to other companies Supplier Dependence - Answer- 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 - Answer- 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 - Answer- A transaction in which one party in the relationship benefits at the expense of the other Relationship Behavior - Answer- The establishment of mutually beneficial, long-term exchanges between buyers and suppliers Industry Regulation - Answer- Regulations and rules that govern the business practices and procedures of specific industries, businesses, and professions Advocacy Groups - Answer- Concerned citizens who band together to try to influence the business practices of specific industries, businesses and professions Public Communications - Answer- 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 - Answer- An advocacy group tactic that involves framing issues as public issues Product Boycott - Answer- An advocacy group tactic that involves protesting a company's actions by persuading consumers not to purchase it's product or service Environmental Scanning - Answer- Searching the environment for important events or issues that might affect an organization Internal Environment - Answer- The events and trends inside an organization that affect management, employees, and organizational culture Organizational Culture - Answer- The values, beliefs, and attitudes shared by organizational members Organizational Stories - Answer- Stories told by organizational members to make sense of organizational events and changes and to emphasize culturally consistent assumptions, decisions, and actions Organizational Heroes - Answer- People celebrated for their qualities and achievements within an organization Company Vision - Answer- A company's purpose or reason for existing Consistent Organizational Culture - Answer- A company culture in which the company actively defines and teaches organizational values, beliefs, and attitudes Behavioral Addition - Answer- 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 - Answer- 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 - Answer- 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 - Answer- The set of moral principles or values that defines right and wrong for a person or group Ethical Behavior - Answer- Behavior that conforms to a society's accepted principles of right and wrong Ethical Intensity - Answer- The degree of concern people have about an ethical issue Magnitude of Consequences - Answer- The total harm or benefit derived from an ethical decision Social Consensus - Answer- Agreement on whether behavior is bad or good Probability of Effect - Answer- The chance that something will happen and then harm others Temporal Immediacy - Answer- The time between an act and the consequences the act produces Proximity of Effect - Answer- The social, psychological, cultural, or physical distance between a decision maker and those affected by his or her decisions Concentration of Effect - Answer- The total harm or benefit that an act produces on the average person Preconventional Level of Moral Development - Answer- The first level of moral development, in which people make decisions based on selfish reasons Conventional Level of Moral development - Answer- The second level of moral development, in which people make decisions that societal to societal expectations Postconventional Level of Moral Development - Answer- The third level of moral development, in which people make decisions based on internalized principles Overt Integrity Test - Answer- A written test that estimates job applicant's honesty by directly asking them what they think or feel about theft or about punishment of unethical behaviors Personality-Based Integrity Test - Answer- A written test that indirectly estimates job applicants' honesty by measuring psychological traits, such as dependability and conscientiousness Whistleblowing - Answer- Reporting others' ethics violations to management or legal authorities Social Responsibility - Answer- A business's obligation to pursue policies, make decisions, and take actions that benefit society Shareholder Model - Answer- A view of social responsibility that holds that an organization's overriding goal should be profit maximization for the benefit of shareholders Stakeholder Model - Answer- A theory of corporate responsibility that holds that management's most important responsibility, long-term survival, is achieved by satisfying the interests of multiple corporate stakeholders Stakeholders - Answer- Persons or groups with a "stake" or legitimate interest in a company's actions Primary Stakeholder - Answer- Any group on which an organization relies for its long-term survival