Business Management Exam 1 (correct answers)
Four Management Functions correct answers 1. Planning
2. Organizing
3. Leading
4. Controlling
Management Skills correct answers 1. Conceptual- ability to see the organization as a
whole system
2. Human Skills- Managers ability to work with the entire group.
3. Technical Skills- Understanding of and proficiency in the performance of specific
tasks.
Different levels of manager (Vertical) correct answers -Top manager - setting
organizational goals, defining strategies for achieving them, monitoring and interpreting
the external environment
-Middle managers - implementing the overall strategies and policies defined by top
managers, concerning with the near future.
-First-line managers - Production of goods and services.
Horizontal Differences correct answers i. Functional managers
1. Responsible for a department that performs a single functional task, such as finance
or marketing
ii. General managers
1. Responsible for several departments that perform different functions, such as the
manager of Macy's department store or a Ford automobile factory.
Becoming a New Manager correct answers a. Making the shift from individual identity to
manager identity
i. Specialist; performs tasks à generalist; coordinates diverse tasks
ii. Gets things done through own efforts à gets things done through others
iii. An individual actor à a network builder
iv. Works relatively independently à works in highly interdependent manner
Manager roles correct answers -Informational role - activities used to maintain and
develop an information network.
-Interpersonal role - relationships with others and are related to the human skills
-decisional role - events about which the manager must make a choice and take action
Social Forces: correct answers Values, needs, standards of behavior influence →
Social Contract
Examples of Current Social Forces- Workers want
Flexible environment
Career Opportunity
Feel valued, able to influence company
, Political Forces correct answers legal and political influence
-Political Stability
-property rights
-contract rights
-regulation
Economic Forces correct answers -Availability and distribution of resources
-Changes in supply and demand
-Credit Availability
External environment
(international) correct answers as managers plan for expansions into global markets
they have to consider the international dimension, which includes events originating in
foreign countries, as well as new opportunities for U.S. companies in other countries.
Provides new customers, competitors, suppliers, shapes social, technological, and
economic trends as well.
technological correct answers includes scientific and technological advancements in a
specific industry, as well as society at large.
sociocultural correct answers represents the demographic characteristics as well as the
norms, customs, and values of the general population. population, age, education
levels.
economic correct answers represents the general economic health of the country or
region in which the organization operates. Consumer purchasing power, the
unemployment rate, and interest rates are a part of this. Has become very complex and
is uncertain.
legal-political correct answers government regulations at the local, state, and federal
levels, as well as political activities designed to influence company behavior. Gov't tries
not to overregulate business.
Task Environment correct answers Direct working relationship
Customers correct answers organizations output
Competitors correct answers same set of customers-same industry
Suppliers correct answers Romitello materials
Supply chain correct answers flow of products or services
Labor market correct answers hiring people
Four Management Functions correct answers 1. Planning
2. Organizing
3. Leading
4. Controlling
Management Skills correct answers 1. Conceptual- ability to see the organization as a
whole system
2. Human Skills- Managers ability to work with the entire group.
3. Technical Skills- Understanding of and proficiency in the performance of specific
tasks.
Different levels of manager (Vertical) correct answers -Top manager - setting
organizational goals, defining strategies for achieving them, monitoring and interpreting
the external environment
-Middle managers - implementing the overall strategies and policies defined by top
managers, concerning with the near future.
-First-line managers - Production of goods and services.
Horizontal Differences correct answers i. Functional managers
1. Responsible for a department that performs a single functional task, such as finance
or marketing
ii. General managers
1. Responsible for several departments that perform different functions, such as the
manager of Macy's department store or a Ford automobile factory.
Becoming a New Manager correct answers a. Making the shift from individual identity to
manager identity
i. Specialist; performs tasks à generalist; coordinates diverse tasks
ii. Gets things done through own efforts à gets things done through others
iii. An individual actor à a network builder
iv. Works relatively independently à works in highly interdependent manner
Manager roles correct answers -Informational role - activities used to maintain and
develop an information network.
-Interpersonal role - relationships with others and are related to the human skills
-decisional role - events about which the manager must make a choice and take action
Social Forces: correct answers Values, needs, standards of behavior influence →
Social Contract
Examples of Current Social Forces- Workers want
Flexible environment
Career Opportunity
Feel valued, able to influence company
, Political Forces correct answers legal and political influence
-Political Stability
-property rights
-contract rights
-regulation
Economic Forces correct answers -Availability and distribution of resources
-Changes in supply and demand
-Credit Availability
External environment
(international) correct answers as managers plan for expansions into global markets
they have to consider the international dimension, which includes events originating in
foreign countries, as well as new opportunities for U.S. companies in other countries.
Provides new customers, competitors, suppliers, shapes social, technological, and
economic trends as well.
technological correct answers includes scientific and technological advancements in a
specific industry, as well as society at large.
sociocultural correct answers represents the demographic characteristics as well as the
norms, customs, and values of the general population. population, age, education
levels.
economic correct answers represents the general economic health of the country or
region in which the organization operates. Consumer purchasing power, the
unemployment rate, and interest rates are a part of this. Has become very complex and
is uncertain.
legal-political correct answers government regulations at the local, state, and federal
levels, as well as political activities designed to influence company behavior. Gov't tries
not to overregulate business.
Task Environment correct answers Direct working relationship
Customers correct answers organizations output
Competitors correct answers same set of customers-same industry
Suppliers correct answers Romitello materials
Supply chain correct answers flow of products or services
Labor market correct answers hiring people
