Chapter 7: Management and Leadership

Question 1

managers

Answer 1

employees who use an organization’s financial resources, equipment, and information
-keep people on task and make sure that they are properly performing their job
-more progressive thinking

Question 2

4 functions of management

Answer 2

-planning
-organizing
-leading
-controlling

Question 3

Planning

Answer 3

-anticipating the future and finding the best strategies to achieving goals/objectives
-setting organizational goals
-developing strategies to reach those goals
-determining resources needed
-setting precise standards

Question 4

organizing

Answer 4

designing the structure of the organization/creating a system where everything works together (works with company goals)
-organizational chart
-recruiting, selecting, training, and developing employees
-allocating resources, assigning tasks, establishing procedures for accomplishing goals

Question 5

leading

Answer 5

creating a vision/communicating/guiding/motivating other to achieve their goals
-clarifying policies to reach objectives

Question 6

controlling

Answer 6

measuring whether the company’s actions meet their company goals
-monitoring performances relative to standards
-taking corrective action when necessary

Question 7

goal vs objective

Answer 7

goal: long-term broad
objective: short term achievement used to gauge the progress made towards a goal

Question 8

SWOT analysis

Answer 8

managers look at strengths and weaknesses of a firm and the opportunities and threats facing it (planning tool)

Question 9

4 types of planning

Answer 9

-strategic
-tactical
-operational
-contingency

Question 10

strategic planning

Answer 10

broad long range that outlines major goals of the organization and uses resources to attain them (top management)
-what products or services to sell
-geographic areas to compete
-which consumers to serve

Question 11

tactical planning

Answer 11

-specific short term (setting annual budgets and deciding on activities to meet strategic objectives
-who has to do it, how will it be done, what is to be done

Question 12

operational planning

Answer 12

part of tactical planning with specific timetables and standards

Question 13

contingency planning

Answer 13

alternate set of plans in case the original ones don’t work out

Question 14

3 levels of management

Answer 14

top management
middle management
supervisory management

Question 15

top management

Answer 15

presidents, executives,
-establish procedure, allocate resources, assign tasks

Question 16

middle management

Answer 16

general manager, division managers, plant managers

Question 17

supervisory management

Answer 17

-supervisors and first-line managers (supervise daily performance)