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From Flashcardlet > Business 201: Exam #1 Review > Flashcards

Business 201: Exam #1 Review Flashcards

1
Q

Who elects the Board of Directors?

A

The answer is D.

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2
Q

What is the the Traditional View of Organizations and be able to distinguish it from the upside-down view of organizations.

A

The answer is A.

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3
Q

Define Leading.

A

Process of around people’s enthusiasm to work hard and inspiring their efforts to fulfill plans and accomplish objectives.

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4
Q

Define Planning.

A

Process of setting performance objectives and determining what actions should be taken to achieve them.

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5
Q

Define Organizing.

A

Process of assigning tasks, allocating resources and coordinating the activities of individuals and groups.

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6
Q

Define Controlling.

A

Process of measuring work performance, comparing results to objectives and taking corrective action.

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7
Q

What are the different skills that are needed at different levels and what levels are the skills important on?

A
  • Technical - Low
  • Human Resources - Middle
  • Vision - High
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8
Q

Define Globalization.

A

The worldwide independence of resource flows, product markets and business competition.

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9
Q

Define Strategic Marketing.

A

?Identification of one or more sustainable competitive advantages a firm has in the markets it serves (or intends to serve), and allocation of resources to exploit them.

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10
Q

What are the different parts of Max Weber’s bureaucracy?

A
  • Clear division of labor
  • Clear hierarchy of authority
  • Formal rules and procedures
  • Impersonality
  • Careers based on merit
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11
Q

What are the 5 duties of management according to Fayol?

A
  • Planning
  • Organization
  • Controlling
  • Commanding
  • Coordinating
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12
Q

What is the Hawthorne Effect?

A

The tendency to live up to someone’s expectations.

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13
Q

What does Maslow’s Progression Principle say about the hierarchy?

A

When one need is satisfied, we proceed on to a higher level.

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14
Q

What are the differences between Theory X and Y?

A
  • Theory X assumes people generally dislike work, lack ambition
  • Theory Y assumes people are willing to work and capable of self-control and self-direction
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15
Q

Define Cultural Relativism.

A

Suggests that there is no one right way to behave; cultural context determines ethical behavior.

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16
Q

Define Moral Relativism.*

A

?The view that moral judgments are true or false only relative to some particular standpoint (for instance, that of a culture or a historical period) and that no standpoint is uniquely privileged over all others.

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17
Q

Define Universalism.*

A

?

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18
Q

What is it called when you are placed in a situation that could have benefit, but might be considered unethical?

A

Ethical Dilemma.

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19
Q

How do people justify their unethical behavior?

A
  • What I’m doing is not really illegal
  • My behavior is in everyone’s best interests
  • Nobody will ever know about it
  • The organization will stand behind me
  • Everybody cheats
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20
Q

What do you call a group of people impacted by a firm?

A

Stakeholders.

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21
Q

What are the different views regarding Corporate Social Responsibility?

A
  • Classic View; The business of business is business, the goal of business it to produce profits for the owners,
  • Socioeconomic View; Business must focus on all stakeholders
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22
Q

What are the different skills needed for Information Competency?*

A
  • Locate
  • Retrieve
  • Organize
  • Display
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23
Q

What are the differences between the different environments (Risk, Certain, Uncertain, Programmed, Systematic)?*

A

?- Certain; Alternative courses of action and outcomes are known to the decision maker (Programmed/systematic)

  • Risk; Decision maker views alternatives and their outcomes in terms of probabilities
  • Uncertain; Decision maker doesn’t know all the alternatives and outcomes, even as probabilities.
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24
Q

How do you decide whether to use a Programmed or Non-Programmed Decision?

A
  • Programmed;applies a solution from past experience to a routine problem
  • Non-Programmed; applies a specific solution crafted for a unique problem
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25
Q

What are the different errors that come up in the decision-making process (one happens a lot in the first step)?

A
  • Defining problem too narrow or too broadly
  • Dealing with symptoms, not real causes
  • Focusing on wrong problem to begin with
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26
Q

Define a Lack of Participation Error.

A

The failure to include the right people in the decision-making process.

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27
Q

Define Stretch Goals.

A

Performance targets that require hard work.

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28
Q

What are the important things regarding objectives?*

A
  • Point us towards the future
  • Frame of reference for evaluation process
  • Get us to achieve things faster
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29
Q

Define Vision Statement.*

A

?the potential inherent in the company’s future, or what they intend to be.

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30
Q

Define Strategic Plan.*

A

?a document used to communicate with the organization the organizations goals, the actions needed to achieve those goals and all of the other critical elements developed during the planning exercise.

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31
Q

Define Mission Statement.

A

The reason for the organization’s existence in society.

32
Q

Define Contingency Planning.

A

Identifying alternative courses of action that can be implemented to meet the needs of changing circumstances.

33
Q

Define Forecasting.

A

Process of predicting what will happen in the future.

34
Q

What are the different steps in the Control Process, and which is most important?*

A
  • Objectives and Standards
  • Measure actual performance
  • Compare results with objectives and standards
  • Take corrective action as needed
35
Q

Define Bureaucratic Control.

A

Involves polices, procedures, budgets and supervision to influence behavior.

36
Q

Define Clan Control.

A

Uses the organization’s culture to influence behavior.

37
Q

Define Internal Control.

A

Participation in planning work and having a sense of purpose facilitate motivation.

38
Q

Define Market Control.

A

Influence that market competition has on organizational decisions such as price, product modification, and expansion.

39
Q

Define the Breakeven Point.

A

The point at which revenues equal costs

40
Q

Define Just-In-Time-Scheduling.

A

Inventory arrives exactly when needed for production or sale.

41
Q

What is Competitive Advantage?

A

Doing something successfully that’s hard to imitate.

42
Q

What are the different growth strategies?

A
  • Concentration - expansion within an existing business area
  • Diversification - expansion occurs by entering new business areas
  • Vertical Integration -expansion by acquiring existing
    suppliers or distributors
43
Q

Which is the safest and which is the riskiest growth strategy?

A
  • Concentration - Safest

- Diversification - Riskiest

44
Q

Define Multi-Domestic Strategy.

A

Customizes advertising and products to best fit local needs.

45
Q

Define Globalization Strategy.

A

Adopts standardized products and advertising for use worldwide.

46
Q

Define Strategic Alliance.

A

Partnership between organizations to pursue mutual interests or strengthen competitive advantage.

47
Q

Define Joint Venture.*

A

?A business agreement in which the parties agree to develop, for a finite time, a new entity and new assets by contributing equity.

48
Q

Define Acquisition.*

A

?An asset or object bought or obtained.

49
Q

Define Strategy Statement.*

A

?Communicates your company’s strategy to everyone within your startup.

50
Q

Define Matrix Structure.

A

Combine functional and divisional structures.

51
Q

Define Cross-Functional Team.*

A
  • Having both Functional and Divisional structures permanently.
  • Functional structures; group together people using similar skills to perform similar activities.
  • Divisional structures; group together people who work on a similar product, work in the same geographical region, or serve the same customers.
52
Q

Define Functional Chimneys.

A

Communication and performance decrease across functions.

53
Q

If you’re part of a cross-functional team in a Matrix Structure, how many managers do you report to?

A

You report to two bosses.

54
Q

What is a Span of Control?*

A

The number of persons directly reporting to a manager.

55
Q

What are the “dos” and “don’ts” in order to create an empowering climate?*

A

?Delegate properly to create empowerment.

56
Q

What is Organizational Culture?

A

The personality of the organization.

57
Q

Define Socialization.

A

Process of influencing the expectations, behavior, and attitudes of new employees in a positive way.

58
Q

If you’re an employee, what’s the best indicator of the culture of an organization?

A

Things come from the top.

59
Q

What are the 4 steps in Commercializing Innovation?

A
  • Idea Creation
  • Initial Experimentation
  • Feasability Determination
  • Final Application
60
Q

What must a leader do in leading transformational change?

A
  • Unfreezing
  • Changing
  • Refreezing
61
Q

What does an employee need to know about privacy in a workplace?*

A

Assume you have no privacy in a workplace.

62
Q

Define Coaching.

A

Experienced employees provide advice and motivation.

63
Q

Define Orientation.

A

Activities that familiarize new employees with the new job and the organization.

64
Q

Define Mentoring.

A

Experienced employees share expertise with newer employees.

65
Q

Define 360 Degree-Feedback.

A

Input from those who work with the employee.

66
Q

Define Collective Bargaining.

A

Process that brings management and union representatives together for negotiating, administering and interpreting labor contracts.

67
Q

What are the different quality of life issues?*

A
  • Fair Pay
  • Safe Work Conditions
  • Opportunities to learn and use new skills
  • Room to grow and progress in a career
  • Protection of individual rights
68
Q

What are the different levels of Maslow’s Progression Principle and essentially when you reach the point where progression and deficit principle cease to exist?*

A

?

69
Q

What are the different forms of Moral Reasoning?*

A

?

70
Q

When do you use a group decision?

A

Creativity vs. Time.

71
Q

Know that a “To-Do” list should never include.

A

E - Do Not Do Items.

72
Q

What is the foundation of a control system?*

A

?

73
Q

Which parts of SWOT Analyses deal with internal and external qualities?

A
  • SW; Internal

- OT; External

74
Q

Who are the important people in a matrix structure?*

A

?

75
Q

Define Forced Coercion Strategy.

A

Using position power to create change by decree and formal authority.

76
Q

What are the different types of workers that would be protected by federal law?

A
  • Workplace Privacy
  • People with similar jobs should receive comparable pay
  • Pregnancy Discrimination
  • Age Discrimination

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