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intro to business II > chapter 1 (management and organization) > Flashcards

chapter 1 (management and organization) Flashcards

1
Q

what is management?

A

the idea of achieving organizational goals through using people and resources

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2
Q

what are the 3 levels of management?

A

top management
middle management
supervisory management (first line)

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3
Q

what are 4 examples of top management?

A

chief executive officer
chief financial officer
premier
mayor

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4
Q

what are 4 examples of middle management?

A

regional manager
division head
director
dean

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5
Q

what are 3 examples of supervisory management?

A

supervisor
department chair person
program manager

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6
Q

what are 2 responsibilities of top management?

A

long-range plans
inspire others

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7
Q

what is long-range planning for top management?

A

looking at things that the company is looking to achieve in the next 3-5 years

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8
Q

what are 2 responsibilities of middle management?

A

focus on specifics
implementation

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9
Q

explain how middle managers focus on specifics?

A

they focus on the specific operations, products and customers of the company

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10
Q

explain how middle managers works on implementation?

A

they create the process to implement and execute the big ideas that the top management has created

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11
Q

what are 3 responsibilities of supervisory management?

A

implementation
responsible for non-manager employees
motivate and supervise workers

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12
Q

explain how supervisory management works on implementation?

A

they put the plans from middle management in to action to bring the top management big ideas to life

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13
Q

what are the 3 skills needed for managerial success?

A

technical skills
human skills
conceptual skills

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14
Q

explain technical skills for managers?

A

techniques, knowledge, tools and equipment needed to do a physical skill

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15
Q

explain human skills for managers?

A

the interpersonal skills needed to discipline, motivate, inspire, manage and deal with people

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16
Q

explain conceptual skills for managers?

A

the ability to see the organization as a whole and to see the company vision and see where the industry is going in 5-10 years

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17
Q

of the 3 managerial skills needed for success what does top management need most?

A

conceptual skills

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18
Q

of the 3 managerial skills needed for success what does middle management need most?

A

human skills

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19
Q

of the 3 managerial skills needed for success what does supervisory management need most?

A

technical skills
human skills

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20
Q

what is vision?

A

the ability to perceive the marketplace needs and what a organization must do to satisfy them

know what the market needs in 5-10 years

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21
Q

why is vision important for an organization?

A

vision lets them figure out what they need to do to be as successful as possible for satisfying the marketplaces needs

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22
Q

why is ethical standards important for an organization?

A

longterm success is tied to ethical standards that the top management team sets

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23
Q

what are the 6 steps in the strategic planning process?

A

1) define the organizations mission
2) assess the organizations competitive position
3) set objectives
4) create strategies for competitive differentiation
5) turn strategy into action
6) evaluate and refine the plan
repeat from one

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24
Q

what 4 things are important for success with strategic planning?

A

best plan
evaluation of plan
refining plan
ability to adjust plan on the fly

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25
Q

what are the 4 factors in a SWOT analysis?

A

Strength
Weakness
Opportunity
Threat

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26
Q

what is a SWOT analysis?

A

a process of assessing a companies strength, weakness, opportunities and threats so that the company can develop the best strategies to gain a competitive advantage

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27
Q

what are the 2 external factors in a SWOT analysis?

A

opportunities
threats

28
Q

what are the 2 internal factors in a SWOT analysis?

A

strength
weakness

29
Q

can a weakness turn in to a strength for a company?

A

yes

30
Q

what are 4 examples of strengths in a swot analysis?

A

state-of-the-art information systems
economies of scale
patent protection
sales team

31
Q

what are 4 examples of opportunities in a swot analysis?

A

new technologies
strategic alliances
new markets
extension of existing products

32
Q

what are 4 examples of weaknesses in a swot analysis?

A

lack of managerial depth
logistics limitations
financing constraints
dated production facilities

33
Q

what are 4 examples of threats in a swot analysis?

A

changing buyer tastes
enhanced competition
sole sourcing
new government regulations

34
Q

if a situation is an opportunity or threat depends on what?

A

depends on the kind of business

35
Q

what is an example of a situation being an opportunity for one company and a threat for another company due to the nature of their business?

A

healthy living. for a company like gym shark it is an opportunity but for a company like McDonalds it is a threat

36
Q

what does external and internal mean regarding a SWOT analysis?

A

external means the company cannot control the factors

internal means the company can control the factors

37
Q

what is decision making?

A

the process of seeing a problem or opportunity, assessing possible solutions, selecting and carrying out the best suited plan and assessing the results

38
Q

what is programmed decision making?

A

decisions that are made regarding simple and frequent problems

39
Q

what is non-programmed decision making?

A

decisions that are made regarding less frequent, complex and unique problems that have large impacts on a company

40
Q

what is leadership?

A

the ability to direct or inspire people to reach goals

41
Q

what are three common traits among many leaders?

A

empathy
self-awareness
objectively dealing with others

42
Q

what are the 3 styles of leadership?

A

autocratic leadership
democratic leadership
free-reign leader ship

43
Q

explain autocratic leadership?

A

the leader makes the decisions with no input from the other employees

44
Q

explain democratic leadership?

A

leader asks for the employees opinion and input to use to make their decision

45
Q

explain free reign leadership?

A

leader leaves a lot of the decision making up to the employees to reach their goals

46
Q

what is corporate culture?

A

an organizations collection of principles, beliefs, values and morals

47
Q

what can managers use to strengthen corporate culture?

A

symbols, rituals, ceremonies and stories

48
Q

what are the 5 steps in the organization process?

A

1) decide on the specific work needed to achieve objectives

2) group all work activities

3) assign activities to specific employees

4) coordinate the activities of different groups

5) evaluate the results of the organizing process

49
Q

what is departmentalization?

A

the process of dividing work activities into units within the organization

50
Q

what are the 5 ways a company can departmentalize?

A

product departmentalization
geographical departmentalization
customer departmentalization
functional departmentalization
process departmentalization

51
Q

what product departmentalization?

A

organizing the company based on product such as having a shoe department, clothing department and a sporting goods department

52
Q

what geographical departmentalization?

A

organizing the company in to departments based on their geographical location

53
Q

what is customer departmentalization?

A

organizing the company in to departments based on their customer groups such as, foreign customers, domestic customers, wholesale customers and retail customers

54
Q

what is functional departmentalization?

A

organizing the company based on business functions such as finance, marketing, HR, sales

55
Q

what is process departmentalization?

A

organizing the company based on each process of production such as, cutting, sewing, dyeing packing

56
Q

what is delegation?

A

the managerial process of assigning work to employees

57
Q

what is centralization?

A

when top management has more control and decision making power

58
Q

what Is span of control?

A

how many people a manager manages

59
Q

what is decentralization?

A

there is more control and decision making power invested in the middle and supervisory level of management

60
Q

what are line organizations?

A

direct flow of authority from CEO to middle managment to supervisory management to employees

61
Q

what are line and staff organizations?

A

they combine line departments and staff departments, the line departments participate in decisions that affect the core operations off the company, staff departments lend specialized knowledge to the company

62
Q

what are committee organizations?

A

they often develop new products and tend to act slowly and conservatively

63
Q

what are matrix organizations?

A

project management structure that links employees from different parts of the organization to work together on specific project

64
Q

in a matrix organization, who do employees report to?

A

both a line manager and a project manager

65
Q

what are the 3 advantages to a matrix organization?

A

flexibility in adapting to change
focus on major projects or problems
outlets for employees creativity and initiative

66
Q

what are the 2 disadvantages to matrix organizations?

A

integrating skills of many specialists into a coordinated team

team members’ permanent functional managers must adjust the employees regular work loads due to the employees also working on projects

intro to business II (10 decks)

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