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Leadership and Management > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Three economic sectors

A

Public, Private, Academia

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2
Q

Academic sector includes:

A

Schools, colleges, and universities

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3
Q

Public Sector is:

A

The government; receives funding through taxes, provides public services

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4
Q

Private Sector:

A
  • Run by individuals and companies
  • Run in order to generate a profit
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5
Q

Within the private sector, there are…

A

Public and private companies
- Public companies are owned by shareholders
- Private companies are owned by individuals or families; small groups of people
- In addition, non-profit and non-government organizations

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6
Q

The Economic Cycle is

A

A recurring, predictable, general pattern of periodic fluctuations in national economies

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7
Q

There is no universally accepted theory to determine how long each cycle of an economy will last

A

True

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8
Q

What are the four stages of a market economy?

A
  • Expansion
  • Peak (Highest Point)
  • Contraction
  • Trough (Lowest Point)
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9
Q

Expansion:

A
  • An Expansion is a time when
    businesses are expanding, producing
    more goods and hiring more workers
  • This is generally a happy time for
    people because it usually means that
    more money is coming into the
    economy and that people and
    businesses are able to afford more
    things than they normally might be able
    to buy
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10
Q

Peak:

A
  • A Peak is usually identified AfTER it
    happens because this is the time
    when a country’s expansion is at its
    highest level
  • Economists don’t really know when
    the expansion is going to peak, so
    they wait until production and hiring
    start to fall, then identify the Peak
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11
Q

Contraction:

A
  • Opposite of an expansion
  • During a Contraction, production goes
    down, hiring goes down, and people
    are generally less happy than they are
    during an expansion
  • A country’s output commonly
    decreases during a Contraction, as
    does consumer confidence
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12
Q

A long contraction is usually described as:

A

A recession

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13
Q

A really long contraction is usually described as:

A

A depression

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14
Q

Trough:

A
  • Opposite of a peak
  • Lowest point in an economy, proceeded with expansion
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15
Q

Expansion lasts for…, while a trough lasts for…

A

6-10 years, 6 months - 2 years

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16
Q

Power is:

A

the ability to direct or influence the behavior of others or the course of events

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17
Q

The Organizational Life

A

People use power to their advantage, to attain what they want

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18
Q

Organizations are made up of…

A

People; use them to your advantage in a exhibiting way

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19
Q

Organizational Politics

A

People use power and networking to attain a certain position or influence; a fact in all aspects of life

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20
Q

Political Model of Behavior

A

Promotions go to those who are team players, not the hardest workers

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21
Q

John Danforth

A

Did everything wrong, focused on work rather than socializing and gaining power in the company, resulted in 20 years of no promotion

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22
Q

Jerry & Dave

A

Jerry was wrong, did too much and hastened the process was right, Dave played it slow and took all things into consideration before his next move

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23
Q

Management Role

A
  • Pursue company goals efficiently and effectively
  • Integrate the work of people
  • Plan, Organize, Lead and Control the company’s resources (POLC)
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24
Q

Efficient means…

A

To use the resources of the company effectively

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25
Q

Effective means…

A

To achieve results and make the right decisions to further grow the company

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26
Q

Top Managers

A

Make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for the organization – think CEO or CFO

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27
Q

Middle Managers

A

Implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them – think Head of Marketing

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28
Q

First Line Managers

A

Make short-term operating decisions, directing the daily tasks of non-
managerial personnel – think Marketing Manager who supervises marketing writers

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29
Q

Team Leaders

A

Responsible for facilitating team activities toward achieving key results – think marketing writers who don’t supervise designers of marketing brochures or website designers but they guide them and work closely with them

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30
Q

Functional Managers

A
  • Responsible for just one organizational activity
  • For example, Director of Scouting for the Philadelphia Eagles
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31
Q

General Managers

A
  • Responsible for several organizational activities
  • For example, Howie Roseman, General Manager of the
    Philadelphia Eagles, is responsible for managing the people who
    run Scouting, Training, Administration, and Coaching – basically all
    the departments in the Eagles’ organization report to Roseman
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32
Q

Interpersonal Roles

A
  • Interact with people inside and outside their work units
  • Figurehead, leader, liaison
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33
Q

Informational Roles

A
  • Receive and communicate information
  • Monitor, disseminator, spokesperson
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34
Q

Decisional Roles

A
  • Use information to make decisions to solve problems or take
    advantage of opportunities
  • Entrepreneur, disturbance handler, resource allocator, negotiator
35
Q

Henry Mintzberg found that…

A
  1. A manager relies more on verbal than on
    written communication
  2. A manager works long hours at an
    intense pace
  3. A manager’s work is characterized by
    fragmentation, brevity and variety
36
Q

WWJD

A

“What Would Jesus Do?”, refers to the moral and ethical teachings of Jesus, implemented in business

37
Q

Managers Daily Tasks

A
  • Staff Meeting
  • Budget Meeting
  • Attend meetings to Kick Off a New Project
  • Meet With My Boss
  • Fire Someone?
  • Interview Someone for a Job on Your Team
  • Plus phone calls and emails!
38
Q

Technical Skills

A

The job-specific knowledge needed to perform well in a
specialized field

39
Q

Conceptual Skills

A
  • The ability to think analytically, to visualize an
    organization as a whole and understand how the
    parts work together
40
Q

Human Skills (Soft skills)

A

The ability to work well in cooperation with other
people to get things done; the ability to motivate,
to inspire trust, to communicate with others

41
Q

Good managers are great listeners

A

True

42
Q

80/20 rule states…

A

that one should do 80% listening, and 20% talking

43
Q

Competitive advantage means…

A

The ability of an organization to produce goods or
services more effectively than competitors do,
thereby outperforming them

44
Q

Challenges faced by managers:

A
  1. Helping your company maintain competitive
    advantage
  2. Managing information technology
  3. Making sure the company has a diverse
    workforce
  4. Doing business in a global economy
  5. Being ethical
  6. Managing for sustainability
45
Q

Having a competitive advantage means to…

A
  • Be responsive to consumers
  • Innovations
  • Quality
  • Efficiency
46
Q

The global business world is…

A

interconnected

47
Q

Only 33% of small businesses survive…

A

more than 10 years

48
Q

Who has the advantage regarding union strikes?

A

Typically unions due to the loss of money that companies suffer

49
Q

Planning is the foundation of successful management

A

True

50
Q

Planning

A

The first of the four, involves setting goals and deciding how to achieve them; ensures the plan is linked to the business strategy

51
Q

Strategy involves setting direction for the long term

A

True

52
Q

Strategy/Strategic plan

A
  • A large-scale action plan that sets the long-term goals
    and direction for an organization
  • Represents an “educated guess” about what must be
    done in the long term for the survival or the prosperity of
    the organization
  • Strategic plans are generally reconsidered every year
    due to ever-changing business conditions
53
Q

Strategic Management

A
  • A process that involves managers from all parts of the
    organization in the formulation and implementation of
    strategies
54
Q

Strategic management process

A
  1. Establish mission, vision, and values statement
  2. Assess current reality
  3. Formulate corporate, business, and functional strategies
  4. execute the strategies
  5. Maintain strategic control
55
Q

Why are planning and strategic management so important?

A
  1. Provides direction and momentum for the business
  2. Encourages new ideas
  3. Develops a sustainable competitive advantage
56
Q

Why are direction and momentum so important?

A
  • Unless a plan is in place, managers may just focus on
    whatever is in front of them and just “put out fires” all-day
  • Managers might be so preoccupied with day-to-day
    pressures that their organizations can lose momentum
57
Q

Strategy innovation is…

A

The ability to reinvent the basis of competition within
existing industries—“create bold new business models
that put incumbents on the defensive”

58
Q

Mission statement:

A

What is our reason for being? Why are we here?

59
Q

Vision statement:

A

Who do we want to become? Where do we want to go?

60
Q

Values statement:

A

How are we going to behave as an organization?

61
Q

Difference between a strategy and a plan:

A
  • A strategy identifies what you need to do to
    meet one or more business objectives
  • A plan explains in detail how the strategy will
    be executed
62
Q

BHAG

A

Big Hairy Audacious Goal

63
Q

Goals:

A

A specific commitment to achieve a measurable result within a stated period of time

64
Q

short-term goals

A

*Sometimes referred to as
tactical or operational goals,
or just plain goals
* Generally span 12 months and
are connected to strategic
goals

65
Q

Long-term goals

A
  • Generally referred to as
    strategic goals
  • Tend to span 1 to 5 years and
    focus on achieving the
    strategies identified in a
    company’s strategic plan
66
Q

SMART Goals

A
  • Specific
  • Measurable
  • Attainable
  • Results-oriented
  • Target dates
67
Q

Peter Drucker

A

His big ideas:
– Management By
Objectives (MBO)
– Outsourcing
– Importance of culture

Considered Father of Management

68
Q

Drucker MBO Process cycle

A
  1. Set corporate objectives
  2. Set and align employee objectives
  3. Monitor performance
  4. Evaluate performance
  5. Reward employees
  6. Repeat
69
Q

MBO requires 3 things

A
  1. Top management must be committed to it
  2. Goals must be applied organization-wide
  3. Goals must “cascade”—be linked
    consistently down through the organization
70
Q

Alignment is critical

A

True

71
Q

to achieve alignment, organizations must…

A

Organizations need to be aligned from top to bottom; everyone needs to be pulling in the same direction

72
Q

IBM has… and generates…

A

282,000 employees, $60 billion annual revenue

73
Q

What is a brand?

A

The way a company is perceived; provokes a feeling, and

74
Q

Strategic principles:

A
  1. Strategy is the creation of a unique and
    valuable position in the marketplace
  2. Strategy requires trade-offs in competing
  3. Strategy involves creating a “fit” among
    activities
75
Q

Three levels of strategy

A
  1. Corporate Level
  2. Business Level
  3. Functional Level
76
Q

SWOT Analysis

A

Strengths, Weaknesses, Opportunities, and Threats

77
Q

Forecasting

A

predicting future events

78
Q

Trend Analysis

A

Hypothetical extension of a past series of events
into the future

79
Q

Contingency Planning

A
  • Creation of alternative hypothetical but equally likely
    future conditions
  • Also called scenario planning and scenario analysis
80
Q

Benchmarking

A

Comparing your company with other competing companies to gain insight on ideas to improve your business

81
Q

Retrenchment

A

Companies strategy to dig themselves out of a mess

82
Q

vertical integration

A

The firm expands into businesses that provide the supplies it
needs to make its products or distribute and sell its
products

83
Q

Porter’s five forces

A
  1. Threat of new entrants
  2. Bargaining power of buyers
  3. Bargaining power of suppliers
  4. Threat of new substitutes
  5. Competitive rivalry.

Leadership and Management (6 decks)

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