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Angielski I > Business Knowledge > Flashcards

Business Knowledge Flashcards

1
Q

Akio Morita

A

Co-Founder of Sony, creator of the Walkman. Now Sony has acquired music and film companies, and made video games

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2
Q

Jack Welch

A

CEO of General Electric 1980s and 1990s. Increased the company’s market value from 14 billion to 410 billion dollars

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3
Q

Steve Jobs

A

Co-founder and CEO of Apple, co-founder of Pixar. Helped develop the iPod and the iPhone

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4
Q

Meg Whitman

A

President and CEO of eBay. After it became a successful business she decided to quit to run for governor of california

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5
Q

Carlos Ghosn

A

While CEO of Nissan, he helped the company turn their debts into huge profits. He is known the CEO of Renault

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6
Q

Peter Drucker

A

American business professor and consultant, “Father of Modern Management”

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7
Q

What are the five managerial tasks according to Peter Drucker?

A
  • planning - developing strategies, plans and allocating resources
  • organizing - people selection and work division
  • integrating - motivating and communicating
  • measuring performance - of the staff
  • developing people
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8
Q

Douglas McGregor

A

American expert on the psychology of work, dividing management ideas into Theory X and Theory Y, which are two opposing views of work and motivation

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9
Q

What does Theory X propose?

A
  • People will avoid work and responsibility if they can
  • People need to be closely supervised and given goals
  • People need negative and positive motivators (being fired, pay award)
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10
Q

What does Theory Y propose?

A
  • In right conditions people will do work by themselves
  • more applicable to knowledge workers - managers, specialists, programmers
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11
Q

State the Maslow’s need hierarchy

A
  1. Self-actualization needs
  2. Esteem needs
  3. Love and belonging needs
  4. Safety needs
  5. Physiological needs
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12
Q

Why does Frederick Herzberg think that good working conditions are not enough to motivate people? [3]

A
  • good working conditions are merely satisfactory and are taken for granted
  • motivators are challenging and interesting job, recognition and responsibility
  • there will always be unskilled boring jobs, the way to improve them is to use job rotation or include low level employees in decision making
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13
Q

What is a talent pool?

A

The sum talents of people belonging to an organization.

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14
Q

What are the 3 main points for recruiting talent according to Preston Boltger and Jean-Louis Barsoux?

A
  • spot and recruit raw talent
  • induction - education about the business system and the company
  • training and development - training precise skills needed
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15
Q

What is needed to manage talent according to Preston Boltger and Jean-Louis Barsoux ? [5]

A
  • performance assessment
  • performance improvement interventions- such as job rotation, executive education, 360-degree analysis
  • culture or fit interventions
  • succession planning
  • compensation for contributors - commitment and mobility
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16
Q

ABC approach

A

A performance assessment method. A - top 10-20%, B - middle group, C - bottom 10% to be laid off

17
Q

Characteristics of the authoritarian manager [3]

A
  • strict, demanding, controlling
  • top-down approach
  • clearly defined jobs
18
Q

Characteristics of a consensual manager [3]

A
  • consultation with the staff
  • coaching and mentoring
  • may lack vision and fail to show leadership
19
Q

Characteristics of a hands-off manager [3]

A
  • delegates everything or does not involve themselves
  • lack of guidance
  • liaison between subordinates is uncoordinated
20
Q

Elements of a plan [7]

A
  • internal analysis
  • external analysis
  • gap analysis
  • action plan
  • resource assessment
  • targets
  • financial issues
21
Q

What are the points of the triple bottom line?

A
  • minimizing the negative effect on the environment
  • awareness of the needs of their staff
  • making enough profit to create a sustainable business
22
Q

What are some possible sources of funding?

A
  • savings
  • grants
  • loans
  • venture capital
  • business angels
23
Q

Henry Mintzberg

A

Canadian professor of management. He identified different 10 managerial roles and divided them into 3 categories
- interpersonal roles
- information roles
- decision roles

24
Q

What are the 10 managerial roles according to Henry Mintzberg?

A
  • Figurehead - symbolic duties on behalf of the company
  • Monitor - collecting useful information
  • Liaison - developing and maintaining business networks
  • Enterpreneur - spotting opportunities
  • Disturbance handler - dealing with unexpected challenges
  • Negotiator
  • Recource allocator
  • Disseminator - communicating information to the inside of the organization
  • Leader
  • Spokesperson
25
Q

Transactional leadership = contingent reward leadership

A

Based on rewarding good performance and punishing bad performance.

26
Q

Management-by-exepction

A

Passive approach, the manager intervenes only when the subordinate fails to meet the expectations

27
Q

Laissez-faire approach

A

Manager does not intervene

28
Q

What are the four main points of transformational management?

A
  • individual consideration
  • intellectual stimulation
  • inspirational motivation
  • idealized influence
29
Q

What is “the great man theory”?

A

Leaders are born, not made

30
Q

What are the qualities of a leader according to Warren Bennis? [6]

A
  • risk taking
  • integrity
  • clear vision
  • passion
  • dealing with adversity
  • charisma
31
Q

What is the definition of management according to Mary Parker Follet?

A

The administration of a company (getting things done through people)

32
Q

What are the four main functions of management?

A
  • planning
  • organizing
  • leading
  • controlling
33
Q

What is the main difference between managers and leaders according to Warren Bennis?

A

Leaders do the right thing, managers do the things right

34
Q

What are the 5 leadership styles according to Warren Bennis?

A
  • situational - relationship-oriented or task-oriented
  • charismatic
  • behavioural
  • transactional
  • transformational

Angielski I (5 decks)

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