Chapter 13 - Management, Motivatin, and Leadership

Question 1

What are the 4 major component activities of management?

Answer 1

1) Planning
2) Organizing
3) Leading and motivating
4) Controlling

Question 2

In planning, what are the steps for setting the agenda?

Answer 2

• Define the mission
• Evaluate competitive position
• Set goals
• Create strategies
• Implement strategies
• Evaluate results

Question 3

What are the component of the strategic planning cycle?

Answer 3

• Goals (how can we improve?)
• Desired outcomes (Where do we want to go?)
• strategies (How do we get there?)
• Measures and targets (How do we measure success?)
• Results (How did we do?)

Question 4

Who is involved in strategic planning?

Answer 4

The most senior executives.

Emphasis on Mission, Vission, and overall Strategy

Question 5

What is long term planning?

Answer 5

It’s about SETTING THE PROCESS by which the strategic plan will be achieved.

Typically given a timeframe (5 years).

Question 6

What are the 4 types (levels) of plans?

Answer 6

1) Strategic
2) Tactical
3) Operational
4) Contingency (response to event)

Question 7

Who is involved, what is a typical time-frame, and give an example of a STRATEGIC planning question.

Answer 7

Senior management

5 years

Should we acquire a new company? Should we move to China?

Question 8

Who is involved, what is a typical time-frame, and give an example of a TACTICAL planning question.

Answer 8

Middle management

1 year

Should we buy new production equipment? Should we spend more time servicing customers?

Question 9

Who is involved, what is a typical time-frame, and give an example of a OPERATIONAL planning question.

Answer 9

First-line management

Daily, weekly, monthly

How should we schedule employees this week? When should we schedule for a new batch of this product?

Question 10

What is contingency planning?

Answer 10

The planned response to some perceived future event that could or could not happen.

Example: What will we do if our competitors start a price war? How can we restart our business if a natural disaster destroys our plant?

Question 11

How does a company decide what to do contingency planning for?

Answer 11

The most probable and the most harmful.

Question 12

What does planning involve?

Answer 12

1) Analysis

2) Decision-making

Question 13

What are Porter’s 5 Forces Model for analyzing competition?

Answer 13

1) Threat of NEW competitors
2) Degree of rivalry between EXISTING competitors
3) Bargaining power of BUYERS
4) Bargaining power of SUPPLIERS
5) Threat of SUBSTITUTE products

Question 14

What are the 3 kinds of competitive strategies used by businesses?

Answer 14

1) Cost
2) Differential
3) Niche

Question 15

What are 3 types of leadership styles and briefly describe them.

Answer 15

1) Autocratic - management holds all decision power
2) Democratic - share power with followers
3) Free-reign - set goals for their followers but give them freedom to decide how to accomplish those goals.

Question 16

What are Maslow’s 5 theories of motivation?

Answer 16

1) Physiological
2) Safety
3) Social
4) Esteem
5) Self-actualization

Question 17

What is the X and Y theories of motivation?

Answer 17

X – Negative, more controlling view of workers

Y – Positive, more encouraging view of workers

Question 18

What is the Expectancy Theory of motivation?

Answer 18

The belief that hard work will result in good rewards.

Question 19

What is the Equity Theory of motivation?

Answer 19

People are motivated based on whether or not they are treated fairly.

Question 20

How is Generation Y bringing new challenges to management?

Answer 20

• Goal driven
• NOW focused
• Change oriented
• Tech savvy
• Diverse
• Idealistic
• Fulfillment focused

Question 21

What are the steps in the control process?

Answer 21

1) Establish clear performance standards
2) Measure actual performance against standards
3) Take corrective action, if necessary

Question 22

What are the 5 skills of successful managers?

Answer 22

1) Conceptual
2) Analytical
3) Interpersonal
4) Technical
5) Communication

Question 23

What is SWOT, and what is it used to analyze?

Answer 23

Strengths, Weaknesses, Opportunities, and Threats.

Used to analyze a companies competitive position.

Question 24

Which is the achievement of goals through planning, organizing, leading, and controlling?

Answer 24

Management

Question 25

What involves determining the structure of both jobs and the organization?

Answer 25

Organizing

Question 26

What are the 3 basic level types of management?

Answer 26

Top, Middle, First-line

Question 27

What are the 3 basic types of management skills?

Answer 27

Conceptual, Human, Technical

Question 28

According to Maslow, what motivates people?

Answer 28

Unmet needs

Question 29

What practice assumes that challenging, creative work motivates employees?

Answer 29

Job enrichment

Question 30

What type of planning is done by middle-managers?

Answer 30

Tactical

Question 31

What type of planning is done by first-line managers?

Answer 31

Operational

Question 32

What relates to source of power and control within an organization?

Answer 32

the degree of centralization

Question 33

If a firm wants to be more responsive to customers, what type of organization should it adopt?

Answer 33

Decentralized organization

Question 34

How has the growth in companies that are reducing middle-management affected spans of control?

Answer 34

It has created WIDER spans of control.

Question 35

What type of leader shares their power with others and encourages ideas?

Answer 35

Democratic leadership

Question 36

Which process includes establishing clear goals, measure performance, and take corrective action?

Answer 36

Controlling process