Chapter 5

Question 1

management

Answer 1

process of planning, organizing, leading, and controlling an organization’s resources to achieve goals

Question 2

planning

Answer 2

process of determining what an organization needs to do and how to get it done

Question 3

organizing

Answer 3

process of determining how to best arrange an organization’s resources and activities into a coherent structure

Question 4

leading

Answer 4

process of guiding and motivating employees to meet an organization’s objectives

Question 5

controlling

Answer 5

process of monitoring an organization’s performance to ensure that it is meeting its goals

Question 6

three levels of management

Answer 6

top, middle, and first-line

Question 7

top manager

Answer 7

responsible for firm’s overall performance and effectiveness; CEOs, CFOs, president, treasurer etc.

Question 8

middle manager

Answer 8

responsible for implementing strategies and working towards the goals set by top managers; plant manager, operations manager, division manager

Question 9

first-line manager

Answer 9

responsible for supervising the work of employees; supervisor, office manager, project manager, group leader

Question 10

areas of management

Answer 10

human resources, operating, marketing, information, financial

Question 11

technical skills

Answer 11

skills needed to perform specialized tasks

Question 12

human relation skills

Answer 12

skills in understanding and getting along with people

Question 13

conceptual skills

Answer 13

abilities to think in the abstract, diagnose and analyze different situations, and see beyond the present situation

Question 14

decision-making skills

Answer 14

skills in defining a problem and selecting the best course of action

Question 15

time management skills

Answer 15

skills associated with the productive use of time

Question 16

cause of wasted time

Answer 16

paperwork, phone calls, meetings, e-mail

Question 17

global management skills

Answer 17

need to understand foreign markets, cultural differences, and motives and practices of foreign rivals; how to collaborate with others around the world

Question 18

management and technology skills

Answer 18

new forms of technology have added to a manager’s ability to process information while simultaneously making it even more important to organize and interpret an ever-increasing wealth of input

Question 19

srategic management

Answer 19

process of helping an organization maintain an effective alignment with its environment

Question 20

strategy

Answer 20

broad set of organizational plans for implementing the decisions made for achieving organizational goals

Question 21

goals

Answer 21

means by which organizations and their managers measure success or failure at every level; object that a business hopes and plans to achieve purposes of goal getting

Question 22

mission statement

Answer 22

organization’s statement of how it will achieve its purpose in the environment in which it conducts its business

Question 23

long-term goal

Answer 23

goal set for and extended time, typically 5 years or more into the future

Question 24

intermediate goal

Answer 24

goal set for a period of 1-5 years into the future

Question 25

short-term goal

Answer 25

goal set for the very near future

Question 26

corporate strategy

Answer 26

strategy for determining the firm’s overall attitude towards growth and the way it will manage its businesses or product lines

Question 27

business (or competitive) strategy

Answer 27

strategy at the business-unit or product-line level, focusing on improving a firm’s competitive position

Question 28

functional strategy

Answer 28

strategy by which managers in specific areas decide on how best to achieve corporate goals through productivity

Question 29

SWOT analysis

Answer 29

identification and analysis organizational strengths and weaknesses, and environmental opportunities and threats as part of the strategy formula

Question 30

environmental analysis

Answer 30

scanning the business for threats and oppurtunities

Question 31

tactical plan

Answer 31

short-term plan concerned with implementing specific aspects of a company’s strategic plans

Question 32

operational plan

Answer 32

plan setting short-term targets for daily, weekly, or monthly performance

Question 33

crisis management

Answer 33

organization’s methods for dealing with emergencies

Question 34

corporate culture

Answer 34

shared experiences, stories, beliefs, and norms that characterize an organization; helps define the works and business climate that exists in an organization