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MGT 301 > Exam 1 (Chapter 1-5) > Flashcards

Exam 1 (Chapter 1-5) Flashcards

1
Q

A group of people working together in a structured and coordinated fashion to achieve a set of goals

A

Organization

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2
Q

A set of activities directed at an organization’s resources, with the aim of achieving organizational goals in an efficient and effective manner

A

Management

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3
Q

Someone whose primary responsibility is to carry out the management process

A

Manager

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4
Q

Making the right decisions and successfully implementing them

A

Effective

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5
Q

A relatively small group of executives who manage the overall organization. Creates the organization’s goals, overall strategy, and operating policies. (ex: vice president, president, CEO, etc.).

A

Top managers

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6
Q

Largest group of managers in most organizations. Responsible for implementing the policies and plans developed by top managers and for supervising and coordinating the activities for lower-level managers (ex: plant manager, operation manager, division head, etc.)

A

Middle Manager

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7
Q

Supervise and coordinate the activities of operating employees. (ex: supervisor, coordinator, office manager, etc.)

A

First-line managers

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8
Q

Setting an organization’s goals and deciding how best to achieve them

A

Planning

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9
Q

Part of the planning process that involves selecting a course of action from a set of alternatives

A

Decision making

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10
Q

Determining how activities and resources are to be grouped

A

Organizing

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11
Q

The set of processes used to get members of the organization to work together to further the interests of the organization

A

Leading

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12
Q

Monitoring organization progress toward goal attainment

A

Controlling

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13
Q

The skills necessary to accomplish or understand the specific kind of work done in an organization

A

Technical skills

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14
Q

The ability to communicate with, understand, and motivate both individuals and groups

A

Interpersonal skills

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15
Q

The manager’s ability to think in the abstract

A

Conceptual skills

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16
Q

The manager’s ability to visualize the most appropriate response to a situation

A

Diagnostic skills

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17
Q

The manager’s abilities both to effectively convey ideas and information to others and effectively receive ideas and information from others

A

Communication skills

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18
Q

The manger’s ability to correctly recognize and define problems and opportunities and to then select an appropriate course of action to solve problems and capitalize on opportunities

A

Decision-making skills

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19
Q

The manager’s ability to prioritize work, to work efficiently, and to delegate appropriately

A

Time management skills

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20
Q

A conceptual framework for organizing knowledge and providing a blueprint for action

A

Theory

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21
Q

Consists of two distinct branches - scientific management and administrative management

A

Classical management perspective

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22
Q

Concerning with improving the performance of individual workers

A

Scientific management

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23
Q

Employees deliberately working at a slow place

A

Soldiering

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24
Q

Focusing on managing the total organization

A

Administrative management

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25
Q

Emphasizes individual attitudes and behaviors and group processes

A

Behavioral management perspective

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26
Q

Argued that workers respond primarily to the social context of the workplace

A

Human relations movement

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27
Q

A pessimistic and negative view of workers consistent with the views of scientific management

A

Theory X

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28
Q

A positive view of workers; it represents the assumptions that human relations advocates make

A

Theory Y

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29
Q

Contemporary field focus on behavior perspectives on management

A

Organization Behavior

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30
Q

Applies quantitative techniques to management

A

Quantitative management perspective

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31
Q

Focuses specifically on the development of mathematical models

A

Management science

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32
Q

Concerned with helping the organization more efficiently produce its products or services

A

Operations management

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33
Q

An interrelated set of elements functioning as a whole

A

System

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34
Q

A system that interacts with its environment

A

Open system

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35
Q

A system that does not interact with its environment

A

Closed system

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36
Q

A system within another system

A

Subsystem

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37
Q

Two or more subsystems working together to produce more than the total of what they might produce working alone

A

Synergy

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38
Q

A normal process leading to system decline

A

Entropy

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39
Q

An attempt to identify the one best way to do something

A

Universal perspective

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40
Q

Suggests that appropriate managerial behavior in a given situation depends on, or is contingent on, unique elements in a given situation

A

Contingency perspective

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41
Q

Everything outside an organization’s boundaries that might affect it

A

External environment

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42
Q

The set of broad dimensions and forces in an organization’s surrounding that determines its overall context

A

General environment

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43
Q

Specific organizations or groups that affect the organization

A

Task environment

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44
Q

The conditions and forces within an organization

A

Internal environment

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45
Q

The overall health and vitality of the economic system in which the organization operates

A

Economic dimension

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46
Q

The methods available for converting resources into products or services

A

Technological dimension

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47
Q

The government regulation of business and the relationship between business and government

A

Political-legal dimension

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48
Q

An organization that competes with other organizations for resources

A

Competitor

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49
Q

Whoever pays money to acquire an organization’s products or services

A

Customer

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50
Q

An organization that provides resources for other organizations

A

Supplier

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51
Q

A body that has the potential to control, legislate, or otherwise influence the organization’s policies and practices

A

Regulator

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52
Q

An agency created by the government to regulate business activities

A

Regulatory agency

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53
Q

A group organized by its members to attempt to influence organizations

A

Interest group

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54
Q

An organization working together with one or more other organizations in a joint venture similar arrangement

A

Strategic partner

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55
Q

Whoever can claim property rights to an organization

A

Owner

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56
Q

Governing body that is elected by a corporation’s stockholders and charged with overseeing the general management of the firm to ensure that it is being run in a way that best serves the stockholders’ interests

A

Board of directors

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57
Q

An individual’s personal beliefs about whether a behavior, action, or decision is wrong

A

Ethics

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58
Q

Behavior that conforms to generally accepted social norms

A

Ethical behavior

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59
Q

Behavior that does not conform to generally accepted social norms

A

Unethical behavior

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60
Q

Standards of behavior that guide individual managers in their work

A

Managerial ethics

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61
Q

Occurs when employee’s decision potentially benefits the individual to the possible detriment of the organization

A

Conflict of interest

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62
Q

A formal, written statement of the values and ethical standards that guide a firm’s action

A

Code of ethics

63
Q

A law that requires CEOs and CFOs to vouch personally for truthfulness and fairness of their firms’ financial disclosures and imposes tough new measures to deter and punish corporate and accounting fraud and corruption

A

Sarbanes - Oxley Act of 2002

64
Q

The set of obligations that an organization has to protect and enhance the societal context in which it functions

A

Social responsibility

65
Q

The extent to which an organization complies with local, state, federal, and international laws

A

Legal compliance

66
Q

The extent to which an organization and its members follow basic ethical standards of behavior

A

Ethical compliance

67
Q

Awarding funds or gifts to charities or other worthy causes

A

Philanthropic giving

68
Q

The disclosure , by an employee of illegal or unethical conduct on the part of others within the organization

A

Whistleblowing

69
Q

Making a product in the firm’s domestic marketplace and selling it in another country

A

Exporting

70
Q

Bringing a good, service, or capital into the home country from abroad

A

Importing

71
Q

An arrangement whereby one company allows another company to use its brand name, trademark, technology, patent, copyright, or other assets in exchange for a royalty based on sales

A

Licensing

72
Q

A cooperative arrangement between two or more firms for mutual gain

A

Strategic alliance

73
Q

A special type of strategic alliance in which the partners share in the ownership of an operation on an equity basis

A

Joint venture

74
Q

When a firm builds or purchases operating facilities or subsidiaries in a different country from the one where it has its headquarters

A

Direct investment

75
Q

Light assembly plants that are built in northern Mexico close to the U.S. border and are given special tax breaks by the Mexican government

A

Maquiladoras

76
Q

A tax collected on goods shipped across national boundaries

A

Tariff

77
Q

A limit on the number or value of goods that can be traded

A

Quota

78
Q

Accords reached by governments in which countries voluntarily limit the volume or value of goods they export to or import from one another

A

Export restraint agreements

79
Q

A set of countries that agree to markedly reduce or eliminate trade barriers among member nations

A

Economic community

80
Q

The first and most important international market system

A

European Union

81
Q

An agreement between the United States, Canada, and Mexico to promote trade with one another

A

North American Free Trade Agreement (NAFTA)

82
Q

A trade agreement intended to promote international trade by reducing trade barriers and making it easier for all nations to compete in international markets

A

General Agreement on Tariffs and Trade (GATT)

83
Q

An organization, which currently includes 140 member nations and 32 observer countries, that requires members to open their markets to international trade and to follow WTO rules

A

Work Trade Organization (WTO)

84
Q

The set of values, beliefs, behaviors, customs, and attitudes that helps the organization’s members understand what it stands for, how it does things, and what it considers important

A

Organizational culture

85
Q

A statement of an organization’s fundamental purpose

A

Mission

86
Q

A goal set by and for an organization’s top management

A

Strategic goal

87
Q

A goal set by and for an organization’s middle managers

A

Tactical goals

88
Q

A goal set by and for an organization’s lower lever managers

A

Operational goals

89
Q

A general plan outlining decisions about the resource allocation, priorities, and action steps necessary to research strategic goals

A

Strategic plan

90
Q

A plan that focuses on carrying out tactical plans to achieve operation goals

A

Operational plan

91
Q

A comprehensive plan for accomplishing an organization’s goals

A

Strategy

92
Q

A comprehensive and ongoing management process aimed at formulating and implementing effective strategies; a way of approaching business opportunities and challenges

A

Strategic management

93
Q

A strategy that promotes a superior alignment between the organization and its environment and achievement of strategic goals

A

Effective strategy

94
Q

An organizational strength possessed by only a small number of competing firms

A

Distinctive competence

95
Q

When applied to strategy, it specifies the range of markets in which an organization will compete

A

Scope

96
Q

How an organization distributes its resources across the areas in which it competes

A

Resource deployment

97
Q

The set of strategic alternatives from which an organization chooses as it conducts business in a particular industry or market

A

Business-level strategy

98
Q

The set of strategic alternatives from which an organization chooses as it manages its operations simultaneously across several industries and several markets

A

Corporate-level strategy

99
Q

The set of processes involved in creating or determining an organization’s strategies; it focuses on the content of strategies

A

Strategy formulation

100
Q

The methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved

A

Strategy implementation

101
Q

An acronym that stands for strengths, weaknesses, opportunities, and threats

A

SWOT

102
Q

A skill or capability that enables an organization to create and implement its strategy

A

Organizational Strength

103
Q

A skill or capability that does not enable an organization to choose and implement strategies that support its mission

A

Organizational weakness

104
Q

A strategy in which an organization seeks to distinguish itself from competitors through the quality of its products or services

A

Differentiation strategy

105
Q

A strategy in which an organization attempts to gain a competitive advantage by reducing its costs below the costs of competing firms

A

Overall cost leadership strategy

106
Q

A strategy in which an organization concentrates on a specific regional market, product line, or group of buyers

A

Focus strategy

107
Q

A model that portrays how sales volume for products changes over the life of products

A

Product life cycle

108
Q

The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another

A

Diversification

109
Q

A strategy in which an organization manufactures just one product or service and sells it in a single geographic market

A

Single-product strategy

110
Q

A strategy in which an organization operates in several businesses that are somehow linked with one another

A

Related diversification

111
Q

A strategy in which an organization operates multiple businesses that are not logically associated with one another

A

Unrelated diversification

112
Q

Methods that diversified organizations use to determine which businesses to engage in and how to manage these businesses to maximize corporate performance

A

Portfolio management techniques

113
Q

A framework for evaluating businesses relative to the growth rate of their market and the organization’s share of the market

A

BCG Matrix

114
Q

A method of evaluating business along two dimensions: (1) industry attractiveness and (2) competitive position; in general, the more attractive the industry and the more competitive the position, the more an organization should invest in a business

A

GE Business Screen

115
Q

A plan aimed at achieving tactical goals and developed to implement parts of a strategic plan; an organized sequence of steps designed to execute strategic plans

A

Tactical plan

116
Q

Developed to carry out a course of action that is not likely to be repeated in the future

A

Single-use plan

117
Q

A single-use plan for a large set of activities

A

Program

118
Q

A single-use plan of less scope and complexity than a program

A

Project

119
Q

Developed for activities that recur regularly over a period of time

A

Standing plan

120
Q

A standing plan that specifies the organization’s general response to a designated problem or situation

A

Policy

121
Q

A standard plan that outlines the steps to be followed in particular circumstances

A

SOP

122
Q

Describe exactly how specific activities are to be carried out

A

Rules and regulations

123
Q

The determination of alternative courses of action to be taken if an intended plan is unexpectedly disrupted or rendered inappropriate

A

Contingency planning

124
Q

The set of procedures the organization uses in the event of a disaster or other unexpected calamity

A

Crisis management

125
Q

The act of choosing one alternative from among a set of alternatives

A

Decision making

126
Q

Recognizing and defining the nature of a decision situation, identifying alternatives, choosing the best alternative, and putting it into practice

A

Decision-making process

127
Q

A decision that is relatively structured or recurs with some frequency (or both)

A

Programmed decision

128
Q

A decision that is relatively unstructured and occurs much less often than a programmed decision

A

Non-programmed decision

129
Q

A condition in which the decision maker knows with reasonable certainty what the alternatives are and what conditions are associated with each alternative

A

State of certainty

130
Q

A condition in which the availability of each alternative and its potential payoffs and costs are all associated with probability estimates

A

State of risk

131
Q

A condition in which the decision maker does not know all the alternatives, the risks associated with each, or the likely consequences of each alternative

A

State of uncertainty

132
Q

A prescriptive approach to decision making that tells managers how they should make decisions; it assumes that managers are logical and rational and that their decisions will be in the organization’s best interests

A

Classical decision model

133
Q

Recognize and define the decision situation; identify appropriate alternatives; evaluate each alternative in terms of its feasibility, satisfactoriness, and consequences; select the best alternative; implement the chosen alternative; and follow up and evaluate the results of the chose alternative

A

Steps in rational decision making

134
Q

A decision making model that argues that decision makers (1) use incomplete and imperfect information, (2) are constrained by bounded rationality, and (3) tend to “satisfice” when making decisions

A

Administrative model

135
Q

A concept suggesting that decision makers are limited by their values and unconscious reflexes, skills, and habits

A

Bounded Rationality

136
Q

The tendency to search for alternatives only until one is found that meets some minimum standard sufficiency

A

Satisficing

137
Q

An informal alliance of individuals or groups formed to achieve a common goal

A

Coalition

138
Q

An innate belief about something, without conscious consideration

A

Intuition

139
Q

When a decision maker stays with a decision even when it appears to be wrong

A

Escalation of commitment

140
Q

The extent to which a decision maker is willing to gamble when making a decision

A

Risk propensity

141
Q

A decision-making group or team in which members openly discuss, argue about, and agree on the best alternative

A

Interacting group or team

142
Q

A form of group decision making in which a group arrives at a consensus of expert opinion

A

Delphi group

143
Q

A structured technique used to generate creative and innovative alternatives or ideas

A

Nominal group

144
Q

A situation that occurs when a group or team’s desire for consensus and cohesiveness overwhelms its desire to reach the best possible decision

A

Groupthink

145
Q

The process of planning, organizing, operating, and assuming the risk of a business venture

A

Entrepreneurship

146
Q

Someone who engages in entrepreneurship

A

Entrepreneur

147
Q

A business that is privately owned by one individual or a small group of individuals and has sales and assets that are not large enough to influence its environment

A

Small business

148
Q

A market in which several large firms compete according to relatively well-defined criteria

A

Established market

149
Q

A segment of a market not currently being exploited

A

Niche

150
Q

Any advantage that comes to a firm because its exploits an opportunity before any other firm does

A

First-mover advantage

151
Q

A document that summarizes the business strategy and structure

A

Business plan

152
Q

A group of small investors seeking to make profits on companies with rapid growth potential

A

Venture capital company

153
Q

A contract between entrepreneur (the franchise) and a parent company (the franchiser); the entrepreneur pays the parent company for the use of its trademarks, products, formulas, and business plans

A

Franchising agreement

MGT 301 (2 decks)

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