Exam 1 - Chapters 1, 2, 4, 7, 8, 10, + 11

Question 1

Define Competitive Advantage

Answer 1

• Some aspect of a product or company that makes it more appealing to target customers.
• Competitive advantage refers to factors that allow a company to produce goods or services better or more cheaply than its rivals

Question 2

What is meant by the Risk and Reward Relationship?

Answer 2

the relationship between the amount of return gained on an investment and the amount of risk undertaken in that investment. The more return sought, the more risk that must be undertake

Question 3

Define Business Model

Answer 3

A concise description of how a business generates or intends to generate revenue

Question 4

Define Profit

Answer 4

Money left over after all the costs involved in doing business have been deducted from revenue

Question 5

Define Revenue

Answer 5

Money a company brings in through the sale of goods and services.

Question 6

Define Nonprofit Organization

Answer 6

Organizations that provide goods and services without having a profit motive

Question 7

Define Barriers to Reentry

Answer 7

Resources or capabilities a company must have before it can start competing in a given market.

Question 8

Define Economics

Answer 8

The study of how a society uses its scarce resources to produce and distribute goods and services.

Question 9

Define Human Resources

Answer 9

The specialized function of planning how to obtain employees, oversee their training, evaluate them, and compensate them.

Question 10

Define Scarcity

Answer 10

A condition of any productive resource that has finite supply.

Question 11

Define Entrepreneurship

Answer 11

The positive, forward-thinking desire to create profitable, sustainable business enterprises.

Question 12

Define Opportunity Cost

Answer 12

represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another.

Question 13

Please know what’s known as the Factors of Production

Answer 13

Economic resources, including natural resources, human resources, capital, entrepreneurship, and knowledge.

Question 14

Define Gross Domestic Product

Answer 14

The value of all the final goods and services produced by businesses located within a nation’s borders; excludes outputs from overseas operations of domestic companies.

Question 15

Define Ethics

Answer 15

The rules or standards governing the conduct of a person or group.

Question 16

Define Transparency

Answer 16

The degree to which affected parties can observe relevant aspects of transactions or decisions.

Question 17

Define Philanthropy

Answer 17

The donation of money, time, goods, or services to charitable, humanitarian, or educational institutions.

Question 18

What is a Whistleblower?

Answer 18

The disclosure by a company insider of information that exposes illegal or unethical behavior by others within the organization.

Question 19

Define Ethical Dilemma

Answer 19

A situation in which more than one side of an issue can be supported with valid ethical arguments.

Question 20

Define Corporate Social Responsibility

Answer 20

The idea that business has obligations to society beyond the pursuit of profits.

Question 21

Define Management

Answer 21

The process of planning, organizing, leading and controlling to meet organizational goals.

Question 22

Define Core Competencies

Answer 22

Activities that a company considers central and vital to its business.

Question 23

Define Divisional Structure

Answer 23

Grouping departments according to similarities in product, process, customer, or geography.

Question 24

Define Motivation

Answer 24

The combination of forces that drive individuals to take certain actions and avoid other actions.

Question 25

Define Engagement

Answer 25

An employee’s rational and emotional commitment to his/her work

Question 26

Maslow’s Hierarchy of Needs

Answer 26

A model in which human needs are arranged in a hierarchy, with the most basic needs at the bottom and the more advanced needs toward the top

Self-actualization: achieving one’s full potential, including creative activitieds

Esteem needs: Prestige and feelings of accomplishments

Safety needs: security, safety

Physiological needs: food, water, warmth, rest

Question 27

What is Theory X Management?

Answer 27

A managerial assumption that employees are irresponsible, are unambitious, and dislike work and that managers must use force, control, or threats to motivate them.

Question 28

Define Quality of Work Life

Answer 28

An overall environment that results from job and work conditions.

Question 29

What are the Code of Ethics?

Answer 29

A formal policy document that defines an organization’s guiding values, complete with advice for handling specific situations that could arise in the course of business.

Integrity
Teamwork
Objectivity
Confidentiality
Growth

Question 30

Define Functional Structure

Answer 30

Grouping workers according to their similar skills, resource use, and expertise.

Common functional subgroups include research and development (R&D), production or manufacturing, marketing and sales, and human resources.

Question 31

Characteristics of a Cross Functional Team

Answer 31

A team that draws together employees from different functional areas.

A cross functional team brings together employees from different parts of the organization. The diversity of skills and experience can help a company address complex, interwoven problems.

It often involves some form of matrix structure.

Question 32

Defining characteristic of a Task Force

Answer 32

A team of people from several departments who are temporarily brought together to address a specific issue.

It is formed to work on a specific activity with a completion point.

Question 33

Define Employee Burnout

Answer 33

A state of physical and emotional exhaustion that can result from constant exposure to stress over a long period of time. In addition to the toll that burnout and other emotional difficulties exact on employees and their families, they can cause serious problems with absenteeism and turnover.

Question 34

What is a Capital Intensive Business

Answer 34

The term “capital intensive” refers to business processes or industries that require large amounts of investment to produce a good or service and thus have a high percentage of fixed assets, such as property, plant, and equipment (PP&E).

Question 35

The three Managerial Roles

Answer 35

The three vital managerial roles are interpersonal (interacting with others), informational (receiving and sharing information), and decisional (making decisions)

Question 36

Key Roles of Management

Answer 36

compromises the interrelated tasks of planning, organizing, leading, and controlling in pursuit of organizational goals.

Question 37

The relationship between social media & management

Answer 37

Social media help companies create a more open communication environment for employees, customers, and other communities, but these technologies also create new system vulnerabilities

Question 38

Management Function centered around planning

Answer 38

responsible for arranging resources to complete work is organizing

Question 39

Centralized Organization

Answer 39

an organizational structure in which those holding positions of authority at the upper levels of the hierarchy retain control over decision making.

Question 40

Which of the following refers to the likelihood an employee will stay with his/her employer?

Answer 40

Rootedness and motivation

Question 41

Definition of Satisfaction

Answer 41

Employees are contented with their work and position. To be contented, they likely enjoy much of their work, they feel management is fair and cares about them, and they are comfortable in their work environment

Question 42

The meaning of Aligning the Workforce

Answer 42

An aligned team is a team who aspires to achieve the same vision, understands the goals, and is made up of individuals who understand how to contribute their strengths to them.” More than anything, the way in which people work together affects their engagement and collaboration levels.

Question 43

What are the factors that are used to assess motivation?

Answer 43

Reward and recognition. Reward and recognition come hand in hand. ...
Development. ...
Leadership. ...
Work life balance. ...
Work environment.

Question 44

What is the advantage of using virtual communities over traditional based team environments?

Answer 44

Virtual teams can pull together the best people for a task, even if they work in different offices or different countries. They can be more effective, more engaged, and more productive.

Question 45

Which of the following contributes to the lack of female leadership within corporations?

Answer 45

Sexual harassment