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Business Leadership > Exam > Flashcards

Exam Flashcards

1
Q

What are the 4 functions of management?

A

Planning
Organizing
Leading
Controlling

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2
Q

What are the 3 levels of Management?

A

Upper
Middle
Lower

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3
Q

Describe upper management

A
  • Establishes organizational objectives/goals
  • Also called senior management or executives
  • Ex. Mr. Chow
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4
Q

Describe Middle management

A
  • Interprets direction from upper managers.
  • Guide lower management.
  • Ex. Vice Principals
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5
Q

Describe Lower management

A
  • Manages operating employees.
  • Ex. Mr. Simonetti
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6
Q

What are the 3 Managerial skills?

A

Technical
Human
Conceptual

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7
Q

Technical skills

A
  • Specialized skills such as accounting or engineering, marketing or IT (information tech).
  • Most important in lower management.
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8
Q

Human skills

A
  • An ability to interact with people.
  • Important at all levels of management.
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9
Q

Conceptual skills

A
  • Ability to think critically and analytically.
  • Solve problems; most important in upper management.
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10
Q

5 styles of management

A

Authoritarian

Consultative

Participatory

Democratic

Laissez-faire

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11
Q

Authoritarian

A
  • The manager assumes that he/she knows best.
  • Employees/subordinates have very little decision making authority if any at all.
  • Employees are told what to do and when to do it.
  • Employees are not asked for their opinions and they rarely offer suggestions.
  • Is most effective in situations where there is frequent turnover of staff and where tasks are straight forward. E.g. part-time staff at a fast-food restaurant.
  • The manager makes the decisions and accepts the consequences.
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12
Q

Consultative

A
  • The manager does not assume that he/she knows all the answers.
  • The manager seeks information from employees that have good ideas and/or special expertise. The information is then considered in light of the “bigger picture” which the manager has incorporated into future management decisions.
  • Workers can expect to see some of their suggestions incorporated.
  • Wise managers will give credit to workers who have offered ideas
  • The manager makes the decisions and accepts the consequences.
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13
Q

Participatory

A
  • The manager goes beyond the consultative mode and involves employees as much as possible in the decision-making process.
  • Assumes that the person doing the job knows more about that job than anyone else.
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14
Q

Democratic

A
  • The manager acts as a broker or negotiator.
  • The manager allows employees to discuss issues and reach decisions although he will guide and advise.
  • Decisions get made on the basis of their acceptance by a majority of the people.
    If the decision has unfavorable consequences, the manager will probably point out that the decision was made by the group.
  • It also guarantees that some of the workers will be angry at the majority who voted them down.
  • Not a good management practice since there is no accountability.
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15
Q

Laissez-faire

A
  • The manager does not interfere with the employees.
  • Each worker would make decisions independently.
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16
Q

Functional Manager

A
  • Responsible for a single area such as accounting, engineering, marketing, HR.
  • Ex. GAP
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17
Q

General Manager

A
  • Responsible for complex areas
  • Ex. Department store manager
  • Ex. Nofrills
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18
Q

Administrator

A
  • Work in non-profit organizations
  • Ex. Hospital administrator, principal, Ex. SickKids
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19
Q

Manager

A
  • Work in for profit organizations.
  • Ex. McDonalds, Old Navy
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20
Q

2 types of power

A

Personal
Positional

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21
Q

2 types of Personal power

A

Expert power
Reference power

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22
Q

Reference power

A

Capability to control others because of their desire to identify personally and positively with the power source Ex. charisma, interpersonal attractiveness, maintained through good interpersonal relations which encourage admiration and respect in the eyes of others.

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23
Q

Expert power

A

capability to control other people because of specialized knowledge ex. technical skill, education, competence

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24
Q

3 types of Positional power

A

Reward - ability to give employees rewards Ex. Raise, bonus
Coersive - Capability to punish or withhold positive outcomes ex. termination
Legitimate - capability to control other people by your job position Ex. i am the boss and you do what i say!

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25
Q

Long term planning

A
  • greater than one year
  • Ex: Developing a new product
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26
Q

Short term planning

A
  • less than one year
  • Ex: Hire new employees
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27
Q

What is the problem solving process

A
  • Finding and defining the problem.
  • Analyze data and generate alternative solutions.
  • Evaluation of alternatives and selection of the best/preferred solution.
  • Implement the plan/solution.
  • Evaluate the plan/solution.
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28
Q

Outside In planning

A
  • Analyze the external environment and make the internal adjustments necessary to exploit the opportunity.
  • Ex; McDonalds added salads and healthy alternatives when people’s eating habits change
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29
Q

Inside out planning

A
  • Focus on doing what you already know how to do, but requires it to be done as best as it can be done.
  • Ex; Wild Wing wings
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30
Q

Contingency plan

A
  • Involves ideas for alternative courses of action.
  • Back-up plan.
  • Ex; Having plan A, plan B, plan C, etc.
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31
Q

SWOT analysis

A

Strength (internal)
Weaknesses (internal)
Opportunity (external)
Threat (external)

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32
Q

Some examples of strengths

A

Excellent employees
Strong market share
Superior product
Reputation
New products and technologies
Good financing

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33
Q

Some examples of weaknesses

A

Old equipment and technology
Poor planning
Reputation
Poor management
Poor products
Minimal research and development

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34
Q

Some examples of opportunity

A

New markets
Economy
Poor competition
Growth strategy
New technology

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35
Q

Some examples of threats

A

New competitors
Lack of resources (money)
Government regulations/laws
Competitor’s products
Changing market preferences

36
Q

What is PEST + C analysis

A

strategic planning tool
analysis of the external environment

37
Q

PEST + C

A

Politics
Economics
Social
Technology
Competition

38
Q

Some examples of politics

A

Taxes
Laws
International governments
Involvement of government (municipal, provincial, federal)

39
Q

Some examples of economics

A

Stage in the business cycle
Interest rate
Value of the Canadian $
Inflation rate
Unemployment rate
Stage in product life cycle

40
Q

Some examples of social

A

Demographic changes
Lifestyle changes
Social values

41
Q

Some examples of technology

A

New technology
Use of information technology
Using technology to create new products/processes

42
Q

Some examples of competition

A

What is the competition doing?
Evaluate each major competitor

43
Q

What is an organizational chart?

A

a diagram describing reporting relationships and the formal arrangement of work positions within an organization

44
Q

What does the Human Resource department do?

A

responsible for finding, recruiting, screening, money, benefits, termination

45
Q

Explain what a formal organization is

A
  • jobs are defined along with the experience and education needed to carry them out
  • management positions are established along with the lines of authority
  • demonstrated in an organizational chart
46
Q

Describe what an informal organization is

A
  • a result of unofficial yet critical social interactions between employees and managers in the workplace
  • Ex: employees may meet for coffee breaks and discuss work
  • Managers at all levels must take informal organization into account when making decisions
47
Q

In theory, what differentiates a formal organization with an informal one?

A

In theory, a formal organization chart shows who holds the power and informal organization determines who actually exercises it (who actually has power - social interactions are key in the workplace)

48
Q

Describe chain of command

A

The line of authority that vertically links all persons with successively higher levels of management.

49
Q

What are fringe benefits

A
  • the additional non-wage or non-salary forms of compensation provided to an organization’s workforce.
  • Typical benefit packages include various options on disability protection,
    health and life insurance, and retirement plans.
50
Q

What are the different forms of business ownerships

A

Sole proprietorship
Partnership
Corporation
Crown corporation
Franchise

51
Q

Sole proprietorship

A
  • Owned, financed and controlled by one individual but can employ other staff.
  • Common in small shops, restaurants (maybe the restaurant across the school), etc.
52
Q

Sole proprietorship advantages

A
  • Easy to set up
  • Personal incentive: keep all the profits, make key decisions, high degree of control
  • Flexibility
  • Ability to offer personal service
53
Q

Sole proprietorship disadvantages

A
  • Unlimited Liability – Owner is personally responsible for the debt incurred by the business
  • Limited access to capital (money)
  • Potential for long hours
  • Pressure of being solely responsible
54
Q

Partnership

A
  • Owned, financed and controlled by 2 or more partners
  • Terms of Partnership agreed through contract
  • Common in professions – lawyers, accountants, architects, real estate agents,etc.
  • Ex. Vibe, owned by twins
55
Q

Partnership advantages

A
  • Greater access to capital
  • Shared responsibility
  • Greater opportunity for specialisation
  • Easy to set up
56
Q

Partnership disadvantages

A
  • Unlimited Liability – the partners are personally responsible for the debt incurred by the business
  • Partnership dissolved on death of one partner
  • Potential for conflict
57
Q

Corporation

A
  • Is an organization of people legally bound together by a charter to conduct some type of business.
  • Legal entity- treated by the law as if it were a person.
  • The corporation can sue and be sued
  • Ex. Apple, Wal-Mart, Google
58
Q

Corporation advantages

A
  • Easy to raise funds
  • Limited liability - No member of the corporation can be held personally liable for the debts, obligations, or acts of the company.
  • Unlimited life
  • Specialized and professional management
59
Q

Corporation disadvantages

A
  • The costs of creating and maintaining the corporation can be very high.
  • Laws governing corporations are more complex.
  • Increased Taxation
60
Q

Crown corporation

A
  • Is a corporation established by the
    Government to efficiently deliver a public service.
  • A Crown corporation is owned either directly or indirectly by the government.
  • E.g. Bank of Canada, Via Rail, Canada Post
61
Q

Franchise

A
  • Method of business ownership backed by established ‘brand’ name
  • Owner gets to run a business with less ‘risk’
  • Owner buys the right to use the established company’s name, format products, logos, display units, methods, etc.
  • Owner – (Franchisee) responsible for debts, pays a royalty to owners of the brand, keeps any remaining profit
  • Ex. McDonalds, Pizza Pizza, Subway
62
Q

what the Classical Theory of Motivation

A
  • Money is the prime motivator.
  • People worked to satisfy their basic necessities (food, clothing, shelter and to raise their standard of living).
63
Q

When did the Classical Theory of Motivation start to be less effective and why

A
  • Most effective during the latter years of the Industrial Revolution when workers were poor and jobs were hard to find .
  • As the standard of living improved, worker’s productivity no longer increased rapidly.
64
Q

The Hawthorne Effect

A
  • Made by Elton Mayo
  • Regardless of working conditions, productivity tends to increase when management gives special attention to workers.
  • Workers have needs other than money and job security.
65
Q

What are the Maslow’s Hierarchy of needs

A

Physiological needs
Safety needs
Social needs
Esteem needs
Self actualization needs

66
Q

Self actualization needs

A
  • Creative and challenging work
  • Participation in decision making
  • Job flexibility and autonomy
67
Q

Esteem needs

A
  • Responsibility of an important job
  • Promotion to a higher status job
  • Praise and recognition from boss
68
Q

Social needs

A
  • Friendly coworkers
  • Interaction with customers
  • Pleasant supervisor
69
Q

Safety needs

A
  • Safe working conditions
  • Job security
  • Base compensation and benefits
70
Q

physiological needs

A
  • Rest and refreshment breaks
  • Physical comfort on the job
  • Reasonable work hours
71
Q

Whats Herzberg’s Two-Factor Theory

A
  • Motivator-Hygiene theory
  • Two factor theory links hygiene factors with job dissatisfaction and satisfier factors with job satisfaction
72
Q

Hygiene factor

A
  • decreases job dissatisfaction
  • Working conditions
  • Supervisor quality
73
Q

Motivator factor

A
  • increases job satisfaction
  • Achievement
  • recognition
74
Q

List the 3 types of needs in the Acquiring Needs Theory.

A

Need for Achievement (nAch)

Need for Power (nPower)

Need for Affiliation (nAff)

75
Q

Need for achievement

A

Desire to do something better or more efficiently, to solve problems, or to master complex tasks.

76
Q

Need for power

A

Desire to control other persons, to influence their behavior, or to be responsible for other people.
Personal power versus social power.

77
Q

Need for affiliation

A

Desire to establish and maintain friendly and warm relations with other persons.

78
Q

What’s controlling

A

The process of monitoring performance and taking action to ensure the desired results

79
Q

Whats a performance appraisal

A

A process of formally evaluating performance and providing feedback on which performance adjustments can be made.

80
Q

What is corporate social responsibility?

A

Business decisions that take into account the social consequences of a proposed course of action.
Ex: Employees
Consumers
Shareholders
Community
Environment
Education

81
Q

What are ethics

A
  • A set of rules that define right and wrong.
  • Study of moral behaviour.
  • Medicine, law and education have a code of ethics that specify the behaviour of its members.
82
Q

What are morals

A
  • Behaviour/beliefs deeply rooted in tradition and religion and reinforced by family and educational institutions.
83
Q

Business ethics

A
  • The application of general rules to business behaviour.
  • There exists no universally accepted code in business.
  • Varies from business to business.
  • Companies have their own internal code of ethics.
84
Q

What is an ethical dillemma

A
  • When a manager must choose either to pursue or not to pursue a course of action that although offering potential of personal or organizational benefit or both, is also unethical or illegal in a social context.
85
Q

Can an action be legal but unethical? Example?

A

If something is not illegal, does not mean it is ethical
Ex. calling in sick and going to the cottage

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