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IntroManagment > Exam1 > Flashcards

Exam1 Flashcards

1
Q

What is right work done well

A

Core principle of management

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2
Q

What is it called when managers do what they need to do?

A

Right work

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3
Q

Whose responsibilities do the following belong to?:
o Make sure you have ideas for your vision, goals, strategies, and plans
o Have values that are ethical and legal, and make sure to have approaches that are socially right to ensure the multitude of needs of your stakeholders
o Make sure you are pursuing the two core values of business which are growth and profitability
o To run an enterprise worldwide make sure you understand the many requirements it takes

A

the right work part of being a manager

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4
Q

What defines how managers are doing their job?

A

Done well

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5
Q

Whose responsibilities do the following belong to?:
o Managers do their job well when they give responsibility to each other, construct jobs, manage workflows effectively, and cultivate a culture that helps support the overall goals of the business
o Making sure to upkeep the performance of the business (business improvement and measurement, process management)
o Having a human resources department to ensure the well-being of the workers
o Make sure to engage and captivate your employees
o Making sure to understand and become an expert on managerial skills (decision-making, leadership, working with groups and people, communication, conflict resolution, and negotiation)

A

The done well part of a manager

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6
Q

What does learning management also mean?

A

applying management theory to situations that involve management

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7
Q

What are the limitations of management theory and practices?

A

the challenges of researching management practices

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8
Q

What are the contributions to management thought?

A

Practioner and academic

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9
Q

What are the limits to one management course?

A

it is only the start of the lifelong journey to learning about management

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10
Q

What are the five categories of managment?

A
  1. Specialization of labor
  2. Systematic Management
  3. Scientific Management
  4. Administrative Management
  5. Human Relations Management
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11
Q

What is this concept: means that instead of having a singular person doing all the jobs to create a product from the beginning to the end you have individual workers who specialize in performing the other tasks involved with the construction of a product.

A

specialization of labor

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12
Q

What is the following concept and what does it consist of?: Engineers would take care of plant layouts, jobs, and machines, and economists would take care of tracking costs, capital, labor pay rates, and prices. Economists took care of the upper-level tasks like the managerial tasks in factories.

A

The concept of systematic management consists of engineers and economists

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13
Q

Who was the major role player in scientific management?

A

Frederick Taylor

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14
Q

What is the following describing?: consists of theories of how to manage organizations more efficiently and effectively.

A

Administrative management

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15
Q

Who had many theories in management which are relevant today?

A

Henri Fayol and Max Weber

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16
Q

Who developed these concepts?: The concepts they developed are a line of authority, fair employee treatment, a proper hiring selection process, and applying impersonal rules in the workplace.

A

Henri Fayol and Max Weber and Henri Fayol was the creator of fourteen principles of management and Max Weber was the creator of the tenets of Bureaucratic Management

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17
Q

Who created the following theory?: described how power from employees all sharing a goal was more powerful than power from formal chains of authority

A

Mary P. Follett

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18
Q

Who created the following theory?: theory of “Bounded Rationality” questions the idea of whether managers can collect and effectively process all the info necessary to make perfect decisions

A

Herbert Simon

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19
Q

What is the application that is applied to the workplace and selection of managers?:

A

Maslows theory of self actualization

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20
Q

What is incorporated and supports the rights of workers?

A

National Labor Relations Act

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21
Q

What is there a conflict between but managers have to find ways for both to coexist?

A

Scientific view and human relations view of management

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22
Q

What happens when managers are facing business circumstances and pressures from society management practices?

A

They must change and develop

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23
Q

What is the purpose of management?

A

“The Right Work, Done Well”

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24
Q

From who did there become a value in engaging with employees about the improvement of their work?

A

Hawthorne

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25
Q

What is key for a business’s success because it states the purpose of the business?

A

Vision statement

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26
Q

What do the following factors describe?:
o The purpose of the business should be comprehensible, inspiring, and intriguing
o After development, a mission statement comes next

A

Vision statement

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27
Q

What provides the details for the goods and services that the business will supply in an effort to support their Vision statement and describes “why constituents”

A

Mission statement

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28
Q

What are the following factors describing?:
o The why can be employees, suppliers, customers
o Describes in detail how the business will obtain its vision

A

Mission Statement

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29
Q

What can set long term goals for a business once set?

A

Vision and Mission statements

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30
Q

What helps the business to fully see the vision of success and if it is accomplished then the business has been successful in that specific aspect

A

Goals

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31
Q

What types of goals do for profit organizations have?

A

Operational and financial

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32
Q

What is the parts are the following a part of?:
o Essential to track the progress once they are set
o Once set, plans and strategies to accomplish _______ can be set

A

Goals

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33
Q

What is the step that managers will perform to help achieve the business’s goals internally?

A

Strategy

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34
Q

What is making products and services more unique than your competitors to make things more enticing?

A

Differentiation Strategy

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35
Q

What is coming up with ways to produce services and goods in a less expensive way than your competitors. From this, the company can obtain a better market share than other companies and sell their goods for a lower price for a better market share?

A

Low cost strategy

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36
Q

What is having a few unique qualities in your services and products but also providing these at a lower cost build than your competitors while reaping the benefits of the low-cost strategy?

A

Combination strategy

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37
Q

What is targeting a specific market aspect because you can provide better in those areas than your rivals focusing on the other broader parts. The strategy here mainly targets a specific demographic, big and tall, location, etc.?

A

Focus strategy

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38
Q

What step do the following describe in order to succeed?
1. Keep reviewing and updating the statements and goals of the business
2. Keep analyzing the environment and the industry that the business is competing in
3. Analyze your services, products, and capabilities in comparison to your competitors and the standards of the world
4. Follow whatever strategy provides the best result when following steps 1 to 3
5. Bring the strategy to life

A

The 5 crucial steps for a strategy to succeed

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39
Q

What are the following describing?: Intensity of Rivalry, Bargaining Power of Buyers, Bargaining Power of Suppliers, Threat of new Entrants, Threat of Substitute products/service

A

Porters five forces and the better they are the more unattractive the market is for new competitors and current ones

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40
Q

What looks at the evolutionary process of industries?

A

Industry life cycle analysis

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41
Q

occurs when a new product starts the beginning of a new industry

A

Embryonic

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42
Q

occurs when the product of a business is doing so well that it contributes to major growth of the industry

A

Growth

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43
Q

occurs when the growth in the industry begins to look flat so competitors in the industry exit the market or merge with each other

A

Shakeout

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44
Q

occurs when the industry growth slows down so the amount of new entrants becomes fewer

A

Mature

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45
Q

occurs when the growth is negative with a couple of competitors in the industry left

A

Decline

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46
Q

What consists of looking at macroeconomic factors, global trends, technology, demographics, social values, political/legal factors

A

Macroenvironmental analysis

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47
Q

What is how are the quality of the products provided in comparison to other competitors?

A

product/service quality

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48
Q

What is how efficient is the company using its resources and how is its cost structure in comparison to competitors?

A

Efficiency

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49
Q

What is the following definition?:
In comparison to other competitors how many new products and improved processes are developed and how well?

A

Innovation

50
Q

What does it mean when the organization understand customer demand well in comparison to competitors?

A

Customer responsiveness

51
Q

What helps bring a strategy to life?

A

organizational structure, monitoring and control, culture

52
Q

What describes design jobs that are effective and key?

A

organizational structure

53
Q

What describes the constant overview of the strategies and goals of the business and give feedback

A

Monitoring and control and it provides motivation and incentives to employees

54
Q

What is the following describing?: it is the values, beliefs, norms, and attitudes, and with this aligned with goals and strategies a business will be more successful

A

Culture

55
Q

What are the following describing?: Strategic, business, marketing, operational, functional, financial, research and development, technology, human resources, etc.

A

Types of plans

56
Q

What is the following definition?:
permits the organization to properly make their products more unique than their competitors which builds better value for the customers and has the lowest cost structure?

A

Distinctive competencies

57
Q

What competencies are things that a business can already do well in but it is not unique like distinctive competencies since other business also tend to succeed in these areas?

A

Core competencies

58
Q

What do these key elements describe?:
1. Legal
2. Ethical
3. Socially responsible
4. Value-based aspects of the work to be done

A

Doing what’s right

59
Q

How many regulations does business law have?

A

4

60
Q

What helps protect the rights of workers and avoid exploitation by corporations?

A

Labor laws and regulations

61
Q

What is the following describing?:
a. There is a specific uniform standard that is placed that people need to follow in the market when conducting business and solving disputes
b. These laws help facilitate these commercial transactions
c. Having this can reduce the difficulty in the legal side of complexity and risk, which makes it easier to perform business across state lines

A

Uniform commercial code

62
Q

What is the following describing?:
a. These states that there is a legal obligation for businesses to protect the environment
b. The EPA is responsible to make sure businesses follow these regulations
c. Common law is in place to solve certain disputes like whether a business has the right to use water from a nearby river

A

Environmental protection laws and regulations

63
Q

What is the following describing?:
a. Publicly traded companies that must list their stock on stock exchanges so that investors can see it on sale
i. Sarbanes-Oxley act makes the senior executives responsible for providing accurate financial reports and the trustworthiness of their internal control systems with severe consequences if not followed
b. Oil and gas industry in most states has regulations for oil and gas in states. This deals with the rights of mineral owners and how they must conserve their resources for their operations
c. Financial services – The Securities and Exchange Commission and other banks set rules that specifically target the activities of investment bankers, stock exchanges, insurance companies, commercial banks
i. Commercial banks specifically have regulations for reserve and capital requirements, financial disclosures, corporate governance, and credit rating requirements

A

Industry specific regulations

64
Q

What is being made and has two important questions?

A

Ethical decision making

65
Q

What aspect of ethical decision making is the following describing?:
a. Internal and external factors are liable
b. Internal factors can be the moral development of an individual, the willingness to obey authority from others, the ability to control behavior, the relationships with other people that can influence the perpetrators behavior
c. External factors can be the organization’s culture, the consequences that reside as a result of unethical behavior, how easy it is to be unethical, the characteristics of work there

A

“What does happen” when behavior that is unethical happens

66
Q

What aspect of ethical decision making is the following describing?: when there is an ethical decision to be made

A

“What should happen”

67
Q

What does it mean moral standards should you apply to help you determine the right moral choice?

A

Moral judgment

68
Q

selecting the path that gives the greatest satisfaction to a greater group of people

A

Utilitarian approach

69
Q

selecting the option that gives the individual the best value for their decision in their long term interests

A

Individualism approach

70
Q

selecting this option means choosing the option that doesn’t go against any moral rights of the individuals

A

Moral rights approach

71
Q

How many justice approaches are there and what are they?

A

5: distributive, procedural, compensatory, impartial opinion, full disclosure

72
Q

This choice is made based on impartiality, equity, and fairness

A

distributive

73
Q

This choice should be made based on the rules of the administration that have already been in place

A

Procedural

74
Q

Decision makers are responsible for the amount of damages incurred on a person but not liable if the situation was out of their control

A

Compensatory

75
Q

talking about the situation with a third party person who have an unbiased view

A

Impartial opinion

76
Q

Whatever decision is made will be open to the public and the public will openly judge said decision

A

Full disclosure

77
Q

What does it means to abide to your moral values over your personal so that you do what is right?

A

Moral intention

78
Q

What plan should you implement so that you execute your morals effectively and do the right thing?

A

Action or implementation plan

79
Q

What is it when a company responds and recognizes the needs and expectations of all the companies stakeholders?

A

Corporate social responsibility

80
Q

What are actions do the following describe and are needed in order for this thing to succeed?:
 Changing your mindset to be like a role model in your situations so that you do more than just respond to customers and instead you take initiative so that you can obtain a higher and broader purpose
 To find ground on win-win situations use empathy so that you can understand the expectations of stakeholders
 When trying to find meaning create a broader vision which can be done through action

A

CSR

81
Q

What aspects increase value of a business?

A

Profitability and growth

82
Q

the capability of a business to get enough cash in the long run to then also give them a rate of return on the capital they have employed

A

Profitability

83
Q

the increase rate of cash in a business year after year

A

Growth

84
Q

What is propellant of growth?

A

innovation

85
Q

What do the following describe?:
1. The business can sell more of its products and services to its current existing customers
2. Gain more customers while keeping the ones you already have
3. Providing and selling new products to the customers you already have and to the new ones
4. Selling current services and products to new markets
5. Entering new markets with new products and services

A

The five things a business can select to help create growth

86
Q

What is called when the business can sell more of its products and services to its current existing customers?

A

Market penetration strategy

87
Q

What do the following ensure?:
* Increase their usage of the products they currently have
* They must widen the number of different products they regularly buy from business
* They must upscale the purchases of what they are getting meaning buy more costly versions of what they are already buying

A

Ensures that growth will be successful

88
Q

What is called when you gain more customers while keeping the ones you already have?

A

Share-building or market development strategy

89
Q

What is different about market development strategy?

A

involves educating your customers on the positives of purchasing your products through promotional, informational, or advertising programs

90
Q

What is called when you are selling current services and products to new markets?

A

Market expansion strategy

91
Q

What is the following another form of?: going after geographic regions and other countries that have not been before served by the organization

A

Another form of market expansion

92
Q

What do these three mechanisms enable?:
1. The use of artificial intelligence which is development and theory of systems in computers and they are able to do operations that typically need human intelligence
2. Technology platform usage which provides a ground for constructing business offerings
3. Ecosystems which are numerous organizations working together to provide quick development of new services, products, and technologies

A

Innovation

93
Q

What is another extension of AI and it gives the systems the capability to automatically improve and learn from experience without actually being programmed to do so

A

Machine learning

94
Q

What is an android operation system for phones which is used as the base system for many companies’ phones?

A

Computing

95
Q

What allows storage of data from computers and is by consumers and businesses?

A

The Cloud

96
Q

What do the following help organize?:
a. Collecting and using data and having multiple companies do this can reduce costs and the time required to do it
b. They can get access to IP (intellectual property) which is the content that is protected by trademarks, patents, secrecy, or copyright. Sharing the IP between organizations can help speed up the development of new technologies, services, and products
c. They can merge physical and digital marketing channels which can facilitate a more efficient marketplace for both customers and service providers

A

Ecosystems

97
Q

What involves sharing the research in different organizations which can help the applications and development of new tech. This can also help reduce the risk and cost of any organization. It can also help reduce the cycle time to develop the tech and it can also help to identify applications that can be promising to the benefit of organizations that are working together

A

Advancing new technologies

98
Q

What is bringing concepts and ideas to create value. In order to do this it must act urgently and in unusual ways to address their current challenges

A

Entrepreneurship

99
Q

What do the following describe?:
o Having a good top leadership commitment so that it supports and funds multiple bets on new ventures and they do this by accepting the likely failure rates as the cost to pay to advance a couple successful brand new ventures in a portfolio that will have a lot of ineffective ones
o Having a few target areas or places of interest and then aligning it with the core competencies of the business
o Finding ways to get through the obstacles that hold back new venture progress like “risk aversion, short term budget controls, and restrictive approval processes:
o Constructing individually funded business development organizations which are focused on the search for opportunities through minority investments, seed funding, and or the gain of potential startup businesses
o Using things like tech platforms and collaborative ecosystems to pursue opportunities rapidly and then to share the risks and costs of development and evaluation
o Learning from the success and failures of ventures from before so that they can improve the success for the new ones
o Having the courage to eliminate opportunities that are not successful rather than keep putting money after a bad effort to then justify these investments from before and “save face”

A

Intrapreneurship

100
Q

What is one of the ways to expand a business and has a lot of benefits?

A

Global expansion

101
Q

What is something that will help create a global economy that is more interdependent and integrated

A

Globalization

102
Q

What do these things enable?:
o Declining trade barriers
o Technology enablement
o Rise of multinational enterprises
o Formation of global institutions

A

Globalization

103
Q

What is it called when tariffs are not as high or being eliminated in many countries. There are models that show how there are many advantages economically to having a free trade market even when it could affect industries in that country

A

Declining trade barriers

104
Q

What is called when enhancement in communications, air travel, and the internet help make running a global business easier and more effective. The internet has made it reality for businesses to be held and created virtually?

A

Tech enablement

105
Q

What is called when more organizations knowing how to run businesses on a global scale it has also allowed the knowledge of being able to run one on a global scale to grow. The knowledge is more spread today than ever?

A

Rise of multinational enterprises

106
Q

What is called when there are things like the World Trade Center and the World Bank provide rules for international trade, international commercial activities, solving disputes, and giving resources to help countries to develop to have good infrastructure to be in the global market?

A

Formation of global institutions

107
Q

What are the following factors a part of?:
the political climate, the economic conditions, the legal system, and culture

A

Political economy

108
Q

This can show whether it is smart or not to open a business in that country. Some countries are open to free trade some are not. In countries that are not open industries are controlled heavily or subsidized by the government. Some countries have high tariffs and some countries have civil unrest. Some countries have corruption or fraud in the business as well

A

Political climate

109
Q

What conditions have a huge influence? If countries have a lot of poverty it can be hard to run a business there. In other countries inflation is extremely high. It is beneficial for a business to enter a country with what good conditions

A

Economic conditions

110
Q

What can favor citizens which can negatively affect the businesses there. Also, assets may not be protected because of crime. The legal system ideally should be in support of foreign businesses so that they can run properly.

A

Legal system

111
Q

What are the beliefs and values that are shared by a large amount of people in a country plus:
 Multiple business though can be run in a country so it is not safe to assume that this thing is consistent with all
 Some of this thing are not in support of global businesses depending on the practices that are being carried out
 Language also is a challenge in doing business across the globe

A

Culture

112
Q

What are the 2 strategies to conducting a business internationally?

A
  1. You can modify products and services to better comply with local opinions. A business can decide to modify the products are sell the same products as before.
  2. You can determine an entry strategy to use when conducting business in a country once your business has decided how to modify products to meet local preferences
113
Q

What do the following factors describe?:
1. Global standard
2. Local customization
3. Combination strategy

A

How to modify products

114
Q

What is it called when all products are not changed in each market?

A

Global standard

115
Q

What is it called when products and services are customized to meet the market in that area to increase demand?

A

Local customization

116
Q

What is it called when products are customized to have changes that are significant within the product and the demand for that product is high enough to allow this?

A

Combination strategy

117
Q

What do these factors describe?:
 Export products to a distributor in another country
 License
 Franchise
 Joint venture
 Strategic alliance
 Do it yourself

A

Determining an entry strategy

118
Q

What is called when you sell the rights to a third party to make and sell the businesses products in that country?

A

License

119
Q

What is it called when the products with a partner by giving them authorization to the brands and having them give guidance in operating a business in another country

A

Franchise

120
Q

What is an agreement to collaborate with another business partner and they will typically have their own sector to operate in

A

Joint venture

121
Q

What is lesser agreement to collaborate between two businesses to cooperate which involves splitting responsibilities

A

Strategic alliance

122
Q

What do these factors describe as well?:
 Management preferences for less or more control
 Whether or not there are suitable business partners
 What the legal requirements and restrictions are
 The nature of the products and how it matches some of the ___________________
 The availability of acquisitions and other legal restrictions with acquiring positions of a business in another country
 Time required and challenges in developing a business in another country

A

Entry strategy

IntroManagment (2 decks)

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