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Cluster > Management Exam 1 > Flashcards

Management Exam 1 Flashcards

1
Q

What are the Five Dysfunctions of a Team? (In order from top to bottom on the pyramid)

A
  1. ) Inattention to Results
  2. ) Avoidance of Accountability
  3. ) Lack of Commitment
  4. ) Fear of Conflict
  5. ) Absence of Trust
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2
Q

What is Inattention to Results Associated with?

A

Status and Ego

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3
Q

What is Avoidance of Accountability Associated with?

A

Low Standards

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4
Q

What is Lack of Commitment Associated with?

A

Ambiguity

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5
Q

What is Fear of Conflict Associated with?

A

Artificial Harmony

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6
Q

What is Absence of Trust Associated with?

A

Invulnerability

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7
Q

Teams that Trust…

A
  1. ) Admit Weaknesses
  2. ) Ask for Help
  3. ) Accept Questions and Input Regarding their Areas of Responsibility
  4. ) Appreciate and Tap Into One Another’s Skills and Experiences
  5. ) Offer and Accept Apologies
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8
Q

Teams that Engage in Healthy Conflict…

A
  1. ) Have Lively Interesting Meetings
  2. ) Put Critical Topics on the Table for Discussion
  3. ) Tackle Issues “Head On”
  4. ) Solve Real Problems Quickly
  5. ) Minimize Politics
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9
Q

What does Lack of Team Commitment Look Like?

A
  1. ) Fuzzy Goals, No Direction
  2. ) Revisit Discussions Over and Over Again
  3. ) Encourages Second Guessing
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10
Q

What does Avoidance of Accountability Look Like?

A
  1. ) Encourages Mediocrity

2. ) Misses Deadlines and Key Deliverables

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11
Q

What does Inattention to Results Look Like?

A
  1. )Rarely Defeats Competitors

2. ) Encourages Team Members to Focus on Their Own Careers and Individual Goals

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12
Q

5 Stages of Planning and Strategic Management

A
  1. ) Establish the Organization’s Mission and Vision
  2. ) Formulate the Grand Strategy
  3. ) Formulate Strategic Plans, then Tactical, and Operational Plans
  4. ) Implement the Strategic Plans
  5. ) Control the Strategy
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13
Q

What are the Levels of Planning Used for?

A

Going from big picture, or long term, to day-to-day

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14
Q

5 Levels of Planning

A
  1. ) Mission Statement
  2. ) Vision Statement
  3. ) Strategic Planning
  4. ) Tactical Planning
  5. ) Operational Planning
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15
Q

What is the Mission Statement?

A

Who are we and why are we here?

Expresses the purpose of an organization.

These are not marketing slogans

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16
Q

What is the Vision Statement?

A

What do we want to become?

Long-term goals and asperations

Clear sense of the future and the actions needed to get there. Tactical

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17
Q

Who does Strategic Planning and For How Long?

A

Done by top managers for 1-5 years

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18
Q

Who does Tactical Planning and For How Long?

A

Done by Middle Managers for 6-24 Months

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19
Q

Who Does Operational Planning and for How Long?

A

Done by First-Line managers for the next 1-52 weeks

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20
Q

Three Levels of Management

A
  1. )Top Management
  2. )Middle Management
  3. )First-Line Management
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21
Q

Who are Top Managers?

A

CEO, President, VP, GM, Division Heads

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22
Q

Who are Middle Managers?

A

Functional Managers, Product-Line Managers, Department Managers

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23
Q

Who are First-Line Managers?

A

Unit Managers, Team Leaders, First-Line Supervisors

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24
Q

What are the Three Levels of Planning?

A
  1. ) Strategic Planning (1-5 years)
  2. ) Tactical Planning (6 - 14 Months)
  3. ) Operational Planning (1-52 Weeks)
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25
Q

What is Strategic Planning?

A

Long-term decisions about overall direction of organization. Need to pay attention to environment outside of organization, be future oriented, deal with uncertain and highly competitive conditions

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26
Q

What is Tactical Planning?

A

Implementing policies and plans of top management, supervising and coordinating activities of first-line managers below, and making decisions often without base of clearly defined informational procedures

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27
Q

What is Operational Planning?

A

Directing daily tasks of non-managerial personnel; Decisions often predictable, following well-defined set of routine procedures

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28
Q

What are SMART Goals?

A
  1. ) Specific
  2. ) Measurable
  3. ) Attainable
  4. ) Relevant
  5. ) Time-Bound
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29
Q

What are the 3 Common Grand Strategies?

A
  1. ) Growth Strategy
  2. ) Stability
  3. ) Defensive
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30
Q

What is the Growth Strategy?

A

Expansion - As in sales revenue, market share, number of employees, or number of customers

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31
Q

What is Stability?

A

Involves little or no significant change

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32
Q

What is Defensive?

A

Reduction in the organization’s efforts, retrenchment

33
Q

What is Environmental Scanning?

A

Careful monitoring of an organization’s internal and external environments to detect early signs of opportunities and threats that may influence a firm’s plans

34
Q

What does SWOT Stand for?

A
  1. ) Strengths
  2. ) Weaknesses
  3. ) Opportunities
  4. ) Threats
35
Q

What two parts of SWOT focus on the INTERNAL parts of a company?

A
  1. ) Strengths

2. ) Weaknesses

36
Q

What two parts of SWOT focus on things EXTERNAL to a company?

A
  1. ) Opportunities

2. ) Threats

37
Q

What are strengths?

A

Skills and capabilities that give the organization competitive advantage.

Strengths could be work processes, organization, culture, staff, product quality….

38
Q

What are Weaknesses?

A

Drawbacks that hinder an organization.

Same categories as strengths. Work processes, organization, culture…

39
Q

What Are Opportunities?

A

Environmental factors that give the organization competitive advantage

Market segment analysis, industry & competition analysis….

40
Q

What are Threats?

A

Environmental factors that hinder an organization.

Same as Opportunities. Market Segment Analysis, Industry & Competition analysis…

41
Q

What are Porter’s Four Competitive Strategies

A
  1. ) Cost-Leadership
  2. ) Differentiation
  3. ) Cost-Focus
  4. ) Focused-Differentiation
42
Q

What Two of Porter’s Strategies focus on a wide market?

A
  1. ) Cost-Leadership

2. ) Differentiation

43
Q

What Two of Porter’s Strategies focus on a narrow market?

A
  1. ) Cost-Focus

2. ) Focused-Differentiation

44
Q

What is Cost-Leadership?

A

Keep costs and prices of a product or service below those of competitors. Target a wide market

45
Q

What is Differentiation?

A

Offer products that are unique and superior compared to those of competitors but still target a wide market

46
Q

What is Cost-Focus?

A

Keep costs and prices of a product or service below those of competitors but target a narrow market

47
Q

What is Focused Differentiation?

A

Offer products that are unique and superior compared to those of competitors but target a narrow market

48
Q

What is the Boston Consulting Group Matrix?

A

Star-Dog chart

49
Q

What has high market growth rate and high market share?

A

Star

50
Q

What has high market growth rate and low market share?

A

Question Marks

51
Q

What has low market growth rate and high market share?

A

Cash Cows

52
Q

What has low market growth rate and low market share?

A

Dogs

53
Q

What are the 7 Challenges to Being an Exceptional Manager?

A
  1. ) Managing for Competitive Advantage
  2. ) Managing for Diversity
  3. ) Managing for Globalization
  4. ) Managing for Information Technology
  5. ) Managing for Ethical Standards
  6. ) Managing for Sustainability
  7. ) Managing for Your Own Happiness and Life Goals
54
Q

What are the Four Principal Management Functions?

A
  1. ) Planning
  2. ) Organizing
  3. ) Leading
  4. ) Controlling
55
Q

What is Planning?

A

Setting goals and deciding how to achieve them

56
Q

What is Organizing?

A

Arranging tasks, people, and other resources to accomplish the work

57
Q

What is Leading?

A

Motivating, Directing, and otherwise influencing people to work hard to achieve the organization’s goals

58
Q

What is Controlling?

A

Monitoring performance, comparing it with goals, and taking corrective action as needed.

59
Q

What are the Three Levels of Management?

A
  1. ) Top Managers
  2. ) Middle Managers
  3. ) First-Line Managers
60
Q

What do Top Managers do?

A

Determine Overall Direction

61
Q

What do Middle Managers Do?

A

Implement Policies and Plans

62
Q

What do First-Line Managers Do?

A

Direct Daily Tasks

63
Q

What are the 2 Areas of Management?

A

Functional and General

64
Q

What are Functional Managers?

A

Responsible for only one activity

65
Q

What are General Managers?

A

Responsible for several activities

66
Q

What are the Three types of Organizations?

A
  1. ) For-Profit
  2. ) Nonprofit
  3. ) Mutual-Benefit Organizations
67
Q

Three Managerial Roles

A
  1. ) Interpersonal
  2. ) Informational
  3. ) Decisional
68
Q

What are the 3 Interpersonal Roles?

A
  1. ) Figurehead
  2. ) Leader
  3. ) Liaison
69
Q

What are interpersonal roles?

A

Interacting with people inside and outside of work units

70
Q

What are the 3 Informational Roles?

A
  1. ) Monitor
  2. ) Disseminator
  3. ) Spokesperson
71
Q

What are informational roles?

A

Receiving and communicating information

72
Q

What are the 4 Decisional Roles?

A
  1. ) Entrepreneur
  2. ) Disturbance Handler
  3. ) Resource Allocator
  4. ) Negotiator
73
Q

What are decisional roles?

A

Using information to make decisions to solve problems or take advantage of opportunities

74
Q

What are the 3 Skills Managers Need?

A
  1. ) Technical Skills
  2. ) Conceptual Skills
  3. ) Human Skills
75
Q

What are Technical Skills?

A

The ability to perform a specific job

76
Q

What are Conceptual Skills?

A

The ability to think analytically

77
Q

What are Human Skills?

A

The ability to interact well with people

78
Q

What are the 4 most valued traits in Managers?

A
  1. ) The ability to motivate and engage others
  2. ) The ability to communicate
  3. ) Work experience outside of the US
  4. ) High energy levels to meet the demands of global travel and a 24/7 world

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