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Hannah Brotherton > MGMT 310 exam 2 > Flashcards

MGMT 310 exam 2 Flashcards

1
Q

Universalism

A

The ethical system stating that all people should uphold certain values that society needs to function

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2
Q

The ethical system stating that all people should uphold certain values that society needs to function

A

Universalism

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3
Q

Egoism

A

An ethical principle holding that individual self-interest is the actual motive of all conscious action

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4
Q

An ethical principle holding that individual self-interest is the actual motive of all conscious action

A

Egoism

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5
Q

Utilitarianism

A

An ethical system stating that the greatest good for the greatest number should be the overriding concern of decision makers

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6
Q

An ethical system stating that the greatest good for the greatest number should be the overriding concern of decision makers

A

Utilitarianism

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7
Q

Relativism

A

Philosophy that bases ethical behavior on the opinions and behaviors of relevant other people

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8
Q

Philosophy that bases ethical behavior on the opinions and behaviors of relevant other people

A

Relativism

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9
Q

Virtue ethics

A

Perspective that what is moral comes from what a mature person with “good” moral character would deem right

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10
Q

Perspective that what is moral comes from what a mature person with “good” moral character would deem right

A

Virtue ethics

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11
Q

Ethical systems are built on moral philosophy– the principles, rules, and values people use in deciding what is right or wrong. T/F

A

T

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12
Q

Sarbanes-Oxley act 2002

A

established strict accounting and reporting rules to make senior

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13
Q

established strict accounting and reporting rules to make senior

A

Sarbanes-Oxley act 2002

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14
Q

Ethical Intensity

A

the degree of concern people have about an ethical issue process for ethical decision making

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15
Q

the degree of concern people have about an ethical issue process for ethical decision making

A

Ethical Intensity

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16
Q

Strategic plans are created by ___ ____ and are between __-__ ____, and how detailed is it?

A

top management; 3-7 years; low

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17
Q

what is created by top management and is between 3-7 years

A

strategic plans

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18
Q

tactical plans are created by ___ ___ and are between __-__ ___, and how detailed is it?

A

middle management; 1-2 years; medium

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19
Q

what is created by middle management and is between 1-2 years

A

tactical plans

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20
Q

operational plans are created by ___ ___ and is less than ___ ___, and how detailed is it?

A

frontline management; 1 year; high

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21
Q

what is created by frontline management and is less than 1 year

A

operational plans

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22
Q

what does the S in SWOT stand for and mean?

A

strengths, and it is a combination of internal (within organization) and helpful (for your objective)

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23
Q

what does the W in SWOT stand for and mean?

A

Weaknesses, and it is a combination of internal (within organization) and harmful (for your objective)

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24
Q

what does the O in SWOT stand for and mean?

A

Opportunity, and it is a combination of external (within organization) and helpful (for your objective)

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25
Q

what does the T in SWOT stand for and mean?

A

Threats, and it is a combination of external (within organization) and harmful (for your objective)

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26
Q

what are the stars of the BCG matrix?

A

high market growth and strong relative competitive positions

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27
Q

what are the question marks/problem children of the BCG matrix?

A

high market growth and weak relative competitive positions

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28
Q

what are the cash cows of the BCG matrix?

A

low market growth and strong relative competitive positions

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29
Q

what are the dogs of the BCG matrix?

A

low market growth and weak relative competitive positions

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30
Q

A ___ ___ ___ is designed to support managers in evaluating the organization’s progress with its strategy and, when discrepancies exist, taking corrective action

A

strategic control system

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31
Q

strategic control system

A

designed to support managers in evaluating the organization’s progress with its strategy and, when discrepancies exist, taking corrective action

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32
Q

Maximizing

A

achieving best outcome that realizes greatest possible consequences, and least negative consequences, lowest price for the best outcome; NOT the first thing people come up with, it takes time and planning

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33
Q

achieving best outcome that realizes greatest possible consequences, and least negative consequences, lowest price for the best outcome; NOT the first thing people come up with, it takes time and planning

A

maximizing

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34
Q

Satisficing

A

choose first option that is minimally acceptable or adequate

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35
Q

choose first option that is minimally acceptable or adequate

A

Satisficing

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36
Q

Optimizing

A

achieving best possible balance between several goals

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37
Q

achieving best possible balance between several goals

A

Optimizing

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38
Q

An ethical issue is

A

a situation, problem, or opportunity in which an individual must choose among several actions that must be evaluated as morally right or wrong

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39
Q

a situation, problem, or opportunity in which an individual must choose among several actions that must be evaluated as morally right or wrong

A

Ethical issue

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40
Q

Kohlberg’s stages of moral development

A

Preconventional stage, Conventional stage, Principled stage

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41
Q

Preconventional stage -

A

make decisions based on immediate self-interest
Ex. you take a flash drive home from work because you need one and you don’t want to pay for it.

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42
Q

make decisions based on immediate self-interest
Ex. you take a flash drive home from work because you need one and you don’t want to pay for it.

A

preconventional stage

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43
Q

Conventional stage -

A

make decisions that conform to expectations of groups and institutions like family, peers, and society.
Ex. you think about taking the flash drive home, but decide not to because it wouldn’t be right

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44
Q

make decisions that conform to expectations of groups and institutions like family, peers, and society.
Ex. you think about taking the flash drive home, but decide not to because it wouldn’t be right

A

conventional stage

45
Q

Principled stage -

A

make decisions based on self-chosen ethical principles
Ex. you do not consider taking the flash drive home from work because you believe that would be wrong

46
Q

make decisions based on self-chosen ethical principles
Ex. you do not consider taking the flash drive home from work because you believe that would be wrong

A

principled stage

47
Q

Ethical climate -

A

In an organization, the processes by which decisions are evaluated and made on the basis of right and wrong

48
Q

In an organization, the processes by which decisions are evaluated and made on the basis of right and wrong

A

ethical climate

49
Q

Danger signs of ethical climate include

A
  1. Excessive emphasis on short-term revenues over longer-term considerations
  2. Failure to establish a written code of ethics
  3. A desire for simple, “quick fix” solutions to ethical problems
  4. An unwillingness to take an ethical stand that may impose financial costs
  5. Consideration of ethics solely as a legal issue or a public relations tool
  6. Lack of clear procedures for handling ethical problems
  7. Responsiveness to the demands of shareholders at the expense of other constituencies
50
Q

Compliance based ethics programs

A

Company mechanisms typically designed by corporate counsel to prevent, detect, and punish legal violations

51
Q

Company mechanisms typically designed by corporate counsel to prevent, detect, and punish legal violations

A

Compliance based ethics programs

52
Q

Integrity based ethics programs

A

Company mechanisms designed to instill in people a personal responsibility for ethical behavior

53
Q

Company mechanisms designed to instill in people a personal responsibility for ethical behavior

A

Integrity based ethics programs

54
Q

Ethical Intensity

A

the degree of concern people have about an ethical issue process for ethical decision making

55
Q

the degree of concern people have about an ethical issue process for ethical decision making

A

ethical intensity

56
Q

The Business costs of Ethical Failure

A

Level 1 costs - paying fines are receiving penalties from the government
attract more executive attention even though costs are lower
Level 2 costs - spending time and money for audits and legal inquiries. Providing remedial education and taking corrective actions. Being subject to government oversight.
Level 3 costs - losing customers and reputation. Shrinking employee morale and higher turnover. Increasing regulation by the government.
Receive less executive attention despite the higher costs

57
Q

Level 1 costs

A

paying fines are receiving penalties from the government
attract more executive attention even though costs are lower

58
Q

paying fines are receiving penalties from the government
attract more executive attention even though costs are lower

A

level 1 costs

59
Q

Level 2 costs

A

spending time and money for audits and legal inquiries. Providing remedial education and taking corrective actions. Being subject to government oversight.

60
Q

spending time and money for audits and legal inquiries. Providing remedial education and taking corrective actions. Being subject to government oversight.

A

level 2 costs

61
Q

Level 3 costs

A

losing customers and reputation. Shrinking employee morale and higher turnover. Increasing regulation by the government.
Receive less executive attention despite the higher costs

62
Q

losing customers and reputation. Shrinking employee morale and higher turnover. Increasing regulation by the government.
Receive less executive attention despite the higher costs

A

level 3 costs

63
Q

Corporate social responsibility

A

-CSR
-Philanthropic
-Ethical
-Legal
-Economic

64
Q

-CSR

A

is the obligation toward society assumed by business

65
Q

is the obligation toward society assumed by business

A

CSR

66
Q

Philanthropic

A

Additional behaviors and activities that society finds desirable and that the values of the business support

67
Q

Additional behaviors and activities that society finds desirable and that the values of the business support

A

philanthropic

68
Q

Ethical

A

Meeting other social expectations, not written as law

69
Q

Meeting other social expectations, not written as law

A

ethical

70
Q

Legal

A

To obey local, state, federal, and relevant international laws

71
Q

To obey local, state, federal, and relevant international laws

A

legal

72
Q

Economic

A

To produce goods and services that society wants at a price that perpetuates the business and satisfies its obligations to investors

73
Q

To produce goods and services that society wants at a price that perpetuates the business and satisfies its obligations to investors

A

economic

74
Q

Shareholder Model

A

Managers act as agents for shareholders and are obligated to maximize the present value of the firm

75
Q

Managers act as agents for shareholders and are obligated to maximize the present value of the firm

A

shareholder model

76
Q

Stakeholder Model

A

Theory of corporate social responsibility that suggests that managers are obliged to look beyond profitability to help their organizations succeed by interacting with groups that have a stake in the organization

77
Q

Theory of corporate social responsibility that suggests that managers are obliged to look beyond profitability to help their organizations succeed by interacting with groups that have a stake in the organization

A

stakeholder model

78
Q

Formal planning steps:

A
  1. Situational analysis
  2. Alternative goals and plans
  3. Goal and plan evaluation
  4. Goal and plan selection
  5. Implementation
  6. Monitor and control
79
Q

planning

A

Conscious, systematic process of making decisions about goals and activities that an individual, group, work unit, or organization will pursue in the future

80
Q

Conscious, systematic process of making decisions about goals and activities that an individual, group, work unit, or organization will pursue in the future

A

planning

81
Q

___-___ ___ can be just as effective as ___-___ ___

A

Manager-set goals ; self-set goals

82
Q

Appropriate goals are

A

-Difficult, but not too difficult
-Specific
-Have high commitment

83
Q

single use plans

A

Focuses on achieving non-repeating goals
ex. Kraft’s recent recall of 6.5 million macaroni and cheese boxes after consumers found metal in some of the boxes

84
Q

Focuses on achieving non-repeating goals
ex. Kraft’s recent recall of 6.5 million macaroni and cheese boxes after consumers found metal in some of the boxes

A

single use plans

85
Q

standing plan

A

Is designed to accomplish an enduring set of goals
ex. Beats by dr. dre dominates the premium headphones market through consistently strong marketing campaigns

86
Q

Is designed to accomplish an enduring set of goals
ex. Beats by dr. dre dominates the premium headphones market through consistently strong marketing campaigns

A

standing plan

87
Q

contingency plan

A

Specifies actions when initial plans fall or events in the external environment create sudden change
ex. California, due to several years of below average rainfall developed a drought plan

88
Q

Specifies actions when initial plans fall or events in the external environment create sudden change
ex. California, due to several years of below average rainfall developed a drought plan

A

contingency plan

89
Q

mission statement

A

definition of the company’s business, who it serves, what it does, its objectives, and its approach to reaching those objectives

90
Q

definition of the company’s business, who it serves, what it does, its objectives, and its approach to reaching those objectives

A

mission statement

91
Q

Vertical integration is a

A

business strategy that allows a company to control the supply chain from manufacturing to sales.

92
Q

business strategy that allows a company to control the supply chain from manufacturing to sales.

A

vertical integration

93
Q

Low cost (overall leadership) business strategy

A

strategy that an organization uses to build competitive advantage by being efficient and by offering a standard “no frills” product.
ex. Ikea furniture

94
Q

strategy that an organization uses to build competitive advantage by being efficient and by offering a standard “no frills” product.
ex. Ikea furniture

A

low cost (overall leadership) business strategy

95
Q

Differentiation business strategy

A

strategy that an organization uses to build competitive advantage by being unique in one or more dimensions
Ex. apple, own software, computers, phones, watches, tablets, earbuds, etc.

96
Q

strategy that an organization uses to build competitive advantage by being unique in one or more dimensions
Ex. apple, own software, computers, phones, watches, tablets, earbuds, etc.

A

differentiation business strategy

97
Q

Functional business strategy

A

strategy that an organization in ways of production in each different functional area of the organization
ex. Accounting develops its own strategy, HR develops its own strategy, IS develops its own strategy, etc.

98
Q

strategy that an organization in ways of production in each different functional area of the organization
ex. Accounting develops its own strategy, HR develops its own strategy, IS develops its own strategy, etc.

A

functional business strategy

99
Q

Programmed:

A

Problem is frequent, repetitive, and routine, with much certainty regarding cause-and-effect relationships.
Decision procedure depends on policies, rules, and definite procedures.
Ex. periodic reorders of inventory, procedure for admitting patients

100
Q

Problem is frequent, repetitive, and routine, with much certainty regarding cause-and-effect relationships.
Decision procedure depends on policies, rules, and definite procedures.
Ex. periodic reorders of inventory, procedure for admitting patients

A

programmed

101
Q

Nonprogrammed:

A

Problem is novel and unstructured, with much uncertainty regarding the cause-and-effect relationship
Decision procedure needs creativity, intuition, tolerance for ambiguity, and creative problem solving.
Ex. diversification into new products and markets; purchase of experimental equipment; reorganization of departments

102
Q

Problem is novel and unstructured, with much uncertainty regarding the cause-and-effect relationship
Decision procedure needs creativity, intuition, tolerance for ambiguity, and creative problem solving.
Ex. diversification into new products and markets; purchase of experimental equipment; reorganization of departments

A

nonprogrammed

103
Q

Discounting the future

A

weigh short term costs and benefits much heavier than our long term costs and benefits.
Should I spend 450 on car mods now or save up for a nicer stock car (that I will eventually mod too)?

104
Q

weigh short term costs and benefits much heavier than our long term costs and benefits.
Should I spend 450 on car mods now or save up for a nicer stock car (that I will eventually mod too)?

A

discounting the future

105
Q

using groups to make a decision is good and bad because…

A

good: more information is available
bad: could lead to groupthink to avoid disagreements

106
Q

Constructive conflict -

A

Conflict that is task related and involves differing ideas and viewpoints is constructive. it’s good for decision making

107
Q

Conflict that is task related and involves differing ideas and viewpoints is constructive. it’s good for decision making

A

constructive conflict

108
Q
A

Hannah Brotherton (18 decks)

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