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MGT 3200 > MGT 3200 Test 1 > Flashcards

MGT 3200 Test 1 Flashcards

1
Q

what is management

A

the process of achieving desired results through the efficient use of human and material resources and through the utilization of effectiveness and efficiency

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2
Q

what are the 2 key concerns of management

A

effectiveness and efficiency

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3
Q

what is effectiveness concerned with

A

doing the right thing at the right time in the right way; goal attainment

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4
Q

what is efficiency concerned with

A

reducing waste or minimizing rescue costs since many resources are scarce

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5
Q

how are effectiveness and efficiency related

A

effective companies tend to be efficient; the more concerned a company is with efficiency the harder it is the be effective

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6
Q

what is your most important resource as a manager

A

human resources

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7
Q

is management an art or a science

A

both

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8
Q

when is mgt considered a science

A

academic discipline

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9
Q

when is mgt considered an art

A

practical

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10
Q

how did mgt become important and why is it still significant today

A

industrial revolution changed how work was performed; dividing up labor causes a need for managers; owners used to do all the managing

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11
Q

what was the basic change in the industrial revolution

A

from skilled craftsmen to use of machinery and division of labor; skilled labor decreased

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12
Q

what happened to productivity (supply), prices, and demand as a result of the industrial revolution?

A

production increased, prices decreased, demand increased

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13
Q

what was the pivotal event of our time, according to Drucker

A

the switch from owner/manager to professional manager

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14
Q

why do most businesses fail?

A

poor management

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15
Q

what does a first line manager do? what are the names associated with them

A

ensures the plans developed by top managers and middle managers are implemented by laborers with minimum costs; foreman supervisor

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16
Q

what does a middle manager do? what names are associated with them

A

taking the plans from top level management and put them into action for 1st line management; INTEGRATE AND INTERPRET; plant manager, department head

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17
Q

what does a top manager do? what are the names associated with them

A

plan and legitimize for the whole organization; CEO, CFO etc

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18
Q

what is corporate downsizing and what level of management is affected?

A

cutting costs by reducing people, efficiency oriented; often done by eliminating middle management levels

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19
Q

what is the difference between a line manager and a staff manager

A

line have power over production and they exist at all levels of management; staff gives support and guidance, often middle managers

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20
Q

what is the difference between functional and general managers?

A

functional specializes 1 area, usually 1st line managers; general manages many areas, jack of all trades, increases as you go up the pyramid

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21
Q

what is the difference between an administrator and a manager

A

administrator is non profit companies; manager is

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22
Q

what are the 5 functions of management

A

planning, organizing, staffing, leading, controlling

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23
Q

what is planning

A

setting goals and steps necessary to get there

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24
Q

what is organizing

A

dividing up work and making sure they work together

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25
Q

what is staffing

A

recruiting and selecting employees

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26
Q

what is leading

A

motivate, communicate, resolve conflicts

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27
Q

what is controlling

A

giving and getting feedback

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28
Q

what does planning has primacy mean

A

first thing you must do; gives directions to all of the other functions

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29
Q

what are the 3 aspects of controlling?

A

monitor performance, compare actual results with hoped for results for feedback on performance, taking corrective action if actual performance is less than hoped for

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30
Q

what are the siamese twins of management

A

planning and controlling

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31
Q

what are the most important function for each level of management

A

1st- staffing and leading
middle-organizing
top- planning

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32
Q

what are the 3 managerial roles mintzberg identified

A

interpersonal, informational, decisional

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33
Q

what is interpersonal

A

to develop and maintain positive relationships with others

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34
Q

what is informational

A

receive information and then analyze it

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35
Q

what is decisional

A

using information to solve problems or to take advantage of opportunities

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36
Q

what gives rise to the 3 managerial roles according to mintzberg

A

a managers authority gives rise to status

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37
Q

what are the 3 managerial skills identified by katz

A

technical, human, conceptual

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38
Q

what is technical

A

knowledge; most important 1st line

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39
Q

what is human

A

ability to work well with others; important at all levels

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40
Q

what is conceptual

A

ability to problem solve; important at top management

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41
Q

what skills are the most difficult to develop and why

A

conceptual because you need to be smart, have experience, and it takes time to develop this skill

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42
Q

according to luthans, are effective managers successful managers in general?

A

NO; effective managers were not usually promoted rapidly through the organization; the ones that networked were the ones that moved up

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43
Q

what % of effective managers are successful?

A

10%

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44
Q

what activity do effective managers spend the majority of their time on?

A

manage down; communication

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45
Q

what activity do successful managers spend the majority of their time on

A

networking; not what you know but who you know

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46
Q

what are the 3 basic characteristics of an open system

A

input, transformation, output

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47
Q

what is input

A

raw material from suppliers

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48
Q

what is transformation

A

production of goods

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49
Q

what is output

A

finished goods and services

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50
Q

what is the cyclonical nature of the transformation process?

A

customers and suppliers are most important

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51
Q

what is negative entropy

A

trying to prevent the company from dying

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52
Q

what is buffering the technical core

A

stability in production

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53
Q

what is role differentiation and specialization

A

as open systems grow and develop, organizations need more specialized departments

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54
Q

what is synergy

A

teamwork

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55
Q

what is equifinality

A

many roads lead to success

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56
Q

what are the 5 subsystems of an organization

A

production, boundary-spanning, adaptive, maintenance, managerial

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57
Q

what is production

A

transform raw materials to goods and services

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58
Q

what is boundary-spanning

A

buying from suppliers and selling to customers

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59
Q

what is adaptive

A

research and development

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60
Q

what is maintenance

A

smooth operation and upkeep of organization

61
Q

what is managerial

A

top and middle management; plans and legitimize is top, middle organizes

62
Q

what are the 2 major dependencies in the external environment and what is their threat

A

customer and suppliers; competition

63
Q

how do customers influence organizations

A

can cut into your profitability, can demand lower prices/better quality

64
Q

how do organizations influence customers

A

by advertising and creating “the need”

65
Q

how much more does it cost to find a new customer than to keep and old one according to total quality management estimates

A

5x

66
Q

what are the 3 ways to establish and maintain a positive relationship with suppliers

A

vertical integration (buy the supplier), long term contracts, reducing the number of suppliers

67
Q

what is the law of the marketplace

A

organizations that cant compete will be forced to change their product line or will die out

68
Q

what are the 5 forces of competition

A

rivalry among organizations, threat of new entrants, threat of substitutes, power of customers, power of suppliers

69
Q

what is rivalry among organizations

A

greatest at mature, low growth

70
Q

what is threat of new entrants

A

new entrants steal market share and drive prices down; higher the market threat, higher the competition

71
Q

what is threat of substitutes

A

can affect what prices you can charge and due to technological innovation, can make older products obsolete

72
Q

what is power of customer

A

powerful customers can cut into profitability, customers who make large purchases can drive down prices

73
Q

what is power of suppliers

A

can raise prices or reduce quality of good

74
Q

what are the barriers to entry in the industry

A

government regulations, capital requirements, high start up costs, brand loyalty to established companies, cost advantages to existing customers who buy in large quantities, distribution channels tied up and hard to break in

75
Q

what happens when a new entrant comes into the marketplace/industry

A

increase competition, increase product supply, prices lower, and they seek market share

76
Q

what determines if a supplier is powerful

A

if there a few places to buy or if they have too many customers

77
Q

what determines if customers are powerful

A

if they make large purchases or if they can easily find alternative places to buy

78
Q

how do powerful suppliers and customers influence organizations

A

they can either drive prices up or down and can cut into the organizations profitability; you don’t want to depend on them

79
Q

how do substitutes affect an industry

A

increase competition, increase power of the customer and can make products obsolete, technological innovations

80
Q

what is a product innovation and its focus

A

an innovation dealing with a product, good, or service; effective

81
Q

what is process innovation and its focus

A

advancement made in technological aspect; efficient

82
Q

what are the general effects of technology on an industry

A

increases competition, promotes product obsolescence, you have to change your product line to meet new changes in technology or rick dying out

83
Q

how does the economy influence an organization

A

indirectly by expanding economy which raises demand and vice versa; facilitates the establishment of new enterprises; always unpredictable; managers prefer stable economic conditions with moderate, steady growth bc violent changes in economic conditions can restrict business investment and growth

84
Q

what are the 4 ways government influences organizations

A

regulations (improve quality of life), taxation/subsidies (encourage/discourage business), direct competition, economic policy (affect ability to thrive and prosper)

85
Q

what is the shadow bureaucracy

A

for every department in an organization theres a federal agency governing it making sure you are following regulations

86
Q

what are the 3 ways organizations influence governments

A

lobbying, direct political action, illegal activity

87
Q

what is a PAC

A

political action committee formed by employees and stockholders to lobby government

88
Q

what are the PAC limits

A

direct contributions of 5K, but they can give soft money (indirect contribution)

89
Q

how does society influence business

A

through changed in social opinions

90
Q

how does business influence society

A

through charity and philanthropy as well as trying to legitimize their business to society

91
Q

how does the international component of the environment influence organizations

A

it is both a threat and an opportunity

92
Q

what is environmental scanning and how is it related to planning and organizational performance

A

monitor changes and trends in the environment; allows you to decide what goods or services to emphasize and which markets to explore and technologies to exploit

93
Q

what are the 3 purposes of planning

A

fundamental, defensive, offensive,

94
Q

what is fundamental

A

establish and help achieve organizational objectives

95
Q

what is defensive

A

offset future uncertainties by reducing the risk surrounding organizational operations

96
Q

what is offensive

A

affirmative seeking out and taking advantage of opportunities to increase organizational success

97
Q

what is planning important

A

organizational success, sense of unity and devotion, coping with change, performance standards, managerial development

98
Q

why do managers resist planning

A

hard work and they are afraid of failure, resists bc not rewarded by the organization, lack of immediate feedback, involves change, goes against the doer mentality

99
Q

what is greshams law of planning

A

even when managers have the best intentions of planning, they end up neglecting it bc they end up dealing with more recent problems; wrong priorities

100
Q

what does the non planner typically blame for their poor performance

A

bad luck

101
Q

what are the 5 phases of the planning process

A

establishing objectives, developing premises, decision making, implementing a course of action, evaluating results

102
Q

what is establishing objectives

A

what do you want to do

103
Q

what is developing premises

A

what factors are going to affect goal attainment

104
Q

what is decision making

A

select the best course of action to accomplish objectives

105
Q

what is implementing a course of action

A

assign and direct personnel to carry out the plan

106
Q

what us evaluating results

A

compare actual results with hoped for results

107
Q

what provides the basis for phase 1: establishing objectives

A

your environmental scans; avoid threats and exploit opportunities

108
Q

what are SMART goals

A 
S-specific
M-measurable for feedback
A- achievable, yet challenging
R-revevant(important)
T-trackable
109
Q

what is contingency planning

A

developing multiple future scenarios and the plans to accommodate each scenario using a what if

110
Q

what is the benefit and drawback of contingency planning

A

benefit is it allows you to act rather than react; drawback is it requires more time and resources than normal planning

111
Q

what are the keys to effective implementation of a plan

A

tied to the budgetary system, make sure you have the resources to carry it out; a clearly communicative plan; motivate employees

112
Q

what function of management is phase 5: evaluation results

A

monitor performance; actual vs hoped for results

113
Q

what is the basic dilemma in planning

A

commitment increases, but willingness to plan and flexibility decreases

114
Q

what are the different failures to avoid in planning

A

top down delegation is not good, not supportive environment, plans are too rigid and complex, failure to manage your plan, unrealistic expectations, getting bogged down in the details of planning

115
Q

what is the crystal ball syndrome

A

believing that planning is solely about predicting the future; neglects implementations and evaluation

116
Q

what is the cure all syndrome

A

planning should cure all problems (wrong)

117
Q

what is the persian messenger syndrome

A

kill the messenger; neglects evaluating results bc no feedback, when you punish the person who brings the bad news; instead you should reward this person for their fair evaluation bc it helps keep the plan in line

118
Q

what is the focus of strategic planning

A

establish and maintain a positive long term relationship with the external environment

119
Q

what are the 4 components of a well thought out strategy

A

scope, resource development, distinctive competence, synergy

120
Q

what is scope

A

decide where the organization is going to complete; which range of markets do you want to do business in

121
Q

what is resource development

A

how to spend your resources to achieve the goals

122
Q

what is distinctive competence

A

competitive advantage; sets you apart from the competition

123
Q

what is synergy

A

different aspects of the company compliment each other

124
Q

what is corporate strategy

A

what businesses you want to own; one strategy

125
Q

what is business level strategy

A

how you plan on competing with each business; multiple strategies

126
Q

what are the 4 elements of strategy formulation

A

analysis of the mission statement, analysis of the internal environment, analysis of the external environment, analysis of the corporate culture/managerial value system

127
Q

what are the benefits of the mission statement

A

provide a target for your strategic plans, source of motivation for your employees, legitimacy to the organization

128
Q

what is a SWOT analysis

A

strengths, weaknesses, opportunities, and threats; combination of internal and external analysis

129
Q

what is the goal of the business portfolio matrix approach

A

own that mix of businesses that will maximize market share and profitability

130
Q

what levels of strategy does the business portfolio matrix approach deal with

A

corporate and business level

131
Q

how are sbus classified in the business portfolio matrix approach

A

based on market shares and market growth, will determine how we deal with them; sbu= businesses we own

132
Q

what business strategy is used for a cash cow

A

hi market share and low growth; make huge profits; invest minimum amount needed to keep market share

133
Q

what business strategy is used for star

A

hi market share, low growth; invest all your money to grow market share before it matures

134
Q

what business strategy is used for dog

A

low market share and low growth; keep them if they’re profitable, but as soon as they start to loose money get rid of them

135
Q

what business strategy is used in new venture

A

low market share and high growth, if you think it could become a star, invest heavily; if not, get rid of it

136
Q

what are the 3 generic strategies identified by porter

A

differentiation, cost leadership, focus

137
Q

what is differentiation

A

make an image that your product is different than all others so you can demand a high price

138
Q

what is cost leadership

A

increase sales by minimizing the cost per unit and your prices

139
Q

what is focus

A

concentrate your efforts on a specific audience

140
Q

what is the basic idea behind the adaption model of strategy

A

strategy must be aligned with its environment for it to be effective

141
Q

what is a defender

A

demand products not growing; cash cows, stable environment, effective production; lots of rules and regulations

142
Q

what is a prospector

A

demand growing, expansion; new venture or star, develop, innovate; few rules and regulations; creativity

143
Q

what is an analyzer

A

environment moderately changing

144
Q

what is a reactor

A

worst strategy; reacts to environment; no set strategy, no set production process or organization designs; inefficient

145
Q

how does each strategy type in the adaption model answer the entrepreneurial engineering and administrating questions

A

.

146
Q

how are the strategies in the business portfolio matrix approach and the adaption model of strategy related to one another

A

defender-cash cow
prospector- new venture and star
analyzer- cash cow, new venture, and star
reactor- dog, not all dogs are reactors

147
Q

what does the article, when competitive advantage is neither, say about competitive benchmarking as a strategy

A

focusing so much on beating the competition can cause you to lose customers

148
Q

what does the article, avoid pricing yourself shot, say about competing on price as a strategy for attracting customers

A

try and develop a better relationship with your customer and when you just have cheap prices your product is no longer valued; impossible to compete on quality, service and price, chose 2/3

MGT 3200 (1 decks)

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