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Finales > PART 3: Organization models, Decision making process, management > Flashcards

PART 3: Organization models, Decision making process, management Flashcards

1
Q

In a corporation, the boad of directors is selected by…

A

the stockholder

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2
Q

The function of hiring and competition of senior executives, defining the dividends and option policies and helping to set broad goals are made by…

A

broad of directors

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3
Q

The senior executive is tasked with overseeing the day to day administrative and operational functions of a business is called…

A

CEO

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4
Q

When facebook and instagram merged it was…

A

horizontal merger

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5
Q

When you read in the Nike’s website: “to bring inspiration to every athlete in the world”, this is their…

A

mission

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6
Q

Assume for a moment your company sells insurance products in a large metropolitan area. The marketing team of your insurance company outline, step by step, each marketing component needed to meet the goals. This is…

A

tactical plan

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7
Q

The purpose of Hay System is to provide a consistent procedure to evaluate position classification by…

A
  • Measuring the content of each job compared to other jobs based on classification factors know how
  • Determining its relative worth
  • Establishing equitable pay relationships among all jobs
    *** All of them are correct **
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8
Q

Situational leadership

A

it is up the leader to change his style, not the follower to adapt to the leader’s style

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9
Q

According to the “situational leadership model”, an employee with moderate to high competence and variable commitment needs to the following leadership style

A

supporting

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10
Q

Which is the DISC profile of an employee whom general characteristics are good listener, team player and predictable

A

steadiness

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11
Q

Which is the first step of a decision-making process

A

recognizing and defining the decision situation

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12
Q

Customer acquisition is…

A

Costly and retaining customers must be a priority

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13
Q

Retaining customers…

A

Increase the customer share (percentage of a customer’s total spending within a particular category that goes to a specific business or brand)

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14
Q

Customer relationship focus on…

A

“Good customers”

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15
Q

What are butterflies customers

A

Problematic customers

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16
Q

The objective of customer experience is

A

Increase loyalty

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17
Q

Touch points are

A

any interaction

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18
Q

Organizaion models

Sole proprietorship

A

business owned and operated by one individual

for example restaurants, hair salon, flower shop, etc. Many of them focus on services rather than manufacture of goods

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19
Q

Advantages of a sole propiertorship

A

easy and cost of formation, secrecy, the owner decides how to use/distribute the profit, flexibility and control the business, taxation and closing the business

each country has different tax advantages for motivating the entrepreneurship

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20
Q

Disadvantages of a sole propiertorship

A

unlimited liability, limited sources of funds (higher interest rates), limited skills, lack of continuity (life expectancy linked to that of the owner), difficulty of the tax management

he would have to do the management, marketing, finance, accounting, bookkeeping, personnel management

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21
Q

Partnership

A

association of two or more people who carry on as of a business for-profit

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22
Q

Advantages of a partnership

A

easy of organization, availability of capital and credit, combined knowledge and skills, decision making

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23
Q

Disadvantages of a partnership

A

unlimited liability, life of the partnership and distribution of profits

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24
Q

Corporation

A

legal entity, created by the state, whose assets and liabilities are separate from its owners

typically owned by many individuals and organizations who own shares of a business called stocks

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25
Q

Corporate owners are often called…

A

shareholders/stockholders

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26
Q

Cooperatives

A

Organization composed by of individuals or small businesses that have banded together to reap the benefits of belonging to a larger organization

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27
Q

Types of corporation

Private corporation

A

owned by just one or few people who are closely involved in managing the business

example: mercadona

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28
Q

Public corporation

A

corporation whose stock anyone may buy, sell or trade

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29
Q

Quasy public corporation

A

owned and operated by states or local government

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30
Q

Non-profit corporation

A

corporations that focus on providing a service rather than earning a profit but are not owned by a government entity

example: Red Cross

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31
Q

Inside directors are…

A

employees of the company

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32
Q

Outside directors are…

A

unaffiliated with the company (lawyers, bankers, politicians…)

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33
Q

What is a Joint Venture

A

A partnership established for a specific project or for limited time

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34
Q

What is a limited liability company

A

provides limited liability, as in a corporation, profits are not taxed thus the owners only pay tax on the revenue once and protects your assets

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35
Q

What is a cooperative

A

an organization composed of individuals or small businesses that have banded together to reap the benefits of belonging to a larger organization

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36
Q

Mergers

A

when two companies (usually corporations) combine to form a new company

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37
Q

Acquisition

A

occurs when one company purchases another, generally by buying most of its stocks

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38
Q

Acquisitions

Tender offer

A

an offer to purchase some or all of shareholders shares in a corporation

are typically made publicly and invite shareholders to sell their shares for specified price and within a particular window of time. The price offered is usually at a permium to the market place

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39
Q

Friendly offer

A

both groups are agreeing the purpose deal

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40
Q

Hostile offer

A

the second company does not want to be taken over

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41
Q

The acquired company may become a…

A

subsidiary of the buyer or its operations and assets may be merged with those of the buyer

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42
Q

What does the government does to protect customers from monopolistic practices

A

scrutinizes mergers and acquisitions

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43
Q

Horizontal merger

A

when firms make and sell similar

example Facebook and Instagram; Bankia and Caixabank

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44
Q

Vertical merger

A

companies operating at different but related levels of an industry

example Google and Chrome

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45
Q

Conglomerate merger

A

two firms of unrelated industries merge

example Samsung (electronics, military, hardware, apartments, ships…)

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46
Q

Entrepeneuship

A

process of creating and managing a business to achieve desired objectives

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47
Q

Common elements of entrepeneurship

A
  • self-motivation
  • understand what you offer (how your product/service fits to the market)
  • take risk
  • know how to network (able to connect with others and recognize partnership opportunities)
  • basic money management and skills and knowledge and passion
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48
Q

Small business

A

Any independently owned and operated business that is not dominant in its cooperative are and does not employee more than 500 people

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49
Q

What is PYME

A

small and medium companies

50
Q

What is the role of small business

A

Efficiency:
* produce 16 time more patents per employee than larger patenting firms
* employ nearly half of all private sectors employees
* pay 42% of the US private payroll

51
Q

small businesses per industries

Retailers

A

acquire goods from producers and wholesalers and sell them to customers

52
Q

Retailers attract new entrepeneurs because…

A

a new retail store does not have to invest large sums of money

53
Q

small business per industries

Wholesalers

A

supply products to industrial, retail, and institutional users for resale or for use in making other products

54
Q

small business per industries

Services

A

businesses that do not actually produce tangible goods

example real state, insurance and personal agencies, barbershops, etc

55
Q

Entrepeneurs in services also include individuals such as…

A

beauticians, psychologists, doctors, lawyers or veterinarians

56
Q

small business per industries

Manufacturing

A

not usual for small business, although they have an advantage over large firms because they can customize products to meet specifics customers needs and wants

custom artwork, jewlery, clothing or furniture

57
Q

small business per industries

High technology

A

businesses that depend heavily on advanced scientific and engineering knowledge

fields like computers, biotechnology, genetic engineering, robotics

58
Q

Advantages of small businesses

A
  • you are your own boss
  • choose whom you work with
  • cost: small business hire other firms (to supply services: accounting, advertising, legal counseling)
  • flexibility to adapt to changing market demands
  • fast decisions (the owner-only one layer of management)
  • focus your efforts on a specific group of customers
  • reputation for quality and service
59
Q

Disadvantages of small business

A
  • high stress level
  • overcome challenges in starting the business
60
Q

What are the 3 major reasons of small business failure

A
  • undercapitalization
  • managerial inexperience or incompetence
  • inability to cope with growth
61
Q

starting s small business

Equity financing

A

the owner is the source of money

62
Q

Venture capitalism

A

people/organizanizations that agree to provide some funds for a new business in exchange for an ownership interest or stock. They try to purchase cheap stock and then sell the stock for a profit after the business has grown successfully

63
Q

External financing

A

banks, family, friends…

64
Q

Line of credit

A

(like a credit card) an arrangement by which a bank agrees to lend a specified amount of money to an organization upon request

65
Q

Trade credit from suppliers

A

the supplier delivers the goods. The company has a collection period to sell the product, and once it does so, it pays the supplier

66
Q

approaches to starting a small business

Buying existing business

A

network of customers, suppliers and distributors problems

67
Q

Franchising

A

a license to sell other products or to use another’s name in a business. The franchisee acquires the rights

68
Q

Management

A

is the process designed to achieve an organisaiton’s objectives by using its resources effectively and efficiently in a changing environment

69
Q

Effectively means…

A

having the intended results

70
Q

Efficiently means…

A

accomplishing the objectives with a minimum resources

71
Q

Managers

A

make decisions about the use of organization’s resources in order to obtain the results

72
Q

Why resources are important?

A

to effectively pursue its objectives and coordinate their use to turn out a final good or service

73
Q

Planning

A

the process of determining the organization’s objectives and deciding how to accomplish them

74
Q

Parts of planning

A
  • mission
  • goals
  • objectives
  • strategic plans
  • tactical plans
  • operational plans
  • contingency planning
75
Q

mission

A

a declaration of an organization’s fundamentals purpose and basic philosophy

76
Q

Goals

A

the result that a firm wishes to achieve

77
Q

What is the difference between goals and objectvies

A

objectives are measurable (profit, efficiency, growth: ability to adapt and get new products to the marketplace)

78
Q

Strategic plans

A

establish the long-range objectives and overall strategy or course of action by which a firm fulfills its mission

more than one year

examples: purchase companies, move into international markets, add products

79
Q

Tactical plans

A

short range plans designed to implement the activities and objectives in the strategic plan

less than one yeat

tactical plans allow the company to react to changes in the environment while contiuing to focus on the company’s overall strategy

80
Q

Operational plans

A

very short plans to specify what actions individuals, work groups or departments need to accomplish in order to achieve tactical plan and strategic plan

81
Q

Contingency planning

A

planning that deals with potential disasters such as oil spills, earthquakes, product intoxication, pandemic, etc.

82
Q

types of management

CEO’s primary responsibilities

A

making major corporate decisions, managing the overall operations and resources of a company, acting as the main point of communication between the broad of directors and corporate operations and being the public face of the company

CEO reports to the board of directors

83
Q

COO

A

senior executive tasked with overseeing the day-to-day administrative and operational functions of a business

COO reports to the CEO

84
Q

CFO

A

senior executive responsible for managing the financial actions of a company

CFO reports to the COO

CFO’s duties include tracking cash flow and financial planning as well as analyzing the company’s financial strenght’s and weaknesses and proposing corrective actions

85
Q

CMO

A

executive who is in charge of developing and overseeing marketing and advertising plans

CMO reports to the CEO (is part of the C-level executive team)

the CMO has to collaborate and keep pace with other c-executives. This is vital if the company is to adapt in today’s rapidly shifting market

86
Q

Why CMO’s position is more important than it used to be

A

due to advances in technology and communications

87
Q

CDO

A

senior executive responsible for the utilization and governance of data across the organization

88
Q

CDO’s responsibilities

A

governance: advising on, monitoring and governing enterprise data
* operations: enabling data usability, availability and efficiency
* innovation: driving enterprise digital transformation innovation, cost reduction and revenue generation
* analytics: supporting analytics and reporting on products, customers, operations and markets

89
Q

CIO

A

person responsible for the management of technology and the usability of information within the company

in most companies, CIO reports to CEO

makes sure the technology is beneficial and promotes progress in the company

90
Q

Middle information management

A

members of an organization responsible for the tactical planning that implements the general guidelines established by top management. Are involved in specific operations of the organization and they spend more time in organizing

91
Q

First line management

A

members of an organization who supervise both workers and the daily operations of an organization

responsible for implementing the plans established by middle managers and directing and controlling worker’s performance on the job

92
Q

What does HR ensures

A

smooth functioning of an organization

The role of HR depends on the company’s behaviour (growth, stability or decrease)

93
Q

HR: 1. job desing and job analysis

Job design involves…

A

describing duties, responsibilities and operations of the job. It will help you determine the kind of candidate you want for the job

94
Q

Job analysis involves…

A

describing the job requirements such as skills, qualification and work experience

95
Q

Hay’s guide chart profile method purpose

A

to provide a consistent procedure to evaluate position classifications by:
* measruring the content of each job compared to other jobs based on classification factors (know how; problem solving and accountability/impact on the results)
* determining its relative worth
* establishing equitable pay relationships among all jobs

96
Q

HR: 2. Employee hiring and selection

An —- helps to source and identify the ideal candidates for interview and selection

A

Human Resources System

97
Q

The candidates are then subjected to a —- process to filter out the most suitable candidates from the pool of applicants

A

comprehensive screening

98
Q

The screen candidates are then taken through different interview rounds to…

A

test and analyze their skills, knowledge and work experience required for the job position

99
Q

HR. 3. employee training and development

The role of HR should be to ensure that…

A

new employees acquire the specific knowledge and skills to perform their task efficiently

very crucial role in preparing employees for bigger tasks and responsibilities –> leads to the development of employees at work

100
Q

HR: 4. Compensation and benefits

The role of HRM is to…

A

formulate attractive yet efficient benefits and compensation packages to attract more employees into the workplace without disturbing the finances of the company

compensation is related with the job design (Hay Chart)

101
Q

HR: 5. employee performance management

Performance management ensures that…

A

the output of employees meets the goals and objective of the organization

  • enabling real-time feedback and coaching employees to boost efficiency among them
  • conducting performance reviews monthly or quarterly to discuss the positives and the improvement areas of employees
102
Q

skills nedded by managers

Specialized knowledge and training needed to perform jobs that are related to particular areas of management…

A

Technical skills

most needed by first-line managers and least critical to top-level manag

103
Q

The ability to think in abstract terms to see how parts fit together to form the whole; think creatively

A

Conceptual skills

most needed by all managers (particularly by top-level managers)

104
Q

The ability to identify relevant and critical factors, understand the relationship between the issues and perceive the underlying causes of a situation

A

Analytical skills

needed by top-level managers

105
Q

The ability to deal with people, both inside and outside the organization

A

Human relations skills

important in organizations that provide services

106
Q

Ability to influence employees to work towards organizational goals

A

leadership

107
Q

Leadership: communicate effectively –> nonverbal communication

It repeats and often strenghts the message you’re making verbally

A

repetition

108
Q

Leadership: communicate effectively –> nonverbal communication

It can contradict the message you’re trying yo convey, thus indicting to your listener that you may not be telling the truth

A

contradiction

109
Q

It can subsitute for a verbal message

facial expresion often conveys a more vivid message than words ever can

A

subsitution

110
Q

It may add to or complement your verbal message

as a boss, if you pat an employee on the back in addition to giving praise, it can increase the impact of your message

A

complementing

111
Q

It may accent or underline a verbal message

for example pounding the table can underline the importance of your message

A

accenting

112
Q

How to develop employees

A
  • create individual development plans
  • provide performance metrics
  • provide opportunities outside of job function
  • give constructive feedback
113
Q

leadership styles

He/she makes all the decisions and then tell employees what must be done and how to do it

A

autrocratic leadership

114
Q

leadership styles

Involve their employees in decisions. Present a situation and encourage their subordinates to express opinions and contribute ideas

A

democratic leadership

115
Q

leadership styles

Are passionate about goals and mission of the company, display corporate values in the workplace and form long-term relationships with stakeholders

A

free rains leadership (Laissez-Faire)

116
Q

Passionate about goals and mission of the company, display corporate values in the workplace and form long-term relationships with stakeholders

A

autentic leader

117
Q

Situational leadership style has been developed and studied by…

A

Kenneth Blanchard and Paul Hersey

118
Q

Situational leadership refers to…

A

when the leader of an organization must adjust his style to fit the development level of the followers he’s trying to influence

is up to the leader to change his style, not the follower to the leader’s style

119
Q

Dr. William Moulton Marston at Harvard university

method of identifying predictable actions and personality traits within human behaviour

at home or in the workplace, behavior and personality are often misunderstood and become areas of stress affecting your work productivity and happiness

A

DISC

dominance, influence, steadiness and conscientiousness

a powerful and profoundly simple tool to understanding people

120
Q

When employees are provided with the ability to take on responsibilities and make decisions about their jobs

A

Participative corporate cultures (mature organizations)

121
Q

The employee empowerment philosophy, managers are important for

A
  • guiding employees
  • encourage the participation in decision making
  • training in
  • setting goals
  • making major decisions
122
Q

6 steps that leads to more effective decision making

A
  • recognizing and defining the decision situation
  • developing options to resolve the situation
  • analyzing the options
  • selecting the best option
  • implementing the decision
  • monitoring the consequences of the decision

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