BUS 300 Test

Description:	1
Category:	Management
Created by:	howellme on 2009-08-09

Question	Answer
Organization	A group of people working together in a structured and coordinated fashion to achieve a set of goals.
Management	A set of activities (including planning and decision making, organizing, leading, and controlling) directed at using an organization's resources (human, financial, physical, and informational) to achieve organizational goals in an effective manner.
Efficient	Using resources wisely and in a cost-effective way.
Effective	Making and implementing good decisions.
Top Managers	The relatively small group of senior executives who manage the overall organization (President, Vice President, and Chief Executive Officer).
Middle Managers	The relatively large set of managers responsible for implementing the policies and plans developed by top managers and for supervising and coordinating the activities of lower-level managers (o Plant manager, operations manager, and division head).
First Line Managers	Managers who supervise and coordinate the activities of operating employees.
Marketing Managers	Work in areas related to the marketing function. These areas include new product development, promotion, and distribution
Financial Managers	Deal primarily with an organization's financial resources. They are responsible for such activities as accounting, cash management, and investments.
Operations Managers	Concerned with creating and managing the systems that create an organization's products and services.
Human Resource Managers	Responsible for hiring and developing employees.
Administrative, or General Managers	Tend to be generalists; they have some basic familiarity with all functional areas of management rather than specialized training in any one area.
Planning	Setting an organization's goals and deciding how best to achieve them.
Decision-Making	Selecting a course of action from a set of alternatives.
Organizing	Determining how activities and resources are to be grouped (o Once a manager has set goals and developed a workable plan, the next management function is to organize people and the other resources necessary to carry out the plan).
Leading	Motivating members of the organization to work in the best interests of the organization.
Controlling	Monitoring progress to ensure that the firm is performing in such a way as to arrive at its “destination" at the appointed time.
Technical Skills	The skills necessary to accomplish or understand the specific kind of work being done in an organization
Interpersonal Skills	The ability to communicate with, understand, and motivate both individuals and groups.
Conceptual Skills	The manager's ability to think in the abstract
Diagnostic Skills	The manager's ability to visualize the most appropriate response to a situation.
Communication Skills	The manager's ability to both convey ideas and information to others effectively and to receive ideas and information effectively from others.
Decision-Making Skills	The manager’s ability to recognize and correctly define problems and opportunities and then to select an appropriate course of action to solve problems and capitalize on opportunities.
Time Management Skills	The manager's ability to prioritize work, to work efficiently, and to delegate appropriately.
Theory	A conceptual framework for organizing knowledge and providing a blueprint for action
Classical Management Perspective	An approach to business management that consists of two distinct branches—scientific management and administrative management
Scientific Management	The branch of the classical management perspective that is concerned with improving the performance of individual workers
Soldiering	Employee’s deliberately working at a slow pace.
Administrative Management	the branch of the classical management perspective that focuses on managing the total organization
Behavioral Management Perspective	An approach to business management that emphasizes individual attitudes and behaviors and group processes
Human Relations Movement	A popular approach to management which proposed that workers respond primarily to the social context of the workplace
Theory X	A relatively pessimistic and negative view of workers and is consistent with the views of scientific management
Theory Y	A more positive view that reflects the assumptions that human relations advocates make
Organizational Behavior	Current behavioral perspectives which acknowledge that human behavior in organizations is much more complex than the human relations realized
Quantitative Management Perspective	An approach that applies quantitative techniques to business management
Management Science	Focuses specifically on the development of mathematical models
Operations Management	Its techniques are concerned with helping the organization produce its products or services more efficiently and can be applied to a wide range of problems
System	An interrelated set of elements functioning as a whole
Open Systems	Systems that interact with their environment
Closed Systems	Do not interact with their environment
Subsystems	Systems within a broader system
Synergy	2 or more subsystems working together to produce more than the total of what they might produce working alone
Entropy	A normal process leading to system decline.
Universal Perspective	The point of view that there is “one best way” to do something
Contingency Perspective	The point of view that appropriate managerial behavior in a given situation depends on, or is contingent on, a wide variety of elements
External Environment	Everything outside an organization's boundaries that might affect it. There are two of these: the general environment and the task environment.
Economy	The overall health and vitality of the economic system in which the organization operates.
Technology	The methods available for converting resources into products or services.
Political-Legal Climate	The government regulation of business and the relationship between business and government.
Competitor	An organization that competes with other organizations for resources.
Customers	The people who pay money to acquire an organizations products or services.
Suppliers	An organization that provides resources for other organizations.
Regulators	a body that has the potential to control, legislate, or otherwise influence the organization's policies and practices. There are 2 important kinds: regulatory agencies and interest groups.
Regulatory Agencies	an agency created by the government to protect the public from certain business practices or to protect organizations from one another.Ex: The Food and Drug Administration (FDA) helps ensure that the food we eat is free from contaminants
Interest Groups	A group organized by its members to attempt to influence organizations. Ex: mothers against drunk driving (MADD) puts pressure on alcoholic beverage producers.
Strategic Partners	2 or more companies that work together in joint ventures or other partnerships.
Owners	Those who have legal property rights to an organization.
Internal Environment	The conditions and forces within an organization. It consists of their owners, board of directors, employees, and the physical work environment.
Board of Directors	The governing body elected by a corporation's stockholders and charged with overseeing the general management of the firm to ensure that it is being run in a way that best serves stockholders’ interests.
Ethics	An individual's personal beliefs about whether a behavior, action, or decision is right or wrong.
Ethical Behavior	Behavior that conforms to generally accepted social norms.
Unethical Behavior	Behavior that does not conform to generally accepted social norms.
Managerial Ethics	Standards of behavior that guide individual managers in their work.
Code of Ethics	A formal, written statement of values and ethical standards that guide a firm's actions.
Social Responsibility	The set of obligations an organization has to protect and enhance the societal context in which it functions.
Legal Compliance	The extent to which the organization conforms to local, state, federal, and international laws.
Ethical Compliance	The extent to which an organization and its members follow basic ethical standards of behavior.
Philanthropic Giving	Awarding funds or gives to charities or other worthy causes.
Whistle Blowing	The disclosure, by an employee, of illegal or unethical conduct on the part of others within the organization.
Exporting	Making a product in the firm's domestic marketplace and selling it in another country.
Importing	Bringing a good, service, or capital into the home country from abroad.
Licensing	An arrangement whereby one company allows another company to use its brand name, trademark, technology, patent, copyright, or other assets in exchange for a royalty based on sales.
Strategic Alliance	A cooperative arrangement between 2 or more firms for mutual gain.
Joint Venture	A special type of strategic alliance in which the partners share in the ownership of an operation on an equity basis.
Direct Investment	A firm's building or purchasing operating facilities or subsidiaries in a different country from the one where it has its headquarters.
Tariff	A tax collected on goods shipped across national boundaries.
Quota	A limit on the number or value of goods that can be traded.
Organization Culture	The set of values, beliefs, behaviors, customs, and attitudes that helps the members of the organization understand what it stands for, how it does things, and what it considers important.
Mission	The purpose of the business. It gives us direction, and from that you can develop goals. It changes over time because you have to revise to make sure you’re on target.
Strategic Goals	A goal set by and for top management of the organization
Tactical Goal	A goal set by and for the middle managers of the organization.
Operational Goals	A goal set by and for lower-level managers of the organization. Lower-level managers would be key to actually getting this goal done.
Strategic Plan	A general plan outlining decisions about resource allocation, priorities, and action steps necessary to reach strategic goals. These plans are set by the board of directors and top managers.
Tactical Plans	Aimed at achieving tactical goals and developed to implement parts of a strategic plan. It is concerned more with actually getting things done than with deciding what to do.
Operational Plans	Focus on carrying out tactical plans to achieve operational goals. Developed by middle- and lower-level managers.
Strategy	An overall plan for accomplishing an organization’s goals.
Strategic Management	An ongoing management process aimed at forming and implementing effective strategies.
Effective Strategies	A strategy that promotes a superior position between the organization and its environment and the achievement of strategic goals.
Distinctive Competence	An organizational strength possessed by only a small number of competing firms.
Scope	The range of markets in which an organization will compete.
Resource Deployment	How an organization distributes its resources across the areas in which it competes.
Business-Level Strategy	The set of strategic alternatives from which an organization chooses as it conducts business in a particular market or industry.
Corporate-Level Strategy	The set of strategic alternatives from which an organization chooses as it manages its operation across several industries and several markets.
Strategy Formulation	The set of processes involved in creating the strategies of the organization; it focuses on the content of strategies.
Strategy Implementation	The methods by which strategies are executed within the organization. It focuses on the processes through which strategies are achieved.
SWOT	An acronym that stands for strengths, weaknesses, opportunities, and threats.
Organizational Strengths	A skill or capability that enables an organization to form and implement its strategies. Ex: A highly skilled workforce or a strong and respected brand name
Organizational Weaknesses	A shortage in skills or capabilities that prevents an organization from choosing and implementing strategies that support its mission. Ex: An inexperienced top management team or high debt levels
Organizational Opportunities	An area in the environment that, if promoted, may generate higher performance.
Organizational Threat	An area in the environment that increases the difficulty of an organization’s achieving high performance. Ex: Bank of America was threatened by Wal-Mart’s attempts to operate its own bank located inside the store.
Differentiation Strategy	A strategy in which an organization seeks to distinguish itself from competitors through the quality of its products or services. Ex: Rolex watches
Overall Cost Leadership Strategy	A strategy in which an organization attempts to gain a competitive advantage by reducing its costs below the costs of competing firms. Ex: Timex watches
Focus Strategy	A strategy in which an organization concentrates on a specific regional market, product line, or group of buyers.
Product Life Cycle	A model that shows how sales volume changes over the life of products (introduction, growth, maturity, and decline)
Diversification	The number of different businesses that an organization is engaged in and the extent to which these businesses are related to one another. Ex:General Electric operates hundreds of different businesses, selling products from jet engines to light bulbs.
Single-Product Strategy	A strategy in which an organization manufactures just one product or service and sells it in a single geographic market.
Related Diversification	A strategy in which an organization operates in several businesses that are somehow linked with one another.
Unrelated Diversification	A strategy in which an organization operates multiple businesses that are not logically associated with one another. Ex:Quaker Oats used to own clothing chains, toy companies, and a restaurant business.
Portfolio Management Techniques	Methods that distinguished organizations use to determine which businesses to engage in and how to manage these businesses to maximize corporate performance. Two portfolio management techniques are the BCG matrix and the GE Business screen
BCG (Boston Consulting Group) Matrix	A method of evaluating businesses relative to the growth rate of their market and the organization’s share of the market
GE Business Screen	A method of evaluating businesses along two dimensions: industry attractiveness and competitive position
Single-Use Plan	A plan developed to carry out a course of action that is not likely to be repeated in the future. Ex: MC only has one 100 year anniversary
Program	A single-use plan for a large set of activities. It might consist of identifying procedures for introducing a new product line, opening a new facility, or changing the organization’s mission.
Project	A single-use plan of less scope and complexity than a program
Standing Plan	A plan developed for activities that recur regularly over a period of time.
Policy	A standing plan that specifies the organization’s general response to a designated problem or situation
Standard Operating Procedure (SOP)	A standing plan that outlines the steps to be followed in particular circumstances.
Rules and Regulations	Standing plans that describe exactly how specific activities are to be carried out.
Contingency Perspective	The determination of alternative courses of action to be taken if an intended plan is unexpectedly disrupted or rendered inappropriate. (if something occurs, what is your plan?)
Crisis Management	The set of procedures the organization will use in the event of a disaster or other unexpected calamity