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Business Principles

Chapter 7 Management T/F

Setting high ethical standards affects the welfare of all stakeholders: employees, customers, investors, and society in general. However, it has little to do with building a firm’s lasting success. F
All companies, include for-profit firms and not-for-profit organizations, should develop a vision. T
The firm’s mission statement rarely relies on the original vision for the firm. F
Vision is a clear perception of marketplace needs and the methods a company will use to meet those needs. T
Vision must be focused and yet flexible enough to adapt to changes in the business environment. T
Although no single leadership style is better than another, a firm management might decide to change the existing leadership style over time to meet evolving company needs. T
Leadership can be defined as the ability to direct or inspire others to perform the activities needed to reach an organization’s objectives T
The line-and-staff organization is the oldest and simplest organization structure. F
An organization’s culture can really have very little impact on creating a competitive differentiation for a firm. F
Free-rein leadership means that managers have lost control of their subordinates and operations will suffer. F
Technical skills are primarily important for top management. F
Managers use symbols, rituals, ceremonies, and stories to reinforce corporate culture T
An organization’s planning process should reflect the competitive differentiation the firm hopes to achieve. T
A new innovative technology firm allows employees to pursue their ideas, and employees have to check in with management only once a week at department meetings. This is an example of free-rein leadership. T
An organization will structure groups of people and activities to permit greater and more efficient attainment of organizational objectives. T
The best leadership style to adopt depends in large measure on the culture of the organization. T
When a manager actively involves subordinates in decision making, that manager is utilizing the democratic leadership style. T
Corporate culture changes dramatically with each new group of employees F
A line organization provides a clear chain of command. T
Empowering employees is common with democratic leaders. T
Corporate culture is established by employees rather than management. F
Empowerment will thrive in a firm where autocratic leadership styles are common F
The committee organization often places authority and responsibility in the hands of a single manager. F
Organizing is the management function of motivating and leading employees. F
Management principles are designed for for-profit firms as opposed to not-for-profit organizations. F
Both the decision-making process and the organizing process require a follow-up to be sure the process has produced effective results. T
Middle managers generally focus on long-term planning. F
Objectives set guideposts by which managers define the organization’s desired performance in such areas as new product development, customer service, employee satisfaction, or sales. T
An organization chart is a visual representation of a firm’s structure that illustrates job positions and functions. T
Committees tend to be less efficient in the decision-making process. F
Companies generally conduct a SWOT analysis before forming a mission statement. F
A company’s vision should be focused yet flexible T
A SWOT analysis helps a firm develop plans in case of a crisis, such as a security breach. F
In a matrix organization, there is a rigid hierarchy of managers and workers. F
The line organization is based on authority being passed down the chain of command. T
Most companies use a combination of different organizational structures. T
Created by: tiffanie1719



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