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business exam 2
| Question | Answer |
|---|---|
| What is the definition of Management? | The process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources. |
| The Four Functions of Management | Planning, organizing, leading, and controlling |
| What is a vision and why is it important for managers/leaders | A broad explanation of why the organization exists and where it’s trying to go. Gives sense of purpose |
| What is a mission statement and what should it address? | Outlines the organizations fundamental purposes, should address self-concept, philosophy, long-term survival needs, customer needs, social responsibility and nature of products. |
| Goals | broad,long-term accomplishments an organization wishes to attain |
| Objectives | specific, short-term statements detailing how to achieve goals |
| Core values | Principles that best define your business, guiding principles |
| What are the four kinds of planning | Strategic, tactical, operational, contingency |
| Strategic planning | top management, determines major goals and the policies, procedures, strategies, and resources needed to achieve them |
| Tactical planning | developing detailed, short=term statements about what is to be done, who is to do it, and how |
| Operational planning | process of setting work standards and schedules necessary to implement tactical objectives |
| Contingency planning | preparing alternate actions if primary plans don’t work out |
| What happens as part of the organizing function of management? | Designing the structure of the organization and creating conditions and system in which everyone and everything work together to achieve the organizations goals and objectives |
| What are the three different levels of management? | Top management, middle management, supervisory/first-line management |
| Top management | develops strategic plans and top decisions, introducing change |
| Middle management | general managers, division managers, branch and plant managers, tactical planning and controlling |
| Supervisory management | evaluate daily performance of employees, aka first-line managers |
| Technical skills | ability to perform tasks |
| Human relations | communication and motivation |
| Conceptual skills | picture organization as a whole and see relationships |
| skills all managers should have | technical, HR, conceptual |
| What are the different leadership responsibilities | Communicate vision and rally others, establish corporate values, promote corporate ethics, embrace change, stress accountability and responsibility |
| What are the six different leadership styles | autocratic, democratic, free-reign, empowerment, enabling, knowledge management |
| autocratic leadership | making decisions without consulting others |
| democratic leadership | working with employees to make decisions |
| free-reign leadership | set objectives and let employees do whatever is appropriate |
| empowerment | giving employees the authority to make a decision without consulting manager |
| enabling | giving employees education, training, and tools to make decisions |
| Knowledge management | finding the right info, keeping it accessible, and making it known to everyone |
| What purpose does the controlling function of management serve? | Establishing clear standards to determine whether an organization is progressing towards its goals and objectives, regarding people for doing a good job, and taking corrective action if they are not |
| What are the five steps the make up the controlling process? | Est clear performance standards Monitoring and recording performance or results Comparing results to plans and standards Communicating results and deviations to appropriate employees Taking corrective action when needed or giving positive feedback |
| Job satisfactions | fulfillment or enjoyment with a job |
| Engagement | an employee's level of motivation, passion, and commitment |
| Maslow’s Hierarchy | physiological, safety, social, esteem, and self-actualization needs |
| Maslow's needs explained | Physiological: survival, food, water, shelter Safety: feel secure at work & home Social needs: feel loved, accepted, and part of the group Esteem: acknowledgement, self-respect and sense of importance Self-actualization: develop one’s full potential |
| Theory X& Y | X: workers should be controlled and threatened with punishment and given little autonomy Y: reward focused, empowerment, autonomy, people like to work |
| McClelland’s Theory of Needs | individuals are motivated by three primary needs: achievement, affiliation, and power. |
| Goal Setting Theory | setting ambitious but attainable goals can motivate workers and improve performance |
| Expectancy Theory: | Victor Vroom, employee expectations can affect motivation |
| Equity Theory | perception of fairness affects willingness to perform |
| Job enrichment | motivating workers via job. skill variety, task identity, task significance, autonomy, and feedbakc |
| Job enlargement | combines a series of tasks into one challenging and interesting assignment |
| flextime | employees choose what hours to work |
| job sharing | Two or more part-time workers share one full-time job |
| participative management | Collaborative management involving all employees in decision making |
| piece rate plans | Compensation based on units produced, can increase productivity |
| merit-based pay | Get more money based on individual performance as a reward |
| skill-based pay | Based on specific skills rather than job title or seniority |
| What is human resource management | Process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluation, compensating, and scheduling employees to achieve organization goals |
| what can you ask in interview | can you lift x pounds, any relatives within company, can you meet schedule requirements, general education, can you legally be employed in this country |
| what can you NOT ask in interview | are you disabled, are you married, who do you live with, are you a citizen, nationality or race |
| Equal Pay Act of 1963 | Men and women doing the same job should be paid the same |
| Civil Rights Act of 1964 | Outlawed discrimination based on age, sex, race, religion |
| Age Discrimination in Employment Act of 1967 | Outlawed practices discriminating against 40+ |
| Americans with Disabilities Act of 1990 | Can’t discriminate against qualified employees based on disability |
| Family and Medical Leave Act of 1993 | Businesses with 50+ employees must provide up to 12 weeks of unpaid leave per year with new child or illness in family |
| What is affirmative action | From equal employment opportunity act, increases opportunities for minorities and women |
| What are the five steps in human resource planning? | Preparing a human resources inventory of the organization’s employees Preparing a job analysis: a study of what employees do who hold various job titles Assessing future HR demands Assessing future labor supply Establishing a strategic plan |
| recruitment | set of activities for obtaining the right number of qualified people at the right time |
| Selection | process of gathering info and deciding who should be hired |
| What are management training and development | All attempts to improve productivity by increasing ability to perform Off the job, on the job, understudy, job rotation, mentorship |
| What is a performance appraisal and what are the six steps involved in using one? | Measures employee performance against established standards Establish standards Communicated standards Evaluate Discuss Corrective action Make decisions |
| Market-based pay | based on market value for their job |
| Hay method | based on job grades with three factors: knowledge, problem-solving, and accountability, most common today |
| Fringe benefits | sick-leave, vacation, pension, health plan, beyond base wages |
| Profit-sharing | bonuses based on yearly profit |
| Gain-sharing | bonuses based on achieving goals |
| Stock options | right to buy stock at a certain price at a given time |
| Contingent workers | part-time, temporary- seasonal, independent contractors, interns, free-lancers, etc. |
| Compressed workweek | full hours in less days |
| Core time | period when all employees should be at job stations |
| Union | employee organization to represent members in negotiation |
| collective bargaining | Negotiate contract for workers between union representatives and management representatives |
| What tactics can unions use to improve their bargaining positions | Strike Primary boycott: don’t shop Secondary boycott: don’t shop AND don’t do business |
| What tactics can management use to improve their bargaining positions | Lockout: close temporarily Injunction: court order to do or not do something Strikebreakers: workers hire to fill in for strikers |
| mediation | use third party to negotiate |
| Arbitration | use impartial third party to decide for them |
| Marketing | Companies figuring what they have to sell, to whom, and how to get it to them most effectively |
| What are the four associated eras of marketing’s history | Production: early 1900s, produce as much as you can Selling: sell more already existing products, 1920s Marketing concept: 1950s, spending boom, compete for consumer Consumer, service, and profit orientation Customer relationship: 90s on |
| Marketing mix | product, price, place, promotion |
| 4 steps of market research | Define the question or topic Collect relevant research: surveys, interviews focus groups, observations Analyze data, results, trends, outliers Come up with recommendations and follow up action |
| primary vs secondary research | Primary: research you do yourself Secondary: already done by others |
| environmental scanning | Identifying factors that affect marketing success Global, tech, sociocultural, competitive, & economic factors |
| What is market segmentation and what are the different ways to segment a market? | Dividing total market into groups with similar characteristics Geographic, demographic (attributes), psychographics (values and lifestyle) |
| What are the four different types of generic marketing strategies | Mass : developing products that appeal to large groups of customers Niche : focusing on small group of customers with specific needs One-to-one: develop products for individual customer Relationship marketing: working with a few customers over time |
| ultimate guiding principle that marketers must follow when attempting to design and sell their products? | Whatever you plan to sell needs to create value |
| determinant attributes | Component/features of product that creates value |
| What is a core product offering? | Features of only the product itself |
| What is a total product offering? | The features of the product and everything above and beyond that creates value, ex: fast shipping, good packaging |
| brand awareness | how quickly a brand name or logo comes to mind when thinking of a product category |
| brand loyalty | degree to which customers are satisfied and committed to the brand |
| product lifecyle | Introduction, growth phase, maturity, decline |
| What are the five factors that marketers should consider when working to effectively price their products? | Cost to make product Profit goals Level of demand Competition’s pricing Affordability based on geography |
| fixed cost | stays the same regardless of how many products you make. Ex: rent |
| variable cost | rises with how many products you make |
| What are distribution channels | A whole set of marketing intermediaries like agents, brokers, realtors, that join together to transport and store goods from producer to consumer agent/broker:brings buyers and sellers together to negotiate |
| Which markets (B2B and B2C) correspond to retail and wholesale distribution channels? | Retail is B2C Wholesale is B2B |
| What is the promotion mix | Ad: paid, non-personal communication Personal selling: face2face presentation and promotion of product PR: gauges public opinion, changes policies, tries to earn public understanding/acceptance Publicity: info to public not paid for/controlled |
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