Business Principles Chapter 7 individual

A mission statement should address an organization's ______.

self-concept customer needs

David's manager told him the company wants to achieve a 50 percent market share within 5 years. David's manager was relaying a company ______.David's manager told him the company wants to achieve a 50 percent market share within 5 years. David's manager was relaying a company ______.

goal

What term defines the broad, long-term accomplishments an organization wishes to attain?

goals

Creating a vision for others to follow, establishing corporate values and ethics, and transforming the way an organization does business in order to improve its effectiveness and efficiency is the definition of ______.

leadership

Which level of management includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling? operational management financial management middle management supervisory management

middle management

The _______ __________should address the organization's self-concept, its philosophy, long-term survival needs, customer needs, social responsibility, and the nature of the product or service.

mission statement

The definition of a(n) states: ________ ________an outline of the fundamental purposes of an organization.

mission statement

Management is the process used to accomplish organizational goals by the use of which four functions? Multiple select question. planning leading controlling promoting organizing analyzing

planning leading controlling organizing

Which of the following are decided by top management during strategic planning?

When to serve customers Which customers to serve What products or services to sell

A(n) ______ is a specific, short-term statement of how to achieve the organization's long-term ______.

objective; goals

The definition of ______ ______ states: skills that involve the ability to perform tasks in a specific discipline or department.

technical skills

Setting organizational goals, developing strategies to reach these goals, determining resources needed, and setting precise standards are all tasks associated with the __________ function of management.

Planning

______ is a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.

Planning

__________ is a key management function because the success of the other functions depends on it.

Planning

______ is the process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals.

Strategic Planning

Human relations skills are those associated with leadership such as

training and development delegating coaching

The presentation of an organization's facts and figures so its status is clear and apparent to all stakeholders is

transparency

A _______ gives an organization a sense of purpose and a set of values that unite workers.

vision

______ is at the heart of all the management functions because it requires managers to choose among two or more alternatives.

Decision Making

Which of the following tasks are associated with the leading function of management?

Motivating employees to accomplish organization goals

The definition of _________ _________ skills that involve communication and motivation; they enable managers to work through and with people.

human relations

In an organization, ______ establish a vision and corporate values, while ______ carry out that vision.

leaders; managers

Managers practice the art of getting things done using organizational resources such as

workers equipment information

Managers practice the art of getting things done using organizational resources such as:

workers equipment information

Who performs strategic planning?

top management

Which of the following are decided by top management during strategic planning?Which of the following are decided by top management during strategic planning?

*When to serve customers *Which customers to serve *What products or services to sell

Allocating resources, preparing a structure, recruiting, selecting, and placing employees where they will be most effective are tasks associated with the Blank______ function of management.

organizing

A SWOT Analysis is a(n) ______ tool used to analyze an organization's strengths, weaknesses, opportunities, and threats.

Planning

Which management function is considered to be key because accomplishing the other functions depends heavily on it? Multiple choice question. Controlling Organizing Planning Giving orders

Planning

A detailed, short-term plan about what is to be done, who is to do it, and how is _____ plan.

tactical

The definition of _____ states: managers who are directly responsible for supervising workers and evaluating their daily performance.

supervisory management

Functions included in staffing an organization are

retaining recruiting hiring

Usually, the job title for the president of a company is

Ceo

Which three tasks are associated with the organizing function of management? Multiple select question. Motivating and supporting employees to reach company goals Preparing a structure showing lines of authority and responsibility Recruiting, selecting, training, and developing employees Allocating resources, assigning tasks, and establishing procedures for accomplishing goals

* Preparing a structure showing lines of authority and responsibility * Recruiting, selecting, training, and developing employees * Allocating resources, assigning tasks, and establishing procedures for accomplishing goals

Which three tasks are associated with the management function known as organizing?

*Organizing designs the structure of the organization *Organizing places employees and resources where they will be effective in achieving the organization's goals *Organizing creates an organization chart showing lines of responsibility and authority

The tasks of knowledge managers include

*making information known to everyone in the organization *finding the right information *keeping information in a readily accessible place

Oftentimes, the _____ is also the president of the firm and is responsible for all top-level decisions.

ceo

Problem solving differs from decision making because problem solving

* usually requires faster action * is less formal

Technical skills are the ability to ______.

perform tasks such as filing tax forms or assembling a keyboard

The type of planning done mostly by top management is ______ planning.

strategic

Leaders in traditional organizations who direct employees are likely to:

*provide performance feedback *give specific assignments *explain routines

What are two reasons a firm would use a SWOT analysis?

*to evaluate the strengths and weaknesses of a company's resources *to evaluate a company's ability to pursue market opportunities and defend against threats

______ is creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives.

Leading

Which term defines having to choose among two or more alternatives?

decision making

Setting shorter-term, specific plans such as annual budgets and deciding on other activities necessary to meet strategic objectives are tasks associated with ______ planning.

tactical

An organization's _____ gives it a sense of purpose and a set of values that unites workers in a common destiny.

vision

The tasks managers perform to organize a firm to achieve its goals include:

allocating resources establishing procedures assigning tasks

Creating a vision for others to follow, establishing corporate values and ethics, and transforming the way an organization does business in order to improve its effectiveness and efficiency is the definition of Blank______.

leadership

Tactical planning is usually done by

lower level managers teams of lower level managers

In order to motivate others and create the environment needed to motivate themselves, a leader must

communicate a vision embrace change establish corporate values

In which two situations is autocratic leadership effective?

*working with new, unskilled workers *emergencies

What two tasks are the direct responsibility of supervisory managers?

* workers' daily performance *evaluating first line workers' daily performance

Why is planning a key management function?

Accomplishing the other functions depends heavily on having a good plan.

Who performs tactical planning in an organization?

Managers or teams of managers at lower levels

The definition of ______ states: specific, short-term statements detailing how to achieve the organization's goals.

Objectives

Which task is associated with the planning function of management?

Setting organizational goals

Which three managers would be classified as middle management?

division managers general managers plant managers

Employees who get things done using an organization's financial resources, information, equipment, and workers are:

managers

Kendra is considering opening a new business. While writing the business plan, she is answering the following questions: What external success factors affect the industry? How does her business measure up to competition? What can my bakery do to survive and prosper during a recession? What was Kendra performing? Multiple choice question. Tactical planning Operational planning A SWOT analysis A risk analysis

A SWOT analysis

A mission statement outlines the organization's fundamental purposes. It should address which of the following?

* Nature of the product or service *Customer needs *Organization's self concept

An organization that sets its vision hopes to achieve what two objectives?

*giving the organization a sense of purpose *giving the organization a set of values

The control function of management (select all that apply): measures performance relative to the planned objectives and standards gives workers the education and tools they need to make decisions rewards people for work well done takes corrective action when necessary

*measures performance relative to the planned objectives and standards *rewards people for work well done * takes corrective action when necessary

Conceptual skills are used by managers to

*see the interrelationships among an organization's departments *picture the organization as a whole *delegate work fairly among workers

During strategic planning, top managers decide:

*what products or services to sell *which customers to serve *geographic areas in which to compete

Tactical plans that are detailed and short term state

*who is to do it *what is to be done *how it will be done

______ leadership is a leadership style that involves making managerial decisions without consulting others

Autocratic

What three positions are considered as top management in an organization? Multiple select question. The Plant Manager Chief Executive Officer Chief Financial Officer Production Supervisor Chief Operating Officer

Chief Executive Officer Chief Financial Officer Chief Operating Officer

The corporate officer tasked with obtaining funds, planning budgets, and collecting funds is the:

Chief Financial Officer

What two tasks are associated with the leading function of management?

Clarifying policies to reach objectives Guiding and motivating employees

Which of the following tasks are associated with the planning function of management?

Determining resources needed Developing strategies to reach those goals Setting organizational goals

______ are long-term accomplishments an organization wishes to attain. ______ are short-term statements detailing how to achieve the organization's goals.

Goals; Objectives

______ is finding the right information, keeping information in a readily accessible place, and making the information known to everyone in the firm.

Knowledge management

______ is the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources.

Management

Employees who get things done using an organization's financial resources, information, equipment, and workers are:

Managers

In order to accomplish their goals, managers must _________ a firm by allocating resources and assigning tasks.

Organized

The process of analyzing an organization's strengths, weaknesses, opportunities, and threats is a(n) _______ analysis.

SWOT

What are two characteristics that define goals?

They are broad. They are long-term

______ is the presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders.

Transparency

The definition of ________ _______ states: skills that involve the ability to picture the organization as a whole and the relationship among its various parts.

conceptual skills

The ______ function of management measures performance relative to the planned objectives and standards, rewards people for work well done, and takes corrective action when needed. Multiple choice question.

control

Empowerment occurs when

employees are given the authority to make a decision and the responsibility to respond quickly to customer requests.

What two groups would be regarded as external customers?

end users dealers

When organizing a firm, top managers:

establish procedures allocate resources assign tasks

__________ customers include dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use.

external

The tasks of the Chief Financial Officer include:

obtaining funds collecting funds planning budgets

The_________ plan is the department manager's tool for setting daily and weekly standards and schedules to meet the company's tactical objectives.

operational

The process of setting work standards and schedules necessary to implement the company's tactical objectives is _____

operational planning

What function of management designs the structures and systems in which everyone works together to achieve the organization's goals and objectives?

organizing

The definition of ______ states: The process of solving the everyday problems that occur. It is less formal than decision making and usually calls for quicker action.

problem solving

he definition of ______ states: a management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives.

staffing

The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals is called

strategic planning

The definition of _________ _______ states: the process of developing detailed, short-term statements about what is to be done, who is to do it, and how.

tactical planning

What level of management consists of the president and other key company executives who develop strategic plans?

top management