Ch05: Intro To Business 101
Which management skill would enable a manager to effectively identify a problem or opportunity, evaluate alternative courses of action, and select the most appropriate one?
"Decision-making skills" -- enable a manager to effectively diagnose a problem or opportunity, gather needed facts, identify and evaluate alternative courses of action, and implement the chosen alternative.
The chief operating officer (COO) of a firm would be categorized as a _______ manager in the organization.
"Top managers" -- are executives who set general policies, formulate strategies, and are responsible for the overall direction of the organization. Common titles for top managers include president, vice president, chief executive officer (CEO), chief operating officer (COO) and chief financial officer (CFO).
_______ planning identifies alternative courses of action that an organization can utilize if its original plans do not achieve intended objectives.
Contingency ------ Contingency planning seeks to identify in advance important aspects of a business or its market that might change and ways in which the company can respond to those changes.
As you look to be promoted in your firm, you find that although you enjoy monitoring developments in your industry and sending out informational memos about new initiatives, you are uncomfortable negotiating agreements and resolving internal and external conflicts. In deciding upon a professional development plan, which category of management roles should you focus on?
Decisional ----- There are four decisional roles. The entrepreneurial role involves initiating change. The role as disturbance handler involves handling such problems as strikes, copyright infringements, or problems in public relations or corporate image. As resource allocator, the manager decides how resources are distributed. As negotiator, the manager enters into negotiations with other groups or organizations and may be asked to mediate an internal dispute.
Top managers in an organization would likely be involved in which of the following functions?
Establishment of general policies and formulation of strategies
Jessica, the director of the local humane shelter, gives the keynote speech at a national conference on animal welfare. Which managerial role does this BEST describe?
Figurehead
Contingency plans accomplish which of the following?
Identify an organization's strategies for responding to change ------ Contingency planning seeks to identify in advance important aspects of a business or its market that may change, along with ways in which the company will respond to such changes.
The management function that encompasses development of an organization's goals along with a strategy and tactics for achieving those goals is
Planning
Which of the following are the four basic functions of management?
Planning, organizing, leading, and controlling
_____ plans are typically established by a firm's top management team and reflect long-term goals or initiatives of the organization in terms of resource allocation and company priorities.
Strategic ---- Plans can be viewed on three levels: strategic, tactical, and operational. Strategic plans reflect top management's decisions about resource allocation, organizational priorities, and the steps needed to meet strategic goals
As you establish your new business, you want to capture, in a few short, clear sentences, the essence of your business's goals and the philosophies to provide high-level guidance to your entire organization. Your BEST choice would be to craft ____________.
a mission statement ------ In a few short sentences, a mission statement defines what an organization is, why it exists, and its reason for being. It should inform and direct all the strategic and operational planning so that the goals of the organization reflect the mission.
The shared experiences, stories, beliefs, and norms that characterize an organization reflect its _______.
corporate culture ------- Corporate culture is the "feel" of an organization. It is comprised of shared experiences, stories, beliefs, and norms that characterize an organization.
When he started work at the law firm, Todd was dismayed that employees were routinely expected to work long hours, including weekends, and that the atmosphere among attorneys was intensely competitive rather than cooperative. These observations reflect the _______ of the firm.
corporate culture ------- Corporate culture is the "feel" of an organization. It is comprised of shared experiences, stories, beliefs, and norms that characterize an organization.
As the owner of a growing business with a strong mission statement focused on customer service, you notice that your employees are not responding to complaints in a timely fashion, despite an extensive training program. You've spoken to your managers and they agree that it is a problem, but it persists. Which is the BEST aspect of your business to address first to improve customer service?
corporate culture ------- Culture is the shared experiences, stories, beliefs, and norms that characterize an organization and that define the work and business climate that exists in an organization, despite what the mission statement says. If the underlying culture inside the organization does not value timely responses to customer complaints, then it is the culture that needs to be addressed.
In April 2017, passengers on United Express flight 3411 recorded security officials dragging a paying passenger from his seat. The video accounts went viral and the resulting global public relations disaster caused United Airlines stock to lose $1 billion in value. This loss in value may have been more limited if the company had done a better job at ____________.
crisis management ------- Crisis management involves an organization's methods for dealing with emergencies. The CEO of United Airlines probably underestimated the power and speed of social media, and did not respond to the crisis until it was too late.
As an entry-level employee in a large financial services firm, you notice that some of the other new employees are arriving to work late and leaving early. The BEST course of action would be to _____
discuss the issue with your first-line manager. ------- Top managers are executives who set general policies, formulate strategies, and are responsible for the overall direction of the organization. Middle management are responsible for implementing the strategies set by top management. The best person to talk to about an issue at work would be your first-line manager, who can then deal with the issue or take it to the next level.
To monitor a firm's performance toward goal achievement, a manager should first
establish performance standards
Accomplishments that a business intends and plans to achieve are referred to as ___
goals