Chapter 6- Business Principals

is the process of guiding the development, maintenance, and allocation of resources needed to attain organizational goals.

Management

managers are the managers concerned with implementing the plans and policies of top managers and supervising lower-level managers.

Middle

A ____________________ is a formal document that states an organization's purpose and reason for existing and describes its basic philosophy.

Mission Statement

provides the structure of people, positions, departments, and activities within which the company objectives can be accomplished.

Organizing

Manila Water, the provider of the water and sewage services in the capital of the Philippines has purchased the government owned water and sewage system for the entire country. It promises to make the nation's water and sewerage system run as efficiently and profitably as the one it operates in Manila. To achieve this goal, Manila Water's top management will first need to engage in ______________ planning to determine what resources are needed to achieve this goal.

Strategic

List the four basic types of planning.

Strategic, tactical, operational , contingency.

Pele Arnaz is a plant foreman for a generator manufacturer. He spends his day carrying out operational plans for the ongoing daily activities of the plant. Arnaz is a _________________ manager.

Supervisory

The world's largest bank, Desutshce Bank, set as its objectives to make its brand name as recognizable in the United States as FedEx and Visa are over the next ten years. The implementation of this long-range plan would require _______________ planning.

Tactical

Leadership is the process of guiding and motivating others towards the achievement of organizational goals.

True

Management is the process of guiding the development, maintenance, and allocation of objectives.

True

Managers must act in interpersonal, informational, and decisional roles.

True

Planning is the process of deciding what needs to be done to achieve organizational objectives; identifying when and how it will be done, and determining by whom it should be done.

True

A manager who delivers financial reports to local bankers and analysts and disseminates stories to the newspaper is performing an ________________ role.

informational

Management needs to be prepared to deal with problems and seize opportunities as they arise. A company often identifies alternative courses of action to be taken if events undercut a strategic or tactical plan. These are called ______________ plans.

Contingency

A good manager is never faced with unforeseen problems.

False

The three participative leadership styles are consultive, democratic, and socialistic.

False

The Austrian-company Wienerberger is the word's largest brick maker. It had to use the management function of ________________ when it integrated the employees and manufacturing facilities that it gained from a merger with a brick making company in Great Britain.

Organizing

Two co-workers at Nortel came up with an idea for renting software over the Internet. Nortel's top management liked the idea and set up a special division called Channelware devoted to taking the idea and making a new product. The establishment of a new company and assigning the employees in the division the task of making an idea a reality requires which management function?

Organizing

The world's largest bank. Deutsche Bank set as its objective to make its name more recognizable in the United States. The success of its decision to sponsor a PGA golf tournament to accomplish this organizational objective will ultimately depend on which management function.

Planning

Most firms have three distinguishable levels of management. They are:

Top, Middle, and Supervisory