mgmt 371
shareholder view
1960's-1980's, the key focus was on financial performance
ASEAN
1967, they support three goals: accelerate economic growth, promote social and cultural development, and peace and stability
MERCOSUR
1991, promote economic growth and integration through reduction of tariffs and free flow of goods
NAFTA
1994, US, canada and mexico signed a treaty to eliminate tariffs, and maintain trading restrictions on certain agricultural products
Which of the following best describes the managerial view on the purpose of business?
A business framework where the firm is seen as a mechanism for converting raw materials into productsto sell to customers
The fourth largest regional trading group, MERCOSUR, comprises the countries of
Argentina, Brazil, Paraguay, Uruguay, and Venezuela.
Research supporting Milton Friedman's view on CSR suggests that CSR is detrimental to an organization. Whichof the following arguments is most likely to support this theory?
CSR leads to a substantial reduction in profits due to rising investment in the long run.
One increasingly popular acronym that captures the context in which today's organizations compete is VUCA.Which of the following is NOT a term that the letters of VUCA represent?
Competitive
Which of the following refers to the systematic assessment of the external environment to prepare for a possiblerange of alternative futures for the organization?
Contingency planning
Which of the following is a significant factor in building contextual intelligence?
Developing appreciation and awareness of history
__________ responsibilities refer to a business's duty to make a profit and increase shareholder value.
Economic
Which of the following entities belongs to the internal environment of an organization?
Employees
Which of the following is one of the primary goals of ASEAN?
Ensuring peace and stability
Z-Gadgets often faces opposition when it goes into a community to open a new Z-Gadgets store. One reason forthis is that the management of Z-Gadgets has been accused of unethical acts, such as discriminating againstwomen and minorities. The top managers' poor treatment of women and minority employees might be considereda failure with respect to what area of managing organizations?
Individual leadership
Which of the following is most likely to be a reason why CSR improves a firm's profit margins?
Investment causes the company's suppliers to grant greater trade discounts.
Which of the following is true of virtue ethics?
It claims that morality's primary function is to develop virtuous character.
Which of the following statements best describes scientific management?
It focuses on how jobs, work, and incentive schemes could be designed to improve productivity usingindustrial engineering methods.
Which of the following best describes distributive justice?
It is a subset of justice that deals with the distribution of wealth among members of a society.
Which of the following best describes morality?
It is defined as the standards that people use to judge what is right or wrong, good or evil.
Which of the following best defines whistle-blowing?
It is the release of evidence by a member of an organization that proves illegal or immoral conduct toexecutives in a company or regulatory agencies outside a company.
When Monni evaluates employees, he considers their results as well as the attitude and process with which theresults were obtained. Monni most likely subscribes to which of the following ethical frameworks?
Kantianism
_____ is an ethical philosophy claiming that motives and universal rules are important aspects in judging what isright or wrong.
Kantianism
The members of a particular society in Rhodia often find it hard to adapt themselves to changing situations.Therefore, they prefer to follow standard rules and procedures in an attempt to reduce the occurrences of anyanxiety-causing situations. Which of the following of Hofstede's social dimensions is described in this example?
Low versus high uncertainty avoidance
Which of the following is NOT a benefit of CSR?
Obtaining lower financing interest rates
Which of the following countries is one of the original members of ASEAN?
Philippines
_____ is a subset of justice that claims that rules should be clearly stated, consistently obeyed, and impartiallyenforced.
Procedural justice
Which of the following statements is true about businesses and their leaders?
Some leaders focus their efforts on lobbying to influence the government's role in business.
"How does the competitive landscape shape the potential for success or failure?" Which of the following pillarsof managing organizations addresses this question?
Strategic positioning
Which of the following countries was admitted to MERCOSUR in 2012 and is likely to increase the importanceof fuel trade both within and outside the region?
Venezuela
bureaucratic organization structure
a clear definition of tasks and responsibilities among individuals; coordination through a strict hierarchy of authority and decision rights..
supplier
a company that provides resources or services for a firm to help create products
scientific management
a focus on how jobs, work, and incentive schemes could be designed
Of the three main principles of GATT, the most favored nation principle meant thata.
a tariff rate granted to one member of GATT would be extended to all members.
According to Kazuo Inamori, an employee in the first level of performance would
achieve results with a challenging spirit and positive attitude.
competitors
any organization creating goods and services targeted at a group
culture
basic assumptions in which organizations and individuals should work and interact with each other
A firm's ethical responsibilities are
behaviors the general population expects.
Gary has been charged with the task of establishing business relationships in a foreign country where it iscustomary to lavish decision makers with expensive gifts. Gary is faced with the ethical dilemma of
bribery.
To remain competitive, companies
can no longer sell exclusively in their domestic markets.
The Sarbanes-Oxley Act of 2002 was passed in order to
control the manipulation of accounts by the top management in firms.
A business's obligation to pursue policies, decisions, and actions that align with the objectives and values ofsociety is known as
corporate social responsibility
comparative advantage
countries should specialize in the good for which they have the lower opportunity cost, specialization will help them become more efficient
European Union
creating a single market by a system of laws that apply in all member states, guaranteeing the freedom of movement of people, goods, services, and capital. they introduced a common currency called the euro
sociocultural dimensions
demographic characteristics as well as the values and customs
what is the strategy of an organization
depends on the nature and the context of the competition and the skills and capabilities of the management team
The factor that distinguishes the human relations movement from scientific management is that the humanrelations movement
emphasizes the importance of informal social relations at work.
Someone who has been entrusted to make decisions on behalf of another party is called a
fiduciary.
scenario building
forecasting the likely result that might occur when several events and stakeholders are linked together
trend analysis
helps to predict change
The factor that distinguishes an internal environment of an organization from an external environment is that the internal environment
includes owners, the board of directors, employees, and culture.
Helen, a senior executive, works with others to create the strategic positioning that will enable the firm toeffectively compete in the marketplace. From this scenario, it can be inferred that Helen uses the _______ of management.
interpersonal skills
what are the different leadership styles?
introverted/extroverted, vain/humble, quick and impulsive
ambiguity
lack of knowledge about cause and effect
uncertainty
lack of knowledge about significance of change
The factor that distinguishes leadership from management is that
leadership is the ability to drive change through motivation.
owners
maintain legal control
employees
make the products and provide the services that allow firms to exist
what are the three pillars of management
organizational design, strategic position, and individual leadership
board of directors
over see general direction of the firm
what is the internal environment of a business
owners, board of directors, employees, and culture
what do managers do
plan and budget, organize and staff, control and problem solve
managers
plan and budget, organize staff, and control and problem solve
political dimensions
political events and activities in a market that affect a firm
bureaucratic organizational structure
proposed by max weber, it is a clear definition of tasks and responsibilities from coordination through strict hierarchy of authority
understanding the contextual landscape depends on the firms ability to..
recognize threats and opportunities, and lead and organize resources effectively to compete in the marketplace
legal dimensions
regulations and laws that a firm encounters in markets
what are the roles of business leaders
respond to changes in global business and try to predict it, lobby to influence govt, identify growing market niches, adapt strategies, deal with array of influence
strategic review process
senior leaders of a corporation meet with business unit managers to review progress towards specific goals
what do leaders do
set direction, align people, and motivate and inspire
leaders
set direction, align people, motivate and inspire
According to the __________ view of the firm, the job of top managers was to produce the highest possiblestock market valuation of the firm's assets.
shareholder
stakeholder view
since 1990's, the key focus is on serving multiple constituents
what is an effective leader
someone who does not use just one specific leadership style
The _____ identifies and analyzes multiple groups that interact with the firm and attempts to align organizationalpractices to satisfy the needs of these various groups.
stakeholder view
what skills and capabilities do managers have?
strategic abilities to recognize a situation, social skills to know what to do, and behavioral skills to act
With regard to managing uncertainty, high uncertainty requires
stronger vigilance of contextual forces and more adaptation.
how do leadership skills differ according to a persons level and responsibilities in the organization
technical skills are important early in your career, but more strategic abilities are required as an individual advances. managers prepare financial reports and recruit, while middle level managers develop the teams
tech demensions
technological processes used to produce products
leadership
the ability to drive change and innovation through inspiration and motivation
management
the act of working with and through a group of people to accomplish a desired goal or objective in an efficient and effective manner
what is the business environment?
the combination of contextual forces
social values
the deeply rooted system of principles that guide individuals in their everyday choice and interactions
customers
the people or other organizations that buy a firms products and services
contingency planning
the systematic assessment of the external environment to prepare for a possible range of futures
environmental scanning process
tool managers use to scan the business horizon for key events and trends that will affect the business in future
volatility
unstable and unpredictable change
managerial view
up to the 1960's, key focus was on production
what does VUCA stand for
volatility uncertainty complexity ambiguity
economic dimensions
where firms perform
