Principles of Management Midterm Review
_______ helped organizations achieve goals through systematic management
Careful definition of duties and responsibilities
______ is the immediate environment surrounding a firm, including suppliers, customers, rivals, and the like
Competitve environment
_______ refers to the reductions in the average cost of a unit of production as the total volume produced increases
Economies of Scale
_______ is the pursuit of lucrative opportunities by enterprising individuals under conditions of uncertainty.
Entreprenuership
______ refers to the moral principles and standards that guide the behavior of an individual or group
Ethics
______occurs when weaker companies are eliminated, and the strong companies survive.
Industry Shakedown
__________ are new venture creators working inside big companies; they are corporate entrepreneurs, using their company's resources to build a profitable line of business based on a fresh new idea.
Intrapreneurs
________ is a manager's ability to stimulate people to high performers
Leading
______ is specifiying the goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals
Planning
_______ is a management approach that attempted to build into operations the specific procedures and processes that would ensure coordination of effort to achieve established goals and plans
Systematic Management
Advances in genetic engineering are expected to produce some food products that will become avaliable all year round even in continental climates. These changes will provide grocers with an opportunity to reduce their shipping costs while offering fresher produce to their customers. These advances are examples of changes in the _______ environment.
Technological
_______ is/are composed of all relevant forces outside a firm's boundaries, such as competitors, customers, the government, and the economy
The External Environment
During the Industrial Revolution in the 18th and 19th century, managers who could make minor improvements in management were noteworthy. Why?
They produced impressive increase in production quantity and quality.
_______ is the ethical system wherein one seeks the greatest good for the greatest number of people
Utilitarianism
The virtue ethics perspective suggests that an individual's moral judgement and ethical behavior should be based upon
a strong personal value system
Planning involves
analyzing current situations
The step in the formal planning process known as __________ involves studying past events, examining current conditions, and forecasting future trends.
analyzing the situation
What are the moral principles and standards that guide behavior in the world of business?
business ethics
Entrepreneurs seek __________ from their business ventures
challenge and profit potential
Netflix, Amazon, and Disney+ have emerged as serious and successful content providers, attracting viewers away from traditional networks such as ABC, CBS, and NBC. The success of these nontraditional providers demonstrates the power in the competitive environment held by new competitors, or new entrants to the marketplace. To effectively compete with these new entrants, executives at traditional networks will take advantage of barriers to entry, such as
distribution channels
A(n) _____________ is a new business having growth and high profitability as primary objectives and which produces new goods or services or serves new markets
entrepreneur venture
In the context of the planning process, _______ are the targets or ends a manager wants to reach
goals
The outcome of a situational analysis is the
identification and diagnosis of planning assumptions, issues, and problems
Management is the
process of working with people and resources to accomplish organizational goals
The ethical system of utilitarianism supports the idea that
seeking the greatest good for the greatest number of people should be the overriding concern of decision makers
A plan to intergrate employees into a new payroll system, assuming that it is not likely to be repeated in the forseeable future, is an example of a ________ plan
single-use
A(n) __________ is an enterprise having fewer that 500 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative practices
small business
Leading involves
stimulating people to be high performers
Situational analysis, as part of the formal planning process, focuses on
the internal forces at work within an organization and examples influences from the external environment
Toward the end of the Industrial Revolution, in the late 19th century, several university programs offering management and business education were founded, including the Wharton School at the University of Pennsylvania. Establishment of these programs
was an acknowledgement of management as a formal discipline