Busn Chapter 5,6,7,&9

In 2000, Eric Baker and Jeff Fluhr came up with a concept that would do away with scalping if they had their wish, and everyone used StubHub.com. The Internet company brings people who want tickets and people who have tickets that they are not using together. The company has assisted in the sale of tens of millions dollars worth of tickets annually and is always trying to sell more. It charges a small fee for its assistance. Baker and Fluhr would be classified as:

growth-oriented entrepreneur

Leadership is:

Guiding others to achieve specific goals

Which of the following is NOT one of the five key types of power?

Influential

At your neighborhood Burger King, some employees take and fill orders, others prepare food, a few clean and maintain equipment, and some supervise. This process of dividing work into separate jobs and assigning tasks to workers is called:

division of labor

_______ is the process of dividing the work and assigning tasks to workers

division of labor

Among managers there are three distinctive leadership styles. They are:

Autocratic, participative, and free-rein

An advertising agency that has separate departments for artwork, creative design, print advertising, radio advertising, television advertising, and specialty advertising is using _____ departmentalization.

functional

Coca-Cola Enterprises (CCE) is the largest bottler and distributor of Coke products in the world. It is organized around its North America division and its European division. This departmentalization by _____ allows CCE to respond to the demands of different markets.

geography

According to Herzberg, to keep a worker satisfied or motivated, the manager should:

give recognition to employee

leadership is:

guiding others to achieve specific goals

Once the business plan is finished, the next step is to:

Find financing for the business

A theory X manager would assume his/her workers are:

lazy employees who can't be trusted

Pharmacie & Upjohn, a pharmaceutical company, uses a functional structure (research, development, manufacturing, and marketing) within each of its three largest major product divisions. This company is an example of a:

matrix structure

Hassan Nasrallah, the leader of Hizbullah: grew up very poor but very smart, and although he wears the robes of a minor Shiite cleric, he is a world-class politician. He has been called the most charismatic figure in the Muslim world. Nasrallah exerts _____ power over his followers.

referent

When Maslow wrote, "A musician must make music, an artist must paint, a poet must write, if he is to be at peace with himself. What a man can be, he must be," he was more than likely referring to man's:

self-actualization needs

in maslow's theory, the need to belong to informal social groups both on and off is an example of ______ needs

social

frederic taylor's scientific management emphasized:

work effeciency

according to the hawthorne effect:

workers respond to being paid attention to

In order to attract younger customers to the Lacoste brand of clothing, CEO Robert Siegel made all of the major decisions in product planning, distribution, and promotion. He asked for no input from his employees. Siegel used a(n) _____ style to increase Lacoste's sales.

autocratic

A structure in which authority and responsibility are held by a group of workers rather than a single manager is called a ________ structure.

committee

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

After graduating from college, Joseph Tantillo decided to start a retail Web site that specializes in personalized Greek apparel. To fund his Web site, he borrowed money from his parents (who expect to be repaid with interest). In other words, he used _____ financing.

debt

_____ financing is a form of business financing consisting of borrowed funds that must be repaid with interest over a stated time period.

debt

The two forms of business financing are _____ (borrowed funds) and _____ (ownership funds).

debt; equity

specialization refers to the:

degree to which tasks are subdivided into smaller groups.

_____ is the process of grouping jobs together so that similar or associated tasks and activities can be coordinated

departmentalization

the management activity of organizing.

determines, groups, and assigns work activities

_____ could be used to explain why members of the night shift at a textile mill refuse to fill openings on the day shift even though most of the people who work at the plant feel day work is preferable to night work.

group cohesiveness

Both Kennedy and LaGuardia Airports have established airport management committees. These structures are advantageous because it:

makes the coordination of activities much easier

the ___ refers to the levels of management within the organization. These levels usually conform to the shape of a pyramid.

managerial hierarchy

Manila Water, the provider of the water and sewerage services in the capital of the Philippines has purchased the government owned water and sewerage 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

Elton Mayo, America's first industrial psychologist, was responsible for formulating

the explanation of the Hawthorne effect

The _____ style of management is based on a pessimistic view of human nature and assumes that the average person dislikes work, will try to avoid work, prefers to be directed, avoids responsibility, and wants security above all else.

theory x

_____ is financing obtained from investment firms that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return for their money.

venture capital

In buying an existing business, the prospective buyer should ask questions about the operation of the business. Which of the following would be an inappropriate question to ask?

what are you going to do with the down payment

______ is the gap between what is and what is required

a need

self-managed work teams:

are accurately described by all of the above

The difference between the small business owner and the entrepreneur is that the entrepreneur:

assumes the risk of the business

Dewayne Gibbons of Burger King decided to introduce a new sliced chicken sandwich without consulting any of his subordinates or the franchise. Managers who use this style of decision making exhibit the _____ style of leadership

autocratic

middle managers usually:

carry out plans and policies of top management

Airline stewards in China will remove someone from the plane if they attempt to bring their own food with them. Instead, passengers must buy the food sold on the plane. The stewardesses have been given _____ power to deal with passengers who won't obey the rules.

coercive

Andy Yocom saw prime advertising space on the flags on the golf course. He reasoned that any marketing messages would get prominent attention if they were placed on the flags since golfers focus on them when they take their shots. As a result Yocom used his own initiative and money to start Invision Golf Group Inc. Yocom is an example of a(n):

entrepreneur

The person who takes the risk of starting and managing a business to make a profit is called a(n):

entrepreneur

the person who take the risk of starting and managing a business to make a profit is called a(n)

entrepreneur

Jon P. Farmer is the founder of Kolopua Hawaii LLC, a company that markets Pure Hawaiian Air. Bottles of Pure Hawaiian Air contain air that smells like the floral bouquet that greets tourists as they get off the plane in Hawaii. Retailing for about $5 apiece, the bottles are sold at gift shops in Hawaii, as well as to travel agents nationwide who give them to clients. As a(n) _____, Farmer's annual income exceeds $100,000 annually.

entreprenuer

_____ financing is a form of financing consisting of funds raised through the sale of stock in a business.

equity

________ financing is a form of financing consisting of funds raised through the sale of stock in business

equity

Medical diagnostic equipment specialist Georgiana Rutland was asked to attend a medical conference in which the attendees discussed new uses for laser technology in diagnosing certain types of cancer. Rutland exerted considerable influence over the decisions to adopt the laser technology because of her _____ power.

expert

When Suzanne Pogell wanted to learn to sail, but she could find no one to teach her because men were the ones who sailed, and women were their crew. She finally convinced someone to teach her to sail, and after mastering sailing, she started an all-woman sailing school called Womanship. Pogell started small and plans to stay small. She would be correctly called a(n):

micropreneur

According to the _____ of the New Mexico Nurses Association, the organization "is committed to advocating for all licensed nurses, promoting lifelong learning, and improving health care for all people."

mission statement

Michael Bronner made a killing in the direct marketing business as the cofounder and CEO of Bronner Slosberg Humphrey, a wildly successful direct-marketing firm. His newest venture, Upromise Inc., enlists some of America's largest corporations to help families pay for college and is extremely successful. The 40-year-old Bronner will more than likely start at least one more new company before he retires because Bonner is a(n):

multipreneur

The common use of business plans is to:

persuade lenders and investors to finance the venture

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

_________ planning is the creation of long-range, comprehensive objectives and the development of long-term courses of action

strategic

which of the following statements about Maslow's hierarchy of needs is true?

Maslow claimed an upper level of needs was not activated until a lower level was satisfied.

which of the following elements does NOT typically appear in a well-prepared business plan

Names of all employees

_______ is a permanent organization structure that combines functional and product departmentalization.

a matrix structure

intraprenuers

accurately described by all of the above

A well-written business plan should contain:

all of the above

Hannah Li wants to quit her job as a legal secretary and start her own small business. She knows that she will be successful if she can find the right idea. Where can Li look for ideas for her new business?

all of the above

Management involves

all of the above

In buying an existing business, the prospective buyer should ask questions about the operation of the business. Which of the following would be an appropriate question to ask?

all of the above are appropriate questions to ask

one of the advantages of the matrix structure is:

all of these

Which of the following is a characteristic of the entrepreneurial personality?

ambitious

Jeff Arnold and Reggie Bradford created WebMD, an Internet provider of health care information. Early in the development of this high-growth company, Arnold and Bradford attracted a group of investors who provided them with money needed to acquire other Internet companies with similar missions. The investment group is called:

angel investors

A _____ is a formal written statement that describes in detail the idea for a new business and how it will be carried out.

business plan

Kathy Elliot has decided that she will start an Internet company to sell reliable used cars to customers nationwide. She has decided to use the sole proprietorship business format. Elliot's next step is to write a formal _____ before she applies for a business loan.

business plan

which of the following is NOT a commonly used method for departmentalizing a firm?

by managerial level

Mark Ghermizian had quit his job and was looking to start a small business so he could be his own boss. When he read that people spend up to fifteen minutes every day staring at a bathroom stall door, he decided he would find advertisers who wanted to pay to have their advertising messages on bathroom stall doors. Since he has his idea, Ghermizian's next step is to:

choose a form of business organization

When Art Baer read that Singapore would lift its ban on chewing gum, he thought to himself, "There has to be a market there." Baer, 26, knew if he was going to move beyond the daydreaming stage, he had to move fast. After investing $20,000 of his own money into developing a product he called Impress Gum, Baer quit his job, flew to Singapore, talked to the right people in the government, lined up a manufacturer, and hired a marketing firm to promote his gum, which fights tooth decay. Baer is an example of a(n) ______ entrepreneur.

classic

When he read Chicken Soup From the Soul, Joe Farmer was struck by how many of the stories mentioned the scent of the islands. So Farmer created bottles filled with Hawaiian air and some scented essence beads. When customers shake the bottles up and open the lids, they're transported back to paradise. While many marketing experts did not think that consumers would buy bottles of air, Farmer has earned more than half a million dollars of sale during his first year of operation. Farmer was an example of a _____ entrepreneur.

classic

Victorinox is the name of the company that manufactures Swiss army knives. As a result of new regulations governing what passengers could carry with them on airplane trips, the company has lost 30 percent of its business. In other companies, this might have led to business failure, but because Victorinox had _____ plans, it was able to continue to operate profitably.

contingency

American Express is organized into four divisions that cater to businesses, consumers, travelers, and investors. American Express uses _____ departmentalization.

customer

As part of her marketing project, Lily Unruh is studying how Marriott operates. Since she thought it was simply a hotel chain, she was amazed to learn that its food divisions provide food for school cafeterias, airlines, hotels, and fast-food restaurants. Marriott's food divisions are departmentalized by:

customer

One criticism of herzberg's motivator and hygiene theory is that it:

ignores the impact of situational variables

Lachlan Stuart is employed by International Paper, a company that values his vision and creativity. To stay ahead in a very competitive industry, International Paper gives Stuart, and his division has almost complete autonomy to develop innovative and effective communications. Stuart is an example of a(n):

intrapreneur

Gord Larose and his friend David Allan worked in Ottawa at Nortel Networks, a giant telecommunications-equipment maker. One Friday afternoon, over a few beers in Larose's kitchen, they dreamed up a scheme for renting software over the Internet. Instead of quitting their jobs, they reported to work on Monday, explained their plan to their boss, and began working to make their idea a reality. Four years later, their idea has evolved into an important division of Nortel called Channelware. Larose and Allan are examples of:

intrapreneurs

_____ are entrepreneurs who apply their creativity, vision, and risk taking within a large corporation rather than starting a company of their own. They enjoy a high degree of autonomy while receiving a regular salary and financial backing from their employer.

intrapreneurs

Manila Water, the provider of the water and sewerage services in the capital of the Philippines has purchased the government owned water and sewerage 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. Its primary challenge will be the management function of ____ because it needs to convince the 2,000 employees it inherited from the government-owned facility to work more efficiently.

leadership

Stuart McFarland is sales manager for a hotel. His job entails leading, motivating, and communicating with employees. McFarland's main management activity is:

leadership

Manila Water, the provider of the water and sewerage services in the capital of the Philippines has purchased the government owned water and sewerage 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. The development, maintenance, and allocation of resources to achieve its goal will require:

planning

Kohber is a Swiss-company that makes medical equipment. It recently purchased a company, which manufactures packaging for high-value drugs. Since it will run the packaging company as a separate division, it would seem that Kohber is departmentalized by:

product

another name for the matrix structure is the:

project management approach

angel investors:

provide funding for start-up businesses

Which of the following is NOT an example of a hygiene factor?

recognition

Manila Water, the provider of the water and sewerage services in the capital of the Philippines has purchased the government owned water and sewerage 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. Its primary challenge will be to convince the 2,000 employees it inherited from the government-owned facility to work more efficiently. Manila Water sought to boost employee morale by linking pay to performance. In other words, management has used its _____ power to improve employee productivity.

reward

which of the following is NOT an example of a job satisfier?

salary and fringe benefits

A manufacturing company in which industrial engineers have maximized efficiency by determining the best way to perform every task from tightening a bolt to operating a forklift would be illustrative of:

scientific management

Many rock and roll fans believe that Jimi Hendrix was the best guitarist ever and that he stretched his ability to the utmost. According to Maslow's theory of need, Hendrix more than likely satisfied his _____ need.

self-actualization

In Herzberg's model, which of the following would be an example of a hygiene factor?

supervision

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

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

supervisory, middle, top

After the World Cup soccer games, Puma, the German sporting goods manufacturer, increased its end-of-year sales target by $641 million. Puma developed _____ plans with a goal that extra sales would come from new product categories the company was introducing, sale of soccer equipment, and consolidation of several subsidiaries.

tactical

The world's largest bank, Deutsche Bank, set as its objective 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

_____ planning is short-range, detailed planning that is based on long-range planning. It typically has a time frame that is less than one year long.

tactical

When nurses at Children's Memorial Medical Center were asked what makes a great place to work. They responded with, "Great places to work have leaders that listen to staff feedback and act upon it. At great places to work, staff value developing their job expertise, actively support teamwork, are passionate about providing quality service, and are not afraid to take risks and try innovative approaches. Mutual respect is the interpersonal chemistry that produces a collegial environment that inspires excellence at great places to work." From this information, it appears that the nurses would also appreciate a _____ approach to management.

theory y

An article on the health care industry revealed several assumptions that health care administrators have adopted during the last decade. The administrators assume their (1) employees have several interests other than work and will work only to the degree necessary. (2) employees will accept additional responsibilities only if they receive rewards, and (3) employees exhibit little loyalty and will leave employment for reasons that are in their short-term interest. These assumptions lead support to the _____ approach to management.

the Theory X style of management

according to expectancy theory, the probability of an individual acting a particular way depends on the strength of the individual's belief that:

the act will have a particular outcome and on whether the individual values that outcome

Which of the following statements about Theory Z style of management is true?

theory z contains many elements from japanese management