strategic management

business usually analyze market potential for a certain product by considering total demand in a specific

geographical area

what is an example of a broad goal that management might develop for a business?

reduce operating expenses

What is the primary purpose of managerial planning?

to prepare for the future

Which of the following is one way to make it easier to have conversations about employee compensation:

Have a set structure for raises and bouness

Which is the following has a negative effect on an understaffed business:

Increased errors

A primary activity of the directing function of management is

Initiating action

When the Green Company selected its target market, it decided to ignore the segment differences and generate appeal with one offer. The company is using __________ marketing.

Mass

which of the following is a tool that defines business's purpose and guides its organizational decision-making:

Mission statement

LIz has two employees that report to her. She is one of serval managers with staffs of similar size. Liz's organization has a

Narrow span of control

which of the following statements is true regarding business plans:

Owners often use business plans as a tool to help them achieve their objectives

An important aspect of the organizing function of management involves

Establishing levels of authority

wanda feels uncomfortable discussing compensation with her employees, so she tries to bring it up as infrequently as possible. what is a possible consequence of doing so?

Wanda's employees will come to inaccurate conclusions about their pay.

When analyzing market potential, a business must consider that market's interest level in the product and the market's

ability to buy

A production supervisor provides a new line worker with information about how to assemble an item. What management function is the production supervisor performing?

Directing

A job profile for an account manager includes the following sentence: " The ideal candidate must be an excellent communicator." This part of the job profile is focused on

Skills

Serena is determining the specific activities needed to carry out a year long advertising campaign. Serena is engaged in _________ planning

Tactical

Axile Unlimited is the leader in its market, but two of its competitors just merged to form a larger company. Where would the competitor merger fall in Axile's organizational SWOT

Threats

Why is it important for a business to identify its product's competitive advantage?

To develop an appropriate marketing strategy

A mission statement can be thought of as the _________ of the business strategy

Why

which of the following is a problem associated with scientific management theory:

Workers might intentionally underperform so that their performance is evaluated against a low standard

which if the following is a main factor that businesses consider when staffing the company:

employee compenstation

which of the following is an example of a conflict of interest that might make it difficult for a manager to be ethical

making a decision about an employee who is a friend

Setting the overall goal for a business, guiding the activities of the business, and keeping the business moving towards its goal are part of the role of

managers

Which of the following is the first step in the control process

set performance standards

An important Criterion to consider when identifying market segments is the _____ of the market

size

The XRT company wants to increase its sales by 15%. Is this a SMART goal?

No. the goal is not time bound

staffing is important because human resources are

The organization' most valuable assets

The function of managerial control involves comparing what was planned with the

Actual result

which of the following businesses is most likely to require a different management plan than the other businesses described:

A clothing store franchise with 10 locations

Which of the following is a situation indicating a problem with product durability:

A customer complains that her/his new cell-phone battery quit working after one week

What management theory focuses on understanding employee motivation, conflict, expectations, and group dynamics

Behavioral management theory

An effective mission statement should effectively reflect the business's

Core values

what is the focus of quality assurance?

Developing processes to prevent product defects

One way that a business can learn about its competitor activities is by

Reviewing secondary data

which of the following is a psychographic characteristic that business often use to identify market segments:

Style of living

Which of the following is an internal weakness that a business might detect by conducting a SWOT analysis :

Technological obsolescence

Which of the following is a financial risk that managers of global business must be aware of:

The impact of currency exchange rates

A business manager who helps an employee decide when and where product should be delivered performs which management function?

Directing

Corporate social responsibility refers to a company's willingness to

Adopt practices the benefit society

Which of the following statements describes how a human resources organizational plan benefits employees

It helps them understand their roles within the company

The owners of the IHM company are determining if they should structure with the new business by product line or by departmental functions. The owners are performing an activity associated with the _______ management function

Organizing

What is a factor that a growing business might consider when determining hiring needs?

employee to customer ratio

A job description starts: " We are seeking a bright, talented self-starter with a salesman's mentality and 3-5 years of experience." what is a potential problem with the opening sentence?

it includes discriminatory language

In which section of the business plan would you find evidence of customer interest in a new product

market analysis