BUS 1201 Exam 2 (Cengage)
The Age Discrimination in Employment Act was passed in 1967 and amended in 1986. It prohibits discrimination against employees who have reached a certain age in companies with 20 or more employees and prohibits mandatory retirement based on the retiree's age. What is the age referenced in the act at which it is illegal for a company to discriminate based on age?
40 years
The Age Discrimination in Employment Act was passed in 1967 and amended in 1986. It prohibits discrimination against employees who have reached a certain age in companies with 20 or more employees and prohibits mandatory retirement based on the retiree's age. What is the age referenced in the act at which it is illegal for a company to discriminate based on age?
40 years or older
What type of evaluation provides anonymous feedback from an employee's peers, subordinates, and supervisors?
A 360-degree evaluation
What are the three phases of human resources management?
Acquiring, maintaining, and developing
Which federal legislation prohibits discrimination against qualified individuals with disabilities in all employment practices?
Americans with Disabilities Act (1990)
____________________________________ often differs based on the product being purchased. For instances, low-cost items are purchased with routine response behavior and very little search or decision-making, but expensive, seldom-purchased items call for extended research and decision making.
Consumer buying behavior
_________________ refers to the differences among people in a workforce owing to race, ethnicity, and gender.
Cultural diversity
_________________________ refers to the differences among people in a workforce owing to race, ethnicity, and gender.
Cultural diversity
_____________________________ focuses on using information about the customer to create marketing strategies that develop and sustain desirable customer relationships.
Customer relationship management
Which category of industries includes retailing, wholesaling, transportation, and communications—industries concerned with the movement of goods from producers to consumers?
Distribution
________________________ is the process of teaching operations and technical employees how to do their present jobs more effectively and efficiently.
Employee training
__________________________ is the process of teaching operations and technical employees how to do their present jobs more effectively and efficiently.
Employee training
What is the most likely reason that a small-business owner may become frustrated as a franchisee?
Excessive restrictions resulting in less freedom
Which federal legislation established a minimum wage and an overtime pay rate for employees working more than 40 hours per week?
Fair Labor Standards Act (1938)
Sandra is a no-nonsense manager with excellent budgeting skills. On projects that Sandra manages, the team always comes in under budget. When forecasting costs for a plan, Sandra is extremely accurate. Sandra is skilled at managing which resource for her company?
Financial
Which part of the marketing concept is concerned with using information about present and potential customers to provide a product that will satisfy them at a price that is acceptable to them, that will yield a profit, that will promote the product, and ensure that the product is distributed so that it is available to customers where and when it is needed?
Implementing
Which skills are defined as the ability to deal with people, both inside and outside the organizations?
Interpersonal skills
Marketing is based on many different relationships between customers, wholesalers and producers, buyers, and sellers. What does the term relationship marketing refer to?
Marketing decisions and activities focused on achieving long-term, satisfying relationships with customers
_____________________________ is an important step of the marketing process because it involves collecting and analyzing data on what consumers want and need, their consumption habits, trends, and changes in the marketing environment.
Marketing research
The _______________________ is concerned with dealings between business firms and labor unions.
National Labor Relations Act
The ___________________________ is concerned with dealings between business firms and labor unions.
National Labor Relations Act
Which federal legislation regulates the degree to which employees can be exposed to hazardous substances and specifies the safety equipment that the employer must provide?
Occupational Safety and Health Act (1970)
What involves the trainee learning by doing while under the supervision of an experienced employee?
On-the-job methods
What percentage of home-based businesses have no employees?
Over 90%
______________ refers to the activity of trying to attract qualified applicants for a job.
Recruiting
___________________ refers to the activity of trying to attract qualified applicants for a job.
Recruiting
To determine the potential of a specific market segment an organization makes predictions based on a specific relevant time frame, geographic boundaries, and an estimate for the specific product item, product line, or an entire product category. What is the name given to the estimate of the amount of a product that an organization expects to sell during the specific period based on a specified level of marketing effort?
Sales forecast
When a human resource department is considering available talent within the company, what will it use to determine successors for key personnel?
Skills inventory
_____ are business clinics, usually located on college campuses that provide free counseling and training for owners of small businesses.
Small-business development centers (SBDCs)
What is/are the main difference(s) between employee training and management development?
The main differences are the type of employee being taught and the purpose of the instruction.
Which federal legislation prohibits discrimination in employment practices based on sex, race, color, religion, or national origin?
Title VII of the Civil Rights Act (1964)
What is the purpose of an organization's mission statement?
To make a statement of what makes the organization different from others
Buying behavior may be defined as the decisions and actions of people involved in buying and using products. Which of the following is normally included as a major focus in the study of buying behavior? a. Consumer buying behavior b. Institutional buying behavior c. Personal buying behavior d. Governmental buying behavior
a. Consumer buying behavior
There are many reasons for encouraging cultural diversity within the workplace, which of the following is not a good reason to engage in hiring for cultural diversity? a. It reduces payroll expenses. b. Companies that are culturally diverse develop a good reputation as favoring women and minorities. c. Cultural diversity strengthens the organization. d. Employees from diverse backgrounds and cultures bring new perspectives to the workplace.
a. It reduces payroll expenses
There are many reasons for encouraging cultural diversity within the workplace, which of the following is not a good reason to engage in hiring for cultural diversity? a. It reduces payroll expenses. b. Companies that are culturally diverse develop a good reputation as favoring women and minorities. c. Cultural diversity strengthens the organization. d. Employees from diverse backgrounds and cultures bring new perspectives to the workplace.
a. It reduces payroll expenses.
Knowing how to sort large amounts of information in order to find relevant facts to resolve a problem or issue is an example of:
analytical skills
Which of the following is not normally included as a central component of a marketing plan? a. Marketing strategy b. Consumer protection laws c. Objectives d. Organization's resources
b. Consumer protection laws
Consumer buying behavior is affected by the individual's buying power. Which of the following is not included in an individual's buying power? a. Discretionary income b. Interest and dividend income c. Personal income d. Disposable income
b. Interest and dividend income
Firms use many techniques for determining the wage structure for positions within the firm. Which of the following is not normally used by firms to determine their wage structures? a. Wage surveys b. International standards c. Comparable worth d. Job evaluation
b. International standards
Businesses need to direct their product marketing strategies to the individuals most likely to purchase it. Often marketing managers examine potential markets for their possible effects on the firm's sales, costs, and profits. Which of the following is the designation given for the group to which marketing managers direct the focus of their marketing efforts for a product? a. Market segment b. Target market c. Mixed market d. Potential market
b. Target market
Which of the following is not a purpose for management undertaking performance appraisals of employees? a. To provide an effective basis for distributing rewards b. To let other employees see that there are rewards for good performance c. To let workers know how well they are doing and how they can improve d. To help the organization monitor its employee selection, training, and development
b. To let other employees see that there are rewards for good performance
One of the first steps in hiring new employees is to prepare a job forecast to anticipate the company's employment needs. Which of the following is not part of the hiring process? a. Preparing job specifications b. Drafting a job description c. Evaluating current employees d. Doing a job analysis
c. Evaluating current employees
A market is a group of individuals or organizations, or both, that need products in a given category and that have the ability, willingness, and authority to purchase them. Which of the following is the name given to the market for intermediaries who buy finished products and sell them for a profit? a. Government market b. Consumer market c. Reseller market d. Industrial market
c. Reseller market
Employers engage in recruiting to find qualified applicants for open positions within the firm. Recruiting can be external—seeking candidates outside the business, or internal—seeking applicants from within the firm. Which of the following is not part of internal recruitment? a. Promoting employees to a higher-level position within the firm b. Posting the job on internal job boards c. Selecting the candidate with the most qualifications for the position d. Transferring employees from one position to another at the same level
c. Selecting the candidate with the most qualifications for the position
When a human resource department is considering available talent within the company, which of the following will it use to determine successors for key personnel? a. Demand inventory b. Human resource forecast c. Skills inventory d. Replacement chart
c. Skills inventory
Which of the following is NOT necessary for a company to have a successful employee reward system? a. Comparability to rewards offered by other firms b. Fair distribution throughout the organization c. Tailoring to individual recipients d. Satisfaction of employee needs
c. Tailoring to individual recipients
Many homes are decorated in spring colors because these colors are deemed to be uplifting; however, most department stores do not carry products in spring colors in the fall and winter when the focus is on browns and greens. Which of the following utilities explains the reason for spring-colored product availability? a. Place utility b. Possession utility c. Time utility d. Form utility
c. Time utility
When considering the external marketing environment, organizations must consider _______________________, which is the actions of competitors who are in the process of implementing their own marketing plans.
competitive forces
Centrum Silver is a multiple vitamin marketed to individuals over fifty years old. The company divides its market into Centrum Silver for women 50+ and Centrum Silver for Men 50+. The organization is using a __________________________ approach to market these products
concentrated market segmentation
Which of the following is not a step in the marketing research process? a. Gather factual information b. Make a preliminary investigation c. Interpret the information d. Estimate sales
d. Estimate sales
Which of the following is not normally included in the external marketing environment? a. Technology b. Economics c. Laws and regulations d. Finances
d. Finances
Firms use a wide variety of methods for training employees—both for initial job skill training and for continual job performance improvement. Which of the following is not important for an effective training and development program? a. Gauging program effectiveness b. Developing measurable objectives c. Setting benchmarks d. Surveying potential participants
d. Surveying potential participants
Which of the following is not one of the primary tasks of human resources management? a. Acquiring b. Developing c. Maintaining d. Terminating
d. Terminating
Performance appraisals are used for all of the following purposes, except: a. to provide an effective basis for distributing rewards. b. to let an employee know how well they are doing. c. to help an organization monitor its employee selection, training, and development activities. d. to let an employee know how they can improve in the future. e. for the final selection process of new employees.
e. for the final selection process of new employees.
The purpose of job analysis is to systematically study positions to determine _______________________.
elements and requirements
The purpose of job analysis is to systematically study positions to determine:
elements and requirements
Supply and demand are important in human resources planning because the planners must _________________________ then determine if they are available.
forecast future demand for human resources
Supply and demand are important in human resources planning because the planners must _______________________________ then determine if they are available.
forecast future demand for human resources
A person who buys a franchise is known as the:
franchisee
A franchise arrangement includes a franchisor and a franchisee with the franchisor ______________ to the franchisee.
granting a franchise
A study of what employees do in a particular job is called a(n):
job analysis
A(n) ____________________ of appraisal is used when a manager estimates the employee's performance level using a ranking.
judgmental method
A(n) _______________________ of appraisal is used when a manager estimates the employee's performance level using a ranking.
judgmental method
Human resources management (HRM) is all activities involved in acquiring, ________________, and developing an organization's human resources.
maintaining
The process of coordinating people and other resources to achieve the goals of an organization is known as:
management
A business philosophy that a firm should provide goods and services that satisfy customers' needs through a coordinated set of activities that allow the firm to achieve its objectives is most often called the:
marketing concept
The purpose of a ________________________ is to establish a unified vision for an organization and to communicate this vision among the firm's employees.
marketing plan
A performance appraisal based on the number of cars sold or percentage of defects on an assembly line is an example of a(n) _____ since it is quantifiable.
objective method
A pair of shoes is given _________________ when it is shipped from a factory to a department store.
place utility
A compensation system is a firm's __________________ that determine employee compensation.
policies and strategies
A compensation system is a firm's _______________________ that determine employee compensation.
policies and strategies
Statistics show that most small business failures are related to ______________.
poor management
By Abram's Company buying products to use in the manufacture of other products, it has demonstrated that it is part of the:
producer market
Managers rely on ______________________ to purchase raw materials, schedule production, secure financial resources, consider plant or equipment purchases, plan inventory levels, and hire personnel, therefore they must be accurate.
sales forecasts
Sears, Roebuck & Co., and General Motors rely heavily on _________________ to provide merchandise, parts, supplies, and other goods and services. Companies like these buy parts and assemblies for these businesses because it is less expensive than manufacturing them in their own factories.
small business firms
The goal of a diversity training program is ________________.
to improve workplace attitudes and behaviors
The goal of a diversity training program is:
to improve workplace attitudes and behaviors
The purpose of job analysis is to help a manager _____________.
understand the nature of a job
The purpose of job analysis is to help a manager:
understand the nature of a job
What type of leader is one who consults workers before making decisions, helps workers understand their goals, and imposes and fosters a sense of ownership and commitment, and makes the final decisions him- or herself after gathering employee input?
Consultative
____________ is a new alternative to traditional financing that uses online sites to invite people to contribute.
Crowdfunding
The coordinated effort of the three levels of managers is required to implement the goals of any company. Which of the following best represents the three basic levels of management?
First-line managers, top managers, and middle managers
Leaders within an organization can be formed in a variety of ways. What best describes the difference between formal and informal leaders?
Formal leaders have authority within an organization to influence others to work towards the organization's objectives, but informal leaders usually have no such authority.
_____ is the second step in the decision-making process and it depends on creativity for new and useful ideas, regardless of where the ideas come from.
Generating alternatives
As a firm grows in size how do the responsibilities of HRM change?
HRM activities become more specialized
For recruiters, what does it mean to have a goal of attracting the "right number" of applicants?
It means to attract enough to allow a good match between applicants and open positions but not so many that matching requires a lot of time and effort.
_____ leadership can motivate employees to work effectively because they are consulted before making decisions. This helps them understand which goals are important and fosters a sense of ownership and commitment in decision making.
Participative
__________ businesses are important to the U.S. economy because, among other things, they employ about half of all private sector employees, pay 42 percent of total U.S. private payroll, and hire 37 percent of high-tech workers (scientists, engineers, computer programmers, and others).
Small
The government agency that advises and assists small businesses by providing management and financial assistance including counseling on improving operations and assisting with obtaining debt financing is known as the _____.
Small Business Administration (SBA)
______ are independently owned and operated, not dominant in their field of operation, and meet certain standards of size in regard to number of employees or average annual sales.
Small businesses
Jeffrey Inc. is a large business that produces off-road vehicle parts. In addition to this market stream, Jeffrey produces auto parts, boat parts, and parts for machinery and equipment. Inventions, LLC is a small business that focuses only on the off-road vehicle market and has created lighter weight, stronger, and more efficient parts for off-road vehicles. Its primary market is off-road racing which it believes will serve the dual purpose of showcasing its product and filling the needs of its customers. Inventions has significantly increased its market share in the off-road vehicle parts market over the years causing Jeffrey to revamp its marketing techniques and reanalyze its customer's needs. What is true about the relationship of small businesses to large businesses?
Small businesses challenge larger, established firms in many ways, causing them to become more efficient and more responsive to consumer needs.
What is a way in which the Small Business Administration provides financial assistance to small businesses?
Small-business investment companies (SBICs)
The growth of women and minorities in franchising is attributable to which activities?
Special outreach programs designed to encourage franchisee diversity
Several factors contribute to the entrepreneurial spirit in the United States, but the most important is the personal characteristics of the individuals who start businesses. Studies have shown that personal factors in small-business success include family background, willingness to accept a challenge, and _________________________
a desire to determine one's own destiny.
"Houston, we have a problem," is one of the most famous sentences in history resulting from a problem that arose during the Apollo 13 mission to the moon. When business managers identify a problem, they are identifying
a discrepancy between an actual condition and a desired condition
Franchises offer people starting a business the advantage of a recognized name, management assistance, and:
a greater chance for success
Which of the following is NOT a component to be addressed by management in order for total quality management (TQM) programs to be effective? a. Improving customer satisfaction b. Maximizing shareholder profits c. Strengthening supplier partnerships d. Continuous quality improvement e. Increasing employee participation
b. Maximizing shareholder profits
Mark's job involves purchasing raw materials, managing inventory, and scheduling the workers who build the company's product, Mark is a(n) _____ manager.
operations
Management is not a step-by-step procedure that can be carefully mapped out and calendared, it is a __________ with a feedback loop that represents flow.
process
A list of key personnel and their possible replacements within a firm is known as a(n):
replacement chart
Studies show that the incidence of innovation among _________-business workers is significantly higher than among workers in __________ businesses.
small; large
The participation of different ages, genders, races, ethnicities, nationalities, and abilities in the workplace is referred to as:
workplace diversity
According to the authors, franchises may become unsuccessful because the franchisor _____________.
expanded too rapidly
In this type of compensation plan, an employee receives a predetermined amount of benefit dollars to spend on a package of benefits that he or she has selected to meet individual needs. This type of benefit is known as a(n):
flexible benefit plan
Franchising allows a _____ the opportunity to set up a small business relatively quickly, and because of its association with an established brand, a _____ outlet often reaches the break-even point faster than an independent business would.
franchisee; franchise
While the _______________ owns the business, the ________________ controls it.
franchisee; franchisor
Management must coordinate four types of resources to produce goods and services, but another way to look at management is in terms of the different _____________ managers perform.
functions
What is a definition of "franchise"?
A franchise is a license to operate an individually owned business as if it were part of a chain of outlets or stores.
_____, one tool that is used for total quality management (TQM), is the process of evaluating the products, processes, or management practices of another organization for the purpose of improving quality.
Benchmarking
The Small Business Administration (SBA) defines a small business as "one which is independently owned and operated for profit and is not dominant in its field." How small must a firm be to not dominate its field?
By the SBA's definition, the factors that determine the size of a business depend on the particular industry it is in.
What are the three key ingredients in small business survival as well as failure?
Capital, management, and planning
What type of leader seeks input from almost all workers and makes the final decisions based on their support?
Consensus leaders
When managers are engaged in problem solving, there are several steps they should go through in order to prevent themselves from providing a resolution to a problem that is unrelated to the actual issue under examination. What most correctly delineates the steps in problem-solving?
Defining the problem, generating alternatives, selecting an alternative, implementing and evaluating the solution.
________ franchises occur when two franchisors offer their products together; this is becoming a new small-business trend.
Dual-branded
Which leadership style is considered the best?
Each of the leadership styles can be highly effective in the right situation.
Why are many companies hiring employees representing a diverse background?
Employees with diverse backgrounds better serve their diverse customers
Of the four resources managed within an organization, one is considered far more important than any of the others—so much so that management of this resource is considered to have a greater impact on the organization than even the vital components of the organization. Which is the resource described in this paragraph?
Human
Which managers are responsible for recruiting and hiring employees, developing and administering employee benefits, training and performance appraisal programs, and dealing with government regulations concerning employment practices?
Human resources managers
Nadine manages the quality control department for her company. Recently, Nadine became aware of a quality problem with one of the company's products. After studying the issue Nadine determined the quality of raw materials used in the product was deficient and began looking at changing suppliers. Which step in the decision-making process did Nadine exemplify when she determined the quality of raw materials was substandard?
Identifying the problem
What is a negative aspect of hiring from within for a company?
It leaves another job vacancy to fill.
Which phase of human resources management is responsible for encouraging employees to remain with the firm?
Maintaining
Every business must keep records of sales, profits and losses, fixed assets, contacts, tax returns, customers, and a variety of other information that affects the growth and operability of the business. What is true about small business?
Many small firms need only a simple set of records.
This deals with establishing organizational goals and deciding how to accomplish them; it is sometimes referred to as the "first" management function because all other management functions depend upon it.
Planning
Top managers spend most of their time performing which of the management functions?
Planning
What is considered a shortcoming of owning a franchise?
Possible market saturation
Basic rights and obligations are delineated in a franchise agreement. What is a franchising obligation?
Requirement to purchase goods or products from the franchisor
_________ is the process of collecting information about applicants and using that information to make hiring decisions.
Selection
Having a business plan causes a new business owner to think through all of the aspects of business ownership, costs, capital needed for start-up, and can be used to review company goals and benchmark when they are met. What is the company and industry portion of the business plan?
This section of the business plan gives the background of the company, explains the legal business form it will take, provides information about the products or services to be offered, reviews potential customers, current competitors, and the business's future.
Total quality management can be a boon to a business in many aspects of its operation, however it will not work if management fails in two crucial areas. What most closely articulates the issues that, if left unaddressed, could cause TQM to fail?
Top management must be strongly committed to TQM and must coordinate the specific elements of a TQM program so they work in harmony with each other.
The coordination of efforts directed at improving customer satisfaction, increasing employee participation, strengthening supplier partnerships, and facilitating an organizational atmosphere of continuous quality improvement.
Total quality management (TQM)
________________ was forged by Toyota Motor Company in Japan as a way to coordinate efforts at improving customer satisfaction, employee participation, strengthening supplier partnerships, and improving the quality of their product.
Total quality management (TQM)
T/F According to the SBA, the most profitable companies in the United States are small firms that have been in business for more than ten years and employ fewer than 20 people.
True
What is meant by dual-branded franchises?
Two franchisors offer their products together
What is the order in which the three separate management decisions should be completed for HRM managers that design effective compensation systems
Wage level, wage structure, and individual wages
Which of the following is not a management resource provided by the Small Business Administration? a. Free assistance in closing failed small businesses b. Free publications c. Free technical assistance d. Counseling, courses, conferences, and workshops
a. Free assistance in closing failed small businesses
Total quality management (TQM) has been shown to benefit a company beyond improving a product. Which of the following is not a benefit of TQM? a. Improved ability to engage in competitive pricing b. Higher return on sales and investments c. Improved ability to use premium pricing d. Lowering of overall operating costs
a. Improved ability to engage in competitive pricing
Managers must coordinate an organization's resources to achieve the organization's goals. Which of the following is not typically considered as an organization's resource? a. Intellectuals b. Finances c. People d. Materials
a. Intellectuals
Some benefits are required by law; which of the following benefits is required by law for an employer to provide for his/her employee? a. Workers' compensation insurance b. Tuition-reimbursement c. Child-care services d. Holiday pay e. Life insurance
a. Workers' compensation insurance
A franchisee acquires rights to all of the following, except: a. other franchisee's employees and management. b. a name. c. national advertising by the franchise. d. a logo. e. methods of operation of the business.
a. other franchisee's employees and management.
The gradual reduction of the size of a workforce by not replacing personnel lost due to resignation is known as:
attrition
Doug is a line manager at XYZ Corporation. He is very task-oriented and makes all of the decisions with little concern for employee opinion. Under his _____________ leadership style, employees are told exactly what is expected from them and given specific guidelines, rules, and regulations on how to achieve their tasks.
autocratic
Which of the following is NOT a type of compensation? a. Commissions b. Comparable worth c. Profit-sharing d. Hourly wage e. Monthly salary
b. Comparable worth
Which of the following is NOT an advantage of smallness in business? a. Independence b. Easy to raise capital c. Simplified record keeping d. Ability to adapt to change e. Personal relationships with customers and employees
b. Easy to raise capital
The final step in managerial decision making entails _____.
evaluating the solution
The CEO of a large beverage company led the company in the takeover of its two largest bottlers. The CEO pushed for the merger because buying the bottlers gave the company control of 80 percent of its North American distribution, making it easier for the company to test new products. The CEO's ability to think in abstract terms and see how parts of the company fit together to achieve long-term goals is an example of _____.
conceptual skills
When a manager plans for the future of his business and is able to see how all of the parts of the organization work together, it is said that he or she is engaging __________________ to see the "big picture."
conceptual skills
The three steps of the _____ process include setting standards against which performance can be compared, measuring actual performance and comparing it with the standard, and taking corrective action as necessary.
controlling
Franchising agreements fall into three general categories, which of the following is not one of those categories? a. A producer licenses distributors to sell a given product to retailers. b. A manufacturer franchises retail stores to sell its products. c. A franchisor supplies brand names, techniques, or other services instead of a complete product. d. A distributor franchises the channels of distribution to franchisees.
d. A distributor franchises the channels of distribution to franchisees
All of the following are factors that encourage certain people to start new businesses, except: a. independence. b. a desire to determine one's own destiny. c. a willingness to find and accept a challenge. d. a reclusive nature. e. a family member(s) who has had been in business.
d. a reclusive nature.
A contingency plan outlines alternate courses of action that may be taken if an organization's other plans are ____________ or become _____________.
disrupted; ineffective
The _____ personality tends to take initiative, be visionary, and be forward-looking. Their enthusiasm energizes and inspires employees.
entrepreneurial
John had a good idea for a candy manufacturing business. He decided that he wanted to take the risk, become an entrepreneur, and start his own business. Now, ten years later, John's candy company has 20 locations all over the United States and employs nearly 1,000 people. This example illustrates:
how small business fuels job creation and innovation.
Studies have shown that the most effective style of leadership depends on the right balance between:
interaction among employees, the work situation, and manager's personality
A business plan is essential for starting a new business because it ___________________.
is a guide for the person starting a business
The duties to be performed, the working conditions, the responsibilities, and the tools and equipment that must be used on the job are reflected in the list known as the:
job description
It is now being recommended that companies list personality characteristics needed within this list of qualifications required to perform a particular job. These personality characteristics are contained within the list known as the:
job specification
Knowledgeable entrepreneurs choose areas with which they are familiar. These are most often the more established industries that require only a ___________ investment and some special ______________.
low initial; skills or knowledge
The level of management that is responsible for developing tactical and operational plans and makes up the largest group of managers in most organizations is _____.
middle management
According to the U.S. Office of Management and Budget, __________ of the major technological advances of the 20th century originated with individual inventors and small companies.
more than half
Employees have different _____; some are interested primarily in earning as much money as they can, while others may be spurred on by opportunities to get promoted.
motivations
Jake works in production for his company. Each week his work group is assigned a production quota to ensure enough product is available to meet the goals of the company. In this case, the production quota is an example of a(n) _____ plan.
operational
Planning is an essential part of managing an enterprise. A __________________ plan is developed as a guide during the planning process for major policy setting and decision making.
strategic
During the planning stage, managers develop a _______________ plan which is smaller in scale and developed to implement strategy and will most likely cover a one- to three-year period.
tactical
Small businesses enjoy several unique benefits that larger firms may not have such as ______________.
the ability to adapt to change and simplified record keeping