Chapter 5 Exam review

Which of the following best describes a business strategy?

A strategy at the business unit or product line level that focuses on improving a firm's competitive position.

Which of the following best describes functional strategy?

A strategy by which managers in specific areas decide how best to achieve corporate goals through productivity

How is the decisional role of a corporate manager similar to the role of the entrepreneur?

Both are initiators of change

Comparing actual performance against standards is an example of which function of the management process.

Controlling

Which element of an organization is defined by shared experiences, stories, beliefs, and norms?

Corporate culture

How can organizations best deal with emergencies requiring immediate response?

Crisis Management plans

What type of skills requires defining problems and selecting the best course of action to take?

Decision-making skills

Fostering new ideas and innovation and resolving conflicts within a department is a responsibility under which managerial role?

Decisional

Which description identifies the organizing function of the management process?

Determining how best to arrange an organization's resources into a coherent structure.

Which description defines the planning function of the management process?

Determining what an organization needs to do and how best to get it done.

The first main component in the planning process is determining goals. What is the next step?

Developing a comprehensive strategy

Changes in technology will result in a decrease in the amount of information that managers will use to make decisions

False

Information managers are responsible for getting products from producers to consumers.

False

CFO and controller are titles associated with what type of manager?

Financial

Which of the following managers are responsible for planning and overseeing the firm's accounting functions?

Financial managers

Which type of manager spends most of their time working with and supervising the employees who report to them?

First line managers

The titles of supervisor, office manager, and group leader are examples of which level of management?

First-line managers

What type of skill is needed to understand foreign markets, cultural differences, and motives of foreign rivals?

Global management

What identifies performance targets used by organizations and their managers to measure success or failure at every level?

Goals

What skills can a manager utilize to work with people and make them feel excited about the work?

Human relations skills

What type of skills are needed to understand and work well with people in the workplace?

Human relations skills

Who is responsible for designing and implementing systems to gather, organize, and distribute facts and data essential for the running of the company?

Information managers

The managerial role is characterized by the ability to gather and disseminate communications and areas of interest is referred to as

Informational

A three year goal is considered to be what?

Intermediate goal

When the finance department has a goal of a 3 percent increase in return on investment in three years, what type of goal is the organization setting?

Intermediate goal

A manager is expected to serve in what interpersonal capacity when coordinating people, groups, and organizations?

Liaison

If an organizational sets out to increase its share of the snack food market by 10 percent during the next eight years, what kind of goal is the organization setting?

Long-term goals

Which of the following participates in the business through analyzing their competitive environments and plan, organize, direct, and control the operations of their organizations?

Managers

Which of the following managers are directly responsible for getting product information from producers to consumers?

Marketing managers

Titles such as plant manager, operations manager, and division manager designate which level of management?

Middle managers

Which type of manager is responsible for implementing the strategies, policies, and decisions made by top managers?

Middle mangers

What if the following indicates an organization's reason for being?

Mission

Which description identifies the controlling function of the management process?

Monitoring a firm's performance to ensure that it is meeting its goals.

Which of the following is the best example of unrelated diversification?

Northwest Airlines merging with Proctor & Gamble

Which of the following are responsible for production and quality control?

Operations managers

What strategic management activity do company managers undertake so that they later measure success or failure at every organizational level?

Setting goals

An accountant's ability to audit a company's records in an example of what type of skills?

Technical skills

When a company attempts to change its culture, what must take place to give the new culture solid shape within the firm?

The firm must set up new systems for appraising and compensating employees who enforce the new values.

Which variable of SWOT analysis identifies changing consumer tastes, hostile takeover offers, and new government regulations?

Threats

What level of management is responsible for the overall performance and effectiveness of the firm?

Top managers

Which level of management sets general policies, formulates strategies, approves all significant decisions and represents the company in dealings with other firms and with government bodies?

Top managers

Which of the following managers depend most on conceptual skills?

Top managers

Many managers spend as much as four hours a day in meetings

True

The effectiveness of managers in using time can be undermined by frequent phone calls.

True

When a sales manager compares actual sales to the quarterly sales quota, he or she is performing the controlling function of management

True

When conducting a SWOT analysis of an organization, which question can help management brainstorm for the strengths section of the analysis?

What does the organization offer that makes it stand out from the other organizations?

Which of the following best describes a mission?

an organization's statement of how it will achieve its purpose in the environment in which it conducts business

Which of the following refers to a person's ability to think in the abstract, to diagnose and analyze different situations, and to see beyond the present situation?

conceptual skills

Which aspect of the management process involves determining what the organization needs to do and how best to get it done?

planning

The marketing manager wants to increase regional sales by 2% each quarter over the next year. This is an example of what kind of goal?

short-term