MANG 201: Practice Midterm Exam

What are the moral principles and standards that guide behavior in the world of business?

Business ethics.

______ 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.

Competitive environment

______ refers to reduction 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.

Entrepreneurship

______ 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 shakeout

______ 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 manager's ability to stimulate people to be high performers.

Leading

______ is specifying 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

______ is/are compared 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 tactics were noteworthy. Why?

They produced impressive increases 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

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.

entrepreneurial 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 ides that:

seeking the greatest good for the greatest number of people should be the overdoing concern of decision makers.

A plan to integrate employees into a new payroll system, assuming that it is not likely to be repeated in the foreseeable future, is an example of a ______ plan.

single-use

A(n) ______ is an enterprise having fever than 500 employees, independently owned operated, not dominant in its field, and not characterized by many innovative practices.

small business

Leading involves:

stimulating people to be high performers.

Advances in genetic engineering are expected to produce some food products that will become available all year round even in continental climates. These changes will provide grocers with an opportunity to reduce their shopping costs while offering fresher produce to their customers. These advances are examples of changes in the ______ environment.

technological

Situational analysis, as part of the formal planning process, focuses on:

the internal at work within an organization and exams 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 acknowledgment of management as a formal discipline.