Principles of Management 1

Hospitals and universities are very expensive to start and keep running because of the capital and equipment required. The requirement of personnel, such as specialized medical doctors and researchers, is also high. What does this provide an example of?

Barriers to entry

______ are conditions that prevent new companies from setting foot in an industry.

Barriers to entry

The _____, led by the chairperson, makes major decisions, subject to corporate charter and bylaw provisions.

Board of directors

Creating outstanding products and services can start with involving _____ in company decisions.

Customers

_____ is the set of skills composed of understanding oneself, managing oneself, and dealing effectively with others.

Emotional Intelligence

_____ 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

As one of the key management functions, leading focuses on a manager's efforts to

Mobilize people to contribute to their ideas

In the development of the assembly line for the manufacture of the Model T, Ford studied and standardized the steps and equipment necessary to assemble automobiles, selecting the "the one best way" to complete tasks. In doing so, Ford used the _______________ management approach.

Scientific

_____ is specifying the goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals.

Planning

Choose the correct statement regarding quality.

Quality can be measured in terms of product performance, customer service, and reliability.

Identify which is true of entrepreneurial ventures.

Successful companies do not always require a cutting-edge technology or an exciting new product.

Josiah, a new manager at Super Sandwiches, has been asked to focus on the competitive environment of the organization. Which of these factors is among those that Josiah should focus on?

Suppliers

______________ refers to people's reactions to being observed or studied resulting in superficial rather than meaningful changes in behavior.

The Hawthorne Effect

____________ is/are composed of all relevant forces outside a firm's boundaries, such as competitors, customers, the government, and the economy

The external environment

Ramon, I believe that you will succeed," said Juan, his mentor. "When an entrepreneur is contemplating a new business, the very first step is to have ________. You are on the right track."

a great idea

In the context of successful business models for e-commerce, sites that pay commissions to other sites to drive business to their own sites involve the _____ model.

affiliate

In the context of the planning process, _____ are the targets or ends a manager wants to reach.

goal

A popular low-cost airline, Budget Airways, has gone out of business. Although the service and price provided by the airline was what customers wanted, the larger airlines were able to drive the low-cost airline out of business through an aggressive price war. Which component of the competitive environment does this illustrate?

competitors

_____ involves monitoring performance and making necessary changes.

controlling

In _____ organizations, more decisions are made at lower levels of management.

decentralized

When a software company developed a new phone, it determined how many production and marketing employees would be required for the launch. The company was involved in

demand forecasting.

_____ is the process of sharing authority with employees to enhance their confidence in their ability to perform their jobs and contribute to an organization.

empowerment

The planning stage involves

ensuring the availability of the right number and types of people.

CEO pay packages, wages, antibrand attitudes, and religion at work are some of the _____ that challenge American managers and employees today.

ethical dilemmas

In a _____ organization, jobs (and departments) are specialized and grouped as production, marketing, human resources, research and development, finance, accounting, and so forth based on the skills they require.

functional

The outcome of a situational analysis is the

identification and diagnosis of planning assumptions, issues, and problems.

Because his firm's product market share has declined in the past 12 months, the sales manager for RLC Group instructed his marketing professional to perform a benchmarking analysis. What would you instruct the marketing professional do for this analysis?

identify competitors' best processes and compare with RLC's processes

Jeffrey, floor supervisor at Brooks & Sons Warehouse and Storage, has asked Vera, a specialist in the human resources department, to help him fill an open position for a floor worker. Vera asks Jeffrey to describe what is needed to perform the job. Jeffrey replies, "A high-school education; an ability to lift a 50-lb box to a height of 6 feet; an ability to work on one's feet for an 8-hour shift; and an ability to get to work on time." "Fine. I will include these job requirements in the __________________," Vera says.

job specification

Many companies that rely heavily on internal recruiting use a(n) _____ system to advertise open positions, and this includes a list of duties and the minimum skills and experience required.

job-posting

In the vertical structure of a firm, authority is the

legitimate right of a manager to make decisions and to tell other people what to do.

Abraham Maslow argued that people try to satisfy their

lower-level needs and then progress upward to the higher-level needs.

Competition is most intense when there are ____ direct competitors, industry growth is slow, and the product or service cannot be differentiated.

many

In a(n) _____ organization, managers encourage employees to work more as teammates than as subordinates who take orders from the boss.

organic

Management is the

process of working with people and resources to accomplish organizational goals.

The strategic vision of an organization

provides a perspective on where the organization is headed.

Sip Well Corp. had focused only on alcoholic beverages for the last two decades. Now, as part of a(n) _____________ strategy, the company is considering entering the soft drink market.

related diversification

According to the ethical system of utilitarianism,

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

The side street effect refers to

the appearance of unexpected opportunities as one follows a plan.

The function of a job analysis is

to describe the skills and knowledge needed.

In order to reduce production costs, Tryon Inc., an automobile manufacturer, decided to buy out a glass plant and begin manufacturing the glass for the windows of cars on its own. The corporate strategy adopted by the company is known as

vertical integration.