Ch 7 - Business Foundations

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______ is creating a vision for others to follow, establishing corporate values and ethics, and transforming the way an organization does business in order to improve its effectiveness and efficiency.

Leadership

participative (democratic) leadership

Leadership style that consists of managers and employees working together to make decisions.

autocratic leadership

Leadership style that involves making managerial decisions without consulting others.

free-rein leadership

Leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives.

______________ leadership, also known as democratic leadership, is a leadership style that consists of managers and employees working together to make decisions.

Participative

______ is a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.

Planning

__________ is a key management function because the success of the other functions depends on it.

Planning

________________ is a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.

Planning

Which of the following tasks are associated with the organizing function of management?

Preparing an organizational chart

The process of analyzing an organization's strengths, weaknesses, opportunities, and threats is a(n) _______________ analysis.

SWOT

Which of the following tasks are associated with the planning function of management?

Setting organizational goals

human relations skills

Skills that involve communication and motivation; they enable managers to work through and with people.

technical skills

Skills that involve the ability to perform tasks in a specific discipline or department.

conceptual skills

Skills that involve the ability to picture the organization as a whole and the relationships among its various parts.

objectives

Specific, short-term statements detailing how to achieve the organization's goals.

goals

The broad, long-term accomplishments an organization wishes to attain.

Technical skills are the ability to

perform tasks such as filing tax forms or assembling a keyboard

When top management is deciding the organization's major goals, policies, and the resources needed to get there, they are doing _____________ planning.

strategic

The definition of ______ ______ states: the process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals.

strategic planning

The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals is called

strategic planning

The definition of _____________ management or first-line management states: managers who are directly responsible for supervising workers and evaluating their daily performance.

supervisory

A detailed, short-term plan about what is to be done, who is to do it, and how is a(n)______ plan.

tactical

Setting shorter-term, specific plans such as annual budgets and deciding on other activities necessary to meet strategic objectives are tasks associated with ______ planning.

tactical

The short-term statements about what is to be done, who will do it, and when are set by managers at lower levels of the organization are known as _____________ plans.

tactical

The definition of ____________ ___________ states: the process of developing detailed, short-term statements about what is to be done, who is to do it, and how.

tactical planning

Tactical planning is usually done by

teams of lower level managers lower level managers

The definition of states: skills that involve the ability to perform tasks in a specific discipline or department.

technical skills

Strategic planning is done by ___________ level management.

top

The definition of ______ ______ states: highest level of management, consisting of the president and other key company executives who develop strategic plans.

top management

The definition of _____________ ____________ states: highest level of management, consisting of the president and other key company executives who develop strategic plans.

top management

Who performs strategic planning?

top management

The presentation of an organization's facts and figures so its status is clear and apparent to all stakeholders is

transparency

Problem solving differs from decision making because problem solving

usually requires faster action is less formal

A ______ gives the organization a sense of purpose and a set of values that unite workers in a common destiny.

vision

A ______________ gives an organization a sense of purpose and a set of values that unite workers.

vision

Kendra is considering opening a new business. While writing the business plan, she is answering the following questions: What external success factors affect the industry? How does her business measure up to competition? What can my bakery do to survive and prosper during a recession? What was Kendra performing?

A SWOT analysis

planning

A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.

organizing

A management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization's goals and objectives.

staffing

A management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives.

controlling

A management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not.

SWOT analysis

A planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats.

Why is planning a key management function?

Accomplishing the other functions depends heavily on having a good plan.

vision

An encompassing explanation of why the organization exists and where it is trying to go.

mission statement

An outline of the fundamental purposes of an organization.

How can we get to our goal from here?

Answering this question is often the most important part of planning. It takes four forms: strategic, tactical, operational, and contingency

______ leadership is a leadership style that involves making managerial decisions without consulting others.

Autocratic

_____________ leadership is a leadership style that involves making managerial decisions without consulting others.

Autocratic

The job title for the president of a company is usually:

CEO

The corporate officer tasked with obtaining funds, planning budgets, and collecting funds is the:

Chief Financial Officer

decision making

Choosing among two or more alternatives.

Which of the following tasks are associated with the leading function of management?

Clarifying policies to reach objectives Guiding and motivating employees

brainstorming

Coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas.

Leaders must therefore:

Communicate a vision and rally others around that vision. The leader should be openly sensitive to the concerns of followers, give them responsibility, and win their trust. A successful leader must influence the actions of others. David Calhoun took the reins at Boeing in the middle of a crisis over the company's handling of two crashes involving its 737 Max plane. He set a new commitment to full transparency at the company to regain confidence in Boeing with consumers, employees, and the Federal Aviation Administration.16 Establish corporate values. These include concern for employees, for customers, for the environment, and for the quality of the company's products. When companies set their business goals, they're defining the company's values as well. The number one trait that others look for in a leader is honesty. The second requirement is that the leader be forward looking. Page 183 Promote corporate ethics. Ethical behavior includes an unfailing demand for honesty and an insistence that everyone in the company gets treated fairly (see the Making Ethical Decisions box). That's why we stress ethical decision making throughout this text. Many businesspeople have made the news by giving away huge amounts to charity, thus setting a model of social concern for their employees and others. Embrace change. A leader's most important job may be to transform the way the company does business so that it's more effective (does things better) and more efficient (uses fewer resources to accomplish the same objectives). Stress accountability and responsibility. If there is anything we learned from the financial crisis in 2008 that involved failures of banking managers and other industry and government managers, it is that leaders need to be held accountable and need to feel responsible for their actions. A keyword that emerged from the financial crisis is transparency. Transparency is the presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders.

The definition of ______ ______ states: skills that involve the ability to picture the organization as a whole and the relationship among its various parts.

Conceptual skills

leading

Creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives in a timely manner.

external customers

Dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use.

The rational decision-making model is a series of steps managers often follow to make logical, intelligent, and well-founded decisions. Think of the steps as the six Ds of decision making:

Define the situation. Describe and collect needed information. Develop alternatives. Decide which alternative is best. Do what is indicated (begin implementation). Determine whether the decision was a good one, and follow up.

Controlling consists of five steps:

Establishing clear performance standards. This ties the planning function to the control function. Without clear standards, control is impossible. Monitoring and recording actual performance or results. Comparing results against plans and standards. Communicating results and deviations to the appropriate employees. Taking corrective action when needed and providing positive feedback for work well done.

______ customers include dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use.

External

knowledge management

Finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm.

empowerment

Giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests.

enabling

Giving workers the education and tools they need to make decisions.

top management

Highest level of management, consisting of the president and other key company executives who develop strategic plans.

Which of the following are among the three categories of skills managers must have?

Human relations skills Conceptual skills Technical skills

internal customers

Individuals and units within the firm that receive services from other individuals or units.

______ ______ is finding the right information, keeping information in a readily accessible place, and making the information known to everyone in the firm.

Knowledge management

______ is creating a vision for others to follow, establishing corporate values and ethics, and transforming the way the organization does business in order to improve its effectiveness and efficiency.

Leading

______ is creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives.

Leading

PMI

Listing all the pluses for a solution in one column, all the minuses in another, and the implications in a third column.

_______________ is the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources.

Management

supervisory management

Managers who are directly responsible for supervising workers and evaluating their daily performance.

In fact, technology research firm Gartner suggests that AI algorithms could take over almost 70 percent of the routine work currently performed by managers within the next four years. For example, managers often spend a considerable amount of their work time performing tasks such as filling in forms, updating information, and approving workflows. Automating these tasks through AI would allow managers to focus on human strengths in areas such as strategic planning and decision making where machines lack an element of creativity.

Massachusetts Institute of Technology (MIT) economics professor David Autor believes that middle management positions are particularly vulnerable to the wave of AI implementation. He cites dire prospects specifically for managers in finance and inventory management where considerable time is spent translating data in order to make specific decisions. Other economists predict very dramatic changes in many upper-tier white-collar positions such as accounting and law because of machine advances. Even though some management positions face a rocky future due to AI advancements, most economists are still upbeat about the future of management. Humans still play a vital role in designing experiments and reviewing data traces in order to plan the evolution of the machines, and there is still a level of reasoning only human strategists can do. A manager's ability to think strategically and intuitively promises to be even more prized in this era of strategic human-machine partnerships.

Which of the following tasks are associated with the leading function of management?

Motivating employees to accomplish organization goals

A mission statement outlines the organization's fundamental purposes. It should address which of the following?

Nature of the product or service Customer needs Organization's self concept

______ leadership (also known as democratic leadership) is a leadership style that consists of managers and employees working together to make decisions.

Participative

middle management

The level of management that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling.

A mission statement should address the following:

The organization's self-concept. Its philosophy. Its long-term survival needs. Its customer needs. Its social responsibility. The nature of its product(s) or service(s).

transparency

The presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders.

strategic planning

The process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals.

tactical planning

The process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done.

contingency planning

The process of preparing alternative courses of action that may be used if the primary plans don't achieve the organization's objectives.

operational planning

The process of setting work standards and schedules necessary to implement the company's tactical objectives.

problem solving

The process of solving the everyday problems that occur. Problem solving is less formal than decision making and usually calls for quicker action.

management

The process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources.

______ is the presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders.

Transparency

______ is a broad explanation of why the organization exists and where it is trying to go.

Vision

The procedure you'll follow in planning your life and career is basically the same as the one businesses use. It answers several fundamental questions:

What is the situation now? How can we get to our goal from here?

The tasks managers perform to organize a firm to achieve its goals include:

allocating resources assigning tasks establishing procedures

When organizing a firm, top managers:

assign tasks allocate resources establish procedures

A successful leader must:

be trusted be sensitive to the concerns of followers give followers responsibility

When a team comes up with as many solutions to a problem as possible without censoring each others' ideas, it is

brainstorming

The ___________ _____________ _____________ is often also the president of the firm and is responsible for all top-level decisions.

chief executive officer (CEO)

Human relations skills are those associated with leadership such as

coaching training and development delegating

The tasks of the Chief Financial Officer include:

collecting funds planning budgets obtaining funds

To be effective, leaders must ___________ a vision and rally others around it.

communicate

Managers at the top of an organization need more ______ skills, while first line managers need more ______ skills.

conceptual; technical

The ________________ function measures performance relative to the planned objectives and standards, rewards people for work well done, and takes corrective action when needed.

control

External customers include

dealers end users

Choosing between buying more inventory for her bike shop or hiring another employee requires Gail to make a(n)

decision

The definition of ______ ______ states: choosing among two or more alternatives.

decision making

Managers classified as middle management include

division managers general managers plant managers

The trend that gives employees as much freedom as possible to be self-directed and self-motivated is to ________________ them.

empower

When you give employees as much freedom as possible to become self-directed and self-motivated you ________________ them.

empower

Managers practice the art of getting things done using organizational resources such as:

equipment information workers

Supervisory managers are those directly responsible for

evaluating first line workers' daily performance workers' daily performance

The control process provides __________ that lets managers and workers adjust to deviations from plans and changes in the environment.

feedback

The tasks of knowledge managers include

finding the right information making information known to everyone in the organization keeping information in a readily accessible place

During strategic planning, top managers decide:

geographic areas in which to compete which customers to serve what products or services to sell

David's manager told him the company wants to achieve a 50 percent market share within 5 years. David's manager was relaying a company:

goal

The broad, long-term accomplishments an organization wishes to attain are its

goals

The definition of ____________ states: the broad, long-term accomplishments an organization wishes to attain.

goals or goal

Functions included in staffing an organization are

hiring recruiting retaining

The definition of __________ _____________ skills states: skills that involve communication and motivation; they enable managers to work through and with people.

human relations

Good ___________ motivate workers and create an environment for them to motivate themselves.

leaders

Guiding and motivating employees to work effectively to accomplish organizational goals and objectives, giving assignments, explaining routines, clarifying policies, and providing feedback on performance are all tasks associated with the ___________ function of management.

leading

Guiding and motivating employees to work effectively to accomplish organizational goals and objectives, giving assignments, explaining routines, clarifying policies, and providing feedback on performance are all tasks associated with the ______________ function of management.

leading

The management function that involves creating a vision for the organization, communicating it to others, and motivating them to achieve goals is

leading

The process used to accomplish organizational goals through planning, organizing, leading, and controlling organizational resources is

management

Employees who get things done using an organization's financial resources, equipment, and information are

managers

In organizations, ____________ strive to produce order and stability, whereas _____________ embrace and manage change.

managers; leaders

The definition of ______ ______ states: the level of management that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling.

middle management

The definition of _____________ ____________ states: the level of management that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling.

middle management

A ______ ______ is an outline of the fundamental purpose and basic philosophy of an organization.

mission statement

A(n) __________________ is a specific, short-term statement of how to achieve the organization's long-term ________________.

objective; goals

The definition of _______________ states: specific, short-term statements detailing how to achieve the organization's goals.

objectives

The definition of ______ ______ states: the process of setting work standards and schedules necessary to implement the company's tactical objectives.

operational planning

The definition of ___________ ___________ states: the process of setting work standards and schedules necessary to implement the company's tactical objectives.

operational planning

In order to accomplish their goals, managers must _____________ a firm by allocating resources and assigning tasks.

organize

Allocating resources, preparing a structure, recruiting, selecting, and placing employees where they will be most effective are tasks associated with the _________________ function of management.

organizing

The ___________ function of management designs the structures and systems in which everyone works together to achieve the organization's goals and objectives.

organizing

The _________________ function of management designs the structures and systems in which everyone works together to achieve the organization's goals and objectives.

organizing

The function of management that designs the structures and systems in which everyone works together to achieve the organization's goals and objectives is:

organizing

SWOT Analysis is a ______________ tool used to analyze an organization's strengths, weaknesses, opportunities, and threats. Listen to the complete question Need help? Review these concept resources.

planning

The management function that anticipates trends, then determines strategies and tactics to achieve them is

planning

The definition of ______ ______ states: The process of solving the everyday problems that occur. It is less formal than decision making and usually calls for quicker action.

problem solving

The definition of ____________ _______________ states: The process of solving the everyday problems that occur. It is less formal than decision making and usually calls for quicker action.

problem solving

Top management sets the vision for the organization and may work with others to establish a mission statement that outlines its

product or service offering self-concept

Leaders in traditional organizations who direct employees are likely to:

provide performance feedback explain routines give specific assignments

A mission statement should address an organization's

self-concept customer needs

Tactical planning deals with:

setting annual budgets and deciding on activities to meet strategic objectives

Directive leaders are often needed in organizations with workers who lack ________ and ____________ needed to do the job.

skill; experience

The part of the management function of organizing that includes hiring, motivating, and retaining the best people is

staffing


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