Ch05: Intro To Business 101

Which management skill would enable a manager to effectively identify a problem or​ opportunity, evaluate alternative courses of​ action, and select the most appropriate​ one?

"Decision-making skills" -- enable a manager to effectively diagnose a problem or​ opportunity, gather needed​ facts, identify and evaluate alternative courses of​ action, and implement the chosen alternative.

The chief operating officer​ (COO) of a firm would be categorized as a​ _______ manager in the organization.

"Top managers" -- are executives who set general​ policies, formulate​ strategies, and are responsible for the overall direction of the organization. Common titles for top managers include​ president, vice​ president, chief executive officer​ (CEO), chief operating officer​ (COO) and chief financial officer​ (CFO).

​_______ planning identifies alternative courses of action that an organization can utilize if its original plans do not achieve intended objectives.

Contingency ------ Contingency planning seeks to identify in advance important aspects of a business or its market that might change and ways in which the company can respond to those changes.

As you look to be promoted in your​ firm, you find that although you enjoy monitoring developments in your industry and sending out informational memos about new​ initiatives, you are uncomfortable negotiating agreements and resolving internal and external conflicts. In deciding upon a professional development​ plan, which category of management roles should you focus​ on?

Decisional ----- There are four decisional roles. The entrepreneurial role involves initiating change. The role as disturbance handler involves handling such problems as​ strikes, copyright​ infringements, or problems in public relations or corporate image. As resource​ allocator, the manager decides how resources are distributed. As​ negotiator, the manager enters into negotiations with other groups or organizations and may be asked to mediate an internal dispute.

Top managers in an organization would likely be involved in which of the following​ functions?

Establishment of general policies and formulation of strategies

Jessica, the director of the local humane​ shelter, gives the keynote speech at a national conference on animal welfare. Which managerial role does this BEST​ describe?

Figurehead

Contingency plans accomplish which of the​ following?

Identify an​ organization's strategies for responding to change ------ Contingency planning seeks to identify in advance important aspects of a business or its market that may​ change, along with ways in which the company will respond to such changes.

The management function that encompasses development of an​ organization's goals along with a strategy and tactics for achieving those goals is

Planning

Which of the following are the four basic functions of​ management?

Planning, organizing,​ leading, and controlling

_____ plans are typically established by a​ firm's top management team and reflect​ long-term goals or initiatives of the organization in terms of resource allocation and company priorities.

Strategic ---- Plans can be viewed on three​ levels: strategic,​ tactical, and operational. Strategic plans reflect top​ management's decisions about resource​ allocation, organizational​ priorities, and the steps needed to meet strategic goals

As you establish your new​ business, you want to​ capture, in a few​ short, clear​ sentences, the essence of your​ business's goals and the philosophies to provide​ high-level guidance to your entire organization. Your BEST choice would be to craft​ ____________.

a mission statement ------ In a few short​ sentences, a mission statement defines what an organization​ is, why it​ exists, and its reason for being. It should inform and direct all the strategic and operational planning so that the goals of the organization reflect the mission.

The shared​ experiences, stories,​ beliefs, and norms that characterize an organization reflect its​ _______.

corporate culture ------- Corporate culture is the​ "feel" of an organization. It is comprised of shared​ experiences, stories,​ beliefs, and norms that characterize an organization.

When he started work at the law​ firm, Todd was dismayed that employees were routinely expected to work long​ hours, including​ weekends, and that the atmosphere among attorneys was intensely competitive rather than cooperative. These observations reflect the​ _______ of the firm.

corporate culture ------- Corporate culture is the​ "feel" of an organization. It is comprised of shared​ experiences, stories,​ beliefs, and norms that characterize an organization.

As the owner of a growing business with a strong mission statement focused on customer​ service, you notice that your employees are not responding to complaints in a timely​ fashion, despite an extensive training program.​ You've spoken to your managers and they agree that it is a​ problem, but it persists. Which is the BEST aspect of your business to address first to improve customer​ service?

corporate culture ------- Culture is the shared​ experiences, stories,​ beliefs, and norms that characterize an organization and that define the work and business climate that exists in an​ organization, despite what the mission statement says. If the underlying culture inside the organization does not value timely responses to customer​ complaints, then it is the culture that needs to be addressed.

In April​ 2017, passengers on United Express flight 3411 recorded security officials dragging a paying passenger from his seat. The video accounts went viral and the resulting global public relations disaster caused United Airlines stock to lose​ $1 billion in value. This loss in value may have been more limited if the company had done a better job at​ ____________.

crisis management ------- Crisis management involves an​ organization's methods for dealing with emergencies. The CEO of United Airlines probably underestimated the power and speed of social​ media, and did not respond to the crisis until it was too late.

As an​ entry-level employee in a large financial services​ firm, you notice that some of the other new employees are arriving to work late and leaving early. The BEST course of action would be to​ _____

discuss the issue with your​ first-line manager. ------- Top managers are executives who set general​ policies, formulate​ strategies, and are responsible for the overall direction of the organization. Middle management are responsible for implementing the strategies set by top management. The best person to talk to about an issue at work would be your​ first-line manager, who can then deal with the issue or take it to the next level.

To monitor a​ firm's performance toward goal​ achievement, a manager should first​

establish performance standards

Accomplishments that a business intends and plans to achieve are referred to as​ ___

goals