Chapter 6 & 7
Which of the following is an example of a manager's interpersonal skills?
the ability to motivate employees
franchisor
the company that founded the business
Which of the following is a vital role of management?
the informational role
What is controlling?
It consists of the activities and decisions involved in keeping a company's activities on track toward previously established goals.
weaknesses example
obsolete facilities, inadequate financial resources to fund growth, lack of managerial depth and talent
Market More is a departmental store that is located in many states in the country. Its CEO and CFO are satisfied with the profits they have made consistently over the past few years. They recognize the possibilities of expanding their chain to other countries as well. The possibility of the company's international expansion reflects the __________ component of SWOT analysis.
opportunities
Which of the following identifies who is authorized to speak for the company?
communication plan
____________ involve an individual's ability to comprehend that an organization is made up of several interrelated areas that need to work together to ensure success in business ventures and to make strategic choices
conceptual skills
technical skills are particularly important for
first-line managers
Businesses that are built around the personal and financial needs of an individual or family are called
lifestyle business
opportunities example
new products, new markets, attractive merger candidates
What is organizing?
Arranging an organization's resources in the best way possible to help reach its goals and objectives.
an expansive, long-term achievement that the organization wishes to attain.
goal
business incubator
help an entrepreneurial team develop an idea into a workable business model and establish a company framework for commercializing products
operation managers
included in the layer of middle management
seed money
fund offered to establish or start up a program
controlling
the management function that involves monitoring, comparing, and correcting work performance
liaison
A person who serves as a connection between individuals or groups
the informational role
Managers spend a fair amount of time gathering information from sources both inside and outside an organization.
Which of the following is an example of controlling management function?
Mandy, a floor supervisor at a manufacturing unit, is giving her employees advice on how to prevent defects from occurring in the goods that are produced.
Martin is a manager who works for a company called Devon Works. In which of the following scenarios is Martin making use of his technical skills?
Martin informs his team members that they are utilizing the wrong composition of raw materials in the production process
In which of the following scenarios is the supervisor performing the planning management function?
Michelle, the marketing director of a major appliance manufacturer, formulates objectives and targets for the marketing department to achieve over the next two financial quarters.
organizing
Organizing involves arranging and structuring work to accomplish an organization's goals
Which of the following is an example of the controlling management function?
Sanjay, a manager at a software company, reviews the goals set for his employees during their last performance reviews to see if they have been met.
franchise
a business arrangement in which one company obtains the rights to sell products and and use various elements of a business system of another company
crowdfunding
a company gathers funds from members of the public by encouraging a large number of people to contribute or invest in a new project or company
advisory board
a form of group mentoring in which you assemble a team of people with subject-area expertise or vital contacts to help review plans and decisions
deep learning
a specific type of machine learning that uses artificial neural networks to mimic the functions of neurons and neural networks in the brain
strengths example
a team of expert employees, financial resources, unique technologies
pivoting
adjusting a firm's business model when a better opportunity presents itself
A collection of individuals with specific skills or significant connections who assist a company owner with the evaluation of strategies and decisions are known as
advisory board
cognitive automation
aims to help professionals and managers with complex questions that present some of the most daunting decision scenarios
small business
an independent firm that has fewer than 500 employees and is not dominant in its market
franchisee
an individual or company that buys the right to use some aspect of that business
conceptual skills
analyze the impending outcomes of their decisions
Steve is a manager at TCM, Inc. Over the years, Steve has established a bad reputation as a power-hungry manager because he insists on controlling the decisions of the company without respect to employee input. Employees often feel like their opinions do not matter and that their choices become even more limited year after year. Which of the following describes Steve's leadership style?
autocratic leader
Which of the following is a means of observing and measuring company functions from the financial, operations,consumer, and development perspectives?
balanced score card
Goals are best defined as
broad, long-range targets or aims
Which of the following terms describes various accommodations containing small companies and offering support services during a company's early growth phases?
business incubator
Which of the following summarizes an anticipated company project along with its objectives, and strategies for accomplishing particular objectives?
business plan
The XYZ company has the capability to identify sales prospects who might respond positively to a sales call and gather the information that salespeople need to interact with each potential customer. This is an example of ______
cognitive automation
What aims to help professionals and managers with complex questions that present some of the most daunting decisionscenarios?
cognitive automation
Engaging in activities and making decisions that keep a company on track to reach its previously established goals is an example of which managerial function?
controlling
Which term defines a company seeking capital from the community for various business ventures, investments, or loans?
crowdfunding
Moving decision making as far down the organizational pyramid as possible by empowering employees to make decisions about particular situations is part of which managerial role?
decisional
What system uses layers of artificial neural networks to process incoming data and become more accurate?
deep learning
Which of the following is an example of the organizing management function?
determining the tasks to be performed
__________ involves individuals' ability to handle their feelings and impulses effectively, resulting in increasing levels of empathy.
emotional intelligence
The optimistic, progressive aspiration to establish lucrative, sustainable business ventures is known as
entrepreneurial spirit
Which of the following is an example of the planning management function?
establishing strategies for achieving goals
Which of the following enables the buyer to use a larger company's trade name and sell its goods or services in a specificterritory?
franchisor
a business that authorizes components of its business structure for use by other businesses for an initial start-up fee and monthly royalties
franchisor
Which of the following is an example of the leading management function?
influencing individuals or teams as they work
______________ of leaders include gathering, analyzing, and communicating various materials for the company both internally and externally.
informational roles
What type of skills lets a manager communicate, work effectively, motivate, and lead others?
interpersonal skills
correct, Warm-up 6.2.2 Entrepreneurial effort within a larger organization is referred to as
intrapreneurially spirit
venture capitalists
investment specialists who raise pools of capital from large private and institutional sources to finance ventures that have high growth potential and need large amounts of capital
What is the advantage of cognitive automation?
it can overtake the data-intensive aspects of high-level decision making
Influencing individuals or teams as they work is an example of which management function?
leading
Randy is the lead scientist at the research facility of a pharmaceutical company. The project that his team is working on has come to a standstill due to differences in opinion within his team about the direction of the research. Randy works closely with his team members to overcome any differences they might have and motivates them to successfully complete the project. Which management function is Randy displaying in this scenario?
leading
What term refers to the general capability of computers to learn?
machine learning
technical skills
manage employees who use tools and techniques to produce the organization's products or service the organization's customers
__________ are behavioral patterns and activities involved in carrying out the functions of management.
managerial roles
interpersonal skills are particularly important for
middle and operation managers
Which aspect of a business plan explains the intentions of the company and what it plans to accomplish?
mission and objectives
Which of the following is the final step in making a managerial decision?
monitoring and evaluating the results
middle managers
must communicate with all levels of management and act as liaisons among groups
threats
negative forces that could inhibit a firms ability to achieve its objectives
weaknesses
negative internal factors that inhibit a company's success
threats example
new competitors, new government regulations, economic contraction, changes in interests rates, disruption in supply
microlenders
organizations that lend smaller amounts of money too business owners who might not qualify for conventional bank loans
Michael is a manager at a custom manufacturing company and is in charge of 15 employees. On a weekly basis, he decides on the work that needs to get done and allocates responsibilities to his team members. He provides his employees with instructions on how tasks are to be carried out and when they must be completed. In this scenario, Michael is performing the __________ management function.
organizing
strengths
positive internal factors that contribute to a company's success
opportunities
positive situations that represent the possibility of generating new revenue
angel investors
private individuals who put their own money into startups with the goal of eventually selling their interest at a gain
Which term defines a company that is generally not a leader in its industry; is individually owned, managed, andmaintained; and characteristically has fewer than 500 employees?
small business
Which group was created by the SBA to make smaller investments and consider businesses others might not want to finance by offering loans, venture capital, and management assistance?
small business investment companies (SBICs)
Objectives are best defined as
specific, short-range targets
SWOT
strengths, weaknesses, opportunities, threats
business plan
summarizes a proposed business venture, communicates the company's goals, highlights how management intends to achieve those goals, and show how customers will benefit from the company's goods or services
machine learning
the general capability of computers to learn
Top management differs from lower management tiers in terms of (1) long time frames within which executives must work and (2) _______________
the magnitude of their decisions
planning
the management function that involves setting goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate activities
leading
the management function that involves working with and through people to accomplish organizational goals
entrepreneurial spirit
the positive, forward thinking desire to create profitable, sustainable business enterprises, and the role it can play in every company
IPO (initial public offering)
the shares offered for sale at the point of a company going public
Sundari works for ABC Shoes. At ABC, Sundari is responsible for establishing structure, strategic goals, and guiding her employees. She is also responsible for making long-range plans and establishing major policies. She often works long hours and is frequently faced with making difficult choices in order to better ABC. Sundari is a __________.
top manager
Conceptual skills are particularly important for
top mangers
a concise and motivational description of an ideal future that a company wishes to create.
vision statement