exam 1 bus 210

Google's motto is "Don't be evil." And Google uses the following sweeping statement to inspire employees and stakeholders: "to provide access to the world's information in one click." This is Google's

Mission

When customers perceive the product differentiation as valuable, they will prefer to purchase the business's product over a competitor's products. This is called

a competitive advantage

Max Weber believed a structured organization, a bureaucracy, would be the most logical and efficient. One of his rules was that

authority and responsibilities are clearly defined for each position

Walmart has exceptional logistics, but in 2014, Walmart was criticized for unusual shortages. Customers complained, saying they could not buy the product if it was not on the shelves. Management failed to

control the inventory process

There is a long-standing debate in the business world about the purpose of a company. Milton Friedman, a famous economist, argued that the only responsibility of company is to increase profits within the rules. But this leads to excesses like dumping pollutants that damage the community. One way to temper the profit goal is an explicit statement of

corporate values

The five components of industry environment are

customers, competitors, suppliers, regulations, and advocacy groups

Domestic U.S. companies conducting a PESTEL analysis consider national growth, employment, inflation, and interest rates. These are aspects of which macro term?

economic

Bureaucratic Management looked at how large organizations with layers of management could operate in an

efficient, rational manner

A robust competitive analysis will allow you to focus on those companies that will compete for customers

in your target market

Management by objectives is Peter Drucker's version of goal setting. His concept was to engage the employee's intrinsic motivation. A manager should discuss the corporate goals with his employees and then

jointly agree on goals, so that the employee commits to the goals

A motivation for scientific management, which uses time and motion studies and work standardizations, is to:

make manual labor run more efficiently

Kelly is a pediatrician who opened her own office three years ago. She took a goal-setting class and created seven goals for her organization and managers. This first step in her planning cycle is called

management by objectives

Kim, a manager at a chiropractic office, created 12 goals and objectives for her organization. Each objective is linked to a specific report, and she has reports of those measures from the past three years. However, she has no marketing goal or patient referral projections for the future. This is an example of:

measuring the past and not planning for future growth

Managers encourage, support, and foster talented employees. The managers who focus in this area are

middle managers

Prior to Taylor, managers were owners or appointed by the owners with no role beyond oversight. Taylor said managers had responsibilities such as

optimizing the work process and training employees to follow it

Google has unusual work teams. Each team is 3 to 4 people who work independently of other teams, but each team posts weekly to a company blog about what they are doing. Google's management has chosen an unusual

organizational structure

Planning is a

process of continual adjustment

Mintzberg classified management decision roles into four types. These include

resource allocator, disturbance handler, and negotiator

Which is a limitation of scientific management?

Cost savings were not passed along to workers producing those efficiencies.

Taylor's Four Principles of Scientific Management included which of the following?

Heartily cooperate with the men to ensure all the work is done in accordance with the science that has been developed.

Many companies are organized along functional lines. In these companies, accountants report to a senior accountant; salespeople report to an executive of sales. These companies follow which organization design thinker from 100 years ago, who said activities that are similar should be the responsibility of one person?

Henri Fayol

Managers must motivate employees, negotiate salaries, and encourage employees toward innovation and creativity. Sheryl Sandberg, now COO of Facebook, is great at encouraging fellow employees, but this is usually the ________ role of middle management.

Interpersonal

Google's motto is "Don't be evil." When the company neglects this to make more money, consumers are quick to criticize. Management has neglected its function of

Leading

Companies strive to provide a product or service that is distinct, or ________, in some way from their competitors.

differentiated

Apple's current vision statement was introduced by CEO Tim Cook, who stated, "We believe that we are on the face of the earth to make great products." This is part of the ________ role of managers.

informational

The general environment analysis considers broad societal dimensions influencing the industry or firms within it. The general environment areas include

political, economic, social, technological, environmental, and legal

The Gilbreth's research provided many important principles that were later incorporated into

quality assurance and quality control programs

Managers pay careful attention to the external environment of the organization: the economy, proposals for laws that would affect profits, stakeholder demands, and consumer and public relations. The managers most involved in these activities are

top managers

Google has a flatter organization chart than most large companies. Engineers talk to each other across the organization. But Google still has the basic levels of management, including

top, middle, and first-level management and team leaders

A company wishes to convince customers that its product or service provides more value to them than a competitor's product or service. That is, it offers a

value proposition

The advertisements for the Apple MacBook show an edge-on image of a MacBook with the caption "MacBook: Light. Years ahead." This refers to the lightweight design and the advanced tech inside. This is Apple's

value proposition

The Gilbreths both belonged to the classical school of management, which emphasized increasing

worker productivity by scientific analysis

Taylor and Gantt were the management consultants of their day. Workers were concerned the increased efficiency would mean less work and less pay. Gantt proposed to mitigate this concern with

the task and bonus pay plan

One graphic representation of the tasks required over the course of a project is called

Gantt chart

Management can be approached as either allocating resources or complying with legal responsibilities

People or a process

People are not motivated when they do not have clear goals and do not know what is expected of them. ________ reduces uncertainty and indicates what everyone is expected to accomplish.

Planning

What does "death by planning" mean?

Planning can delay or prevent action.

________ decides how best to attain a company's mission and vision through the coordinated efforts to achieve specific goals and objectives.

Strategic management

The threat of new entrants in Porter's Five Forces analysis is often the most important force affecting an industry. In the food truck industry, for example, it is easy for new firms to enter and compete. The food truck industry would benefit if there were ________, such as required and restricted licenses.

barriers to entry

Principles from the ________ school of management were originally designed to prevent favoritism and incompetence.

bureaucratic

Max Weber believed that management should be separate from ownership and managers should be protected from arbitrary dismissal. These are aspects of his rule called

career orientation

Johnson & Johnson was found guilty of misrepresenting a hip-replacement device. Executives knew there was a problem with the device but continued selling it for years. Better attention to Johnson & Johnson's ________ might have saved the company from litigation and penalties.

code of ethics

Financial strength can be a competitive advantage. In the Great Recession, General Motors went bankrupt, but Ford had acquired long-term financing beforehand that carried it through the downturn. This insight is part of

competitive analysis

Kelly has experience and knows there is only one way to run her business—full steam ahead! Dr. Kelly will struggle with the planning cycle that recommends

considering alternatives

Planning activities provide an opportunity for input from the departments and people affected. Some organizations establish planning committees that intentionally include people from ________ backgrounds to bring ________ perspectives into the planning process.

diverse, new

Controlling may be the most important management function. The control process is also described as:

feedback loops

Management activities are often grouped into four categories. These are

planning, organizing, leading, and controlling

Research shows that when actions are coordinated and focused on specific outcomes, they are much more effective. The primary mechanism for coordinating and focusing staff is

plans, which can direct everyone's actions toward desired outcomes

In order to understand the competitive structure of an industry, analysts use Michael Porter's Five Forces model. Porter's model includes all of the following EXCEPT:

strategic partnerships, research and development

Strategic management's first function is deciding how to compete. The second function is to make sure

that the people in the organization support the strategy