principles of management midterm
Which of the following best describe eBay's business model?
B2C
As contributions to the early development of management, the idea of written laws and commands comes from the
Babylonian king Hammurabi.
What is meant by "dress appropriately" at work?
Clothing should be neat, clean, and follow the company's dress code.
According to the article, why did McDonald's have a relatively more difficult time in China?
They weren't as aggressive at adapting their dishes for the Chinese consumer
Sylvia believes and tries to follow the principle that considers the welfare and risks of all parties when considering policy decisions and outcomes. She really tries incorporating a humane consideration of and for individuals and groups when deciding a course of action. Sylvia follows which of these ethical principles?
Universalism
Which is the only truly global organization that deals with the rules of trade around the world?
WTO
According to the video, this helps you assign the comparable importance of each of the PESTEL components.
Weighted Averages
Which of the following describe coordinating activity?
As a manager at CBA Rides, Mason's primary responsibility is to bring together the work of others both inside his work unit and out.
One way to ease the burden of managing a business is to:
hire outside consultants
The mission statement takes the ____ of a vision statement and gives a broad description of _____ the firm will try to make its vision a reality.
why; how
According to the article, which of the following is NOT listed as someone to talk to about a company's reputation?
Government Authorities
How does H&M ensure that all the factories are following their code of conduct?
H&M regularly audits all the factories to assess their level of compliance.
According to the video from Christie's, why was Renaissance mathematician Luca Pacioli important to the history of management?
He created the double-entry booking system
Which of the following is NOT an element of emotional intelligence?
Heuristic
According to the authors of the 2018 annual Global Risks Perception Survey (GRPS), which of the following category suggests that organizations must be part of and aware of their contexts: geographically and the health of "individuals, families, neighborhoods, cities, provinces, and countries" that are affected as well as rely on their social cohesion?
Integrative resilience
According to the article, why was the industrial revolution important to modern management?
It allowed companies to grow larger
According to Mintzberg, which of the following are interpersonal roles?
Leader, liaison, and figurehead.
According to the article, what is the current trend of American companies in China?
Market share is decreasing
Which of the following country cluster is low on charismatic leadership style, according to the GLOBE project?
Middle East
______ is a tool that reminds managers to look at several distinct categories in the macro environment.
PESTEL
Tariffs and trade agreements are part of which element of PESTEL?
Political
Which term best describe decisions that are repeated over time and for which an existing set of rules can be developed to guide the process?
Programmed
According to the article, which CEOs mission statement indicates the importance of having fun in life?
Richard Branson
Which is true about the educational program offered by GAP in India?
The program provides technical training that workers need to advance at work and in life
Why was Amazon Go being criticized as "the next major job killer" by the New York Post?
Their business strategy could potentially eliminate the check-out positions across the retail industry
According to the article, which of the following will likely have the most negative view of employees?
Theory X
In the video, they mentioned the idea of your colleagues trying to compete with you for the same projects or promotions. You should categorize this as which of the following?
Threat
Once Arnold Patel had decided he wanted to quit working as a Web designer for a large advertising agency and go into some kind of business for himself, he did a self-assessment, which indicated that he had an entrepreneurial spirit. His next step will be to:
find the idea for his business
_____ are individual investors or groups of experienced investors who provide funding for start-up businesses.
Angel investors
Which of the following leadership profile describe degree to which the leader reflects independent and individualistic leadership, according to the GLOBE project?
Autonomous
Why should making it to work on time be one of your top priorities?
Being late for work will give a bad impression to our colleagues.
According to the article, which theory built on Taylor's theory and argued that chains of command and standardization are important?
Bureaucratic Management Theory
According to the Company Industry Fit model, soft drink bottlers, chemical, and insurance companies would fit and align more effectively in a stable (i.e., relative unchanging), simple, and low-uncertainty (i.e., has mostly similar elements) external environment—cell 1.
False
Ad hominem fallacy refers to "If we have always done it one particular way, that must be the right or best way."
False
Ethical relativism is defined as the ability to influence followers to achieve common goals through shared purposes.
False
In the context of Porter's model, a substitute is the similar products like rivals.
False
Entrepreneurs, as a general group, dislike risk taking.
False By definition, entrepreneurs are risk takers.
A deliberate reduction of productivity on the part of the worker is called
soldiering
Amani is the newly hired manager at MyCoffee, a global coffee roasting company. As part of her responsibilities, Amani often gives interviews to media outlets and speeches to community organizations. Amani is playing the role of a
spokesperson
A _____ strategy is a strategy for a company to maintain its current income, market share, or geographic reach.
stability
"S" in SMART Framework refers to which of these?
Specific
Which of the following describe empowering followers to make decisions and gain control over their work?
Stewardship
"T" in SMART Framework refers to which of these?
Time-bound
Which of the following describe the government policies through which countries agree to eliminate cross-border barriers to trade and to promote global integration?
Trade agreements
A meta-analysis of 52 studies with a sample size of over 33 thousand observations suggested that corporate virtue in the form of social responsibility and, to a lesser extent, environmental responsibility, is likely to pay off.
True
An advantage to involving groups in decision-making is that you can incorporate different perspectives and ideas.
True
Firms in an industry may or may not compete directly against one another, as we'll discuss shortly, but they all face similar situations in terms of customer interests, supplier relations, and industry growth or decline.
True
Identifying and separating terminal from instrumental values in any given situation can assist individuals, groups, and work units in distinguishing between the "ends (goals) from the means (methods to reach the goals)" and vice versa in making decisions, thereby helping us choose more ethical options—or at least less unethical ones—in situations.
True
One of the biggest advantages that a small business has over a large business is a greater ability to serve specialized markets.
True
The Italian Renaissance saw the reintroduction of classical knowledge and the emergence of new knowledge and learning, much of which had economic and business implications.
True
According to the video, a culture that tries to minimize risk and have strong control of their future are representative of this idea.
Uncertainty avoidance
According to the video, what is the most interesting part about the Amazon Go business strategy?
Using computer system automated technology, consumers can buy items without waiting in line to check-out.
Which of these describe the area of applied ethics that focuses on real-world situations and the context and environment in which transactions occur?
Business Ethics
Which of the following leadership profile describe the degree to which the leader can inspire and motivate others, according to the GLOBE project?
Charismatic
A stability strategy involves developing plans to increase the size of the firm in terms of revenue, market share, or geographic reach.
False
Examples of low-rigor training include classroom language training, case studies, and sensitivity training.
False
Strong rivalry in an industry increases the profit potential for all firms because consumers have many firms from which to purchase products or services and can make at least part of their purchasing decisions based on prices.
False
The most notable contribution Weber provided to modern management was the creation of the 14 principles of management.
False
With programmed decisions, information is more likely to be ambiguous, and the manager may need to exercise some thoughtful judgment and creative thinking to reach a good solution.
False
Which of these takes the why of a vision statement and gives a broad description of how the firm will try to make its vision a reality?
Mission statement
Which task is also referred to as the "integrating" function of the manager?
Motivating and communicating with employees.
_____ are entrepreneurs who start a series of companies.
Multipreneurs
According to the video, which part of the business plan explains your company's goals, objectives, timeline, and procedures?
Operational plan
According to the video, what is step 5 in a business plan?
SWOT Analysis
What are the five basic tasks of a manager as suggested by Mr. Drucker?
Sets objectives, organizes, motivates and communicates, measures, and develops people
____ rights are universal and based on norms in every society.
Moral
Which of the following region has seen growth rates of the Internet more than 8000% increase from 2000 to 2017?
Africa
According to the video, which of the following is the idea that you are responsible for a society as a whole?
Collectivism
Which skills for managers include the ability to see the organization as a whole and to understand how various parts fit together to work as an integrated unit?
Conceptual
Which of the following is NOT a functions of management identified by Fayol?
Coordinating
Which of the following is NOT a type of general macro environments and forces?
Corporate culture
Which of the following defines those markets in nondeveloped countries that present tremendous potential for multinationals?
Emerging markets
When leaders are unable to act on their values from lack of knowledge or fear of the consequences of their actions, it refers to which of these symptoms of the failure of ethical leadership?
Ethical paralysis
Which of the following represents the final step in the decision making process?
Evaluate the effectiveness of selected alternative
According to the video, which does PESTEL help you analyze?
External Enviornment
_____ is financing obtained from investment firms that specialize in financing small, high-growth companies and receive an ownership interest and a voice in management in return for their money.
Venture capital
According to Hofstede, which of the following is an implication of high-power distance?
Very centralized organizational structure
Which of the following describe values of an organization?
What do we stand for and believe in? What standards can be used to evaluate us and judge us?
Which of the following describe mission of an organization?
What is our strategic purpose for operating?
Which of the following describe vision of an organization?
Who are we? Who will we become?
A well-written business plan should contain:
all of the above - a vision and mission statement - a marketing plan - a management plan - executive summary or company overview
Jeff Arnold and Reggie Bradford created WebMD, an Internet provider of health care information. Early in the development of this high-growth company, Arnold and Bradford attracted a group of investors who provided them with money needed to acquire other Internet companies with similar missions. The investment group is called:
angel investors
Networks have two salient characteristics:
clustering and path length
In societies with high _______ scores, people are seen as being part of a wider group, known as the in-group.
collectivism
When Suzanne Pogell wanted to learn to sail, but she could find no one to teach her because men were the ones who sailed, and women were their crew. She finally convinced someone to teach her to sail, and after mastering sailing, she started an all-woman sailing school called Womanship. Pogell started small and plans to stay small. She would be correctly called a(n):
micropreneur
When Samantha, manager at ABC International, seeks and receives information from both web and industry journals, she is acting as a
monitor.
Marc Adler is the owner of Macquarium, a multimillion-dollar communications company that does everything from video productions to creating Web sites to public relations campaigns. Macquarium has done this sort of work for BellSouth and SnapOn Tools. Even though these companies could have prepared their videos and created their Web sites in-house, these tasks were:
outsourced
A ____ is a decision to carry out a particular action in order to achieve a specific goal.
plan
Which of the following is a reason why small business thrives in the United States?
rapidly changing technology
A firm's decisions on how to serve customers and compete against rivals is called ______.
strategic positioning