Principles of Management Midterm Review

_______ helped organizations achieve goals through systematic management

Careful definition of duties and responsibilities

______ is the immediate environment surrounding a firm, including suppliers, customers, rivals, and the like

Competitve environment

_______ refers to the reductions in the average cost of a unit of production as the total volume produced increases

Economies of Scale

_______ is the pursuit of lucrative opportunities by enterprising individuals under conditions of uncertainty.

Entreprenuership

______ refers to the moral principles and standards that guide the behavior of an individual or group

Ethics

______occurs when weaker companies are eliminated, and the strong companies survive.

Industry Shakedown

__________ are new venture creators working inside big companies; they are corporate entrepreneurs, using their company's resources to build a profitable line of business based on a fresh new idea.

Intrapreneurs

________ is a manager's ability to stimulate people to high performers

Leading

______ is specifiying the goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals

Planning

_______ is a management approach that attempted to build into operations the specific procedures and processes that would ensure coordination of effort to achieve established goals and plans

Systematic Management

Advances in genetic engineering are expected to produce some food products that will become avaliable all year round even in continental climates. These changes will provide grocers with an opportunity to reduce their shipping costs while offering fresher produce to their customers. These advances are examples of changes in the _______ environment.

Technological

_______ is/are composed of all relevant forces outside a firm's boundaries, such as competitors, customers, the government, and the economy

The External Environment

During the Industrial Revolution in the 18th and 19th century, managers who could make minor improvements in management were noteworthy. Why?

They produced impressive increase in production quantity and quality.

_______ is the ethical system wherein one seeks the greatest good for the greatest number of people

Utilitarianism

The virtue ethics perspective suggests that an individual's moral judgement and ethical behavior should be based upon

a strong personal value system

Planning involves

analyzing current situations

The step in the formal planning process known as __________ involves studying past events, examining current conditions, and forecasting future trends.

analyzing the situation

What are the moral principles and standards that guide behavior in the world of business?

business ethics

Entrepreneurs seek __________ from their business ventures

challenge and profit potential

Netflix, Amazon, and Disney+ have emerged as serious and successful content providers, attracting viewers away from traditional networks such as ABC, CBS, and NBC. The success of these nontraditional providers demonstrates the power in the competitive environment held by new competitors, or new entrants to the marketplace. To effectively compete with these new entrants, executives at traditional networks will take advantage of barriers to entry, such as

distribution channels

A(n) _____________ is a new business having growth and high profitability as primary objectives and which produces new goods or services or serves new markets

entrepreneur venture

In the context of the planning process, _______ are the targets or ends a manager wants to reach

goals

The outcome of a situational analysis is the

identification and diagnosis of planning assumptions, issues, and problems

Management is the

process of working with people and resources to accomplish organizational goals

The ethical system of utilitarianism supports the idea that

seeking the greatest good for the greatest number of people should be the overriding concern of decision makers

A plan to intergrate employees into a new payroll system, assuming that it is not likely to be repeated in the forseeable future, is an example of a ________ plan

single-use

A(n) __________ is an enterprise having fewer that 500 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative practices

small business

Leading involves

stimulating people to be high performers

Situational analysis, as part of the formal planning process, focuses on

the internal forces at work within an organization and examples influences from the external environment

Toward the end of the Industrial Revolution, in the late 19th century, several university programs offering management and business education were founded, including the Wharton School at the University of Pennsylvania. Establishment of these programs

was an acknowledgement of management as a formal discipline