What is the definition of a manager?
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Someone who coordinates and oversees the work of other people so that organizational goals can be accomplished.
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What is the definition of a manager?
Someone who coordinates and oversees the work of other people so that organizational goals can be accomplished.
Which level of management is responsible for managing the work of non-managerial employees?
First-line managers.
Which managers are responsible for making organization-wide decisions and establishing plans and goals that affect the entire organization?
Top managers.
What does the term "management" involve?
Coordinating and overseeing the work activities of others so their activities are completed efficiently and effectively.
Which management concept refers to getting the most output for the least amount of inputs?
Efficiency (often described as "doing things right").
Which management concept focuses on attaining organizational goals?
Effectiveness (often described as "doing the right things").
What are the four primary functions of management?
Planning, Organizing, Leading, and Controlling.
What are the three categories of managerial roles identified by Henry Mintzberg?
Interpersonal, Informational, and Decisional.
What are the three essential skills that managers need according to the textbook?
Technical, Human, and Conceptual.
Which type of management skill involves the ability to think and conceptualize about abstract and complex situations?
Conceptual skills.
What is the first step in the decision-making process?
Identifying a problem.
How is a "decision" defined in management terms?
A choice among two or more alternatives.
In the decision-making process, what must a manager do if the identified criteria are not equally important?
The decision maker must weight the items in order to give them the correct priority.
Which step of the decision-making process involves conveying the decision to those affected and gaining their commitment?
Implementing the alternative.
What is the final step in the decision-making process?
Evaluating decision effectiveness.
What is the term for accepting solutions that are "good enough" rather than maximizing value?
Satisficing.
What are the five aspects of intuitive decision-making?
Experience-based, affect-initiated (feelings), cognitive-based (skills/knowledge), values/ethics-based, and subconscious mental processing.
What is Evidence-based management (EBMgt)?
The systematic use of the best available evidence to improve management practice.
What are programmed decisions?
Repetitive decisions that can be handled by a routine approach.
What is the difference between a "rule" and a "policy" in the context of programmed decisions?
A rule is an explicit statement of what can/cannot be done, while a policy is a broader guideline for making decisions.
The four individual decision-making styles (Directive, Analytic, Conceptual, Behavioral) are based on which two dimensions?
Way of thinking (Rational vs. Intuitive) and Tolerance for ambiguity (Low vs. High).
What is the technical term for "rules of thumb" that managers use to simplify decision making?
Heuristics.
From where do a manager's external and internal constraints originate?
External constraints come from the organizational environment; internal constraints come from the organizational culture.
Environmental uncertainty is determined by which two dimensions?
The degree of change (Stable vs. Dynamic) and the degree of complexity (Simple vs. Complex).
What components make up an organization's general external environment?
Political/Legal, Economic, Sociocultural, Technological, Demographic, and Global factors.
What is defined as the "Specific Environment"?
The part of the environment directly relevant to achieving organizational goals (e.g., suppliers, customers, competitors, government agencies).
What is the definition of organizational culture?
The shared values, principles, traditions, and ways of doing things that influence member behavior and distinguish the organization.
What are the six dimensions of organizational culture?
Adaptability, Attention to detail, Outcome orientation, People orientation, Team orientation, and Integrity.
What is typically the original source of an organization's culture?
The vision of the founders and the actions of top managers.
In what four ways do employees primarily learn an organization's culture?
Stories, Rituals, Material Artifacts/Symbols, and Language.
What are rituals in an organizational context?
The programmed routines of daily organizational life (e.g., how visitors are greeted, communication styles).
How is globalization defined?
The process of developing influence or operations in other countries, involving cross-border movement of goods, services, and integration of markets.
What is an ethnocentric attitude?
The belief that the best work approaches and practices are those of the home country.
What is a polycentric attitude?
The view that managers in the host country know the best work approaches and practices for running their business.
What is a geocentric attitude?
A world-oriented view focusing on using the best approaches and people from around the globe, regardless of origin.
Which type of Multinational Corporation (MNC) centralizes management and decisions in the home country, reflecting an ethnocentric attitude?
A Global Company.
Which type of MNC decentralizes management to the local country, reflecting a polycentric attitude?
Multidomestic Corporation.
Which type of MNC eliminates artificial geographical barriers and reflects a geocentric attitude?
Transnational (or Borderless) Organization.
Which approach to going global involves purchasing materials or labor from wherever it is cheapest?
Global sourcing.
What is the difference between licensing and franchising?
Licensing allows an organization to make or sell products using another's technology; Franchising allows using another's name and operating methods.
Which global expansion approach involves the highest level of investment by setting up a separate, independent production facility or office?
Foreign subsidiary.
What is a Strategic Alliance in global business?
A partnership where organizations share resources and knowledge to develop new products or build facilities.
What is a specific type of strategic alliance where partners form a separate, independent organization for a business purpose?
Joint Venture.
What are the three core activities involved in the management function of planning?
Setting goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate work activities.
What is the first step of the strategic management process?
Identifying the organization's current mission, goals, and strategies.
What is a "mission" in the context of strategic management?
A statement of the purpose of an organization.
What are the two main types of goals organizations set?
Financial goals (expected financial performance) and Strategic goals (all other areas of performance).
What two steps combined constitute a "SWOT analysis"?
Doing an external analysis (Step 2) and an internal analysis (Step 3).
What is the difference between organizational "strengths" and "weaknesses" in an internal analysis?
Strengths are activities done well or unique resources; Weaknesses are activities not done well or resources needed but not possessed.
What are the three types of strategies managers formulate in Step 4 of the strategic management process?
Corporate, Competitive, and Functional.
What is a Strategic Business Unit (SBU)?
A single independent business of an organization that formulates its own competitive strategies.
What are Michael Porter's three competitive strategies?
Cost leadership (lowest costs), Differentiation (unique products), and Focus (narrow segment/niche).
What is a "first mover"?
The first organization to bring a product innovation to market or use a new process innovation.
What are the three main types of corporate strategies?
Growth, Stability, and Renewal.
What are the four sub-types of growth strategies?
Concentration, Vertical integration, Horizontal integration, and Diversification.
What is horizontal integration?
A company grows by acquiring or combining with similar firms in the same or new market(s).
What are the two directions of vertical integration?
Forward integration (becoming its own distributor) and Backward integration (becoming its own supplier).
What are the two types of diversification strategies?
Related diversification (combining with firms in related industries) and Unrelated diversification (combining with firms in unrelated industries).
What is a stability strategy?
A corporate strategy in which an organization continues to do what it is currently doing.
What are the two types of renewal strategies?
Retrenchment (short-run for minor problems) and Turnaround (more serious, drastic action needed).
What is the BCG Matrix?
A tool that guides resource allocation based on an SBU's market share and anticipated market growth rate.
In the BCG matrix, which categories have "low" anticipated growth?
Cash Cow (High share, Low growth) and Dog (Low share, Low growth).
In the BCG matrix, which category is characterized by high market share and high market growth?
Stars.
What does strategy implementation (Step 5) require?
Effectively fitting organizational structure and activities to the environment.
How is the management function of "organizing" defined?
Arranging and structuring work to accomplish an organization's goals.
What is an "organizational structure"?
The formal arrangement of jobs within an organization.
What are the six key elements of organizational design?
Chain of command, Work specialization, Departmentalization, Span of control, Centralization/decentralization, and Formalization.
What is "unity of command"?
The principle that each person should report to only one manager.
What is the difference between line authority and staff authority?
Line authority entitles a manager to direct an employee's work; Staff authority is created to support, assist, and advise line managers.
What is work specialization?
The degree to which work activities are divided into separate job tasks.
What "human diseconomies" can result from overspecialization in a job?
Boredom, fatigue, stress, poor quality, increased absenteeism, and higher turnover.
What are the four common bases for departmentalization?
Functional, Product/Service, Geographical, and Customer.
What does the term "span of control" refer to?
The number of workers who report directly to one manager.
Contrast centralization and decentralization.
Centralization is decision-making concentrated at top levels; Decentralization is decision-making input from lower-level employees.
What is formalization in organizational design?
The degree to which jobs are standardized and guided by rules and procedures.
What is a mechanistic organization?
A structure that is rigid and tightly controlled (high specialization, centralization, and formalization).
What is an organic organization?
A highly adaptive and flexible structure (cross-functional teams, decentralization, and low formalization).
What are the four major contingency factors that affect structural choice?
Strategy, Size, Technology, and Environmental Uncertainty.
Which organizational structure works best for companies pursuing a cost leadership strategy?
Mechanistic structure.
How does an organization's structure typically change as its size increases?
It tends to become more mechanistic with increased specialization and formalization.
What are the three traditional organizational designs?
Simple structure (low departmentalization, centralized), Functional structure (grouped by specialty), and Divisional structure (separate units).
What are the strengths of a simple structure?
Fast, flexible, inexpensive, and has clear accountability.
What is a primary weakness of a functional structure?
Functional specialists may lose sight of what is best for the overall organization (insulation).
What is a matrix structure?
A structure that assigns specialists from different functional departments to work on specific projects.
What is a virtual organization?
An organization consisting of a small core of full-time employees and outside specialists hired as needed.
What are contingent workers?
Temporary, freelance, or contract workers whose employment depends on demand.
What is the scheduling system called where employees work a set number of hours but can vary their start/end times within limits?
Flexible work hours (Flextime).
How are "ethics" defined in a managerial context?
The principles, values, and beliefs that define right and wrong behavior.
What are the three levels of moral development according to Lawrence Kohlberg?
Level 1: Preconventional, Level 2: Conventional, and Level 3: Principled.
What characterizes the "Principled" level (Level III) of moral development?
Moral values are defined apart from the authority of specific groups or society in general.
In which level of moral development is the choice between right and wrong based on personal consequences like punishment or rewards?
Preconventional (Level 1).
What occurs in the 3rd stage of moral development (part of the Conventional level)?
Living up to the expectations of people close to you (Good boy/Nice girl morality).
What is Utilitarianism?
The belief that an action is right or wrong based on its consequences (the end result).
What is "Locus of Control"?
A personality attribute measuring the degree to which people believe they control their own fate.
What six factors determine "Issue Intensity" in ethical decision-making?
Greatness of harm, Consensus of wrong, Probability of harm, Immediacy of consequences, Proximity to victim(s), and Concentration of effect.
What is a "Code of Ethics"?
A formal statement of an organization's primary values and the ethical rules it expects employees to follow.
What does the acronym "ESG" stand for?
Environmental, Social, and Governance.
Which aspect of ESG focuses on a company's leadership, management structure, and business ethics?
Governance.
What is the definition of a "leader"?
Someone who can influence others and who has managerial authority.
What are the seven traits identified in Trait Theories of leadership?
Drive, Desire to lead, Honesty and integrity, Self-confidence, Intelligence, Job-relevant knowledge, and Extraversion.
What are the three leadership styles identified by the University of Iowa studies?
Autocratic style (dictates methods), Democratic style (involves employees), and Laissez-faire style (gives group freedom).
What is the name of the contingency theory developed by Hersey and Blanchard that focuses on follower readiness?
Situational Leadership Theory (SLT).
In Hersey-Blanchard's Situational Leadership Theory (SLT), what is the key situational factor?
Follower readiness (Able and Willing vs. Unable and Unwilling).
In SLT, which styles are characterized by "low relationship" behavior?
Telling (High Task-Low Relationship) and Delegating (Low Task-Low Relationship).
Which SLT leadership style uses high relationship behavior but low task behavior?
Participating.
How is motivation defined in a management context?
The process by which a person's efforts are energized, directed, and sustained toward attaining a goal.
What are the five levels of needs in Maslow's hierarchy?
Physiological, Safety, Social, Esteem, and Self-actualization.
Which needs in Maslow's hierarchy are considered "lower-order" and predominantly satisfied externally?
Physiological and Safety needs.
What is another name for Herzberg's Two-Factor Theory?
Motivation-Hygiene Theory.
According to Herzberg, which factors eliminate job dissatisfaction but do not necessarily motivate employees?
Hygiene factors.
Contrast "job scope" and "job depth."
Job scope refers to the number of tasks and frequency; Job depth refers to the degree of control employees have over their work.
What is the difference between job enlargement and job enrichment?
Job enlargement is horizontal expansion (adding more tasks); Job enrichment is vertical expansion (adding planning/evaluating).
What are the five core job dimensions identified in the Job Characteristics Model (JCM)?
Skill variety, Task identity, Task significance, Autonomy, and Feedback.
In the JCM, which dimension refers to the degree to which a job requires completion of a whole and identifiable piece of work?
Task identity.
What is the definition of the management function of "controlling"?
Monitoring, comparing, and correcting work performance.
What are the three steps in the control process?
Measuring actual performance, Comparing actual performance against a standard, and Taking managerial action.
What are the four primary sources of information used for measuring actual performance?
Personal observations, statistical reports, oral reports, and written reports.
Which source of performance information provides firsthand knowledge but is subject to personal biases and is time-consuming?
Personal observations.
In the control process, what is the "range of variation"?
The acceptable parameters of variance between actual performance and the standard.
Contrast immediate corrective action and basic corrective action.
Immediate corrective action corrects problems at once; Basic corrective action looks at how and why performance deviated before correcting the source.
What is the measure of the amount of goods or services produced divided by the inputs needed to generate that output?
Organizational Productivity.
Which type of control takes place before a work activity is done to anticipate problems?
Feedforward control.
Which type of control takes place while a work activity is in progress?
Concurrent control.
Which type of control takes place after a work activity is completed?
Feedback control.
What term describes a manager being out in the work area interacting directly with employees?
Management by walking around.
According to the Principles of Management content, what is the definition of a manager?
Someone who coordinates and oversees the work of other people so that organizational goals can be accomplished.
Which level of management is responsible for making organization-wide decisions and establishing plans and goals that affect the entire organization?
Top Managers
Which managerial level is responsible for managing the work of first-line managers?
Middle Managers
Which level of management is responsible for managing the work of non-managerial employees?
First-Line Managers
In the context of management, how is an organization defined?
A deliberate arrangement of people to accomplish some specific purpose.
What management concept refers to getting the most output from the least amount of inputs (reducing waste)?
Efficiency (Doing things right)
Which management concept is defined as attaining organizational goals (high attainment)?
Effectiveness (Doing the right things)
What are the four primary functions of management?
Planning, Organizing, Leading, and Controlling
Which management function involves arranging and structuring work to accomplish organizational goals?
Organizing
Which management function involves working with and through people to accomplish goals?
Leading
Which management function involves monitoring, comparing, and correcting work performance?
Controlling
According to Henry Mintzberg, what are the three general categories of managerial roles?
Interpersonal, Informational, and Decisional roles
What are the three essential skills managers need according to the course materials?
Technical skills, Human skills, and Conceptual skills
Which managerial skill involves the ability to think and conceptualize about abstract and complex situations concerning the organization?
Conceptual skills
Which managerial skill is most emphasized for lower-level managers compared to top managers?
Technical skills
What term describes new products, processes, or services that radically change the "rules of the game" in an industry, such as how automobiles replaced horse-drawn buggies?
Disruptive innovation
How is social media defined in the context of modern managerial challenges?
Electronic communication through which users create online communities to share ideas, info, and content.
According to the "Focus on the Customer" challenge, what is the responsibility of all managers and employees?
Managing customer relationships.
What does the management function of "planning" involve?
Setting goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate work activities.
What term refers to what managers do to develop an organization's strategies?
Strategic Management
What is the six-step process that encompasses strategic planning, implementation, and evaluation called?
The Strategic Management Process
What is the first step of the strategic management process?
Identify the organization's current mission, goals, and strategies.
How is an organization's "mission" defined in strategic management?
A statement of the purpose of an organization.
What are the nine typical components often included in a mission statement?
Customers, Markets, Products/Services, Technology, Philosophy, Self-concept, Concern for survival/growth, Concern for public image, Concern for employees.
In the context of planning, what type of goals are related to "all other areas" of an organization's performance besides financial performance (e.g., market share, brand image)?
Strategic goals
What does Step 2 of the strategic management process involve?
External Analysis (identifying opportunities and threats).
What does Step 3 of the strategic management process involve?
Internal Analysis (identifying strengths and weaknesses).
Steps 2 and 3 of the strategic management process, when combined, are known as what?
SWOT Analysis
Define "Strengths" and "Weaknesses" within an internal analysis.
Strengths: activities the organization does well or unique resources. Weaknesses: activities it does not do well or resources it lacks.
Internal analysis involves assessing what two aspects of an organization?
Resources (assets) and Capabilities (skills/abilities).
What are the three main types of strategies that managers formulate in Step 4 of the strategic management process?
Corporate, Competitive, and Functional strategies.
What term refers to a single, independent business of an organization that formulates its own competitive strategy?
Strategic Business Unit (SBU)
What is the final step (Step 6) of the strategic management process?
Evaluating results (evaluating effectiveness and making necessary adjustments).
Which type of strategy is used by an organization's various departments (e.g., Marketing, HR, Finance) to support the competitive strategy?
Functional Strategy
Which type of strategy focuses on how an organization will compete in its business(es) in the market(s)?
Competitive Strategy
What term describes what sets an organization apart or its "distinctive edge" (e.g., quality, cost, or technology)?
Competitive advantage
What are Michael Porter's three competitive strategies?
Cost leadership, Differentiation, and Focus strategy.
What is the term for an organization that is the first to bring a product innovation to market or use a new process innovation?
First mover
What are the three main types of Corporate Strategy?
Growth strategy, Stability strategy, and Renewal strategy.
What are the four sub-types of a corporate growth strategy?
Concentration, Vertical integration, Horizontal integration, and Diversification.
Which growth strategy involves an organization becoming its own supplier?
Vertical integration (specifically backward integration).
Which growth strategy involves an organization becoming its own distributor?
Vertical integration (specifically forward integration).
Which growth strategy involves a company growing by acquiring or combining with similar firms in the same or new market(s)?
Horizontal integration
What is the difference between related and unrelated diversification?
Related diversification is combining with firms in different but related industries; Unrelated diversification is combining with firms in different and unrelated industries.
Which corporate strategy is designed to address declining performance?
Renewal strategy
Contrast "Retrenchment strategy" and "Turnaround strategy."
Retrenchment is for minor performance problems (short-run); Turnaround is for more serious problems requiring drastic action.
What are the two dimensions used in the BCG Matrix to guide resource allocation?
Market share and Market growth rate.
What are the four categories in the BCG Growth Share Matrix?
Stars (High Share/High Growth), Cash Cows (High Share/Low Growth), Question Marks (Low Share/High Growth), and Dogs (Low Share/Low Growth).
What is the definition of "organizing" as a management function?
Arranging and structuring work to accomplish an organization's goals.
What are the six key elements of organizational design?
Chain of command, Work specialization, Departmentalization, Span of control, Centralization/decentralization, and Formalization.
How is "Chain of Command" defined?
The continuous line of authority that extends from upper levels of an organization to the lowest levels, clarifying who reports to whom.
Which management principle states that each person should report to only one manager?
Unity of command
What is the difference between "Line authority" and "Staff authority"?
Line authority entitles a manager to direct an employee's work; Staff authority supports, assists, and advises those with line authority.
Define "Work Specialization."
The degree to which work activities are divided into separate job tasks.
What are some "human diseconomies" that can result from overspecialization?
Boredom, fatigue, stress, poor quality, increased absenteeism, and higher turnover.
What are the four common bases for "Departmentalization"?
Functional, Product/Service, Geographical, and Customer.
What term describes a work team composed of individuals from various functional specialties?
Cross-functional team
Define "Span of Control."
The number of workers who report directly to one manager.
What is the difference between Centralization and Decentralization?
Centralization is the concentration of decision-making at upper levels; Decentralization involves lower-level employees providing input or making decisions.
Define "Formalization" in an organizational context.
The degree to which jobs are standardized and employee behavior is guided by rules and procedures.
Contrast "Mechanistic" and "Organic" organizational structures.
Mechanistic is rigid and tightly controlled; Organic is highly adaptive and flexible.
What four contingency factors affect an organization's structural choice?
Organizational Strategy, Organization Size, Technology, and Environmental Uncertainty.
According to the contingency factor of strategy, a mechanistic structure works best for what type of organizational strategy?
A strategy of cost leadership (tight cost control).
Which types of production technology tend to favor an organic structure over a mechanistic one?
Unit production and Process production.
What are the three "traditional" organizational designs?
Simple structure, Functional structure, and Divisional structure.
Which traditional structure is characterized by low departmentalization, wide spans of control, and centralized authority?
Simple structure
Contrast "Functional structure" and "Divisional structure."
Functional structure groups similar specialties; Divisional structure is made up of separate, semiautonomous units.
Define "Team structure."
The entire organization is made up of work teams.
Which organizational structure assigns specialists from different functional departments to work on one or more projects?
Matrix structure
What term describes an organization consisting of a small core of full-time employees and outside specialists hired temporarily as needed?
Virtual organization
What is the work arrangement where employees work at home and are linked to the workplace by computer?
Telecommuting
What term refers to temporary, freelance, or contract workers whose employment is based on demand for their services?
Contingent workers
What is the practice of having two or more people split a full-time job?
Job sharing
What is a scheduling system where employees must work a specific number of hours but are free to vary those hours within limits?
Flextime (or flexible work hours)
According to the course content, where do the external and internal constraints on managerial decisions originate?
External constraints come from the organization's environment; internal constraints come from the organization's culture.
