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Questions and Answers
Which level of management is primarily responsible for long-term decisions?
Which level of management is primarily responsible for long-term decisions?
Middle management is responsible solely for long-term decision making.
Middle management is responsible solely for long-term decision making.
False (B)
What are the four key functions of management?
What are the four key functions of management?
Planning, Organizing, Leading, Controlling
The process of __________ involves monitoring and evaluating employee tasks.
The process of __________ involves monitoring and evaluating employee tasks.
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Match the types of planning with their descriptions.
Match the types of planning with their descriptions.
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Which of the following is a characteristic of first-line management?
Which of the following is a characteristic of first-line management?
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Tactical planning is primarily focused on long-term goals.
Tactical planning is primarily focused on long-term goals.
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What is the main focus of operational planning?
What is the main focus of operational planning?
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Leading involves __________ employees by providing instructions.
Leading involves __________ employees by providing instructions.
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Which skill is essential for effective time management in management?
Which skill is essential for effective time management in management?
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Which function comes after planning in the management process?
Which function comes after planning in the management process?
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Contingency planning only covers positive business outcomes.
Contingency planning only covers positive business outcomes.
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What is the purpose of the controlling function in management?
What is the purpose of the controlling function in management?
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The leadership style that is collaborative and encourages input from employees is known as __________.
The leadership style that is collaborative and encourages input from employees is known as __________.
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Match the leadership styles with their characteristics:
Match the leadership styles with their characteristics:
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Which leadership style is especially useful when firms restructure frequently?
Which leadership style is especially useful when firms restructure frequently?
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Leading involves only the delegation of tasks.
Leading involves only the delegation of tasks.
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What is a key aspect of the organizing function in a firm?
What is a key aspect of the organizing function in a firm?
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The process of influencing others to achieve a common goal is known as __________.
The process of influencing others to achieve a common goal is known as __________.
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What is a key characteristic of transactional leadership?
What is a key characteristic of transactional leadership?
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Study Notes
Introduction to Business Management - BBA-PT XXXIV
- Course name: BBA-PT XXXIV Business Management
- Instructor: Milaika Capella Ras, MBA
- Instructor Email: [email protected]
- Session date: January 23, 2025
- Textbook: Introduction to Business 4e by Jeff Madura
Chapter 7: Managing Effectively
- Chapter focus: Strategies for effective management
- Key topics outlined:
- Levels of management
- Key functions of managers
- Managerial skills
- Time management
Functional Components of Effective Management
- Effective management is a crucial process involving:
- Planning: Includes proper and effective planning of tasks
- Organizing: Involves proper organization of tasks and communication to employees about job tasks
- Communication: Essential to properly communicating job tasks and expectations to employees
- Control: Involves proper control over tasks during execution
- Key outcomes resulting from effective management:
- Firm's revenues and expenses
- Firm's earnings
- Firm's value
Management Definition
- Management is the process of allocating all resources (human and other) to achieve an organization's plans and objectives.
Levels of Management
- Top management: Responsible for long-term firm objectives.
- Middle management: Responsible for intermediate and short-term decisions; closer to production processes.
- First-line management: Supervisory managers closely involved with day-to-day production.
Managerial Decisions by Title
-
Top Management (President, CFO):
- Creating new products
- Expanding the business, possibly through acquisitions
- Borrowing funds/investing available funds
-
Middle Management (Regional Sales Manager, Plant Manager):
- Boosting sales in a specific region/city
- Resolving customer complaints
- Hiring additional staff
- Revising assembly line structures/installing new equipment
-
Supervisory Management (Account Manager, Supervisor):
- Motivating workers involved in payment processing
- Resolving conflicts among workers
- Assessing quality of assembly-line workers
- Assigning assembly-line tasks to workers
- Handling customer complaints
Management Responsibilities by Level
- Top Management: Setting the plan for expansion and communicating it.
- Middle and Top Management: Deciding on hiring, pricing strategies, advertising, and funding.
- Supervisory Management: Providing job assignments and schedules for new hires.
Functions of Management
-
Planning: Preparing for the future
- Strategic, Tactical, Operational, Contingency plans.
-
Organizing: Arranging resources to achieve objectives
- Creating new jobs, reassigning jobs.
-
Leading: Influencing employees to accomplish goals
- Communicating job assignments, serving as a role model, motivating and delegating tasks.
-
Controlling: Monitoring performance and taking corrective action
- Comparing performance with expectations
- Taking corrective actions based on deficiencies.
Managerial Skills
- Conceptual: Analytical skills, understanding tasks' relationships
- Interpersonal: Communication skills for employees and customers
- Technical: Skills needed for daily tasks
- Decision-making: Using info to allocate resources intelligently
Decision-Making Steps
- Identify potential decisions
- Gather information about each
- Estimate costs and benefits
- Make and implement a decision
- Periodically evaluate for improvements
Leadership Styles
- Autocratic: High control, limited employee input
- Democratic: Collaborative, encourages input
- Laissez-Faire: Minimal intervention, promotes innovation, but risks lack of direction
- Transformational: Inspiring, visionary, focuses on growth
- Transactional: Performance-driven, uses rewards/penalties
Leadership Styles and Employee Experience
- Leadership style varies with employee experience and individual personalities.
Business Functions and Strategic Plan
- Business functions such as management, marketing, and finance are used to achieve the strategic plan outlined.
- Management affects high production efficiency, quality, customer satisfaction, etc.
- Marketing affects customer satisfaction, market share, and innovation.
- Finance affects reducing financial costs and efficient resource use.
Contingency Planning
- Situations: Overbooked reservations, minor/major airplane repair needs
- Contingency Plans: Offering round-trip tickets, having engineers/rerouting flights.
How Planning Functions Interrelate
- Long-term planning: Outlines the mission and strategic plan
- Tactical planning: Sets goals aligned with strategic plans for the next year.
- Operational planning: Details how business functions can achieve tactical goals.
- Contingency planning: Creates alternative plans to handle unforeseen events.
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Description
Test your understanding of effective management strategies covered in Chapter 7 of 'Introduction to Business'. Key topics include levels of management, key functions of managers, managerial skills, and time management. Prepare to explore the essential components that contribute to successful management practices.
