International Management Practices Quiz

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Questions and Answers

What distinguishes geocentric managers from ethnocentric and polycentric managers?

They only focus on domestic markets.

They believe local managers are always superior.

They prioritize efficiency regardless of location. (correct)

They always prefer their own country’s methods.

Which statement best describes a key reason for companies to expand internationally?

To eliminate competition in domestic markets.

To take advantage of lower labor costs. (correct)

To avoid local employment regulations.

To align business practices with local cultures.

What is one of the lessons about being a 'Star Road Warrior'?

Understanding local markets is not crucial.

Travel downtime cannot be utilized productively.

Travel may be local but contacts must be global. (correct)

Personal encounters are irrelevant.

Which of the following does NOT represent a reason why companies expand internationally?

Increased regulatory hurdles. Signup and view all the answers

Which management style is characterized by the belief 'We know best'?

Ethnocentric Signup and view all the answers

What is one of the core competencies needed for career readiness?

Soft skills Signup and view all the answers

Which of the following best describes the principle functions of management?

Planning, organizing, leading, controlling Signup and view all the answers

What is a primary focus of good managers?

Achieving efficiency and effectiveness Signup and view all the answers

Which trait is most essential for managers to engage their teams effectively?

Ability to motivate and engage others Signup and view all the answers

What is an essential skill an outstanding manager should possess?

Strong decision-making skills Signup and view all the answers

What is the primary challenge associated with managing for competitive advantage?

Staying responsive to customer needs Signup and view all the answers

Which of the following is NOT considered a resource in an organization?

Self-discipline Signup and view all the answers

Which challenge is commonly faced by managers?

Balancing multiple tasks and responsibilities Signup and view all the answers

How is organizational performance best described?

The efficiency and effectiveness in using resources Signup and view all the answers

Which of the following challenges emphasizes the importance of ethical standards in management?

Managing for Ethical Standards Signup and view all the answers

What does efficiency measure in an organizational context?

How productively resources are used to achieve a goal Signup and view all the answers

What signifies the 'multiplier effect' in management?

The impact managers have on their teams' performance Signup and view all the answers

What strategy includes quick production and minimal resource use?

Efficiency Strategy Signup and view all the answers

What is meant by the 'multiplier effect' in management?

The influence of a manager on the organization exceeding the impact of an individual Signup and view all the answers

Which statement accurately describes the role of an effective manager?

Managers should be people-oriented and task-oriented. Signup and view all the answers

Which challenge relates to adapting to ongoing technological changes?

Managing for Technological Advances Signup and view all the answers

Which of the following is a benefit of studying management?

You will gain an insider's understanding of organizations Signup and view all the answers

Which fact is crucial to maintaining a competitive advantage in business?

Quality of product or service Signup and view all the answers

What is emphasized as a key to career growth?

Doing things one has never done before Signup and view all the answers

Which of the following leaders exemplifies the idea of career growth through unfamiliar experiences?

Jeff Bezos Signup and view all the answers

What does effective management involve?

Integrating people and resources to meet goals Signup and view all the answers

Which area is NOT one of the four key factors to stay ahead of rivals?

Employee training Signup and view all the answers

What is the primary focus of managing for sustainable development?

Reducing environmental impact Signup and view all the answers

Which statement accurately reflects a characteristic of organizations?

They are collections of people coordinating their actions Signup and view all the answers

What is global outsourcing commonly referred to as?

Offshoring Signup and view all the answers

What does importing involve?

Purchasing goods from outside the country for domestic resale Signup and view all the answers

Which of the following is a benefit of exporting for a country's economy?

Generates additional jobs Signup and view all the answers

What is countertrading?

Bartering goods for other goods Signup and view all the answers

Which term best describes a company selling its domestically produced goods outside its home country?

Exporting Signup and view all the answers

How does exporting impact U.S. jobs according to the estimates provided?

Every $1 billion in exports generates thousands of jobs Signup and view all the answers

What primary outcome does a country experience from engaging in exporting?

Boost in national economic activity Signup and view all the answers

Which of the following is not a method of international expansion mentioned?

Franchising Signup and view all the answers

What is a maquiladora?

A Mexican assembly plant that imports materials duty-free. Signup and view all the answers

Which of the following is an example of trade protectionism?

Establishing import quotas on specific products. Signup and view all the answers

Which of the following statements about tariffs is true?

Tariffs are generally considered a form of trade protectionism. Signup and view all the answers

What do import quotas limit?

The number of specific products that can be imported. Signup and view all the answers

Which organization is designed to monitor and enforce international trade agreements?

World Trade Organization (WTO) Signup and view all the answers

What is an embargo?

A complete ban on the import or export of certain products. Signup and view all the answers

The General Agreement on Tariffs and Trade (GATT) is the basis for agreements within which organization?

World Trade Organization (WTO) Signup and view all the answers

How many countries are represented in the World Trade Organization?

159 countries Signup and view all the answers

Study Notes

Introduction to Management

Learning changes everything.
The exceptional manager understands what to do and how to do it.
Learning objectives of the chapter are detailed.
Key functions of management such as planning, organizing, leading, and controlling are covered.
Learning objectives focused on rewards, levels, areas, and challenges faced by managers are explained.
Core competencies, knowledge, soft skills, attitudes needed are described.
Process of managing your career readiness is defined.

Management: What it is and its benefits

Exceptional management is a learnable art.
Management is the act of getting things done through people.
Good managers are task-oriented, achievement-oriented, and people-oriented.
Efficiency and effectiveness are crucial in management.
Definition of management as the pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling the organization's resources.

What is Management?

Individuals responsible for supervising the use of organizational resources to meet the goals of the organization.
Resources include people, skills, experience, machinery, raw materials, IT, financial capital, loyal customers and employees.
Organizations are collections of people who work together and coordinate their actions to achieve wide varieties of goals.

Achieving High Performance

A measure of how efficiently and effectively managers use available resources to satisfy customers and achieve organizational goals.
Efficiency measures the productivity of resources in achieving a goal.

Why Organizations Value Managers: The Multiplier Effect

As a manager, influence multiplies far beyond personal achievement.

What are the Rewards of Studying and Practicing Management?

Studying management offers an insider's understanding of organizations.
It helps relate to supervisors, co-workers, and manage your career.
It might lead to higher income.
Practicing management fosters a sense of accomplishment, stretches abilities and builds a catalog of successful products or services.

What Managers Do: The Four Principal Functions

Planning, organizing, leading, and controlling
Planning is the process of identifying/selecting appropriate goals and courses of action.
Organizing structures working relationships to achieve organizational goals.
Leading includes articulating a clear vision and energizing organizational members.
Controlling evaluates how well an organization achieves its goals and takes corrective action to maintain/improve performance.

The Management Process

Planning, organizing, leading, and controlling are cyclical.
Planning includes setting goals and planning how to achieve them
Controlling includes monitoring performance, comparing to goals, and taking corrective action.
Organizing includes arranging tasks, people, and resources.
Leading involves motivating and directing people.

Levels of Management

CEO, top managers, middle managers, first-line managers
First-line managers supervise nonmanagerial workers and make short-term operating decisions.
Middle managers supervise first-line managers, responsible for efficient use of resources to achieve organizational goals, and implementing policies/plans of top managers.
Top managers establish organizational goals, monitor middle managers, and make long-term decisions.

Areas of Management: Functional Managers Versus General Managers

Functional managers are responsible for one organizational activity (e.g., VP of production, director of finance)
General managers are responsible for several organizational activities.

Managers for Three Types of Organizations

For-profit organizations seek profits.
Non-profit organizations serve clients without seeking profit.
Mutual-benefit organizations serve members' interests.

Different Organizations, Different Management?

Management functions (planning, organizing, leading, and controlling) remain constant across different organizations.
Measures of success vary across organizations, profit/loss for-profits vs. effectiveness of services for non-profits/mutual-benefits.

Roles Managers Must Play Successfully

Interpersonal (figurehead, leader, liaison), informational (monitor, disseminator, spokesperson), and decisional (entrepreneur, disturbance handler, resource allocator, negotiator) roles.

The Manager's Roles: How Do Managers Spend Their Time?

Today's managers work an average of 9.7 hours weekdays, with rare true breaks.
Managers spend a significant part of their time communicating with others.
Managers must be purposeful and proactive about managing their time.

Skills Exceptional Managers Need

Technical skills (ability to perform a specific job), conceptual skills (ability to think analytically and visualize an organization), human skills (interaction skills).

Challenges to Being an Exceptional Manager

Managing for competitive advantage, managing for technological advances, managing for inclusion and diversity, managing for globalization, managing for ethical standards, managing for sustainable development, and managing for happiness and meaningfulness.

Developing Career Readiness

Build self-awareness, learning from activities, model others.
Learn from on-the-job activities and seek management positions.
Three keys to career success include: personal responsibility, motivation, commitment, experimentation.
Steps for developing career readiness are to examine career readiness competencies, consider text material, experiment with small steps, and evaluate results.
Process for developing career readiness includes identifying competencies, evaluating experimental steps, assessing relevant concepts, experimenting with implementing steps.
Make it a habit by identifying desired accomplishments and implementing incremental progress.

The Manager's Changing Work Environment & Ethical Responsibilities Doing the Right Thing

Recent incidents highlight the importance of ethical standards.
Six key ethical misconduct considerations are: conflicts of interest, abusive behaviors, violations of health and safety regulations, corruption, discrimination, sexual harassment.
Values provide a foundation for ethical behavior.

Major Questions You Should Be Able to Answer

Questions about profit, stakeholders inside/outside the organization, ethics and values, social responsibility, and trust in a company.

The Triple Bottom Line: People, Planet, & Profit

measuring an organization's social, environmental, and financial performance.

Younger Workers' Search for Meaning

Millennials and Gen Zers prioritize meaningful work and products aligned with personal values.

The Community of Stakeholders Inside the Organization

Stakeholders are individuals whose interests are affected by the organization's actions.
Stakeholders include internal (employees, owners, board of directors) and external (customers, suppliers, government, community members).

The Community of Stakeholders Outside the Organization

External stakeholders are people or groups impacted by the organization's external environment.
The external environment includes the task environment (customers, competitors, suppliers, distributors, strategic allies, employee organizations, local communities, financial institutions, government regulators, special-interest groups) and the general environment (international, economic, technological, sociocultural, demographic, political-legal forces).

The General Environment

Includes six forces: economic, technological, sociocultural, demographic, political-legal, and international.
These forces shape opportunities and threats.

The Task Environment

10 groups that an organization regularly interacts with such as customers, competitors, suppliers, distributors, ,strategic allies, employee organizations, local communities, financial institutions, government regulators, and special-interest groups.

Government Regulators

Agencies that determine ground rules for organizations. This can influence operational activities.

Special Interest Groups

Groups that influence specific issues, such as environmental or animal rights concerns. This can effect issues relevant to an organization.

Ethical Responsibilities Required of You as a Manager

Ethical standards widely vary according to region and culture.

The Ethical Responsibilities Required of You as a Manager (cont.)

Ethical dilemmas arise when choosing a course of action that benefits the organization and is unethical or illegal
Four perspectives to resolving ethical dilemmas: Utilitarian, Individual, Moral-rights, and Justice
Ethics and values are standards of right vs wrong behaviors.

Common Decision-Making Biases

Availability, Representativeness, Confirmation, Sunk Cost, Anchoring and Adjustment, Escalation of Commitment, Hindsight, Framing, Escalation of Commitment.

Group Decision Making

Group decision making is a situation of collective decision making by multiple individuals.
Benefits of group decision making include: greater pool of knowledge, different perspectives, intellectual stimulation, better understanding of decision rationale, commitment.
Drawbacks include: few people dominating/intimidating, groupthink, satisficing decision, goal displacement.
Guidelines and techniques for group decision making include: consensus (exploring reasons behind arguments, involving many members, avoiding log rolling/horse trading/making agreement for relation, dont put questions to a vote)

Implementation Principles of Evidence-Based Decision Making

Treat organization as prototype
No bragging and facts
An outside perspective
Evidence-based management is for ALL levels.
Sell it.

Analytics

Sophisticated business data analysis that includes portfolio analysis and time-series forecast.

Key Attributes Among Analytics Competitors

Modeling (predictive modeling), multiple applications, strong leadership support.

The Uses of "Big Data"

Includes data from corporate databases, web browsing, social media, sensor, and surveillance data.
Big data analytics reveals hidden patterns, and unknown correlations, for better information.

General Decision Making Styles

Decision style reflects how someone perceives and responds to information
Value orientation: task focus vs people/social concerns
Tolerance for ambiguity: High structure vs no structure preference

Decision Making Styles (cont.)

Directive: efficient, systematic, logical, fact-based.
Analytical: considers lots of info, alternatives
Conceptual: broad perspective, future options, intuition-based.
Behavioral: supportive, receptive to suggestions, verbal preferred.

Ineffective Responses to Decision Situations

Relaxed avoidance, relaxed change, defensive avoidance, panic

Three Effective Reactions to Decision Situations

Importance, credibility, urgency

Common Decision-Making Biases (cont.)

Availability, Representativeness, Confirmation, Sunk Cost, and Anchoring and Adjustment, Escalation of commitment and hindsight

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Description

Test your knowledge on the different management styles, including geocentric, ethnocentric, and polycentric approaches. Explore the principles of management, core competencies for career readiness, and the challenges faced by managers in a global context. This quiz covers essential concepts and skills needed for effective management.