Podcast
Questions and Answers
In a matrix management structure, organizations combine two or more different kinds of organizational structures such as project management or __________ management.
In a matrix management structure, organizations combine two or more different kinds of organizational structures such as project management or __________ management.
functional
According to Theory Y, most people have a psychological need to work and will be self-motivated when given the right conditions such as job security and ______.
According to Theory Y, most people have a psychological need to work and will be self-motivated when given the right conditions such as job security and ______.
financial rewards
Flattening hierarchies often leads to lower operating costs by eliminating the need for __________ managers.
Flattening hierarchies often leads to lower operating costs by eliminating the need for __________ managers.
mid-level
In Maslow's hierarchy of needs, ______ represents personal growth and fulfillment.
In Maslow's hierarchy of needs, ______ represents personal growth and fulfillment.
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A clear career path and defined roles are pros associated with a __________ organizational structure.
A clear career path and defined roles are pros associated with a __________ organizational structure.
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The functional structure in a company groups employees by specialty skill or related ______.
The functional structure in a company groups employees by specialty skill or related ______.
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One of the cons of a hierarchical structure is the limited _________ collaboration between different teams.
One of the cons of a hierarchical structure is the limited _________ collaboration between different teams.
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In a flattened organizational model, the disappearance of mid-level management can create power struggles and result in __________ among employees.
In a flattened organizational model, the disappearance of mid-level management can create power struggles and result in __________ among employees.
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A major disadvantage of a hierarchical structure is ______, which can lead to slow decision-making.
A major disadvantage of a hierarchical structure is ______, which can lead to slow decision-making.
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The ______ mentality refers to the unwillingness to share information between employees or across departments.
The ______ mentality refers to the unwillingness to share information between employees or across departments.
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Study Notes
Unit 1: Management
- Management functions include planning, organizing, integrating (motivating and communicating), and measuring performance.
- Managers plan, set objectives, and allocate resources. They organize tasks, select personnel, and motivate teamwork. Communication, pay, and promotion are crucial. Managers also oversee and supervise subordinates.
- Leaders focus on human relationships, doing things right, and taking risks rather than focusing solely on goals and performance.
Unit 2: Work and Motivation
- Remuneration includes salary, commissions, bonuses, and perks (total compensation).
- Performance-related pay is based on achieving targets.
- Perks enhance the work environment (e.g., game rooms, gym memberships). Benefits (e.g., childcare, health insurance, pension) are usually fixed and do not vary.
- Net pay is take-home pay after deductions (e.g. taxes, social security).
Unit 3: Company Structure
- Hierarchy/Chain of command is a direct chain from top to bottom.
- Functional structure groups employees by skills.
- Flattening hierarchy has fewer layers of management.
- Matrix management combines different organizational structures (e.g., functional, project).
Unit 4: Managing Across Cultures
- Glocalization: combining worldwide and regional concerns.
- Collectivism emphasizes the group over the individual.
- Monochronic cultures focus on one task at a time; polychronic cultures focus on several tasks at once.
- Linear-active cultures are focused and direct; multi-active cultures are emotional and people-oriented; reactive cultures are attentive and cautious.
Unit 5: Recruitment
- Preliminary selection/shortlist narrows down candidates.
- References, CVs/Resumes, and sign-offs are used.
Unit 8: Production
- Inventory/stock: a company's reserves of raw materials, parts, work in process, and finished goods.
- Components are parts of a product; capacity is the rate of output.
- Plants are buildings, machines, and facilities for production.
- Supply chains network organizations for manufacturing and delivering goods/services.
- Outsourced products are manufactured without the company itself handling the entire process.
Unit 9: Logistics
- Agile describes companies with speed and ease.
- Freight and freight forwarders handle goods transportation.
- Payment and shipping lines, consolidation services, and costs are related to logistics.
Unit 10: The Business Cycle
- Business cycles involve fluctuating economic growth (expansion, peak, contraction, trough).
- External factors (e.g., wars, technology) and internal factors (e.g., consumer spending, investments) affect business cycles.
- Fiscal and Monetary policies help to regulate cycles.
- Keynesian economics focuses on government intervention.
Unit 12: Marketing
- Marketing involves researching, promoting, selling, and distributing.
- The 4Ps (Product, Price, Place, Promotion) are crucial.
- Market skimming (high initial price) and market penetration (low price) are pricing approaches.
- Pricing elasticity determines how a change in price affects demand.
- Product Life Cycle (Introduction, Growth, Maturity, Decline) influences product strategies.
Unit 13: Advertising
- Advertising builds brand awareness and sells products.
- Advertising components include the product or promotion, targeted clients/viewers, and the promotion budget.
- Different methods for product advertisement include advertisements in cinema, billboards, and pop-up pages on the internet.
Unit 23: Business Cycle
- Business cycles involve alternating periods of expansion and contraction in economic activity.
- Factors including GDP, interest rates, and consumer spending contribute to the cycle.
- Economic fluctuations influence business decisions and investments.
Unit 24: Corporate Social Responsibility (CSR)
- Corporate Social Responsibility (CSR) involves a company's ethical and social impact, including its efforts to address climate change, use sustainable materials, and create a positive work environment or community.
- Stakeholder considerations include workers, shareholders, consumers, and communities.
- Environmental and social factors are important aspects of CSR.
Unit 27: International Trade
- Protectionism restricts imports to protect domestic industries.
- Trade barriers impede international commerce.
- Free trade eliminates barriers, increasing competition and consumer choice.
- Absolute and comparative advantages explain why countries specialize in producing certain products more efficiently than others.
- Economic growth, consumer benefits, and foreign investments encourage free trade.
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Description
Test your knowledge on management functions, work motivation, and company structure with this engaging quiz. Explore key concepts such as planning, organization, performance pay, and company hierarchies. Perfect for students studying management principles.
