Management Functions and Theories Quiz

Management

• Management involves coordinating and overseeing the work performance of individuals.

Functions of Management

• Planning: steps needed to reach the goal.
• Leading: influencing and motivating subordinates.
• Organizing: assigning tasks, setting aside funds.
• Controlling: evaluating and correcting the performance.
• Staffing: filling in the right job.

Types and Theories of Management

• Scientific Management Theory: step-by-step, scientific methods (Founder: Frederick W. Taylor).
• General Administrative Theory: manager's functions (Founder: Henry Fayol).
• Total Quality Management: management philosophy (Founders: W. Edwards Deming and Joseph M. Juran).
• Organizational Behavior (OB) Approach: conduct and demeanor of people at work (Supporters: Robert Owen, Mary Parker Follett, Hugo Munsterberg, Chester Barnard).

The Manager

• Responsible for the entire organization.
• Decisions on pay.

Levels of Managers

• Top Level Managers: administrative functions (Board of Directors, President, Vice President, and CEO).
• Middle Level Managers: functions dictated by top level managers (General Managers, Branch Managers, and Department Managers).
• Lower Level Managers: referred to as supervisors or operative level managers.

Skills of Effective Manager

• Technical Skills: understand how things work within the company.
• Human Skills: skill to interact with people from inside and outside the organization.
• Conceptual Skills: plan, strategize, and think ahead into the future.

Manager's Roles (Interpersonal Roles)

• Figurehead: head of the organization.
• Leader: provides direction for the organization.
• Liaison: main contact of the organization.
• Monitor: scans the environment and looks for information.
• Disseminator: provides relevant information to the organization.
• Spokesman: sends out information outside the organization.
• Entrepreneurial Skills: business opportunities and initiating new products.
• Disturbance Handler: internal and external pressures that compromise the team or organization.
• Resource Allocator: provides funding and other resources.
• Negotiator: provides contracts and attainment.

PEST Analysis

• Political Legal Environment: complex laws, regulations, and government agencies.
• Economic Environment: economic system, business cycle, and economic effect.
• Socio-Cultural Environment: attitudes, expectations, desires, and degree of education.
• Technological Environment: improvements in methods, machines, and materials (innovation).

SWOT Analysis

• Strengths: things your company does well.
• Opportunities: things your company lacks.
• Weaknesses: competitors in your area, emerging needs of your product.
• Threats: emerging competitors, changing customers, attitude, and regulatory environment.

International Business

• Outsourcing: global sourcing, countries with the cheapest sources of labor and supplies.
• Importing and Exporting: importing refers to buying goods, services; exporting refers to selling goods from other countries.
• Strategic Alliance: involves two or more firms and involves partnership.
• Licensing and Partnership: arrange of foreign company to manufacture or market.
• Joint Venture: partners agree to form a separate, independent organization.
• Wholly Owned Facilities: one third or multinational companies enter foreign markets.