Podcast
Questions and Answers
Which 'poor management' scenario is most commonly seen?
Which 'poor management' scenario is most commonly seen?
Ineffective but efficient
Which one of the following didn't happen as a result of the industrial revolution?
Which one of the following didn't happen as a result of the industrial revolution?
- Labor unions were formed
- Prices for goods increased (correct)
- Working conditions improved
- Factory system was established
What's true concerning effectiveness and efficiency?
What's true concerning effectiveness and efficiency?
Efficient organizations tend to be effective as well
What outcome did Ford Motor Corporation achieve due to aggressive restructuring?
What outcome did Ford Motor Corporation achieve due to aggressive restructuring?
Which level of management has the primary functions of interpreting and integrating?
Which level of management has the primary functions of interpreting and integrating?
It is primarily effectiveness oriented concerning corporate downsizing.
It is primarily effectiveness oriented concerning corporate downsizing.
Which managers are more expendable in corporate downsizing?
Which managers are more expendable in corporate downsizing?
What type of manager is Karen, who provides advice to managers dealing with discipline?
What type of manager is Karen, who provides advice to managers dealing with discipline?
Injellitance most adversely affects which management function?
Injellitance most adversely affects which management function?
What is an example of a performance appraisal?
What is an example of a performance appraisal?
What functions does a top manager perform?
What functions does a top manager perform?
Which management function deals with employee termination?
Which management function deals with employee termination?
Where are line managers located?
Where are line managers located?
Functional managers increase in prevalence as you go up the management pyramid.
Functional managers increase in prevalence as you go up the management pyramid.
Which concept is concerned with division of labor and coordination?
Which concept is concerned with division of labor and coordination?
What is performed by all top managers?
What is performed by all top managers?
Which is most important to middle management?
Which is most important to middle management?
Who are the decision makers in an organization?
Who are the decision makers in an organization?
Synergy is synonymous with?
Synergy is synonymous with?
Technical skills are more important to general than functional managers.
Technical skills are more important to general than functional managers.
According to Luthans' real manager study, what was notable about promotions?
According to Luthans' real manager study, what was notable about promotions?
Which pair of environmental components are two major dependencies?
Which pair of environmental components are two major dependencies?
Feedback loop associates with which function?
Feedback loop associates with which function?
Role differentiation and specialization helps an organization deal with?
Role differentiation and specialization helps an organization deal with?
What does an organization engage in when combating declining performance?
What does an organization engage in when combating declining performance?
Which organizational subsystem deals with technological innovation and competitive advantage?
Which organizational subsystem deals with technological innovation and competitive advantage?
Which of the following organizational subsystems are primarily efficiency-oriented?
Which of the following organizational subsystems are primarily efficiency-oriented?
Which organizational subsystem deals with the two major environmental dependencies?
Which organizational subsystem deals with the two major environmental dependencies?
What's true concerning environmental scanning?
What's true concerning environmental scanning?
What's not a way to provide superior customer service?
What's not a way to provide superior customer service?
According to Buckingham and Coffman, the lowest level of customer service is ____ and the highest is _____
According to Buckingham and Coffman, the lowest level of customer service is ____ and the highest is _____
Which is not a way of establishing a mutually beneficial relationship between an organization and its suppliers?
Which is not a way of establishing a mutually beneficial relationship between an organization and its suppliers?
Acquiring or buying up your supplier is known as?
Acquiring or buying up your supplier is known as?
According to the 2009 Annual Report of Southwest Airlines, what strategy is most closely associated with locking in long-term contracts?
According to the 2009 Annual Report of Southwest Airlines, what strategy is most closely associated with locking in long-term contracts?
Rivalry is greatest when?
Rivalry is greatest when?
New entrants decrease the power of the customer.
New entrants decrease the power of the customer.
What are five barriers to entry?
What are five barriers to entry?
What is a threat of substitutes?
What is a threat of substitutes?
When companies in a market have well-established supplier relationships leading to better contract terms, what barrier to entry does this exemplify?
When companies in a market have well-established supplier relationships leading to better contract terms, what barrier to entry does this exemplify?
Companies that offer the best prices, service, and quality are the ones who will dominate the market.
Companies that offer the best prices, service, and quality are the ones who will dominate the market.
According to 'when competitive advantage is neither', what is competitive benchmarking?
According to 'when competitive advantage is neither', what is competitive benchmarking?
What kind of innovations do ATMs, virtual tellers, and online banking represent?
What kind of innovations do ATMs, virtual tellers, and online banking represent?
Which is true concerning the economy?
Which is true concerning the economy?
What is the tax-incremental financing method associated with?
What is the tax-incremental financing method associated with?
Little Edna's house of love in Bunkie finds its existence threatened by environmental forces. This is an example of?
Little Edna's house of love in Bunkie finds its existence threatened by environmental forces. This is an example of?
PACs are allowed only $10,000 in indirect contributions.
PACs are allowed only $10,000 in indirect contributions.
The term 'shadow bureaucracy' is associated with which governmental influence on business?
The term 'shadow bureaucracy' is associated with which governmental influence on business?
What is a reason a manager may resist planning?
What is a reason a manager may resist planning?
In developing a plan, a manager relies primarily on _____ skills whereas with implementing the plan a manager primarily relies on _____ skills.
In developing a plan, a manager relies primarily on _____ skills whereas with implementing the plan a manager primarily relies on _____ skills.
Planning is said to have primacy because _____
Planning is said to have primacy because _____
Non-planners blame their poor performance on?
Non-planners blame their poor performance on?
Phase 5: Evaluating results is most similar to which function of planning?
Phase 5: Evaluating results is most similar to which function of planning?
What is Gresham's Law of Planning?
What is Gresham's Law of Planning?
Goals that are easily achieved are consistent with the SMART model of goal setting.
Goals that are easily achieved are consistent with the SMART model of goal setting.
Which two letters in the SMART model of goal setting are most directly connected?
Which two letters in the SMART model of goal setting are most directly connected?
Which management function is most important to effective implementation of a plan?
Which management function is most important to effective implementation of a plan?
What is the basic dilemma in planning?
What is the basic dilemma in planning?
When a manager engages in the Persian messenger syndrome, he is most directly affecting which planning aspect?
When a manager engages in the Persian messenger syndrome, he is most directly affecting which planning aspect?
Which component of strategy is most like the concept of corporate strategy?
Which component of strategy is most like the concept of corporate strategy?
According to the BCG matrix, when a business unit has a low share of a high growth market, it is classified as a?
According to the BCG matrix, when a business unit has a low share of a high growth market, it is classified as a?
What business level strategy should one select for a dog?
What business level strategy should one select for a dog?
The upper two quadrants in the BCG matrix (new venture and star) deal with?
The upper two quadrants in the BCG matrix (new venture and star) deal with?
The bottom two quadrants of the BCG matrix (dog and cash cow) deal with?
The bottom two quadrants of the BCG matrix (dog and cash cow) deal with?
Which parts of the BCG matrix should be part of your business portfolio?
Which parts of the BCG matrix should be part of your business portfolio?
A prospector strategy is like which strategy in the BCG matrix?
A prospector strategy is like which strategy in the BCG matrix?
What's true concerning a defender strategy?
What's true concerning a defender strategy?
Flashcards are hidden until you start studying
Study Notes
Poor Management Scenarios
- Common poor management scenario: Ineffective but efficient management practices.
Industrial Revolution Outcomes
- The industrial revolution did not lead to increased prices for goods.
Effectiveness vs. Efficiency
- Efficient organizations are typically effective as well.
Ford Motor Corporation
- Achieved a 15% market share increase through aggressive restructuring, demonstrating both effectiveness and efficiency.
Levels of Management
- Primary functions of interpreting and integrating are characteristic of middle management.
Corporate Downsizing
- Downsizing is not primarily effectiveness-oriented; it focuses on efficiency.
Expendable Managers
- Staff managers are considered more expendable during corporate downsizing compared to line managers.
Human Resources Management
- HR managers like Karen at Blue Cross/Blue Shield act as functional and staff managers.
Injellitance Impact
- Injellitance negatively affects the staffing function, causing managers to hire less qualified individuals.
Performance Appraisals
- Conducting a performance appraisal exemplifies the controlling function of management.
Management Functions
- All managers perform five management functions; their time allocation varies by level.
Employee Termination Function
- Staffing function includes the process of employee termination.
Line Managers
- Line managers operate at all levels within an organization.
Functional vs. General Managers
- Functional managers do not necessarily increase in prevalence as one moves up the management pyramid.
Organizational Focus
- Organization involves concepts such as division of labor and labor coordination.
Top Manager Functions
- Top managers perform all five functions of management.
Middle Management Importance
- Organizing is the most crucial function for middle management.
Decision Makers
- Top and middle managers are primarily responsible for decision-making.
Synergy Concept
- Synonymous with teamwork and collaborative efforts.
Management Skills Misconception
- Technical skills are not more crucial for general managers compared to functional managers.
Real Manager Study
- In Luthans' study, promotions did not correlate with performance.
Environmental Components
- Major dependencies in business include customers and suppliers.
Controlling Function
- The feedback loop is associated with the controlling function of management.
Role Differentiation
- Helps organizations navigate challenging environmental aspects.
Turnaround Strategy
- Organizations may engage in a turnaround strategy to buffer technical core performance decline.
Adaptive Subsystem
- Deals with technological innovations and competitive advantages within an organization.
Efficiency-Oriented Subsystems
- Maintenance and production subsystems focus on internal efficiency.
Boundary Spanning Subsystem
- Handles major environmental dependencies, including customers and suppliers.
Environmental Scanning
- Essential for strategic planning and involves identifying threats and opportunities.
Customer Service Practices
- Not a way to enhance customer service: complicating complaint processes.
Customer Service Levels
- Lowest level of customer service: accuracy; highest level: advice.
Supplier Relationships
- A mutually beneficial relationship is hindered by the number of suppliers.
Vertical Integration
- Backward vertical integration refers to acquiring suppliers.
Fuel Purchasing Strategy
- Locking in long-term contracts allows organizations to stabilize fuel costs despite market fluctuations.
Market Rivalry
- Intensifies with the presence of numerous organizations in a mature, low-growth market.
New Entrants Impact
- New entrants increase customer power rather than decrease it.
Barriers to Entry
- Includes government patents, capital requirements, brand loyalty, existing company cost advantages, and distribution channels.
Threat of Substitutes
- Result from technological innovation and may promote product obsolescence.
Cost Advantages Barrier
- Established supplier relationships lead to better contract terms and operational efficiency.
Pricing Strategies
- Not applicable: companies offering the best prices, service, and quality necessarily dominate markets.
Competitive Benchmarking
- A strategy focused on improving upon competitors' practices.
Banking Technological Innovations
- ATM's, virtual tellers, and online banking represent process and product innovations.
Economic Influence
- Economic conditions indirectly influence business demand and competition levels.
Government Financing Method
- Tax-incremental financing method is linked to government subsidies.
Environmental Forces
- Legal challenges faced by businesses reflect the legitimacy issues related to community acceptance.
Political Action Committees (PACs)
- Misconception: they are not limited to $10,000 in indirect contributions.
Shadow Bureaucracy
- Refers to business impacts due to government regulation.
Managerial Planning Restarts
- Any response could justify reasons for a manager to restart planning.
Planning Skills
- Conceptual skills are key in planning; human skills are pivotal in implementation.
Planning's Primacy
- Considered first in the logical sequence of management functions.
Non-Planners' Blame
- Non-planners typically attribute poor performance to bad luck.
Evaluating Results Phase
- Comparable to the controlling function within the planning process.
Gresham's Law of Planning
- Highlights issues stemming from misplaced priorities in planning efforts.
SMART Goal Setting Model
- Goals should not be easily achievable to ensure persistence among individuals.
Goal Setting Interconnection
- The letters M (measurable) and T (time-bound) in the SMART model are closely connected.
Important Management Function for Plan Implementation
- Leading is most crucial for the effective implementation of plans.
Dilemma in Planning
- Balancing commitment with the need for flexibility is a key challenge.
Persian Messenger Syndrome
- This behavior directly affects the evaluation results aspect of planning.
Corporate Strategy Component
- The concept of "scope" resembles corporate strategy.
BCG Matrix Classification
- A low share of a high-growth market is categorized as a "New Venture."
Strategy for Business Units
- Dogs can either be divested or retrenched based on profitability.
BCG Matrix Quadrants
- Upper quadrants (New Venture and Star) are associated with market share.
Lower Quadrants of BCG Matrix
- Deal with market growth, classified as Dog and Cash Cow.
Business Portfolio Inclusion
- Should consist of New Venture, Star, Cash Cow, and Dog units.
Prospector Strategy
- Aligned with Star and New Venture strategies in the BCG Matrix.
Defender Strategy Characteristics
- Best in stable environments, relies on efficient production with numerous regulations.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
