20 Questions
Which country did modern management theory emerge in the 20th century?
United States
Who is credited with developing a car for the masses called 'Tin Lizzie' or Model T?
Henry Ford
Which company's strategy of focusing on professional contractors at the expense of retail customers was widely seen as a mistake?
Home Depot
Who was the CEO of Home Depot who tried to impose an autocratic style on the company known for its laid-back culture and decentralized operations?
Bob Nardelli
What was the name of the strategy adopted by JC Penney's CEO, Ron Johnson, which included doing away with sales, promotions, and coupons?
Fair & Square
What was the initial reaction of investors to JC Penney's 'Fair & Square' strategy?
Liked it
What was the result of JC Penney's 'Fair & Square' strategy on the company's sales?
Fell by over 25%
What were the two causes of change mentioned in the text?
Technology & Globalization
What is the most persistent, pervasive, and powerful challenge for managers?
Managing Change
What does the introduction of new technology lead to in terms of employees?
Learning new products and/or processes
What is the purpose of globalization?
To promote greater involvement in international markets
What are the resources that managers must manage?
Financial capital, human capital, physical resources, and technology
What is the role of managers in achieving a firm's goals?
Assembling and putting into use resources
What is the definition of an entrepreneur?
Someone who creates new businesses for the purpose of gain or growth under conditions of risk and uncertainty
Who is Joseph Schumpeter and what is meant by the term 'creative destruction'?
Joseph Schumpeter is an Austrian economist who viewed entrepreneurs as the key agents of change in the modern world. Creative destruction refers to the creation of new products, services, and industries.
What is meant by an entrepreneurial mindset?
A commitment to constantly learning new skills and acquiring and deploying new knowledge
According to F.W. Taylor, what is the art of management?
Knowing what is to be done and seeing that it is done in the best possible manner
What are the three levels of planning?
Strategic, tactical, and operational
What does organizing involve for managers?
Integrating resources to accomplish tasks
What are the roles that managers play according to Mintzberg?
Interpersonal, informational, and decisional
Test your knowledge on the origins and principles of management with this quiz. Explore the evolution of modern management theory and learn about key figures like Henry Ford. Gain insights into the importance of understanding organizations and customers in achieving success.
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