Origins and Principles of Management

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Which country did modern management theory emerge in the 20th century?

China

Germany

United States (correct)

United Kingdom

Who is credited with developing a car for the masses called 'Tin Lizzie' or Model T?

Henry Ford (correct)

Thomas Edison

Nikola Tesla

Alexander Graham Bell

Which company's strategy of focusing on professional contractors at the expense of retail customers was widely seen as a mistake?

JC Penney

Bob Nardelli

Lowe's

Home Depot (correct)

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 Signup and view all the answers

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 Signup and view all the answers

What was the initial reaction of investors to JC Penney's 'Fair & Square' strategy?

Liked it Signup and view all the answers

What was the result of JC Penney's 'Fair & Square' strategy on the company's sales?

Fell by over 25% Signup and view all the answers

What were the two causes of change mentioned in the text?

Technology & Globalization Signup and view all the answers

What is the most persistent, pervasive, and powerful challenge for managers?

Managing Change Signup and view all the answers

What does the introduction of new technology lead to in terms of employees?

Learning new products and/or processes Signup and view all the answers

What is the purpose of globalization?

To promote greater involvement in international markets Signup and view all the answers

What are the resources that managers must manage?

Financial capital, human capital, physical resources, and technology Signup and view all the answers

What is the role of managers in achieving a firm's goals?

Assembling and putting into use resources Signup and view all the answers

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 Signup and view all the answers

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. Signup and view all the answers

What is meant by an entrepreneurial mindset?

A commitment to constantly learning new skills and acquiring and deploying new knowledge Signup and view all the answers

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 Signup and view all the answers

What are the three levels of planning?

Strategic, tactical, and operational Signup and view all the answers

What does organizing involve for managers?

Integrating resources to accomplish tasks Signup and view all the answers

What are the roles that managers play according to Mintzberg?

Interpersonal, informational, and decisional Signup and view all the answers