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mgmt 3000 test 1 uga cannon Exam|224 Questions and Answers
mgmt 3000 test 1 uga cannon Exam|224 Questions and Answers
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mgmt 3000 test 1 uga cannon Exam|224 Questions and Answers
4 functions of management - -planning, organizing, leading, controlling
- planning - --specifying goals to be achieved and deciding in advance the
actions
-deciding the types of activities to engage in
-choosing corp and bus strategies
-determining resources needed to achieve goals
- organizing - --building a dynamic organization
-hiring people
-specifying job responsibilities
-grouping jobs into work units
-allocating resources
-create conditions so people work tg to achieve max success
- leading - --mobilizing people
-stimulating people to be high performers
-motivating and comm with employees
-leadership and teamwork
-connecting with people
- controlling - --learning and changing
-monitors performance and implements necessary changes
-managerial control
-managing tech and innovation
- globalization - --global marketplace presents big opps for small companies
too
-company's talent and competition can come from anywhere
-many small companies export their goods
-companies are under pressure to improve and lower the price of their
products in the face of intense comp from foreign manufacturers
- tech change - --rapid rate of change from communication, transportation,
info
- knowledge worker - -primary contributions are ideas and problem solving
expertise
- collaboration - -working with competitors
, - cost competitiveness - --keeping costs low enough so that the company
can realize profits and price its products at levels that are attractive to
consumers
-price is tied to demand
- top level managers - --strategic managers
-focus on lt issues, emphasize growth, survival, and effectiveness
-ceo is most common top level manager
- middle level managers - --below top line and above frontline
-translate general goals into more specific objectives
- frontline managers - --operational managers
-supervise the operations of org
-supervisor, team leader, assistant manager
-implement specific plans developed with middle managers
- mgmt skills (3) - --technical: ability to perform specialized task that
involved a certain process
-conceptual and decision: ability to identify and resolve problems for benefit
of organization
-interpersonal: work well with people
- economic env factors - --unemployment
-interest and inflation
-changes in dollar value
- barriers to entry - --distribution channels
-gov policy
-capital requirements
-brand identification
-cost disadvantages
- gov policies affecting bus opps - --tax laws, economic policies,
international trade rulings
-bribes and kickback illegal in US but used a lot of other places
- environmental scanning - -searching for and sorting through information
about the environment
- organization culture - --how employees interact with each other and
customers and behavior that is expected by managers
-set of important assumptions about the org and its goals and practices that
its members share
-shared values about what is important
-beliefs about how the world works
, - diagnosing company's culture - --mission statement and official goals,
important business practices, symbols / rites / ceremonies, stories people tell
- strong culture and external env - --strong culture that encourages
inappropriate behaviors can severely hinder ability to deal with external env
-culture that was previously suitable or advantageous may be
counterproductive in changing env
- what managers ask to assess env - --are there few or many entry barriers
to our industry?
-is the company too dependent on powerful customers?
-what substitutes exist for our product or service?
-who are our current competitors?
- benchmarking - -collecting information about your company's operations
and those of your competitors in order to determine gaps
- strategic maneuvering - -firm can bypass potential threats and capitalize
on arising opportunities
- domain selection - -entrance by a company into a diff suitable market
- merger / acquisition - -2 or more firms combine or one buys the other to
form a single company
- divestiture - -company sells one or more businesses
- diversification - -firm invests in diff types of products or businesses
- competitive aggression - -exploiting distinctive competence or improving
internal efficiency for competitive adv
- competitive pacification - -taking voluntary action to improve relations
with competitors
- public relations - -establishing and maintaining favorable images in
people's minds
- voluntary action - -making commitments to interest groups
- legal action - -engaging a company in a private legal battle
- political action - -efforts to influence elected reps to create a more
favorable bus env or limit comp
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