What are the pillars of management? correct answers -Strategic Position
-Organizational Design
-Individual Leadership
Management correct answers Working with and through a group of people to accomplish a desired goal or objective, and doing it in an efficient and effective manner
Leadersh...
MGMT 310 Exam 1 || with Error-free Solutions.
What are the pillars of management? correct answers -Strategic Position
-Organizational Design
-Individual Leadership
Management correct answers Working with and through a group of people to accomplish a
desired goal or objective, and doing it in an efficient and effective manner
Leadership correct answers The ability to drive and change innovation through inspiring and
motivating your employees
What is the difference between leadership and management? correct answers Managers plan and
budget, organize and staff, and control and problem solve. Leaders set direction, align people,
and motivate and inspire them
Bureaucratic organization structure correct answers Max Weber (1900s)
-A clear differentiation of tasks and responsibilities
-Coordination through strict hierarchy of authority and decision rights
-Standardization of rules and procedures
-Vertical separation of planning and execution
-Plans made in upper ranks of an organization, executed in the lower ranks
Scientific Management correct answers (1910s) -- a focus on how jobs, work, and incentive
schemes could be designed to improve productivity using industrial engineering methods
Human Relations Movement correct answers (1930s) -- organizations are systems of
interdependent people who all have a common interest in the survival of the business
Contingent View correct answers (1950s-1960s) -- organizations should be structured with
fits/alignments between them and different aspects of their environments, fit contextual factors
How has the purpose of a business changed across time (think Al Dunlap)? correct answers -
Business Environment
- Managerial View
- Shareholder View
- Stakeholder View
Managerial view correct answers (up to 1960s) -- PRODUCTION -- the business is a mechanism
for making raw materials into products to sell
Shareholder view correct answers (1969s-1980s) -- FINANCIAL PERFORMANCE -- the
business is a framework and managers have to produce the highest stock market valuation of its
assets
, Stakeholder view correct answers (since 1990s) -- SERVING MULTIPLE CONSTITUENTS --
the business is a framework that needs to organize and analyze different groups interacting with
it
Business environment correct answers the combination of all contextual forces and elements in
the internal/external environments of a business
Stakeholder Management Process correct answers -Strategic Review (senior leaders meet with
managers to review progress)
-Environmental Scanning (managers scan business horizon for trends in the future)
-Scenario building (forecasting results that could occur when specific events happen to
stakeholders)
Contingency Planning correct answers systematically assessing external environment to prepare
for a range of possibilities
Trend Analysis correct answers variables are monitored and modeled to help predict changes
Contextual Intelligence correct answers the ability to understand the impact of environmental
factors and how to influence them
What are the components of a firm's business environment? correct answers -General
Environment: technological, economic, political/legal, socio-cultural dimensions affecting firm's
external environments
-Task Environment: directly affect firm on a constant basis including competitors, suppliers, and
customers
Globalization correct answers Integration and interdependence of economic, technological, etc.
systems across diverse geographic regions (advocated by economists after WWII, led to
international trade agreements)
Comparative Advantage correct answers Countries should specialize in what they're good at that
have lowest opportunity costs (free trade leads to more efficient distribution of world resources,
all countries benefit)
What are Hofstede's Social Dimensions? correct answers -Individualism/collectivism -- strength
between individuals and rest of society, how much they have to depend on themselves
-Power distance -- how a culture deals with unequal distribution of power
-Uncertainty avoidance -- how to handle unpredictable future
-Masculinity/femininity -- gender roles in society
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