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MGMT 370 EXAM 1, WO
Terms in this set (43)
What is Management?
Using resources and effectively and efficiently in order to reach the objective of the organization.
Four Functions of Management
Planning, Organizing, Leading, Controlling
Key Characteristics of the Four Functions of Management?
Planning: Determining appropriate goals for the organization
Organization: Assigning responsibilities to employees for task achievement to achieve goals
Leading: Influencing and motivating others to set and achieve goals
Controlling: Monitoring, evaluating, and maintaining desired performance.
What are three broad categories of management roles?
Interpersonal, Informational, Decisional
What are the key characteristics of the broad management roles?
Interpersonal: Liaison, figurehead, leadership
Informational: Monitor, disseminator, spokesperson
Decisional: Entrepreneur, negotiator, resource allocator, disturbance handler
Three General Management Skills
Interpersonal, technical, conceptual
Four Major Management Theories
Classical Approach, Behavioral Approach, Systems Approach, Contingency Approach
is a systematic statement, based on observations, of how the management process might best occur, given stated underlying principles.
Key Characteristics of Classical Approach
Focuses on tasks, machines, and systems needed to accomplish the task efficiently.
Two Components of the Classical Approach
Scientific Management, administrative management
Key Contributions of the Classical Approach
Stated that managers have the responsibility to find the best way to get to the goals of the organization, to incentives workers, divide work up, created a definitive definition of what management is.
Key Characteristics of Behavioral Approach?
Emphasizes the importance of human behavior, needs, and attitudes within organizations.
Five Needs of Abraham Maslow's Model
Key Characteristics of the System's Approach
Views organizations and the environment within which they operate as sets of interrelated parts to be managed as a whole to achieve a common goal.
Key Characteristics of the Contingency Approach
No one best way to manage.
Identifies the key variables in each management situation, understands the relationships among these variables, and recognizes the complex system of cause and effects that exists in every managerial situation.
Key Contributions of Peter Senge and Peter Drucker?
Peter Senge: learning organization
Peter Drucker: knowledge workers; long-term sustainability; and corporate social responsibility (CSR)
Factors that affect the operation of the organization.
Three Main Components of Management Environment
General, tasks, Internal
Five Components of General Environment
Sociocultural, Technological, Economical, Global, Political-legal
Five Components of Task Environment
Customers, Suppliers, Competitors, Substitutes, Potential for new Competitiors
Four Components of Internal Environment
Owners, Managers, Employees, and Board of Directors
Techniques for interacting with the Environment
Moral principles and standards that define acceptable behavior in the world of business.
Three Factors Influencing Ethical/Unethical Decisions
Organizational, Individual, Opportunity
Five Dimensions of Moral Foundation Theory
Evaluate a company's long- and short-term contributions to society to determine whether the firm's social responsibility approach is working.
Pinpoint areas where the firm can take additional steps to maximize the positive effect of its activities as well as to minimize their negative impact.
Three Major Components of Global Management
Economic, Sociocultural, Political-legal Environments
Five Dimensions of Hofstede's Culture Model
Six Levels of Different Organizational Involvement in Global Business
Licensing and Franchising
Joint Venture and Strategic Alliance
Planning Function of Management
A set of activities
A road map that answers the fundamental question, "How do we get there from here?"
8 Steps in Planning
Create Mission Statement
Assess Current Situation
Evaluate Gap Between Current Position and Goals
Specify Assumptions about Future
Create the Plan
Specific, Measurable, Attainable, Realistic, Timely
A strategy must have four components: scope, resource deployment, synergy, and distinctive competence.
Strengths, Weaknesses, Opportunities, Threats
BCG Model and Key Characteristics of Each Category
Star (High Market Share, High Growth Rate)
Cash Cow (High Market Share, Low Growth Rate)
Question Mark (Low Market Share, High Growth Rate)
Old Dog (Low Market Share, Low Growth Rate)
The process of choosing among alternative courses of action to resolve a problem.
6 Steps in Decision Making
Generating Alternative Courses of Action
Selecting Best Alternatives
Key Characteristics of The Classic Model and the Administrative Model
The classical model: Prescriptive; How managers should do
The administrative model: Descriptive; How managers actually do
Four Decision Making Styles
Directive, Analytical, Conceptual, Behavioral
Five Factors that Influence Decision Making
Intuition, Emotion/Stress, Framing, Escalation of Commitment, Confidence & Risk Propensity
Two Common Techniques for Group Decision
Nominal Group Technique-Involves the use of a highly structured meeting agenda and restricts discussion and interpersonal communication during the decision making process
Pros Group Decision Making
Provide a greater pool of knowledge and information
Provide more experiences, perspectives, and interests
Are more likely to generate more alternative solutions
Clarify ambiguous problems, reduce uncertainty about alternatives, and increase intellectual stimulation
Foster greater comprehension of the decision
Foster increased acceptance of and commitment to the decision
Have increased legitimacy
Provide a training ground
Cons of Group Decision Making
May be dominated by one or more group members
Subject to social pressure
May compromise decisions, or satisfice
Have ambiguous decision responsibility
May experience goal displacement
Are subject to groupthink
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