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119 Cards in this Set

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Being a manager, as opposed to a leader, you are likely to...

Focus efforts on planning and budgeting

A skill to be a leader is...

ability to motivate people

As a manager, you are required to...

efficiently execute plans in order to achieve targets

A firm's strategic choices and leadership approaches need to:



a. adapt and change to retain their relevance.


b. be rigid and concrete to be effective.


c. steer clear of cultural and socioeconomic influences.


d. be independent of each other.

a. adapt and change to retain their relevance.

Which of the following actions is more likely to be taken by a manager rather than a leader?


a. Striving for change and innovation through inspiration and motivation.


b. Setting direction for a firm and aligning people to focus on the organization's vision.


c. Defining the competitive landscape of an organization and setting strategic goals for the long term.


d. Working with a group of people to accomplish a desired goal in an efficient manner

d. Working with a group of people to accomplish a desired goal in an efficient manner

Nathan works at GoDrive Rentals, a car rental company. His job involves motivating and developing the company's sales teams as well as working with senior executives in developing and refining the company's marketing and sales strategies. From the given description, it can be concluded that Nathan is most likely a(n):


a. entry-level executive.


b. middle-level manager.


c. HR manager.


d. senior executive.

middle-level manager.

According to Weber, which of the following is a feature of an ideal bureaucracy?



a. Coordination achieved through interpersonal communication and networking


b. A flat structural organization with few or no levels of separation between managers and their subordinates


c. Clear differentiation of tasks and responsibilities among individuals


d. The prevalence of informal social relations at work

c.Clear differentiation of tasks and responsibilities among individuals

Which of the following approaches to management compared an organization to a well-oiled machine and the manager to a machine operator?



a. The human relations movement


b. Weber's bureaucratic organization structure


c. Taylor's scientific management approach


d. The contingent view of management

c. Taylor's scientific management approach

Which of the following was a reason for the decline of the shareholder view of management?



a. The singular focus on shareholder value resulted in a lack of investment in new products and an erosion in quality standards.


b. The external and internal environments of firms were no longer complex and this resulted in heavy investment on research and development.


c. Lack of attention to financial targets resulted in firms' assets and cash getting devalued in comparison to their stock prices.


d. The relaxation of antitrust restrictions on mergers and acquisitions in the 1980s led to higher prices of raw materials.

a. The singular focus on shareholder value resulted in a lack of investment in new products and an erosion in quality standards.

The ________ view of the firm helps managers better understand the complex internal and external environment of a firm in today's marketplace.




a. managerial


b. shareholder


c. stakeholder


d. conceptual

c. stakeholder

Which of the following is the first step in organizing for stakeholder management?



a. Define connections between various stakeholders


b. Determine stakes for each stakeholder


c. Map all stakeholder relationships of the firm


d. Identify specific subsets within stakeholders

c. Map all stakeholder relationships of the firm

Forecasting the likely result that might occur when several events and stakeholders are linked together is known as ________ .



a. contingency planning


b. trend analysis


c. strategic reviewing


d. scenario building

d. scenario building

Sally is the manager of Grubb It, a fast-food outlet. She is looking out for trends or events that could turn out to be a problem for the outlet in the future. She believes that the outlet's close proximity to a school could pose a problem, owing to growing concern over childhood obesity. She is also mapping out alternatives that can be followed in case of a crisis. In this scenario, Sally is involved in:


a. environmental scanning.


b. a strategic review process.


c. contingency planning.


d. stakeholder mapping.

c. contingency planning.

Managers who have the ability to see beyond the boundaries of managing their day-to-day operations possess:


a. contextual intelligence.


b. convergent intelligence.


c. contingent intelligence.


d. conceptual intelligence.

a. contextual intelligence

The process of ________involves planning and budgeting, organizing and staffing, and controlling and problem solving

management

Researchers who discovered that interactions among employee work groups affected productivity were affiliated with____________.

the human relations movement

A manager who says "we have to consider the needs of our employees, our customers, and our community!" has a ______view of the business enviornement

stakeholder

when doing ____________, managers hsould be gathering new info about industry trends, potential market niches, and events that may shape the future of the business.

environmental scanning

steve jobs was a savvy manager who used his ______________ to understand the impact of environmental changes such as wireless phones and steraming video and to know how to create products to capitalize on those changes.

contextual intelligence

Inspiration and motivation are key concerns in the ____________ pillar of mangement.

individual leadership

when a company's global business context changes, effective managers should also anticipate doing what 3 things

changing the company's strategic position, organizational desing and leadership practices.

what can i do to encourage the people who are responsible for sending out replacement parts to use a min amount of packing material? -Management Pillar?

Individual Leadership

Shoudl i focus my business on growing the # of clients who bring me iphones, or should i expand by selling advice to other people who want to open iphone repair business? - Management Pillar?

Strategic Position

When I hire employees, should I have each employee specialize in a different iphone repair, or should all my employees be generalists who can repair any kind of iphone? - Managment Pillar?

Organizational Design

Managerial View

-up to 1960s


-Key focus: Production

Shareholder View

-1960s-1980s


-Key Focus: Financial Performance

Stakeholder View

-Since 1990s


-Key Focus: Serving Mutiple Constituencies

3 Pillars of Mangement

-Strategic position: strategy often dictates other pillars


-Organizational Design: Defines the manner in which a business is aligned and structured to compete in the changing contextual landscape.


-Individual Leadership

Definition of Management

The act of working with and through a group of people to accomplish a desired goal or objective in an efficient and effective manner.

Define Leadership

the ability to drive change and innovation through inspiration and motivation.


Leaders vs. Managers (3 things)

Leaders: set direction, align people and motivate and inspire.


Managers: Plan & budget, organize & staff, control & problem solve.

An effective leader is...

not someone with a specific leadership style; someones sytle who enables them to obtain results

Bureaucratic Organization Structure

-By Max Webber


-a clear differentiation of tasks and responsiblites amoung individuals;


-strict hiearchy of authority and decision rights


-standarized rulse and procedures;


-plans are made in the upper ranks and executed by lower.

Scientific management

-Fred. Taylor


-Focus on how jobs, work and incentive schemes could be designed to improve productivity usign industrial engineering methods.

Human relations movement

-1930s movement


-emphasized the importance of informal social relations at work


-organizations must be understood as system of interdependent human beings who share a common interest in the survival & effective fx of the firm.

1950s - shift..

-dependant on whether the organiztion designed to execute stable (emphasized efficency) or innovative tasks (informal organizational structures)

Contingent View

-1960s


-effective organizational structure is based on the fit or alignment between the organization and various aspects in its environment

Business environment definition

combo of all contextual forces & elements in the external & interal evironment firm

Managerial view defintion

business framework


-firm is seen as a mechanism for converting raw materials into products to sell to customers *up until 60s


-didnt focus on anything outside of relationship with suppliers, customers, owners and employees.

1970s- what 2 things caused a change?

1. combo of slow economic growth & inflation


2. increase penetration of foreign competition in US market

Shareholder view definition

Business framework


-job of top managers is to produce the highest possible stock market valuation of the firm's assests


-60s-80s


-Key focus: financial performance

Stakeholder view definition

Business framework


-attempts to organize & analyze multiple groups that interact w/the firm *1990s


*firm is in the center-


**Around firm: Local community, shareholder, customers, advocacy groups, competitors, media, employees, suppliers, government.

Stakeholder defintion

any group or individual who can affect or is affected by the achievement of any organization's purpose.

4 steps to stakeholder mapping

1. map skateholder realtionships w/ firm


2. identify specific subsets w/in stakeholders


3. Determine stakes for each stakeholder


4. define connections between stakeholders

Managers develop stakeholder mechanisms by..

-strategic review process


-enviormental scanning

Strategic review process definiton

seniors leaders of a corporation meet w/ business unti managers to review progress toward specific goals

Environmental scanning defintion

tool managers use to scan the business horizon for key events and trends that will affect business in the future.

Enviormental scanning can be done by:

-scenario builidng and trend analysis


-can be used to predict stakeholder response and activities

Scienario building definiton

forecasting the likely result that might occus when several events & stakeholders are linked together

Trend Analysis Defintion

key bariable are monitored and modeled to help predict a change that might occur in the environment.


*used to help managers have a better understanding of how environmental variable will affect firm & stakeholders

Contextual intellignce

Ability to understand the impact of enbiromental factors on a dirm & the ability to understand how to influence these same factors (peripheral vision)

4 steps to building Contextual Intelligence

1. develop appreciation & awareness of history


2. stay attuned to trends in enviroment


3. seize firsthand experiences


4. engage in scenario assessment

LEAN Management video: 3 rules

1. actual place (where the work is done)


2. actual parts (experiencing process for themselves


3. get the facts.

Contingency planning:

-systematic assesment of the external environment to prepare for a possible range of alternative futures for the organization

A firms task environment includes:

-competitiors, suppliers and customers.

________ refers to the integration and interdependence of economic, technological, socio-cultural, and political systems across diverse geographic regions.


a. Globalization


b. Democratization


c. Mass customization


d. Localization

a. Globalization

The most favored nation principle, agreed upon by GATT members, meant that:



a. trade disputes would be settled by the unanimous agreement of all parties to the dispute.


b. a tariff rate granted to one member of GATT would be extended to all members.


c. foreign firms would be subject to the same rules and regulations as a country's domestic firms.


d. a company should extend the privileges of its citizens to tourists from other member nations.

b. a tariff rate granted to one member of GATT would be extended to all members.

Which of the following continents has the highest concentration of trade between its constituent nations?



a. Europe


b. North America


c. Asia


d. Africa

a. Europe

________ was formed to promote economic growth and integration in South America.



a. ASEAN


b. The EU


c. MERCOSUR


d. NAFTA

c. MERCOSUR

Which of the following trading groups forms the largest trading bloc in the world in terms of its members' combined GDP?



a. ASEAN


b. The EU


c. MERCOSUR


d. NAFTA

d. NAFTA

The ASEAN was originally established to:



a. boycott the Western nations and establish political supremacy over them.


b. promote social and cultural development among its member nations.


c. allow citizens of member nations to travel freely to other member nations without a passport.


d. aid nuclear power expansion in member nations.

b. promote social and cultural development among its member nations.

The ________ theory proclaims that countries should specialize in producing goods for which they have the lowest opportunity cost of production.



a. factor proportions


b. global-factor


c. comparative advantage


d. free-trade factor

c. comparative advantage

Fyllor Inc., a manufacturer of office equipment such as fax machines and printers, regularly imports component parts and then assembles them to make finished products. A recent increase in the import duty on component parts has affected the firm. The increase in duty has led to an increase in the price of the firm's products, and this in turn has led to a drop in sales. In this scenario, the drop in sales for Fyllor Inc. can be attributed to its:


a. general environment.


b. internal environment.


c. task environment.


d. conceptual environment.

a. general environment.

After the corporate scandals of the early 2000s:


a. companies began to diversify the composition of their boards.


b. the boards of firms became less independent.


c. companies began to outsource their operations to a greater degree.


d. organizational cultures became more individualistic and less collectivistic.

a. companies began to diversify the composition of their boards.

Cindy was called in for interview at a women's fashion magazine for the post of editor. During the interview, the interviewer told Cindy that the work environment of the organization was very vibrant, and that although employees worked long hours, they also regularly enjoyed themselves at employer-sponsored dinner parties and weekend trips. In this case, the interviewer was telling Cindy about:


a. the structure of the organization.


b. the culture of the organization.


c. the task environment of the organization.


d. the general environment of the organization.

b. the culture of the organization.

The __________ of Sappi's Chemical Cellulose division includes all of the external forces in the firm's general and task enviroments

external enviorment

A company's _______ includes those inviduals who have a direct impact on the ogranization: competitors, suppliers, and customers

task environment

Globalization defintion

-integration & interdependence of economic, technological, sociocultural and political systems across diverse geopraphic regions


-after WWII, many economists & politicians wanted glob. and less protectionism

Global Trade Agreements

-Involved US, Great B. and Canada


-founded the world bank & international monetary fund (IMF)


-Fatt (General Agreement on tariffs and Trade was created.


-WTO

GATT _ General Agree. on tariffs and trade: created on 3 principles

1. most favored nation status *1 tarriff rate was granted to all others


2. national treatment: foreign firms have same rules and regs as country's domestic firms


3. consensus: trade disputes are settled by unanimous agreement of all parties

WTO defintion

-successor to GATT


-created to supervise & liberalize international trade


-deal w/ rules & policing those rules

World Trade and Associations

-supported through a series of free trade agreements negotiated between various countries & overseen by WTO.

European Union (Trade agreeement)

-est. when Maastricht treaty signed in 1993.


-created a single market by a system of laws that apply in all member states, guaranteeing the freedom of movement of people, goods & services.

NAFTA

-1994


-US, Canada and Mexico


-signed treaty to eliminate all tariffs


ASEAN

-1967


3 primary goals: 1. accelerating economic growth


2. promoting social & cultural development


3. ensuring peace and stability.


-10 Countries- Some are: Indonesia, Malaysia, Philippians, Sinagpore and Thialand.


-Creating AEC in 2015=freer flow of goods, services & investment w/in region.

MERCOSUR

-Argentina, Brazil, Para & Urug. and Venezuela


-est. 1991=created to promote economic growth & integration through the reduction of tarriffs and free flow of goods w/in regions.

Comparative adavantage

ecomoic theory that proclaims countries should specialize in producing good for which they have the lowest opportunity cost of production

External Environment Defintion

-represents all external forces that affect the firm's business


-2 components:


*General and taks environment

General Environement def.

-technological, economic, political/legal, & sociocultural dimensions that affect a firm's external environment

task environement

-includes entities that directly affect a firm on constant basis and include competitors, suppliers & customers.

Techological dimension

-processes, technologies or systems that a firm can use to produce outputs

economic dimension

genreal economic environement (Ex. CDP, inflation, unemployment) in the markets where the firm performs activities


-availabity of materials


-labor situation in a global market

political dimension

politcal events & activites in a market that affect a firm

legal dimension

regulations and laws that a firm encounters in its markets

sociocultural dimension

demographic characteristics as well as the values and customs of a society

social values

deeply rooted system of pricniples that guide individuals in their everyday choices and interactions

Task Enviroments

Competitors, suppliers and customers-effect compnay in more direct/quicker rate

Competitors

any organizaton that creates goods or services targeted at a simialr group of customers

Suppliers

provides resources or services for a firm to help in its creation of products and services

Customers

people other other organizations tha tbuy a firms products and services

Internal environemnt

-directly impact a firm.


-includes owners, board of directors, employees and culture.

Owner definition

people or institutions that maintain legal control of an organization

Board of Directors

group of individuals elected by shareholders and charged w/ overseeing the general direction of the firm


-2002- sarbanes-oxley act: changed the BOD to more fx as a financial oversight and ensure sound reporting

Active Engagment with Environment

1. Lobby to influence the gov. role in business


-ID growing market niches or target sonsumer segments and invest in reaserch &develop.


2. deal w/ a broader array of stakeholders including public advocacy groups, community forums and media.


3. Proactively adapt strategies to an ever-changing global marketplace


Why is WTO controversial?

-jobs being outsourced


-people think capitalism=explotation

Which of the following is a shortcoming of utilitarianism?


a. It stresses that happiness and pleasure are not important in life.


b. It assumes that people are only means to an end.


c. It leads to a tyranny of the majority and a failure to respect minorities.


d. It does not take into account the greatest good for the greatest number of people.

c. It leads to a tyranny of the majority and a failure to respect minorities.

Which of the following statements is true of Kantianism?



a. It suggests that people should use a cost-benefit analysis to select the option that best suits their own interests.


b. It assumes that motives are important when judging moral action.


c. It holds the "greatest happiness principle" as the foundation to its ethical theory.


d. It focuses purely on the positive and negative consequences of actions.

b. It assumes that motives are important when judging moral action.

Conformation to social expectations and consideration of interpersonal relationships tend to influence:


a. postconventional morality.


b. transitional morality.


c. preconventional morality.


d. conventional morality

d. conventional morality.

Cadmia, a small island nation, recently revised its income-tax law. The new law sought to increase taxes on wealthy corporations and citizens with higher incomes. Surprisingly, everyone responded positively to the tax revision as they believed that it will decrease inequality in the nation. In this scenario, the people of Cadmia have demonstrated support for:




a. procedural justice.


b. retributive justice.


c. restorative justice.


d. distributive justice.

d. distributive justice

Which of the following subsets of justice claims that rules should be clearly stated, consistently obeyed, and informally enforced?


a. Retributive justice


b. Restorative justice


c. Distributive justice


d. Procedural justice

d. Procedural justice

A ________ is information used in conducting business that is not commonly known by others and often provides a strategic advantage for a company over its competitors.


a. codicil


b. working contract


c. trade secret


d. policy chart

c. trade secret

The release of evidence of illegal or immoral conduct by a member of an organization to executives in the company or regulating agencies outside the company is known as ________ .


a. influence peddling


b. whistle-blowing


c. bid rigging


d. lobbying

b. whistle-blowing

Which of the following best describes corporate social responsiveness?


a. It refers to how businesses should respond when society pressurizes them to do more.


b. It is the extent to which a government is willing to provide economic concessions to a company in return for the firm's willingness to engage in strategic CSR.


c. It is a measure of how much a society benefits from the corporate social responsibilities of a company.


d. It is a measure of how favorably people react to the CSR activities of a company.

a. It refers to how businesses should respond when society pressurizes them to do more.

Which of the following best supports Milton Friedman's claim that the only social responsibility of business is to increase its profits?


a. The government has announced a 20% tax deduction for companies that are willing to reduce their carbon footprint by half.


b. Among the 50 companies that shut down operations last year in the United States, 35 had invested heavily in CSR.


c. A recent survey has found that consumers are more willing to buy a product if a part of its profits is used for charitable causes.


d. Dilo, the shoe-manufacturing company, faced less attrition ever since it started involving its employees in community-volunteering programs.

b. Among the 50 companies that shut down operations last year in the United States, 35 had invested heavily in CSR.

Strategic CSR refers to corporate social responsibility activities that:


a. will make maximum impact on the community.


b. can be implemented in less than six months.


c. garner maximum publicity and appreciation for the company.


d. are directly related to the business objectives of a company.

d. are directly related to the business objectives of a company.

Which of the following is the last step in the four-step process to implementing CSR?


a. Identify points of intersection between the company and society


b. Select the social issues to be addressed


c. Create a social dimension to the value proposition


d. Create a corporate social agenda

c. Create a social dimension to the value proposition

Ethics

Study of moral standard & their effect on behavior & conduct

Morality

standard that people use to judge what is right or wrong, good or evil

CSR:

-Corporte Social Responsibility


-2 key components:


*Sustainability


*Energy Efficient

The study of ____ shows us the overall realtionship between what people believe and how they act

Ethics

A manager who says, "I dont care where they were born! All employees should be able to say whatever they please when they are at work!" is espousing an ethical framework based on ____________

moral rights

_______is the idea that moral behaviors must be based on standards of equity, fairness, and impartiality to preserve order in society

justice

__________ deal with how wealth is spread amoung members of a society

Distributive justice

A company engaged in __________ will have to plan, implement, and evaluate CSP goals in order to combine social and financial goals

strategic CSR

Kohlberg's 3 stages of moral development

1. Preconventional


2. conventional


3. postconventional

Preconventional

Stage 1:


-obedience and punishment


Stage 2:


-Individualism and Exchange


Conventional

Stage 3:


-Interpersonal Realtionships


Stage 4:


-Maintaining social order

Postconventional

Stage 5:


-Social contracts and individual rights


Stage 6:


Universal principles

Utilitarianism

Ethical philosphy claiming that behaviors are considered moral if they produce the greatest good, or utility fo rthe greatest # of people.


AKA: "greatest happiness principle"


-Falls short: Who's the greatest good? Stakeholder?