Business Management Exam Study Guide

These flashcards cover essential concepts from Business Management, focusing on key terms and definitions important for exam preparation.

Management Process

The four primary functions of management: Planning, Organizing, Leading, and Controlling, used to achieve organizational goals.

Planning

The process of setting goals and determining the actions required to achieve those goals.

Organizing

The process of arranging tasks, people, and resources to implement the plan.

Leading

The process of motivating and directing people to work toward organizational goals.

Controlling

The process of measuring and ensuring that performance aligns with organizational goals.

Types of Managers

1. Top Managers (Executives)

2. Middle Managers

3. First-Line Managers (Supervisors)

Environmental Uncertainty

The lack of complete information regarding market trends and developments that affect business operations.

Classical School of Management

An approach that focuses on efficiency and assumes that financial incentives are the primary motivator.

Behavioral School of Management

Focuses on human behavior and emphasizes Quality of Work Life (QWL) and responsibility.

Theory X and Theory Y

Theory X assumes that workers are inherently lazy and need supervision, while Theory Y assumes that workers are self-motivated and seek responsibility.

Diversity Dividend

The benefits gained from leveraging a diverse workforce, leading to higher innovation and better decision-making.

Cultural Relativism

The belief that ethical behavior is determined by the cultural context.

Ethical Imperialism

The belief that there is a single moral standard that applies universally.

SWOT Analysis

A strategic planning tool that assesses Strengths, Weaknesses, Opportunities, and Threats related to business ventures.

Globalization

The process of businesses expanding their operations and markets internationally.

Workforce Diversity

The variety of differences among people in the workplace, including race, gender, age, sexual orientation, and disabilities.