Midterm Exam Study Material for Mgmt 303

What is management?

The pursuit of organizational goals using resources efficiently and effectively through planning, organizing, leading, and controlling.

What are the four functions of management?

Planning, organizing, leading, and controlling.

What is efficiency in management?

Using resources, like people, time, and money, in a cost-effective manner.

What is effectiveness in management?

Achieving desired results or objectives.

What is the difference between top managers and middle managers?

Top managers are responsible for long-term strategic direction, while middle managers implement policies and communicate them to frontline managers.

What are the three major skills required for managers?

Technical skills, human skills, and conceptual skills.

What is strategic planning?

The process of defining the organization's direction and making decisions on allocating resources to pursue this direction.

What is a SWOT analysis?

A tool used to analyze an organization's Strengths, Weaknesses, Opportunities, and Threats.

What is corporate social responsibility?

The idea that corporations are accountable for their impact on society and should contribute to the greater good beyond just profits.

What is globalization?

The trend of economies becoming interdependent, allowing businesses to operate across national borders.

What are internal stakeholders?

Individuals or groups within an organization, such as employees, owners, and board members.

What is the utilitarian approach to ethics?

An ethical perspective that promotes actions that maximize the greatest good for the greatest number.

What is the difference between a multinational corporation and a multinational organization?

A multinational corporation is a for-profit entity operating in multiple countries, while a multinational organization is non-profit.

What is the MBO (Management by Objectives) process?

A goal-setting process where managers and employees collaboratively set objectives and monitor progress.

What is the triple bottom line?

A framework focusing on social, environmental, and economic factors—people, planet, and profit.

What is the competitive advantage?

The attributes that allow an organization to outperform its competitors.

What is evidence-based management?

Using the best available evidence to make managerial decisions.

What does the term 'feedback loop' refer to?

A process where outputs are measured and used to inform and adjust future inputs or processes.