Lecture Notes: Management, Planning, and Globalization - 60 Q&A Flashcards

A set of 60 question-and-answer flashcards covering key concepts from the provided lecture notes on management, planning, organizational structures, globalization, and economic development.

Page 1: Which management theorist is quoted as describing his role as “the art of getting things done through people”?

Mary Parker Follett.

Page 2: A department head observes that productivity has dropped because employees are unclear about their tasks. She creates a clear job description for each member. Which function of management is she applying?

Organizing.

Page 3: Considering the advantages and disadvantages, which organizational structure would be most effective for a rapidly changing tech startup?

Flat.

Page 4: In a situational analysis, which factor is least likely to affect an organization's strategic planning?

Personal preferences of the CEO.

Page 5: A manager reviews policies, training schedules, and feedback systems to identify performance gaps. What function is he performing?

Controlling.

Page 6: If a company uses a functional organizational structure, which scenario best illustrates this structure?

A marketing department working independently from the sales department.

Page 7: A team member says, “We should have only one boss to avoid confusion and ensure accountability.” Which Fayol principle is this?

Unity of Command.

Page 8: Which scenario best illustrates the impact of technological forces on a firm?

A company adopting automation to increase production efficiency.

Page 9: After implementing Theory Y practices, a manager notices more collaboration but slower decisions due to group discussions. What should be considered moving forward?

Maintain participative management but set boundaries.

Page 10: Which statement best describes the impact of globalization on local businesses?

It increases access to international markets.

Page 11: A strict hierarchy and procedures with promotions based on qualifications lead to a lack of flexibility. Which theory is likely causing this problem?

Bureaucratic Theory.

Page 12: If a manager notices a decline in team productivity, what action should they take first?

Conduct a team meeting to discuss challenges.

Page 13: How can an organization effectively apply the concept of teamwork?

By fostering open communication and collaboration among members.

Page 14: Evaluate the impact of leadership styles. Which statement is most accurate?

Transformational leadership fosters innovation and employee engagement.

Page 15: A manager faces a conflict between two team members. What is the most effective approach?

Mediates a discussion between the team members to understand their perspectives.

Page 16: In a circular organizational structure, how does communication typically flow?

In a circular manner among all levels.

Page 17: A school principal believes decisions should be made at the top level, and teachers feel disempowered. What should be evaluated to improve engagement?

Degree of centralization.

Page 18: The HR department recommends recognizing employee efforts through awards and open communication. This strategy aligns best with which theory of management?

Human Relations Theory.

Page 19: A manager notices a decline in employee morale. Which action would best help analyze the situation?

Conduct an anonymous employee survey.

Page 20: Which statement describes the economic environment of a firm?

The overall economic conditions that affect consumer purchasing power.

Page 21: In analyzing the competitive environment, which factor is most critical for a firm to consider?

The strategies employed by competitors.

Page 22: To improve team productivity, which strategy should be implemented first?

Provide training and development opportunities.

Page 23: How can a firm apply SWOT analysis to improve its market position?

By leveraging opportunities to counteract weaknesses.

Page 24: When evaluating the social environment, which aspect should a firm prioritize to enhance CSR?

Engaging with local communities and stakeholders.

Page 25: What is the primary purpose of a business environment analysis/scanning?

To identify external and internal factors affecting the firm.

Page 26: A sole proprietorship is best defined as.

A business owned by one person who is personally liable for its debts.

Page 27: A company is considering entering a new international market. What is the most critical factor to evaluate before making this decision?

The political and economic stability of the target market.

Page 28: If Maria wants to start a business with her friend and limit their personal liability, which form of business organization should they choose?

Limited liability company (LLC).

Page 29: Which statement describes the impact of globalization on local businesses?

It increases access to international markets.

Page 30: How can a company apply PESTLE analysis to improve its strategy?

By analyzing political, economic, social, technological, legal, and environmental factors.

Page 31: In SWOT analysis, which represents an opportunity?

A growing market for eco-friendly products.

Page 32: A business facing financial difficulties considers restructuring. Which form of business organization limits owners’ losses to their investment?

Corporation.

Page 33: What is a key advantage of forming a corporation?

Ease of raising capital through stock sales.

Page 34: Why might someone convert a sole proprietorship into a corporation?

To gain access to more funding options.

Page 35: What is the primary role of business organizations in an economy?

To provide goods and services to meet consumer needs.

Page 36: How do small businesses contribute to the economy?

By fostering competition and innovation.

Page 37: Evaluate the role of multinational corporations in developing economies. What is a potential negative effect?

Exploitation of local resources.

Page 38: The Post-Industrial Phase is best described as

An economy dominated by services and information technology.

Page 39: The statement 'Business organizations are essential for economic growth' is supported by which outcome?

They create wealth and improve living standards.

Page 40: If a new technology company enters the market, what is the most likely impact on existing businesses?

Enhanced competition leading to better products.

Page 41: In economic development, what does urbanization primarily refer to?

The movement of people from rural to urban areas.

Page 42: How does the Industrial Phase contribute to economic growth?

By increasing productivity through mechanization.

Page 43: A business aims to increase sales by 20% next quarter. What is the most critical factor in their planning process?

Understanding customer needs and market trends.

Page 44: Evaluate globalization’s impact on developing economies during the Post-Industrial Phase. Which statement is most accurate?

It has created opportunities for economic diversification.

Page 45: Which scenario best illustrates effective planning?

A team creating a project timeline with specific milestones.

Page 46: Which phase of economic development is characterized by the transition from agriculture to industrialization?

Industrial Phase.

Page 47: Evaluate the effectiveness of a planning strategy that does not include feedback mechanisms. What is the potential risk?

Inability to adapt to changing circumstances.

Page 48: Which best defines planning in the context of management?

The systematic process of setting objectives and determining a course of action.

Page 49: When analyzing a plan, which factor is most critical to assess?

The potential risks and challenges involved.

Page 50: What is the primary purpose of setting SMART goals in the planning process?

To create measurable and achievable objectives.

Page 51: Which action best exemplifies the evaluation stage of the planning process?

Revising the plan based on feedback.

Page 52: What is the primary purpose of tactical planning within a firm?

To set specific short-term objectives.

Page 53: Evaluate the statement: 'Operational planning is less important than strategic planning.' What is your assessment?

False, because both types of planning are essential for success.

Page 54: In a scenario where a company faces a sudden market change, which planning approach should be prioritized?

Contingency Planning.

Page 55: In planning, what does 'resource allocation' refer to?

Assigning financial resources to different projects.

Page 56: Which level of planning focuses on the long-term goals and overall direction of the firm?

Strategic Planning.

Page 57: When analyzing the competitive environment, which framework is most commonly used?

Porter’s Five Forces.

Page 58: When analyzing the effectiveness of a firm’s planning process, which factor is most critical?

Financial performance.

Page 59: If a company is facing declining sales, which planning tool would be most effective for identifying potential solutions?

SWOT Analysis.

Page 60: Evaluate the statement: 'Using a decision matrix can help prioritize options based on specific criteria.' Is this true or false?

True.