Lecture Notes: Management, Planning, and Globalization - 60 Q&A Flashcards
Studied by 0 people
Knowt Play
Learn
Practice Test
Spaced Repetition
Match
Flashcards1/59
Earn XP
Description and Tags
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.
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
60 Terms
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.