MGMT349 Chapter 1: Principles of Management – Key Concepts and Case Studies

Practice flashcards covering the four functions of management, efficiency vs. effectiveness, managerial roles and skills, and real-world examples from Feld Entertainment, KTM, and Monster Energy Supercross.

What are the four functions of management?

Planning, organizing, leading, and controlling.

Define efficiency in management.

Getting work done with minimal waste, expense, or effort.

Define effectiveness in management.

Accomplishing tasks that help fulfill organizational objectives.

Can an organization be highly efficient but not very effective?

Yes—efficiency and effectiveness are distinct; both are needed to succeed.

What does planning involve in management?

Determining courses of action and goals to achieve organizational outcomes.

What does organizing involve in management?

Coordinating activities and resources, deciding who does what, and who reports to whom.

What does leading involve in management?

Inspiring and motivating people to achieve goals.

What does controlling involve in management?

Monitoring and evaluating activities and taking corrective actions as needed.

What is the figurehead role in managerial informational roles?

Acting as the public face and ceremonial representative of the organization.

What is the leader role in managerial informational roles?

Motivating and guiding employees to achieve organizational goals.

What is the liaison role in managerial informational roles?

Interacting with people outside the unit to exchange information.

What is the monitor role in managerial informational roles?

Scanning the environment for information and trends.

What is the disseminator role in managerial informational roles?

Sharing collected information with subordinates inside the organization.

What is the spokesperson role in managerial informational roles?

Communicating information to outsiders, such as the press or stakeholders.

What are the four decision-making roles in management?

Entrepreneur, Disturbance Handler, Resource Allocator, Negotiator.

What is the Entrepreneur role?

Identifying opportunities and initiating change to improve the organization.

What is the Disturbance Handler role?

Responding to crises or problems requiring immediate action.

What is the Resource Allocator role?

Deciding how to distribute resources (time, money, personnel).

What is the Negotiator role?

Negotiating schedules, projects, resources, or contracts with others.

What are the main managerial technical skills?

Technical skills — specialized knowledge and techniques required to perform tasks.

What are human skills in management?

The ability to work well with others and manage relationships.

What are conceptual skills in management?

The ability to see the organization as a whole and understand interdependencies and the environment.

Why are motivation and other soft skills important for managers?

They enable leaders to motivate others and manage effectively; organizations value these soft skills.

What does 'competitive advantage through people' mean?

Gaining market strength by hiring, developing, and retaining the right people and practices (e.g., KTM and Roger DeCoster).

Who is Ryan Dungey and why is he important to KTM?

A KTM rider who won multiple championships, helping put KTM on the map and illustrating the power of teamwork and sponsorship.

What is Feld Entertainment?

A family-owned entertainment company known for Disney on Ice, Ringling Bros. and Barnum & Bailey, and Monster Jam; used to illustrate applying management practices.

What does the Wheaties box example illustrate?

Brand endorsements and the value of associating a product with a top athlete.

What is the key takeaway about staying relevant in business?

Continuously apply planning, organizing, leading, and controlling with the right people to adapt to change.

What is Slido used for in the presentation?

An interactive Q&A tool to collect audience responses.