Exam 1 fundementals of Management

What is management?

The process of planning, organizing, leading, and controlling resources to achieve goals efficiently and effectively.

What are the four functions of a manager?

Planning, Organizing, Leading, Controlling.

What is an organization?

A group of people who work together to achieve a common goal.

What is efficiency vs. effectiveness?

Efficiency = Using resources wisely; Effectiveness = Achieving goals successfully.

What is the multiplier effect?

A manager’s influence extends beyond their individual work through others.

What are the rewards of studying and practicing management?

Career advancement, ability to influence organizations, and improving workplace effectiveness.

What are the levels and areas of management?

Top managers, Middle managers, First-line managers, Team leaders.

What are the types of organizations?

For-profit, Nonprofit, Mutual-benefit.

What are the three main manager roles?

Interpersonal, Informational, Decisional.

What are the three essential management skills?

Technical, Conceptual, Human skills.

What are the 7 challenges in management?

Competitive advantage, diversity, globalization, information technology, ethical standards, sustainability, and personal career happiness.

What is career readiness?

The ability to demonstrate competencies required for success in the workplace.

Who contributed to early management theories?

Frederick Taylor (scientific management), Max Weber (bureaucratic management), Henri Fayol (administrative management).

What are the six reasons for studying theoretical perspectives?

Understanding history, guiding management decisions, identifying best practices, recognizing contributions of past research, predicting organizational behavior, and improving performance.

What are the main management perspectives?

Classical, Behavioral, Quantitative, Systems, Contingency, Contemporary

What is the triple bottom line?

People, Planet, Profit—measuring social, environmental, and financial success.

What is a social audit?

A review of a company’s social responsibility and impact.

Who are internal stakeholders?

Employees, owners, board of directors.

Who are external stakeholders?

Customers, suppliers, competitors, government, media, etc.

What is the task environment?

External factors that directly impact an organization (competitors, suppliers, distributors).

What is the general environment?

Broader external forces (economic, technological, political, sociocultural).

What is sustainability?

Meeting current needs without compromising future resources.

What is ethics?

Standards of right and wrong that guide behavior.

What is ethical behavior?

Actions that are morally right and responsible.

What are the 6 most common ethical misconducts in organizations?

Conflicts of interest, abusive behavior, lying, discrimination, violations of health/safety, stealing.

What are values?

Core beliefs that shape behavior and decision-making.

What are the four approaches to solving ethical dilemmas?

Utilitarian, Individual, Moral-Rights, Justice.

How do organizations train and promote ethical behavior?

Code of ethics, ethics training, leadership modeling, reporting systems, ethical decision-making processes.

What is the social responsibility pyramid?

Economic, Legal, Ethical, and Philanthropic responsibilities.

What is corporate governance?

System of rules and practices that control a company.

What is the global village?

The idea that technology and globalization make the world more interconnected.

What is e-commerce?

Buying and selling goods/services online.

What is globalization?

The increasing interdependence of economies, businesses, and cultures.

What are ways to expand internationally?

Importing/exporting, licensing/franchising, joint ventures, wholly-owned subsidiaries.

What are key cultural differences in international business?

Communication styles, power distance, individualism vs. collectivism, uncertainty avoidance, time orientation.

What traits make a successful international manager?

Cultural awareness, adaptability, communication skills, openness to new experiences.

What are barriers to international trade?

Tariffs, quotas, embargoes, currency exchange issues, trade regulations.

Why is understanding cultural differences important?

It helps managers navigate global business environments and avoid misunderstandings.