Deck 5: Business Management

Question 1

Conceptual skills are the skills needed to perform specialized tasks.

Answer 1

False

Question 2

All organizations have mission statements, but not all have long-term and short-term goals.

Answer 2

False

Question 3

All aspects of a manager's job _____.

A) differ everyday
B) are interrelated
C) usually involve very little delegation
D) can be learned through training

Answer 3

are interrelated

Question 4

_____ are performance targets.

A) Tactics
B) Goals
C) Strategies
D) Mission statements

Question 5

A company's mission is _____.

A) likely to change every two years
B) identifiable only to its employees
C) not likely to be affected by environmental factors
D) usually easy to identify

Question 6

SWOT analysis allows managers and employees to assess _____.

A) internal opportunities
B) external threats
C) external weaknesses
D) external strengths

Question 7

Every organization should have a(n) _____, or reason for being.

A) strategy
B) tactic
C) plan
D) purpose

Question 8

A _____ is a broad program that describes what an organization intends to do.

A) tactic
B) strategy
C) goal
D) plan

Question 9

After managers determine the firm's goals, what do they do next?

A) develop a mission
B) develop a comprehensive strategy
C) develop tactics
D) develop an operational plan

Question 10

Which statement is true regarding management skills?

A) Managers are often limited in their skills.
B) Good managers excel in every skill area.
C) Technical skills are especially important for top managers.
D) Human relations skills are most important for first-line managers since they often have the most subordinates.

Question 11

According to the text, Marjorie Scardino's focus as CEO of Pearson PLC is on _____.

A) maximizing sales
B) looking for ways to increase efficiency and lower costs
C) the personal and professional welfare of her employees
D) developing new products

Question 12

A company's mission is _____.

A) usually easy to identify
B) not usually easy to identify
C) seldom revisable
D) the shared experiences, stories, beliefs, and norms that characterize it.

Question 13

In strategy formulation, _____ is performed prior to _____.

A) SWOT analysis; setting strategic goals
B) setting strategic goals; SWOT analysis
C) matching the organization and its environment; setting strategic goals
D) matching the organization and its environment; SWOT analysis

Question 14

The purpose of SWOT analysis is to _____.

A) examine a company's strengths, weaknesses, opportunities, and threats
B) examine internal and external factors affecting a firm
C) assist with strategy formulation
D) all of the above

Question 15

Northwest Airlines overbooked a flight. In exchange for giving up a seat, irate passengers were given a free ticket good for future travel. This illustrates _____.

A) goal setting
B) SWOT analysis
C) crisis management
D) none of the above

Question 16

Who creates a firm's corporate culture?

A) top managers
B) company founders
C) all employees
D) possibly any of the above

Question 17

What is a mission statement?

Question 18

Discuss the three broad levels of strategy that organizations may implement.

Question 19

Define and explain the four basic functions that constitute the management process.

Question 20

Explain the importance of strategic management and effective goal setting in organizational success.

Question 21

Explain how leading is an important function for managers in times of change.

Question 22

Explain how conceptual skills are especially critical for managers working in very dynamic, fast-changing environments.

Question 23

Explain how a dynamic, fast-changing environment can affect the organization's mission statement.

Question 24

In recent years, the pace of corporate change has been unprecedented. Explain how managers may or may not be placing greater emphasis on contingency planning and crisis management.