Business Management Final

  1. How does planning benefit companies? [MC]
    • -Persistence
    • -Direction
    • -Intensified Efforts
    • -Creation of strategies
  2. What are the pitfalls of planning? [MC]
    • -False sense of certainty
    • -Detachment of planners
    • -hinders change
  3. How do you get employees to commit to goals? [Essay]
    Create a goal commitment process.

    Choose goals with employees, then set and achieve them together.
  4. What is action planning? [Essay]

    Provide an example:
    An action plan lists the specific steps (how), people (who), resources (what), and time period (when), for accomplishing a goal.


    • Crysler:
    • Developed outline for 5 years (When)
    • CEO was behind the new strategy plan (Who)
    • Figured out how to return profits (How)
    • Gathered resources to make it happen (What)
  5. What are non substitutable resources? [MC]
    No other resources can replace them. Non replaceable.

    A resource that provides value or competitive advantage and has no equivalent substitutes or replacements.
  6. What is the first step in the strategy making process? [MC]
    Assess the need for strategic change within the company.
  7. What is SWOT also referred as? [MC]
    Situational analysis.

    • Strength
    • Weaknesses
    • Opportunities
    • Threats
  8. List the four adaptive strategies: [Essay]
    • Defenders: Moderate, steady growth.  Let opportunities come.
    • Prospectors: Fast growth, searching for new opportunities
    • Analyzers: Blend of defender and prospector
    • Reactors: No consistent strategy. They react to changes after they occur in the external environment.

    Poorest choice: Reactors.  It is an unstable approach, because businesses do not prepare and anticipate external factors.
  9. What are the components of creativity in a work environment? [Essay]
    • -Challenging work,
    • -Supervisor, Organizational, and Workgroup encouragement.
    • -Freedom
    • -No organizational obsticles
  10. What are multifunctional teams? [MC]
    Work teams composed of people from different departments.
  11. What causes organizational decline? [MC]
    It is caused when companies don't anticipate, recognize, neutralize, or adapt to pressures that threaten their survivability.
  12. What should you do with resistance to change? [Essay]
    Try to reason with employees, unfreeze them, convince them that change is needed. Refreeze them, support and reinforce new change.

    Methods: Share reasons, Communicate, explain benefits, choose correct timing.
  13. What is global business? [MC]
    The buying and selling of services and goods by people from different countries.
  14. What is the general agreement on trade and tariffs? (GATT) [MC]
    A worldwide trade agreement that reduced and eliminated tariffs, limited government subsidies, and established protections for intellectual property.
  15. What is a joint venture? [MC]
    An alliance between two companies where they collaborate to form a third, independent company.
  16. What are the key points on GATT? [MC]
    • An agreement to regulate trade among 120 countries to reduce trade barriers.
    • Tariffs cut by 40%, stricter limits on government subsidies, established procedures for intellectual property.

  17. How does the organizational process limit some capabilities? [MC]
    The collection of processes that transforms inputs into outputs that customers value.
  18. What is functional departmentalization? [MC]
    Organizing work and workers into separate units responsible for different jobs. Accounting, sales, marketing, etc.
  19. What is the purpose of matrix organization? [MC]
    To pool resources together and effectively complete large tasks like researching or developing for complex global businesses.
  20. What are the 5 characteristics of a  job? [Essay]
    • Skill Variety: The number of different activities performed for a job
    • Task Identity:  Each different piece required to complete a whole job.
    • Task significance: The impact you have on others.
    • Autonomy: The freedom you have within a work place.
    • Feedback: Job performance feedback.
Card Set
Business Management Final
Business Management Final