Management & Theories
What are the four functions of management, also known as POLC?
Planning, Organizing, Leading, Controlling
What do we call the principles that guide right and wrong behavior in business?
Business ethics
What are the four parts of a SWOT analysis?
Strengths, Weaknesses, Opportunities, Threats
What type of decision is repeated and follows established rules or procedures?
Programmed decision
What is a mission statement?
A statement explaining an organization's purpose and what it aims to accomplish.
A manager creates a schedule and sets goals for the team. Which management function is this?
Planning
Which social responsibility approach does only what the law requires?
Defensive approach
A company's suppliers and competitors are part of which environment?
Task environment
A manager compares the pros and cons of several solutions. Which decision-making step is this?
Assessing alternatives
In SWOT, which two factors are internal to the company?
Strengths and weaknesses
A manager standardizes each employee's work steps to improve efficiency. Which management theory is this?
Scientific management (Frederick Taylor)
A company voluntarily starts a program to reduce pollution before anyone requires it to. Which approach is this?
Proactive approach
In Hofstede's cultural dimensions, what is the difference between individualism and collectivism?
Individualism focuses on personal goals; collectivism focuses on group goals and relationships.
What is groupthink?
When people in a group prioritize agreement over carefully evaluating different ideas.
What are the three levels of strategy?
Corporate-level, business-level, and functional-level strategy.
What is the difference between efficiency and effectiveness?
Efficiency means using resources wisely; effectiveness means achieving goals.
Who are stakeholders?
People or groups affected by an organization's actions.
What does individualism versus collectivism describe?
Whether a culture emphasizes individual goals or group goals.
What is confirmation bias?
Favoring information that supports what you already believe.
What are Porter’s Five Forces used to analyze?
The competitive pressures affecting an industry.
What did the Hawthorne studies suggest about employees and productivity?
Employee attention and involvement can affect productivity.
How can a company demonstrate proactive social responsibility?
Voluntarily starting programs that benefit society or the environment
How can exchange rates affect an international business?
Currency changes can make imports, exports, and international sales more or less expensive.
What is escalation of commitment?
Continuing to invest in a failing decision because of resources already spent.
What is the difference between corporate-level and business-level strategy?
Corporate strategy decides which businesses or industries to enter; business strategy decides how to compete.