Chapter 5: Managing for Business Success
What are the four interrelated functions of management?
Planning, Organizing, Controlling, Leading
What consists of all actions that an organization takes to attract, develop, and retain quality employees?
Human resource management
What term defines tangible goods or intangible services that can be marketed to customers to satisfy a need?
Product
Which production method involves making high volumes of customized goods to meet individual consumer preferences at a reasonable price?
Mass customization
You can represent the hierarchy of management by drawing a pyramid. List the levels of management in order from top to bottom.
Top Managers
Middle Managers
First-Line Managers
Which step comes first in the strategic planning process?
Establish goals and objectives
Which process identifies the tasks, responsibilities, and skills of a job as well as the knowledge and abilities needed to perform it?
Job analysis
What term is used to describe a truly remarkable product that stands out completely from ordinary competition?
Purple Cow
In which type of facility layout does a product remain in one place while workers and equipment move to it?
Fixed-position layout
Once we've grouped our people in units to perform specific jobs, we're ready to arrange those units into some form of organizational structure. What are the types of organizational structures?
Functional Organization
Divisional Organization
Grouping specialized jobs into meaningful units like divisions or departments is called
Departmentalization
Workers hired to supplement a company's permanent workforce (such as temps, consultants, and freelancers) are known as
Contingent workers
Making a product available where it is convenient for customers to purchase creates which type of utility?
Place utility
What graphical scheduling tool is best used for complex projects to identify the "critical path"—the sequence of activities that will take the longest time?
PERT chart
In order to understand job satisfaction, Herzberg divides work factors into two groups. What are they?
Motivation factors
Hygiene factors
Which leadership style involves managers seeking input from subordinates while retaining authority to make final decisions?
Democratic
What type of training occurs away from the office, allowing employees to focus on learning without usual office distractions?
Off-the-job training
What legal protection is granted by the U.S. government that prevents others from copying an invention for 20 years?
Patent
Total Quality Management (TQM) focuses on three core tasks: customer satisfaction, employee involvement, and what else?
Continuous improvement
What are the four types of utility?
Time
Place
Ownership
Form
Which type of plan outlines specific alternative actions to take when things go wrong or change unexpectedly?
Contingency Plan
What term describes a labor dispute strategy where union workers refuse to work while walking outside the facility holding protest signs?
Picketing
What are the two main categories that products can be divided into?
Tangible goods and intangible services
What is the practice of using outside vendors to manufacture parts or provide services (like customer support or accounting) called?
Outsourcing
Identify one of the big product flops that we discussed in Chapter 7.
BIC Underwear
Colgate Kitchen Entrees
Harley Davidson Perfume
Bottled Water for Pets