Business Management Final
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How does planning benefit companies? [MC]
- -Intensified Efforts
- -Creation of strategies
What are the pitfalls of planning? [MC]
- -False sense of certainty
- -Detachment of planners
- -hinders change
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.
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.
- 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)
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.
What is the first step in the strategy making process? [MC]
Assess the need for strategic change within the company.
What is SWOT also referred as? [MC]
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.
What are the components of creativity in a work environment? [Essay]
- -Challenging work,
- -Supervisor, Organizational, and Workgroup encouragement.
- -No organizational obsticles
What are multifunctional teams? [MC]
Work teams composed of people from different departments.
What causes organizational decline? [MC]
It is caused when companies don't anticipate, recognize, neutralize, or adapt to pressures that threaten their survivability.
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.
What is global business? [MC]
The buying and selling of services and goods by people from different countries.
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.
What is a joint venture? [MC]
An alliance between two companies where they collaborate to form a third, independent company.
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.
How does the organizational process limit some capabilities? [MC]
The collection of processes that transforms inputs into outputs that customers value.
What is functional departmentalization? [MC]
Organizing work and workers into separate units responsible for different jobs. Accounting, sales, marketing, etc.
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.
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.
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