Review Principles of Management - Study Quiz

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This is a review quiz for my management class, and it can help you study as well. See how prepared you are for your classroom exams. Questions cover key management concepts. This is my second quiz, you can find the first one here.

If you can score an A grade on this practice quiz, you should feel pretty confident in your understanding of management. If you struggle with the questions below, you will definitely need to study more. Then come back and try again.

Created by: jjoa
  1. A shareholder is a person or group with a stake, or legitimate interest, in a company's actions.
  2. Two factors that determine the extent to which firms will be in direct competition with others is market commonality and resource similarity.
  3. A Response is a competitive move designed to reduce a rival's market share or profits.
  4. The difference between a stable environment and a dynamic environment is that the rate of change in a dynamic environment is slow.
  5. The punctuated equilibrium theory states that companies go through long periods of equilibrium followed by short period of dynamic change, then go back to equilibrium.
  6. Efficiency is getting work done with a minimum of effort, expense, or waste.
  7. Leading is deciding where decisions will be made, who will do what jobs and who will work with whom.
  8. An absolute comparison is a process in which each decision criterion is compared to a standard or ranked on its own merits.
  9. In Theory, fully rational decision makers waste time, money, and resources by choosing the optimal solution.
  10. In stable environments, the rate of environmental change is fast.
  11. Business confidence indices show the overall stability of a company, which help to attract investors.
  12. The Contingency Approach to management deals in case-by-case situations.
  13. Management has only been around since the early Eighteen Hundreds.
  14. Motion Study is the scientific study of motion to improve worker performance through management.
  15. Sales managers are directly responsible for all of the sales representatives in their sales territories.
  16. Motivation to manage is an assessment to determine if you can lead a team or not.
  17. In both Europe and the United States, 35 percent of all CEOs are eventually fired because of their inability to successfully change their companies.
  18. In fulfilling interpersonal roles of management, managers perform three sub roles: figurehead, monitor, and liaison.
  19. The aim of bureaucracy is not to protect authority but to achieve an organization's goals.
  20. Bureaucracy is where each side gives up some of what it wants in order to reach an agreement to reduce or settle conflict.
  21. A stable environment is an environment in which the rate of change is slow.
  22. Graphical depictions of how managers believe environmental factors relate to possible organizational actions are called cognitive maps.
  23. A system is a set of interrelated elements or parts that function as a whole.
  24. Contingency approach holds that there are no universal management theories, and that the most effective management theory or idea depends on the kind of problems or situations that managers are facing at a particular time and place.
  25. Character of rivalry is the measure of the intensity of competitive behavior between companies in an industry.
  26. Adaptive strategies include defenders, prospectors, analyzers and focus
  27. Corporate level strategy is the overall organizational strategy that addresses the question "What business or businesses are we in or should we be in?
  28. A Star is a high market growth, low-market share business.
  29. The four industry forces that determine an industry's overall attractiveness and potential for long-term profitability are the bargaining power of buyers, the threat of new entrants, the threat of substitute products and services, and the bargaining power of suppliers and the character of the rivalry.
  30. Direct Competition is the rivalry between two companies offering similar products and services that acknowledge each other as rivals and take offensive and defensive positions as they act and react to each other's strategic actions.
  31. The BCG (Boston Consulting Group) Matrix classifies the products made by a company as question marks, stars, cash cows or dogs based on their market share and the size of the market.
  32. The question "How should we compete against a particular firm?" is addressed by Firm-level strategy.
  33. Budgeting is defined as qualitative planning because managers must decide where to allocate available money to reach their business goals.
  34. Groupthink occurs when every member of a group discusses their own ideas and comes to a mutual compromise on a solution to a problem.
  35. The threat of substitute products or services is a measure of the degree to which barriers to entry make it easy or difficult for new companies to get started in an entry.
  36. Industry level strategy addresses the question, "How should we compete in this industry?"

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