Management Quiz 1

Topics: Management, Strategic management, Goal Pages: 4 (747 words) Published: January 13, 2013
Management Quiz #1
* Innovation know no price
* Management: attaining goals effectively and efficiently through planning, organizing, leading, and controlling. * Effectively: getting it done correctly
* Efficient: getting the job done using the least amount of resources (human labor, time, money). * 4 principles of management
1. Planning- provides direction, reduces impact of change, minimizes waste and redundancy, sets standards to facilitate control 2. Organizing- gathering your resources, determining what needs to be done, who will do what, task grouping, who reports to whom, and decision making. 3. Leading- communication ( BIG “C”), motivation, directing, conflict resolution 4. Controlling- monitoring performance MBWA (manage by walking around), compare planned to actual, and correct significance deviation * 4 primary managerim skills

* conceptual skills
* experience technical skills
* human skills
* political skills
* high performance management: most efficient and most effective. Comparing to #1 and #2 in business. BENCHMARKING * turbulent times: be visible, calm, put people before business, tell the truth, and know when to get back to business.

* Macroenvironment outside, external business world: economic, natural, regulations, government laws, politics, international affairs, technology, socio-cultural. * Microenvironment inside, internal business world: suppliers, customers, competition, new entrants, substitute products (other things that can become competition to you). * Inside a company employees, management, corporate culture * Porter’s 5 Forces Model: **Minimize powers of buyers/suppliers

* Adapting to the Environment
* Look ahead, recognize the change happening
* Death by incumbency lack of acceptance to change
* Management techniques:
* Joint Venture strategic alliance or program by two or...
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