Business Management
Study Guide Questions
Course Introduction
Business Management is a comprehensive course designed to introduce students to the foundational principles and practices involved in managing organizations and leading teams. The course covers key topics such as organizational structure, strategic planning, leadership, decision-making, human resource management, and effective communication. Students will explore real-world business scenarios, develop problem-solving skills, and analyze case studies to understand how managers operate in dynamic and competitive environments. By the end of the course, students will gain practical insights and tools necessary to manage people and resources efficiently, helping them to succeed in a variety of business settings.
Recommended Textbook Management An Integrated Approach 2nd Edition by Ranjay Gulati
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Chapter 1: Introduction to Management
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Sample Questions
Q1) A stakeholder is any group or individual who can affect or is affected by the achievement of an organization's purpose.
A)True
B)False
Answer: True
Q2) Fine Electronics, a manufacturing company, plans to secure new suppliers in Rhodia. Therefore, the manager of the company and its executives visit Rhodia to better understand its culture and explore opportunities. This shows that the manager of Fine Electronics is using _____ to make strategic changes.
A) technical skills
B) contingency approach
C) contextual intelligence
D) scientific management
Answer: C
Q3) The human relations movement emphasized the importance of informal social relations at work.
A)True
B)False
Answer: True
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Chapter 2: The Global Business Environment
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Sample Questions
Q1) Successful business leaders not only respond to changes in the global business environment but also try to influence it.
A)True
B)False
Answer: True
Q2) Define task environment and its dimensions.
Answer: The task environment includes entities that directly affect a firm on a continuous basis, including competitors, suppliers, and customers. A competitor of a firm is any organization that creates goods or services targeted at a similar group of customers. A supplier provides resources or services for a firm to help in its creation of products and services. The customers of a firm are the people or other organizations that buy the firm's products and services.
Q3) The sociocultural dimension of a firm's environment includes interest rates of all the countries where it sells its products and services.
A)True
B)False
Answer: False
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Chapter 3: Ethics and Corporate Social Responsibility
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Q1) Explain the ethical guidelines a manager should follow while making a decision. Answer: A manager must consider his/her own personal biases when making a decision. A manager must not engage in conflicts of interest when making a decision. A manager must not expose trade secrets because this could cause harm to the firm and result in an unethical situation. Also, a manager must respect privacy concerns. Regarding the external environment, a manager must be concerned with how decisions affect air and water quality, resource depletion, and consumer rights and protections.
Q2) The fact that companies exposed millions of Americans to asbestos while operating within the law provides support for
A) the need for ethics in business.
B) the need for ethics in private life.
C) tax penalties on companies that do not practice CSR.
D) the need for more public relations campaigns.
Answer: B
Q3) In business, members of a partnership are fiduciaries to one another.
A)True
B)False
Answer: True
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Chapter 4: Introduction to Strategy
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Sample Questions
Q1) In B&T Company, all product development occurs within the United States, but the company has manufacturing and distribution facilities in several countries. B&T has a(n)
A) multinational strategy.
B) global strategy.
C) international strategy.
D) transnational strategy.
Q2) Corporate-level strategy entails "how a company will compete in a given business and position itself among its competitors."
A)True
B)False
Q3) Z-coffiz charges much higher prices for a cup of coffee than its competitors. Z-coffiz is able to do this because it positions itself to be selling an experience, rather than merely a cup of coffee. Which aspect of a firm's strategy does this describe?
A) External fit
B) Internal fit
C) Differentiation
D) Implementable
Q4) Outline the features of exporting.
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Chapter 5: Business-Level Strategy
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Q1) A buyer industry will tend to have less power relative to the supplier industry when the buyer purchases in very large volumes.
A)True
B)False
Q2) Which of the following is the best example of a barrier to entry created by a firm's incumbency advantages?
A) A company with superior technology when compared to its competitors
B) A company that engages in extensive advertising to gain consumer loyalty
C) A company that is marked by overcrowded distribution channels
D) A company that manufactures its products in high volumes
Q3) Outline the features of SWOT analysis.
Q4) Rivalry among existing competitors is higher when
A) fixed costs are low and marginal costs are high.
B) exit barriers are low.
C) industry growth is slow.
D) the product is not perishable.
Q5) Briefly describe the 5-Forces Model.
Q6) Define value chain analysis. Discuss the two types of activities in a firm's value chain.
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Chapter 6: Corporate-Level Strategy
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Q1) Why do managers pursue diversification strategies?
Q2) _____ is created when a firm generates sustainable cost savings by combining duplicate activities or deploying underutilized assets across multiple businesses.
A) Value
B) Strategy
C) Synergy
D) Market power
Q3) Footflyer Publishing is considering procuring editorial services from outside sources. Which of the following should NOT weigh in Footflyer's decision?
A) The administrative costs of keeping this function in-house
B) The transaction costs of procuring the outside services
C) The economies of scope achieved through vertical integration with another publisher
D) Possible damage to the firm's core competencies
Q4) In vertical integration, forward integration occurs when a firm
A) attempts to achieve economies of scope.
B) controls the customers for its main products.
C) owns or controls the inputs it uses.
D) generates sustainable cost savings.
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Chapter 7: Organizational Design
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Sample Questions
Q1) Star Hydraulics is organized into self-supervising teams that are responsible for a set of tasks. In the teams, each member is cross-trained to be able to perform multiple tasks, and individual goals and values completely overlap with the organization's values. Workers collaborate on projects and must negotiate proper team behavior, using the organization's mission and values as a guide. Star Hydraulics has adopted a _____ approach to organizational control.
A) clan
B) bureaucratic
C) mutually adaptive
D) totalitarian
Q2) Outline the five customer-centric activities of an organization.
Q3) The Tidwell Company has a production department, a marketing department, a sales department, and an accounting department. The sales department is headed by the VP of sales and manages the department in a hierarchical manner. Employees are evaluated on achieving departmental goals. The Tidwell Company has a _____ structure.
A) functional
B) matrix
C) divisional
D) network
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Chapter 8: Organizational Culture
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Q1) Which of the following aspects of a leader's role in relation to culture is deemed critically important to an organization's success?
A) Acquire more companies and adopt all elements of the acquired company's weak culture.
B) Reward employees and managers with pay based on commitment and continue raising the bar.
C) Empower employees to make independent decisions and to find ways to improve operations.
D) Inspire managers and employees to work as they wish in an attempt to reduce their job-related stress.
Q2) The embedded nature of culture often makes change very difficult even in the face of strong competitive pressures.
A)True
B)False
Q3) It is the culture of the organizational structure that drives performance.
A)True
B)False
Q4) Discuss the role of founders in influencing a firm's culture.
Q5) Identify the different levels of a firm's culture and their specific attributes.
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Chapter 9: Managing Human Capital
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Sample Questions
Q1) Which of the following statements is an advantage of external recruitment?
A) External candidates often make a quicker impact in the new role.
B) Companies know better about the skills of external candidates.
C) Employers can find new talent through external recruiting.
D) External candidates tend to perform better than internal candidates.
Q2) What are the guidelines managers should follow when downsizing?
Q3) Humanix, Inc.allows its employees to make their own choices from a wide array of benefit options. Humanix has a
A) profit-sharing plan.
B) cafeteria plan.
C) flexible work option.
D) gain-sharing plan.
Q4) Majestic Company is expanding benefits, adding training and development programs, and recruiting specialists. Majestic is most likely in the A) initiation stage of growth.
B) functional growth stage.
C) controlled growth stage.
D) functional integration stage of growth.
Q5) What is management by objectives? Identify its components.
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Chapter 10: Performance Management
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Q1) Which of the following statements about the balanced scorecard is true?
A) It helps managers create a set of quantitative and qualitative measurements that are related and mutually reinforcing.
B) It does not enable managers to make any qualitative measurements.
C) A company with many business units needs only a single balanced scorecard.
D) Company mission plays an instrumental role in the balanced scorecard.
Q2) Organizations that emphasize performance metrics with a focus on support and trust will tend to produce _____ contexts.
A) country club
B) high performance
C) low performance
D) burnout
Q3) Which of the following is the ultimate goal of Total Quality Management?
A) Producing sustainable revenue
B) Setting strategic priorities
C) Fulfilling customer needs
D) Improving employee performance
Q4) Describe the two primary areas in which leaders take corrective action.
Q5) Discuss TQM, Six Sigma, and ISO 9000.
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Chapter 11: Organizational Change
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Sample Questions
Q1) Which of the following is a characteristic of successful change leaders?
A) Firmly continuing with existing power bases and norms
B) Personal initiative to move within boundaries
C) Sense of humor about themselves and the situation
D) Ability to keep the reasons for change strictly confidential
Q2) Innovative products having attributes that appear to satisfy only a small subset of the market and often do not initially appear to be very compelling or valuable are referred to as
A) sustainable technologies.
B) core competencies.
C) disruptive technologies.
D) value propositions.
Q3) Which of the following statements about globalization is true?
A) Customization becomes easy as global competitors seek production efficiencies.
B) Globalization has led to rivals coming from afar into home markets.
C) It is not necessary for firms to customize their products to expand globally.
D) Globalization hasn't changed the dynamics of the workforce.
Q4) Briefly describe the change process.
Q5) Discuss the factors causing resistance to organizational change.
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Chapter 12: Leadership in Organizations
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Sample Questions
Q1) Discuss the darker side of charismatic leadership.
Q2) Leadership substitutes refer to
A) aspects of a situation that make leadership unnecessary.
B) aspects that influence the external environment affecting leadership.
C) aspects that overlook a crucial component of the leadership construct.
D) aspects that hinder a leader's ability to act a particular way.
Q3) Mona has an employee who is very skilled yet lacks the motivation to function at his best. Based on Hersey and Blanchard's situational theory, Mona should A) be directive.
B) act as a guide.
C) focus on delegation.
D) offer support.
Q4) Which of the following aspects of a situation hinder a leader's ability to act in a particular way?
A) Assumptions
B) Neutralizers
C) Competitors
D) Substitutes
Q5) Define Fiedler's contingency model and situational leadership.
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Chapter 13: Becoming a Leader: Knowing Yourself
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Q1) Emotionally intelligent leaders talk more than they listen.
A)True
B)False
Q2) When an individual's ability to self-monitor differs from that of others, his or her workplace behavior may also differ, affecting workplace relationships.
A)True
B)False
Q3) _____ is defined as the ability to combine or link ideas in new ways to generate novel and useful alternatives.
A) Contextual intelligence
B) Analytical thinking
C) Lateral thinking
D) Emotional intelligence
Q4) According to Peter Drucker, which of the following questions should individuals address to better understand themselves?
A) What are my strengths?
B) How do others perform?
C) Who are my role models?
D) Am I emotionally intelligent?
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Chapter 14: Power and Influence
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Q1) A core network includes
A) people who provide career guidance and help in obtaining visible assignments.
B) the exchange of specific job-related resources such as information and expertise.
C) people who share a common background or interest.
D) relationships that are characterized by close bonds and reciprocity.
Q2) Which of the following individuals best represents a person with referent power?
A) John, the finance head, is the deciding authority on various organizational activities.
B) Harry, a marketing manager, often punishes his subordinates when they fail to follow the organization's rules and regulations.
C) Vinita, an executive, has a great personality, and everyone in the organization respects and admires her for her intelligence.
D) Susan, a team lead, motivates her team members by giving them incentives and promotions for improved performance.
Q3) Positional power is often more influential and effective than personal power.
A)True
B)False
Q4) List four of the factors that are required for sustaining power.
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Chapter 15: Decision Making
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Q1) Peter is a senior manager in an organization that is currently laying off its employees. It is Peter's responsibility to convey this message to the laid-off employees. Harry is one among them with whom Peter had a conflict a year ago. Therefore, in an attempt to avoid any such conflicts again, Peter requested a human resources representative to convey the message instead. In this case, Peter used the _____ heuristic.
A) intuitive
B) availability
C) representativeness
D) adjustment
Q2) Confirmation bias means that people tend to seek information that disconfirms a decision before seeking information that confirms a decision.
A)True
B)False
Q3) The act of choosing a solution that is good enough is called A) framing.
B) reasoning.
C) satisficing.
D) discounting.
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Chapter 16: Conflict and Negotiation
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Q1) Dean is dealing with an issue that must be resolved quickly or yearly goals will not be met. His team is disagreeable and uncooperative regarding the matter. Dean's appropriate response is one of A) avoidance.
B) accommodating.
C) compromising.
D) forcing.
Q2) Which of the following statements best describes negotiation?
A) A cognitive response that occurs when interests and behaviors of one individual explicitly differs from that of another individual
B) An increase in conflict that occurs when one person's negative behaviors encourage or foster another person's negative behaviors
C) A situation that is characterized by uncertainty and risk and where the optimal decision is not clear or obvious
D) A process by which two parties attempt to reach agreement on an issue by offering and reviewing various courses of action
Q3) How are disagreements resolved?
Q4) Discuss negotiating in egalitarian and heirarchical cultures.
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Chapter 17: Leading Teams
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Q1) The boundary manager determines
A) whether the team's leader has the ability to effectively manage the team.
B) the size and composition of a team to make sure it efficiently reaches its goals.
C) the roles and task responsibilities of each team member during the forming stage.
D) how a team works with others who have an interest in the team's performance.
Q2) Which of the following statements about team size is true?
A) The optimal size of a team ranges from 20-30.
B) It is generally better to have too many than too few members.
C) As the size of a team increases beyond 20 members, the tendency to collaborate increases.
D) Team size should reflect the nature of the task.
Q3) Describe manager-led teams.
Q4) Which of the following is one of the main components of a team process?
A) Dominating discussions
B) Constructive conflict
C) Increased conformity
D) Blocking behaviors
Q5) What defines a team, and under what conditions is the use of teams appropriate?
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Chapter 18: Motivation
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Q1) Describe the features of reinforcement theory.
Q2) In contrast to intrinsic motivation, extrinsic motivation is derived from aspects of "doing the job."
A)True
B)False
Q3) Discuss the process theories of motivation.
Q4) Maria and Jose have worked together in the same office in the same position for quite some time. They have similar educational backgrounds and have been in the job for about the same period of time. Maria works extremely hard and often notices that Jose is taking long breaks and not putting in the same effort as she is. Thus, when she learns that Jose is paid $8,000 more than what she earns, she gets very upset and decides to reduce her effort and take long breaks as well. Which of the following theories explains this behavior?
A) Expectancy theory
B) Equity theory
C) ERG theory
D) Goal-setting theory
Q5) Identify the characteristics of managers who conform to Douglas McGregor's Theory
Y.
Q6) Outline the content theories of motivation.
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Chapter 19: Communication
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Q1) To bridge linguistic and communication differences, individuals should be careful about telling jokes that may be culturally sensitive.
A)True
B)False
Q2) Which of the following individuals is the best example of a passive listener?
A) During presentations, James consciously tries to focus on what the speaker is saying.
B) Erick tends to respond to speakers vocally when they say things with which he agrees.
C) Maria usually avoids making any verbal or nonverbal responses when someone else is talking.
D) Sheila often reacts to the speaker by showing concern and attempts to share feelings and offer counseling.
Q3) Of the three elements of communication, ethos refers to the
A) demonstrator's passion to argue.
B) rationale for action.
C) facts that need to be conveyed.
D) credibility of the speaker.
Q4) Define communication style. Identify its dimensions.
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Chapter 20: Networking
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Q1) Define centrality and its conceptions.
Q2) Lu, who is part of the production department, has key connections with members of the R&D, marketing, art, technical support, distribution, and human resources departments. From this information, we can infer that Lu is a A) redundant contact.
B) boundary spanner.
C) peripheral specialist.
D) structural hole.
Q3) Dolly has arranged for a get-together at her house to which she has invited all of her friends. Most of her friends will be meeting the others in the group for the first time. Moreover, they are from diverse backgrounds with differing interests and experiences. Though all are not known to each other, all are known to Dolly. From this description of Dolly, it can be inferred that Dolly is
A) good at forging better connections.
B) focusing only on closed networks.
C) lacking weak ties in relationships.
D) more exposed to redundant contacts.
Q4) What are networking clubs? What are their purpose and how do they differ?
Q5) Briefly describe the strength of ties.
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