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business
exploring management
Exploring Management 3rd Edition John R. Schermerhorn - Solutions
2. is a personality characteristic common among entrepreneurs.(a) External locus of control(b) Infl exibility(c) Self-confi dence(d) Low self-reliance
3. When a new business is quick to capture a market niche before competitors, this is .(a) intrapreneurship(b) an initial public off ering(c) succession planning(d) fi rst-mover advantage
5. A small business owner who wants to pass the business to other family members after retirement or death should prepare a plan.(a) retirement (b) succession(c) partnership (d) liquidation
8. A venture capitalist that receives an ownership share in return for investing in a new business is providing fi nancing.(a) debt (b) equity(c) limited (d) corporate
9. In fi nancing, the business owner borrows money as a loan that must be repaid.(a) debt (b) equity(c) partnership (d) limited
11. Th e fi rst element in a good business plan is.(a) an industry analysis(b) a marketing strategy(c) an executive summary(d) a set of performance milestones
16. What is the relationship between diversity and entrepreneurship?
17. What major challenges are faced at each life cycle stage of an entrepreneurial fi rm?
18. What are the advantages of a limited partnership form of ownership?
19. What is the diff erence, if any, between a venture capitalist and an angel investor?
At face value, In-N-Out Burger seems like a modest enterprise—only four food items on the menu, little to no advertising. For more than sixty years, In-NOut has focused on providing customers the basics—fresh, well-cooked food served quickly in a sparkling clean environment—and has made
• Managers support and facilitate the work eff orts of other people in organizations.
• Top managers scan the environment and pursue long-term goals; middle managers coordinate activities among large departments or divisions; firstline managers, like team leaders, supervise and support nonmanagerial workers.
• Everyone in organizations is accountable to a higher-level manager for his or her performance accomplishments; at the highest level, top managers are held accountable by boards of directors or boards of trustees.
• Eff ective managers help others achieve both high performance and high levels of job satisfaction.
• New directions in managerial work emphasize “coaching” and “supporting,” rather than “directing” and “order giving.”
• In the upside-down pyramid view of organizations, the role of managers is to support nonmanagerial workers who serve the needs of customers at the top.
• Th e daily work of managers is often intense and stressful, involving long hours and continuous performance pressures.
• In the management process, planning sets the direction, organizing assembles the human and material resources, leading provides the enthusiasm and direction, and controlling ensures results.
• Managers perform interpersonal, informational, and decision-making roles while pursuing high-priority agendas and engaging in successful networking.
• Managers rely on a combination of technical skills (ability to use special expertise), human skills (ability to work well with others), and conceptual skills (ability to analyze and solve complex problems).
• Everyday experience is an important source of continuous lifelong learning for managers.
• Globalization has brought increased use of global outsourcing by businesses and concern for the adverse eff ects of job migration.
• Society increasingly expects organizations and their members to perform with high ethical standards and in socially responsible ways.
• Organizations operate with diverse workforces, and each member should be respected for her or his talents and capabilities.
• Work in the new economy is increasingly knowledge-based, relying on people with valuable intellectual capital to drive high performance.
• Careers in the new economy are becoming more fl exible, requiring personal initiative to build and maintain skill portfolios that are always up-to-date and valued by employers.
• Taylor’s principles of scientifi c management focused on the need to carefully select, train, support, and reward workers in their jobs.
• Weber considered bureaucracy, with its clear hierarchy, formal rules, well-defi ned jobs, and competency-based staffi ng, to be a form of organization that is effi cient and fair.
• Fayol suggested that managers learn and fulfi ll duties we now call the management functions of planning, organizing, leading, and controlling.
• Follett’s ideas on groups, human cooperation, and organizations that served social purposes foreshadowed current management themes.
• Th e Hawthorne studies suggested that social and psychological forces infl uence work behavior and that good human relations may lead to improved work performance.
• Maslow’s hierarchy of human needs suggested the importance of self-actualization and the potential for people to satisfy important needs through their work.
• McGregor criticized negative Th eory X assumptions about human nature and advocated positive Th eory Y assumptions that view people as independent, responsible, and capable of self-direction in their work.
• Argyris pointed out that people in the workplace are mature adults who may react negatively when management practices treat them as if they were immature.
• Advanced quantitative techniques in decision sciences and operations management help managers solve complex problems.
• Th e systems view depicts organizations as complex networks of subsystems that must interact and cooperate with one another if the organization as a whole is to accomplish its goals.
• Contingency thinking avoids “one best way” arguments, recognizing instead that managers need to understand situational diff erences and respond appropriately to them.
• Quality management focuses on making continuous improvements in processes and systems.
• Evidence-based management uses fi ndings from rigorous scientifi c research to identify management practices for high performance.
• Ethical behavior is that which is accepted as “good” or “right” as opposed to“bad” or “wrong.”
• Th e utilitarian, individualism, moral rights, and justice views off er diff erent approaches to moral reasoning; each takes a diff erent perspective of when and how a behavior becomes ethical.
• Cultural relativism argues that no culture is ethically superior to any other;moral absolutism believes there are clear rights and wrongs that apply universally, no matter where in the world one might be.
• An ethical dilemma occurs when one must decide whether to pursue a course of action that, although off ering the potential for personal or organizational gain, may be unethical.
• Ethical dilemmas faced by managers often involve confl icts with superiors, customers, and subordinates over requests that involve some form of dishonesty.
• Common rationalizations for unethical behavior include believing the behavior is not illegal, is in everyone’s best interests, will never be noticed, or will be supported by the organization.
• Ethical behavior is infl uenced by an individual’s character and represented by core values and beliefs.
• Kohlberg describes three levels of moral development—preconventional, conventional, and postconventional—with each of us moving step-by-step through the levels as we grow ethically over time.
• Ethics training can help people better understand how to make decisions when dealing with ethical dilemmas at work.
• Whistleblowers who expose the unethical acts of others have incomplete protection from the law and can face organizational penalties.
• All managers are responsible for acting as ethical role models for others.
• Immoral managers choose to behave unethically; amoral managers fail to consider ethics; moral managers make ethics a personal goal.
• Formal codes of conduct spell out the basic ethical expectations of employers regarding the behavior of employees and other contractors.
• Corporate social responsibility is an obligation of the organization to act in ways that serve both its own interests and the interests of its stakeholders.
• In assessing organizational performance today, the concept of the triple bottom line evaluates how well organizations are doing on economic, social, and environmental performance criteria.
• Criteria for evaluating corporate social performance include how well it meets economic, legal, ethical, and discretionary responsibilities.
• Th e argument against corporate social responsibility says that businesses should focus on making profi ts; the argument for corporate social responsibility says that businesses should use their resources to serve broader social concerns.
• Th e concept of sustainable development refers to making use of environmental resources to support societal needs today while also preserving and protecting the environment for use by future generations.
• Social businesses and social entrepreneurs pursue business models that help to directly address important social problems.
• A problem can occur as a threat or an opportunity; it involves an existing or potential discrepancy between an actual and a desired state of aff airs.
• Managers can deal with structured and routine problems using programmed decisions;novel and unique problems require special solutions developed by nonprogrammed decisions.
• Managers deal with problems in diff erent ways, with some being problem avoiders, others being reactive problem solvers, and still others being proactive problem seekers.
• Managers using systematic thinking approach problems in a rational step-by-step fashion; managers using intuitive thinking approach them in a more fl exible and spontaneous way.
• Managers display diff erent cognitive styles when dealing with information for decision making—sensation thinkers, intuitive thinkers, intuitive feelers, and sensation feelers.
• Th e problems that managers face occur in environments of certainty, risk, and uncertainty.
• Th e steps in the decision-making process are: (1) identify and defi ne the problem;(2) generate and evaluate alternatives; (3) decide on the preferred course of action;(4) implement the decision; (5) evaluate the results; conduct ethics doublecheck in all steps.
• A cost-benefi t analysis compares the expected costs of a decision alternative with its expected results.
• In the classical model, an optimizing decision chooses the absolute best solution from a known set of alternatives.
• In the behavioral model, cognitive limitations lead to satisfi cing decisions that choose the fi rst satisfactory alternative to come to attention.
3. Th e process of building and maintaining good working relationships with others who may someday help a manager implement his or her work agendas is called .(a) governance(b) networking(c) emotional intelligence(d) entrepreneurship
7. When a manager denies promotion to a qualifi ed worker simply because of personally disliking her because she is Hispanic, this is an example of.(a) discrimination(b) workforce diversity(c) self-management(d) a free-agent economy
13. Th e research of Mintzberg and others concludes that most managers .(a) work at a leisurely pace(b) have blocks of private time for planning(c) always live with the pressures of performance responsibility(d) have the advantages of short workweeks
15. Which of the following is a responsibility that is most associated with the work of a CEO, or chief executive offi cer, of a large company?(a) linking the company with the external environment(b) reviewing annual pay raises for all employees(c) monitoring short-term performance by task forces
16. What is the diff erence between prejudice and workplace discrimination?
17. How is the emergence of a free-agent economy changing career and work opportunities?
18. In what ways will the job of a top manager typically diff er from that of a fi rst-line manager?
19. How does planning diff er from controlling in the management process?
It’s just an average day at Trader Joe’s, the gourmet, specialty, and natural-foods store that off ers staples such as milk and eggs along with curious, oneof-a-kind foods at below-average prices in almost thirty states. Foodies, hipsters, and recessionistas alike are attracted to the chain’s
9. In respect to the link between bad management and ethical behavior, research shows that _________.(a) managers who set unrealistic goals can cause unethical behavior(b) most whistleblowers just want more pay(c) only top managers really serve as ethics role models(d) a good code of ethics makes
defi ciencies
11. A proponent of the classical view of corporate social responsibility would most likely agree with which of these statements?(a) Social responsibility improves the public image of business.(b) Th e primary responsibility of business is to maximize profi ts.(c) By acting responsibly, businesses
16. How does distributive justice diff er from procedural justice?
17. What are the three Spotlight Questions that people can use for double- checking the ethics of a decision?
18. If someone commits an unethical act, how can he or she rationalize it to make it seem right?
19. What is the virtuous circle of corporate social responsibility?
20. A small outdoor clothing company in the U.S. has just received an attractive proposal from a business in Tanzania to manufacture the work gloves that it sells. Accepting the off er from the Tanzanian fi rm would allow for substantial cost savings compared to the current supplier. However, the
Snapshot Patagonia has managed to stay both green and profi table at a time when the economy is down, consumers are tight for cash, and “doing the profitable thing” is not necessarily doing the right thing.How has Patagonia achieved its success without compromising their ideals?With recent
5. When a manager puts Kwabena in a customer relations job because he has strong social needs and gives Sherrill lots of daily praise because she has strong ego needs, he is displaying .(a) systems thinking(b) Th eory X(c) contingency thinking(d) administrative principles
10. When a worker has a family, makes car payments, and is active in local organizations, how might Argyris explain her poor work performance?(a) She isn’t treated as an adult at work.(b) Managers are using Th eory Y assumptions.(c) Organizational subsystems are ineffi cient.(d) She doesn’t
11. management assumes people are complex, with widely varying needs.(a) Classical (b) Neoclassical(c) Behavioral (d) Modern
12. Confl ict between the mature adult personality and a rigid organization was a major concern of.(a) Argyris (b) Follett(c) Gantt (d) Fuller
13. Th e highest level in Maslow’s hierarchy is.(a) safety (b) esteem(c) self-actualization (d) physiological
15. When managers make decisions based on solid facts and information, this is known as.(a) continuous improvement(b) evidence-based management(c) Th eory Y(d) Th eory X
16. Give an example of how principles of scientifi c management can apply in organizations today.
17. How do the defi cit and progression principles operate in Maslow’s hierarchy?
18. Compare the Hawthorne eff ect with McGregor’s notion of self-fulfi lling prophecies.
19. Explain by example several ways a manager might use contingency thinking in the management process.
20. Enrique Temoltzin is the new manager of a college bookstore. He wants to do a good job and decides to operate the store on Weber’s concept of bureaucracy. Question: Is bureaucracy the best approach here? What are its potential advantages and disadvantages? How could Enrique use contingency
Snapshot Shoppers in 77 countries are fans of Zara’s knack for bringing the latest styles from sketchbook to clothing rack at lightning speed—and reasonable prices.Low prices and a rapid response to fashion trends give Zara a top ranking among global clothing vendors. Th e chain specializes in
1. A manager who is reactive and works hard to address problems after they occur is described as a _____________.(a) problem seeker(b) problem solver(c) rational thinker(d) strategic opportunist
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