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business
fundamentals of management

Questions and Answers of Fundamentals Of Management

1 define the components of strategic management and discuss the three levels of strategy that help focus strategic thinking for managers
3 What did you learn about some of the real benefits and limitations of planning by watching this video?
2 Choose four of the following six categories: strategic goal, strategic plan, tactical goal, tactical plan, operational goal, and operational plan. Then, in the video, find one example to represent
1 Based on how this business owner describes her business, write a one- or two-sentence organisational mission statement for Mi Ola Swimwear.
3 Do you think that building a coalition and working out stakeholder differences in goal preferences is an important part of a manager’s job? Why?
2 How would you resolve the underlying conflicts among key stakeholders about museum direction and goals? What actions would you take?
1 What goal or mission for the Central City Museum do you personally prefer? As director, would you try to implement your preferred direction? Explain.
3 Don’t make the donation, but investigate whether any other ways are available to help Central High raise the funds that would allow them to purchase the much-needed educational software.
2 Accept the fact that you didn’t quite make your sales goal for the year. Figure out a way to work smarter next year to increase your odds of achieving your target.
1 Donate the $1000 to Central High, and consider the $10 000 bonus a good return on your investment.
12 Come up with a stretch goal for some aspect of your own life. How do you determine whether it makes sense to pursue a stretch goal?
11 Goals that are overly ambitious can discourage employees and decrease motivation, yet the idea of stretch goals is proposed as a way to get people fired up and motivated. As a manager, how might
10 Near misses are seen as a critical piece of intelligence gathering for organisations preparing for and trying to avoid crisis events.Think of a near miss you might have experienced in your
9 Some people say an organisation could never be ‘prepared’ for a disaster such as the Japan nuclear disaster, or the huge BP oil spill in the Gulf of Mexico. Discuss the potential value of
8 Assume that Southern University decides to do two things: (1) raise its admission standards, and (2) initiate a business fair to which local townspeople will be invited. What types of plans might
7 Scenario planning requires organisations to think ahead to what the future might bring. Does this mean that the past should be ignored or downplayed in setting clear goals and plans for the
6 How do you think planning in today’s organisations compares to planning 25 years ago? Do you think planning becomes more important or less important in a world where everything is changing
5 A new business venture must develop a comprehensive business plan to borrow money to get started. Companies such as FedEx and Nike say they did not follow the original plan closely. Does that mean
4 The MBO technique has been criticised for putting too much emphasis on achieving goals (ends) and not enough on the methods that people use to achieve them (means). Do you think this is a flaw in
3 One of the benefits of a strategy map is that goals and how they are linked can be communicated clearly to everyone in the organisation. Does a minimum-wage maintenance worker in a hospital really
2 What plans have you made for your future beyond university study? How do your plans fit with your personal life goals? How do your personal strengths and weaknesses impact on your ability to meet
1 Write a brief mission statement for a local business with which you are familiar. How might having a clear, written mission statement benefit a small organisation?
10 How should Mr Argus and Mr Kloppers (and their successors Chairman Jacques Nasser and CEO Andrew Mackenzie)go about planning and executing further profitable growth initiatives? Should they stick
9 identify innovative planning approaches that managers use in a fast-changing environment.
8 describe and explain the importance of contingency planning, scenario building and crisis planning for today’s managers
7 discuss the benefits and limitations of planning
6 explain the difference between single-use plans and standing plans
5 describe the four essential steps in the process of management by objectives (MBO)
4 define the characteristics of effective goals
3 describe the types of goals an organisation should have and why they resemble a hierarchy
2 explain the concept of organisational mission and the way it influences goal setting and planning
1 define goals and plans, and explain the relationship between them
3 What does the term fair trade mean to the leaders at Theo? What happens if fair trade goals conflict with a company’s primary responsibility to be profitable?
2 What does vice president Debra Music mean when she says that Theo is a ‘triple bottom line’ company? How is this different from any other company?
1 What practices at Theo Chocolate reflect the concept of sustainability?
3 How might Cody Rudisell’s decision differ if he based it on the utilitarian approach vs individualism approach vs practical approach to ethical decision making? Which approach does he appear to
2 What should Ali Sloan do? What would you do if you were in her place? Explain.
1 How has Ken Bodine shaped the sales culture at InPace Solutions? Do you consider this culture to be at a preconventional, conventional or postconventional level of ethical development? Why?
2 Which approach to ethical decision making – utilitarian, individualism, justice or moral rights – seems most appropriate for handling these situations?
1 Use the guidelines described in Management in practice, ‘guidelines for ethical decision making’ to determine the appropriate behaviour in these cases. Do you have all the information you need
6 In this morning’s mail, you received plans and samples for a promising new product from a competitor’s disgruntled employee. You:a throw the plans away b send the samples to your research
5 During a changeover in the accounting department, you discover your company has been routinely overcharging members of the public for services provided to them. Your superiors say repayment of
4 Your firm recently hired a new manager who is at the same level you are. You do not like the man personally and consider him a rival professionally. You run into a friend who knows your rival well.
3 One of your colleagues has recently experienced two personal tragedies – her husband filed for divorce and her mother died.Although you feel genuine sympathy for her, her work is suffering.A
2 During a reorganisation, you are told to reduce staff in the department you manage. After analysing staffing requirements, you realise the job would be a lot easier if two professionals, who are
1 A well-liked member of your staff with an excellent record confides to you that he has acquired immune deficiency syndrome (AIDS).Although his illness has not affected his performance, you are
11 This chapter described studies that show that people work harder and better for managers who put the interests of others above their own. Why might this happen? Do you believe being more of a
10 Many people think cheating is more common today than it was a decade ago. Do you think cheating is more common, or does it just seem so? Why?
9 The technique of stakeholder mapping lets managers classify which stakeholders they consider more important and will invest more time in to satisfy. Is it appropriate for management to define some
8 Which do you think would be more effective for shaping longterm ethical behaviour in an organisation, a written code of ethics combined with ethics training or strong ethical leadership? Which
7 Do you believe that it is ethical for organisational managers to try to get access to and scrutinise the Facebook pages of employees or job applicants? Discuss.
6 A noted business executive once said, ‘A company’s first obligation is to be profitable. Unprofitable enterprises can’t afford to be socially responsible’. Discuss why you agree or disagree
5 Managers at some banks and mortgage companies have argued that providing subprime mortgages was based on their desire to give poor people a chance to participate in the dream of home ownership.
4 Is it socially responsible for organisations to undertake political activity or join with others in a trade association to influence the government? Discuss.
3 Imagine yourself in a situation of being encouraged by colleagues to inflate your expense account. What factors do you think would influence your decision?
2 In September 2013, Tokyo Electric Power Company (Tepco)reported highly contaminated water leaking from a storage tank at the Fukushima nuclear power plant crippled in the March 2011 earthquake and
1 Is it reasonable to expect that managers can measure their social and environmental performance on the same level as they measure financial performance with a triple bottom line? Discuss.
10 My coworkers would say that my behaviour is very consistent with my values.
9 I insist on doing what is fair and ethical even when it is not easy.
8 I hold others accountable for using ethical practices in their work.
7 When someone asks me to keep a confidence, I always do so completely.
6 I am completely honest and can be trusted to tell the truth.
5 I have a reputation among my friends and co-workers for keeping my word.
4 When making a difficult decision, I take time to assess my principles and values.
3 I am able to quickly ‘forgive and forget’ when someone has made a serious mistake that affected me.
2 I quickly acknowledge my mistakes and take responsibility for them.
1 I can clearly state the principles and values that guide my actions.
10 When and how does a company manage the tradeoffs and conflicts between the requirements and desires of its different stakeholder groups, which are often pulling it in different and sometimes
9 explain particular issues of ethical behaviour and sustainable development applicable in Australia.
8 describe what is meant by ‘the triple bottom line’. Discuss how ethical organisations are created through ethical leadership and organisational structures and systems
7 explain the philosophy of sustainability and why organisations are embracing it
6 identify important stakeholders for an organisation and discuss how managers balance the interests of various stakeholders
5 define corporate social responsibility and how to evaluate it along economic, legal, ethical and discretionary criteria
4 describe the factors that shape a manager’s ethical decision making, including levels of moral development
3 explain the utilitarian, individualism, moral rights, justice and practical approaches for making ethical decisions
2 discuss why ethics is important for managers and identify recent events that call for a renewed commitment to ethical management
1 define ethics and explain how ethical behaviour relates to behaviour governed by law and free choice
3 Describe at least two environmental factors that affect this business, and summarise how the managers are responding to these factors.
2 Referencing the common traits of an MNC as described in the text, explain why you think Black Diamond is or is not a multinational corporation.
1 What evidence do you see of a global mind-set in these managers?List at least three examples of global thinking provided in the video.
3 If you were Ray Betzell, what other options to the 50–50 joint venture would you consider for manufacturing textiles in China?Make the argument that one of these options is more likely to meet
2 How would you define Shui’s core problem? Are sociocultural differences the main underlying cause of this problem? Why or why not? How would you handle the conflict with your boss back in
1 How would you characterise the main economic, legal–political and sociocultural differences influencing the relationship between the partners in Shui Fabrics? What GLOBE Project dimensions would
7 How can you best plan, organise, lead and control your overseas expansion?
6 What are the key risks of overseas expansion and how will you manage them?
5 Will economic and business conditions, cultures, costs, wages and prices be the same overseas?
4 Should you expect that the product will need no adaptation or some changes for foreign markets?
3 What staffing capability will be required to expand outside Australia?
2 Should your firm go it alone or seek to partner with firms in those countries, or acquire businesses there as a platform?
3 Inform the customer of the problem, and let the customer make the decision.
2 Gamble on the first runs, and hope the products do not fail.
1 Ask the customer for an extension of the deadline, and bring the products up to standard.
12 Why do you think many people are so frightened by globalisation?Based on what is occurring in the world today, do you expect the globalisation backlash to grow stronger or weaker over the next
11 Do you expect the trends of moving manufacturing operations to China will continue unabated? Will there be any factories left in New Zealand or Australia in the year 2030?
10 How do you think trade alliances such as the EU and ASEAN may affect you as a future manager?
9 What is meant by the cultural values of individualism and masculinity or femininity? How might these values affect organisation design and management processes?
8 Do you think it’s possible for someone to develop a global mindset if they never live outside their native country? How might they do that?
7 What does it mean to say that the world is becoming ‘borderless’ or that large organisations are ‘stateless’?
6 Should a multinational company operate as an integrated, worldwide business system or would it be more effective to let each subsidiary operate autonomously?
5 Compare the advantages associated with the foreign-market entry strategies of exporting, licensing and establishing wholly owned subsidiaries.

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