Business Management Exam Review

Front 1

SWOT Analysis

Back 1

Strengths, Weaknesses, Opportunities, Threats

Front 2

Strengths

Back 2

Strengths: characteristics of the business or project that give it an advantage over others

Front 3

Weaknesses

Back 3

Weaknesses: characteristics of the business that place the business or project at a disadvantage relative to others

Front 4

Opportunities

Back 4

Opportunities: elements in the environment that the business or project could exploit to its advantage

Front 5

Threats

Back 5

Threats: elements in the environment that could cause trouble for the business or project

Front 6

Blake and Mouton Grid

Front 7

Relativism vs. Universalism

Back 7

Cultural Universalism refers to the notion that human rights are universal and should apply to every human being.

Cultural Relativists object, and argue that human rights are culturally dependent, and that no moral principles can be made to apply to all cultures.

Front 8

Different Leadership Styles

Back 8

Participative, Authoritarian, Laissez-Faire, Transformational, Servant

Front 9

Participative

Back 9

Also known as democratic leadership, the participative leadership style focuses on culling opinions from all employees in order to make a decision that reflects the majority’s opinion and desires.

Front 10

Authoritarian

Back 10

Authoritative leaders inform employees of a common vision and goal for the company and detail employee responsibilities designed to make reaching that goal a reality.

Front 11

Laissez-Faire

Back 11

In French, the term laissez-faire means "let it be," which best describes this leadership style. Such a method involves leaders delegating decision-making and tasks.

Front 12

Transformational

Back 12

The transformational leadership style focuses on the leader that actively communicates with employees to motivate them to increase productivity and efficiency. The leader focuses on the big picture for the company, such as corporate goals—leaving the day-to-day details to management.

Front 13

Servant

Back 13

As the name implies, servant leaders tend to stay out of the limelight, often leading from behind and allowing the focus to be on the employees. Such leaders make service a top priority and often highly value integrity and generosity. Decision-making tends to be a group effort in such environments.

Front 14

Different Types of Power

Back 14

Coercive, Reward, Legitimate, Expert, Referent

Front 15

2 Main Types of Power

Back 15

Formal Power, Personal Power

Front 16

Formal Power - Coercive

Back 16

Coercive power is conveyed through fear of losing one’s job, being demoted, receiving a poor performance review, having prime projects taken away, etc. This power is gotten through threatening others. For example, the VP of Sales who threatens sales folks to meet their goals or get replaced.

Front 17

Formal Power - Reward

Back 17

Reward power is conveyed through rewarding individuals for compliance with one’s wishes. This may be done through giving bonuses, raises, a promotion, extra time off from work, etc. For example, the supervisor who provides employees comp time when they meet an objective she sets for a project.

Front 18

Formal Power - Legitimate

Back 18

Legitimate power comes from having a position of power in an organization, such as being the boss or a key member of a leadership team. This power comes when employees in the organization recognize the authority of the individual. For example, the CEO who determines the overall direction of the company and the resource needs of the company.

Front 19

Personal Power - Expert

Back 19

Expert power comes from one’s experiences, skills or knowledge. As we gain experience in particular areas, and become thought leaders in those areas, we begin to gather expert power that can be utilized to get others to help us meet our goals. For example, the Project Manager who is an expert at solving particularly challenging problems to ensure a project stays on track.

Front 20

Personal Power - Referent

Back 20

Referent power comes from being trusted and respected. We can gain referent power when others trust what we do and respect us for how we handle situations. For example, the Human Resource Associate who is known for ensuring employees are treated fairly and coming to the rescue of those who are not.

Front 21

Think globally, act locally

Back 21

"Think globally, act locally" urges people to consider the health of the entire planet and to take action in their own communities and cities. Long before governments began enforcing environmental laws, individuals were coming together to protect habitats and the organisms that live within them.

Front 22

sustainable and non sustainable competitive advantages

Back 22

Sustainable competitive advantages are company assets, attributes, or abilities that are difficult to duplicate or exceed; and provide a superior or favorable long term position over competitors.