Final (Exam Test (Questions And Answers) Updated) - Principles Of Management

concurrent control {Ans: Corrects problems as they happen Ex: Managers walking around restaurants}Socioeconomic View {Ans: goes beyond making profits to include protecting and improving society's welfare. - Corporations are NOT INDEPENDENT ENTITIES responsible only to stockholders - Firms have a MORAL RESPONSIBILITY to larger SOCIETY. Companies are assessed and measured along environmental, social, and governance dimensions. - "To do the right thing."}Feedback Control {Ans: Corrects problems after they occur ex: Course Evaluations}Classical View {Ans: Advocate: Milton Friedman Management's only social responsibility is to MAXIMIZE PROFITS (create a financial return) by OPERATING the business in the BEST INTERESTS OF THE STOCKHOLDERS (owners of the corporation)}Values {Ans: Describe individual or personal standards of what is valuable or important. Developed at a very young age. Governed by the individual and keep evolving (redefining) with experience and time.}Main difference between Management and Leadership {Ans: Management: Systems, controls, processes, and procedures Leadership: is about people and relationships. Is the skill of influencing people to do work enthusiastically towards goals.}Halo Effect (J&J) {Ans: a term for a consumer's favoritism toward a line of products due to positive experiences with other products by this maker. The halo effect is correlated