Flashcards: Management Foundations and Strategic Analysis — 29 cards

When does the midterm examination take place?

On 30 November 2026.

How long does the midterm examination last?

1 hour 30 minutes.

What does the course assessment consist of?

A written examination and a participation grade.

What must students do before each class?

Research the topic and prepare a current-affairs item in international entrepreneurship.

Which sources can students use for their current-affairs preparation?

BFM Business, The Economist, or an information news feed.

What is management in organizational context?

Management is the set of techniques and processes to plan, organize, direct, and control resources.

Which resources does management coordinate to achieve objectives?

Human, financial, and material resources.

What are the two key goals of management?

To achieve objectives effectively and efficiently.

What additional goals does contemporary management seek beyond economic performance?

Employee well-being, engagement, and development.

What are Fayol's four management functions?

Planning, organizing, directing, and controlling.

What is the first step in the planning function?

Defining objectives.

What does organizing involve in management?

Distributing tasks, creating teams, allocating resources, and defining reporting lines.

Which activities are included in directing?

Mobilizing, motivating, influencing, and managing a team through communication, leadership, and decision-making.

What does controlling consist of in management?

Measuring performance, comparing results with forecasts, identifying deviations, and implementing corrective actions.

How do the four management functions relate in a cycle?

Control of past actions informs planning of future actions in a continuous cycle.

What does strategic management determine for an organization?

Long-term objectives.

What is a key purpose of strategic management strategies?

To preserve competitiveness in the market.

Name one activity involved in strategic management.

Planning strategy.

What does strategic management examine to support decisions?

Market trends.

What is one objective of strategic management related to competition?

To face competition.

How does strategic management help with risks?

It minimizes risks and errors.

What is one objective of strategic management related to teams?

Federating teams around a common goal.

What competitive goal does strategic management aim to develop?

A competitive advantage.

What is PESTEL analysis?

An external strategic diagnostic tool identifying uncontrollable macro-environmental forces.

Into how many factors does PESTEL divide the external environment?

Six factors.

Which six factors does PESTEL analyze?

Political, economic, sociological, technological, ecological, and legal factors.

What does PESTEL analysis enable an organization to identify?

External opportunities and threats independent of the organization.

How does PESTEL complement SWOT analysis?

By analyzing macro-environmental forces influencing the organization.

What is the Ultima Mobility case study used for?

To apply PESTEL analysis to a selected city or country.