Controlling is the monitoring function of the management process and is critical for the success of other management functions. Controlling helps managers to measure the effectiveness of their planning, organizing and leadership activities. If those prior functions are carried out well, generating positive responses to controls can be much easier.

The impact of new entrants depend on several factors such as economies of scale, network effects, customer switching costs, and government policy.

Authority refers to the right of a person to give instructions, make decisions and allocate resources. In an organization, a manager has the formal authority from his or her position that is accepted by subordinates. The authority flows down the hierarchy such that top managers have more authority than those at the bottom. Managers work within their authority in order to be accepted by their subordinates. However, if they give orders beyond their area of authority then they may face resistance. Also if managers are given too little authority then their jobs may be more difficult. 

Managers start the analysis stage by evaluating the existing vision, mission, and values statements of companies.

Resources, capabilities, and core competencies. All assets which the company can use when formulating and implementing strategies are resources. Resources can be tangible or intangible. Tangible resources, such as labor, capital, and land, have physical characteristics and are visible. Intangible resources, such as brand equity, reputation, and intellectual property (e.g. patents, copyrights, and trade secrets), have no physical characteristics and are invisible. Competitive advantage tends to be developed from intangible rather than tangible resources. Tangible resources can be bought on the open market easily by anyone who has the necessary cash. However, it is very difficult to buy intangible resources if not impossible and it takes longer to build them.

Oligopolies have a couple of producers which sell a differentiated or an undifferentiated product with some pricing power in a consolidated market.

Six common organization structures that managers can choose from are: functional, divisional, matrix, virtual network, team, and hybrid structures.

Transformational leadership is explained by Inspirational motivation, intellectual stimulation, charisma and idealized influence, and individualized consideration which are also mentioned as the dimensions of transformational leadership. Inspirational motivation in an organization is empowering and motivating subordinates for challenging tasks.

In a functional structure, activities are grouped according to their similar or related skills, expertise and use of the same resources. It is often used by SMEs (small and medium-sized enterprises) around basic business functions such as production, marketing and sales, and finance and accounting. We can readily see the benefits of grouping by specialization: it encourages in-depth skills development and core competence, high standards and efficient use of resources. Centralized operations within each function enhance the coordination of work activities. Correct answer is B.

Authority is a right that comes with a professional capacity or position. Power is a personal trait or capacity to influence others’ actions, decisions, and performances. The major source of power is knowledge and expertise. While authority flows downward through the hierarchy, power flows in any direction and individuals can be powerful even though s/he has little authority. 

The general environment includes political, sociocultural, economic conditions, global and technological environments. These factors eventually affect all businesses. The task environment includes factors that the organization interacts with directly and that have a direct impact on the organization’s ability to achieve its goals. Elements in the general environment influence the organization through the medium of the task environment. e task environment typically includes competitors, suppliers, and buyers (customers or distributors); businesses that produce substitute products for those sold in the industry; and businesses that provide complementary products/services.

Personal bias generally is the issue when people behave unedr the affect of prejudice, stereotyping, or discrimination. These are behaviors all connected and shape the relationships in a society. Stereotyping is rigidly categorizing certain individuals, groups, or communities because of prejudicial tendency towards their differences that are based on unreliable sources of information such as media or public rumors.

According to the Michigan studies, people-oriented behaviors indicate a supportive approach to subordinates.

After the leadership style is determined as whether people or task oriented, the situation must be examined. By this token, the situational variables of Fiedler’s contingency model are: the quality of leader-member relations; the degree of task structure, and the position power.

Controlling is most closely associated with planning, because goals and the methods for achieving them will be established in planning function. As you know, planning comprises all the activities associated with the formulation of company’s strategy, including the identification of short and long term goals and objectives and deciding which tasks will be performed and the resources that will be utilized to achieve them.

According to the Ohio State studies on leadership behavior, initiating structure shows the emphasis on formal processes such as designing roles and responsibilities.

The Five Forces Model refers to a framework that was developed for identifying opportunities and threats facing a specific company in the industrial context. Porter suggested that the competitiveness of an industry can be analyzed based on five forces: rivalry among existing competitors; threats of new entrants; bargaining power of buyers and suppliers; and substitute products.

Porter suggested that the competitiveness of an industry can be analyzed based on five forces: rivalry among existing competitors; threats of new entrants; bargaining power of buyers and suppliers; and substitute products and rivalry among existing competitors is usually the most powerful of them.

“monitoring” is the last component that completes the sentence.