Management ch. 5

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  1. Management
    The process of planning, organizing, leading and controlling an organization's resources to achieve its goals.
  2. Planning
    Management process of determining what an organisation needs to do and how  best to get it done
  3. Organizing
    Management process of determining how best to arrange an organisation's resources and activities into a coherent structure.
  4. Leading
    Management process of guiding and motivating employees to meet an organisation's objectives.
  5. Controlling
    Management process of monitoring an organisation's performance to ensure that it is meeting its goals.
  6. There are three levens of management:
    Top management, middle management and first-line management.
  7. Top manager
    Manager responsible for a firm's overall performance and effectiveness.
  8. Middle manager
    Manager responsible for implementing the strategies and working toward the goals set by top managers.
  9. First-line manager
    Manager responsible for supervising the work of employees.
  10. In any large company, most managers work in one of five areas.
    Human resource management, operations management, marketing management, information management, financial management.
  11. Effective managers must learn a number of important skills (7)
    Technical skills, human relations skills, conceptual skills, decision-making skills, time management skills, global management skills, technology management skills.
  12. Technical skills
    Skills needed to perform specialised tasks.
  13. Human Relations Skills
    Skills in understanding and getting along with people.
  14. Conceptual skills
    Abilities to think in the abstract, diagnose and analyse different situations and see beyond the present situation.
  15. Decision-making skills
    Skills in defining problems and selecting the best course of action.
  16. Time management skills
    Skills associated with the productive use of time.
  17. Strategic management
    Process of helping an organisation maintain an effective alignment with its environment.
  18. Goal
    Objective that a business hopes and plans to achieve.
  19. Strategy
    Broad set of organisational plans for implementing the decisions made for achieving organisational goals.
  20. Mission statement
    Organisation's statement of how it will achieve its purpose in the environment in which it conducts its business.
  21. Long-term goal
    Goal set for an extended time, typically more than five years.
  22. Intermediate goal
    Goal set for a period of one to five years into the future.
  23. Short-term goal
    Goal set for the very near future.
  24. Corporate strategy
    Strategy for determining the firm's overall attitude toward growth and the way it will manage its businesses or product lines.
  25. Business (or Competitive) Strategy
    Strategy, at the business-unit or product-line level, focusing on improving a firm's competitive positition.
  26. Functional Strategy
    Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity.
  27. Strategy Formulation
    Creation of a broad program for defining and meeting an organisation's goals.
  28. Strategic Goal
    Goal derived directly from a firm's mission statement.
  29. SWOT analysis
    Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats.
  30. Environmental analysis
    Process of scanning the business environment for threats and opportunities
  31. Organizational analysis
    Process of analyzing a firm's strengths and weaknesses.
  32. Strategic plan
    Plan reflecting decisions about resource allocations, company priorities, and steps needed to meet strategic goals.
  33. Tactical plan
    Generally short term plan concernec with implementing specific aspects of a company's strategic plans.
  34. Operational plan
    Plan setting short term targets for daily, weekly or monthly performance.
  35. Two common ways of dealing with the unforeseen:
    contingency planning and crisis management
  36. Contingency planning
    Identifying aspects of a business or its environment that might entail changes in strategy.
  37. Crisis management
    Organization's methods for dealing with emergencies.
  38. Corporate culture
    The shared experiences, stories, beliefs and norms that characterize an organization.
Card Set:
Management ch. 5
2014-03-13 10:54:07
Business Essentials

Business Essentials chapter 5
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