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Management
The process of planning, organizing, leading, and controlling a business's financial, physical, human, and information resources in order to achieve its goals
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Planning
That portion of a manager's job concerned with determining what the business needs to do and the best way to achieve it
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Strategic plans
Plans that reflect decisions about resource allocations, company priorities, and steps needed to meet strategic goals
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Tactical plans
Generally, short-range plans concerned with implementing specific aspects of a company's strategic plans
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Operational plans
Plans setting short-term targets for daily, weekly, or monthly performance
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Organizing
That portion of a manager's job concerned with mobilizing the necessary resources to complete a particular task
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Leading
That portion of a manager's job concerned with guiding and motivating employees to meet the firm's objectives
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Controlling
that portion of a manager's job concerned with monitoring the firm's performance and, if necessary, acting to bring it in line with the firm's goals
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Top managers
Those managers responsible for a firm's overall performance and effectiveness and for developing long-range plans for the company
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Middle managers
Those managers responsible for implementing the decisions made by top managers
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first-line managers
Those managers responsible for supervising the work of employees
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Human resources managers
Those managers responsible for hiring , training, evaluating, and compensating employees
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Operation managers
Those managers responsible for controlling production, inventory, and quality of a firm's products
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Information managers
Those managers responsible for the design and implementation of a system to gather process, and disseminate information
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Marketing managers
Those managers responsible for developing, pricing, promoting, and distributing goods and service to buyers
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Financial managers
Those managers responsible for planning and overseeing the financial resources of a firm
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Technical skills
Skills associated with performing specialized task with in a firm
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Human relations skills
Skills in understanding and getting along with people
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Conceptual skills
Abilities to thinks in the abstract, diagnose and analyze different situations, and see beyond the present situation
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Time management skills
Skills associated with the productive use of time
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Decision-making skills
Skills in defining problems and selecting the best courses of action
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Organizational politics
The actions that people take as they try to get what they want
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Intuition
An innate belief about something, often without conscious consideration
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Escalation of commitment
Condition in which a decision maker becomes so committed to a course of action that she or he stays with it even when there is evidence that the decision was wrong
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Risk propensity
Extent to which a decision maker is willing to gamble when making a decision
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Strategic management
The process of helping an organization maintain an effective alignment with its environment
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Strategic goals
Goals derived directly from a firm's mission statement
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Strategy
The broad set of organizational plans for implementing the decision made for achieving organizational goals
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Mission statement
An organization's statement of how it will achieve its purpose in the environment in which it conducts its business
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Long-term goals
Goals set for extended periods of time, typically five years or more into the future
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Intermediate goals
Goals set for a period of one to five years
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Short-term goals
Goals set for the very near future, typically less than one year
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Strategy formulation
Creation f a broad program for defining and meeting an organization's goals
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SWOT analysis
Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
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Organizational analysis
The process of analyzing a firm's strengths and weakness
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Environmental analysis
The process of scanning the environment for threat and opportunities
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Corporate- level strategy
Identifies the various businesses that a company will be in, and how these businesses will relate to each other
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Business-level (competitive) strategy
Identifies the ways a business will compete I tis chosen line of products and services
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Functional strategies
Identify the basic courses of action that each department in the firm will pursue so that it contributes to the attainment of the business's overall goals
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Concentration strategy
Involves focusing the company on one product or product line
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Market penetration
Boosting sales of present products by more aggressive selling in the firm's current market
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Geographic expansion
Expanding operations in new geographic areas or countries
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Product development
Developing improved products for current markets
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Horizontal integration
Acquiring control of competitors in the same or similar markets with the same or similar products
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Vertical integration
Owning or controlling the inputs to the firm's processes and/or the channels through which the products or services are distributed
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Diversification
Expanding into related or unrelated products or market segments
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Investment reduction
Reducing the company's investment in one or more of its lines of business
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Cost leadership
Becoming the low-cost leader in an industry
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Differentiation strategy
A firm seeks to be unique In its industry along some dimensions that is valued by buyers
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Focus strategy
- Selecting a market segment and serving the customers in that market niche better than
- competitors
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Contingency planning
Identifying aspects of a business of its environment that might entail changes in strategy
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Crisis management
An organization's methods for dealing with emergencies
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Corporate culture
The shared experiences, stores, beliefs, and norms that characterize a firm
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