Introduction to Business Practice Chapter 6

The process of planning, organizing, leading, and controlling a business's financial, physical, human, and information resources in order to achieve its goals

That portion of a manager's job concerned with determining what the business needs to do and the best way to achieve it

Plans that reflect decisions about resource allocations, company priorities, and steps needed to meet strategic goals

Generally, short-range plans concerned with implementing specific aspects of a company's strategic plans

Plans setting short-term targets for daily, weekly, or monthly performance

That portion of a manager's job concerned with mobilizing the necessary resources to complete a particular task

That portion of a manager's job concerned with guiding and motivating employees to meet the firm's objectives

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

Those managers responsible for a firm's overall performance and effectiveness and for developing long-range plans for the company

Those managers responsible for implementing the decisions made by top managers

Those managers responsible for supervising the work of employees

Those managers responsible for hiring , training, evaluating, and compensating employees

Those managers responsible for controlling production, inventory, and quality of a firm's products

Those managers responsible for the design and implementation of a system to gather process, and disseminate information

Those managers responsible for developing, pricing, promoting, and distributing goods and service to buyers

Those managers responsible for planning and overseeing the financial resources of a firm

Skills associated with performing specialized task with in a firm

Skills in understanding and getting along with people

Abilities to thinks in the abstract, diagnose and analyze different situations, and see beyond the present situation

Skills associated with the productive use of time

Skills in defining problems and selecting the best courses of action

The actions that people take as they try to get what they want

An innate belief about something, often without conscious consideration

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

Extent to which a decision maker is willing to gamble when making a decision

The process of helping an organization maintain an effective alignment with its environment

Goals derived directly from a firm's mission statement

The broad set of organizational plans for implementing the decision made for achieving organizational goals

An organization's statement of how it will achieve its purpose in the environment in which it conducts its business

Goals set for extended periods of time, typically five years or more into the future

Goals set for a period of one to five years

Goals set for the very near future, typically less than one year

Creation f a broad program for defining and meeting an organization's goals

Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation

The process of analyzing a firm's strengths and weakness

The process of scanning the environment for threat and opportunities

Identifies the various businesses that a company will be in, and how these businesses will relate to each other

Identifies the ways a business will compete I tis chosen line of products and services

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

Involves focusing the company on one product or product line

Boosting sales of present products by more aggressive selling in the firm's current market

Expanding operations in new geographic areas or countries

Developing improved products for current markets

Acquiring control of competitors in the same or similar markets with the same or similar products

Owning or controlling the inputs to the firm's processes and/or the channels through which the products or services are distributed

Expanding into related or unrelated products or market segments

Reducing the company's investment in one or more of its lines of business

Becoming the low-cost leader in an industry

A firm seeks to be unique In its industry along some dimensions that is valued by buyers

• Selecting a market segment and serving the customers in that market niche better than
• competitors

Identifying aspects of a business of its environment that might entail changes in strategy

An organization's methods for dealing with emergencies

The shared experiences, stores, beliefs, and norms that characterize a firm