1. Define: management
    the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources (p. 179)
  2. Define: planning
    a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives (p. 179)
  3. Define: organizing
    a management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything works together to achieve the organization's goals and objectives (p. 180)
  4. Define: leading
    creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and obectives (p. 180)
  5. Define: controlling
    a management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not (p. 181)
  6. Define: vision
    an encompassing explanation of why the organization exists and where it's trying to head (p. 181)
  7. Define: mission statement
    an outline of the fundamental purposes of an organization (p. 181)
  8. Define: goals
    the broad, long-term accomplishments an organization wishes to attain (p. 181)
  9. Define: objectives
    specific, short-term statements detailing how to achieve the organization's goals (p. 181)
  10. Define: SWOT analysis
    a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats (p. 182)
  11. Define: strategic planning
    the process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals (p. 183)
  12. Define: tactical planning
    the process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done (p. 184)
  13. Define: operational planning
    the process of setting work standards and schedules necessary to implement the company's tactical objectives (p. 184)
  14. Define: contingency planning
    the process of preparing alternative courses of action that may be used if the primary plans don't achieve the organization's objctive (p. 184)
  15. Define: decision making
    choosing among two or more alternatives (p. 185)
  16. Define: problem solving
    the process of solving the everyday problems that occur. Problem solving is less formal than decision making and usually calls for quicker action (p. 186)
  17. Define: brainstorming
    coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas (p. 186)
  18. Define: PMI
    listing all the pluses for a solution in one column, all the minuses in another, and the implications in a third column (p. 186)
  19. Define: organization chart
    a visual device that shows relationships among people and divides the organization's work; it shows who reports to whom (p. 187)
  20. Define: top management
    highest level of management, consisting of the president and other key company executives who develop strategic plans (p. 187)
  21. Define: middle management
    the level of management that includes general managers, division manager, and branch and plant managers who are responsible for tactical planning and controlling (p. 187)
  22. Define: supervisory management
    managers who are directly responsible for supervising workers and evaluating their daily performance (p. 188)
  23. Define: technical skills
    skills that involve the ability to perform tasks in a specific discipline or department (p. 188)
  24. Define: human relations skills
    skills that involve communication and motivation; they enable managers to work through and with people (p. 188)
  25. Define: conceptual skills
    skills that involve the ability to picture the organization as a whole and the relationship among its various parts (p. 188)
  26. Define: staffing
    a management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives (p. 189)
  27. Define: transparency
    the presentation of a company's facts and figured in a way that is clear and apparent to all stakeholders (p. 190)
  28. Define: autocratic leadership
    leadership style that involves making managerial decisions without consulting others (p. 191)
  29. Define: participative (democratic) leadiership
    leadership style that consists of managers and employees working together to make decisions (p. 191)
  30. Define: free-rein leadership
    leadership style that involved managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives (p. 192)
  31. Define: enabling
    giving workers the education and tools they need to make decisions (p. 192)
  32. Define: knowledge management
    finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm (p. 192)
  33. Define: external customers
    dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use (p. 194)
  34. Define: internal customers
    individuals and units within the firm that receive services from other individuals or units (p. 194)
Card Set
key terms from chapter seven - Nickels, W.G., 2010. Understanding Business. McGraw-Hill Companies, Inc: New York. ed9, p. 176-199.