bus 101 chapter 5

  1. management
    process of planning organizing leading and controlling an organizations resources to achieve its goals
  2. planning
    management process of determining what an organization needs to do and how best to get it done
  3. leading
    management process of guiding and motivating employees to meet an organizations objectives
  4. controlling
    management of process of monitoring an organizations performance to ensure that it is meeting goals
  5. top manager
  6. a manager responsible for a firms overall performance and effectiveness             
  7. middle manager
    manager responsible for implementing the strategies and working toward the goals set by top managers
  8. first-line manager
    manager responsible for supervising the work of employees
  9. Human Resource Manager
  10. hire, train employees, evaluate performance, and determine compensation
  11. Operations manager
    responsible for production, inventory, and quality control
  12. Marketing Managers
    responsible for getting products from producers to consumers
  13. Information managers
    design and implement systems to gather, organize, and distribute information
  14. Financial Managers
    • plan and oversee its accounting functions and financial resources
  15. technical skills
    skills needed to perform specialized tasks
  16. human relations skills
    skills in understanding and getting along with people
  17. conceptual skills
    abilities to think in the abstract, diagnose and analyze different situations and see beyond the present situation
  18. decision-making skills
    skills in defining problems and selecting the best courses of action
  19. goal
    objective that a business hopes and plans to achieve
  20. strategy
    broad set of organizational plans for implementing the decisions made for achieving organizational goals
  21. mission statement
    organizations statement of how it will achieve its purpose in the environment in which it conducts its business
  22. long-term goal
    goal set for an extended time, typically five years or more into the future
  23. short-term goal
    goal set for the very near future
  24. SWOT analysis
    identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
  25. strategic plan
    plan reflecting decisions about resource allocations, company priorities, and steps needed to meet strategic goals
  26. tactical plan
    generally short term plan concerned with implementing specific aspects of a company’s strategic plans
  27. operational plan
    plan setting short term targets for daily, weekly, or monthly performance
  28. contingency planning
    Identifying aspects of a business or its environment that might entail changes in strategy
  29. crisis management
    organizations methods for dealing with emergencies
  30. corporate culture
    the shared experiences stories, beliefs, and norms that characterize an organization.
Card Set
bus 101 chapter 5
study guide for chapter 5