BUSN Ch. 13 Management Flashcards
What is the role of management?
Achieving the goals of an organization through planning, organizing, leading, and controlling resources. (People, money, time)
What is planning?
Determining organizational goals and action plans for how to achieve those goals.
What is organizing?
Determining a structure for both individual jobs and the overall organization.
What is leading?
Directing and motivating people to achieve organizational goals.
What is controlling?
Checking performance and making adjustments as needed.
What are the 3 basic management levels?
Top Management
Middle Management
First-Line (Supervisory) Management
What does top management do?
Set the overall direction of the firm, articulating a vision, establishing priorities, and allocating time, money, and other resources.
What does middle management do?
They supervise lower level managers and report to higher level managers.
What does first-line management do?
They directly supervise non-management employees.
What are the 5 basic skills of managers?
Human Skills Technical Skills Conceptual Skills (!) Time Management Critical Thinking
What skills do first-line managers need?
Technical, Time management, and critical thinking.
What skills do all managers need?
Time Management
Critical Thinking
What skills do middle managers need?
Human Skills, Time Management, and critical thinking.
What skills do top managers need?
Conceptual Skills, time management, and critical thinking.
What are human skills?
The ability to work effectively with and through other people in a range of different relationships.
What are technical skills?
Expertise in a specific functional area or department.
What are conceptual skills?
The ability to grasp a big-picture view of the overall organization, the relationship between its various parts, and its fit in the broader competitive environment.
What are the 4 main categories of business planning?
Strategic Planning
Tactical Planning
Operational Planning
Contingency Planning
What is strategic planning?
High-level, long-term planning that establishes a vision for the company, defines long-term objectives and priorities, determines broad action steps, and allocates resources.
What is tactical planning?
More specific, shorter-term planning that applies strategic plans to specific functional areas.
What is operational planning?
Very specific, short-term planning that applies tactical plans to daily, weekly, and monthly operations.
What is contingency planning?
Planning for unexpected events, usually involving a range of scenarios and assumptions that differ from the assumptions behind the core plans.
What does SWOT stand for?
Strengths
Weaknesses
Opportunities
Threats
What is SWOT analysis?
A strategic planning tool that helps management evaluate an organization in terms of internal strengths and weaknesses and external opportunities and threats.
What are 4 examples of internal Strengths? (SWOT)
Premium brand name
Proven management team
Lower costs/higher margins
Diverse workforce
What are 4 examples of internal Weaknesses? (SWOT)
Low employee satisfaction
Inadequate financial resources
Poor location
Poor safety record
What are 4 examples of external Opportunities? (SWOT)
Higher consumer demand
Complacent competitors
Growth in foreign markets
New social trends
What are 4 examples of external Threats? (SWOT)
A powerful new competitor
A deep recession
New government regulations
Costly new taxes
What are the 3 main goals when setting a strategic goal?
Specific and measurable
Ties to a timeframe
Realistic buy challenging
What does specific and measurable mean? (Goal setting)
Whenever possible, managers should define goals in clear numerical terms that everyone understands.
What does tied to a timeframe mean? (Goal setting)
To create meaning and urgency, goals should be linked to a specific deadline.
What does realistic but challenging mean? (Goal setting)
Goals that make people stretch can motivate exceptional performance.
