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SOM Final Exam > Ch. 5 > Flashcards

Ch. 5 Flashcards

1
Q

Management

A

Process of planning, organizing, leading, and controlling an organization’s financial, physical, human, and information resources to achieve its goals

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2
Q

Four managerial functions

A
  1. Planning
  2. Organizing
  3. Leading
  4. Controlling
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3
Q

Planning

A

Setting goals

  1. Managers determine the firm’s goals
  2. Develop comprehensive strategy for achieving those goals
  3. Design tactical and operational plans for implementing the strategy
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4
Q

Organizing

A

Setting up the organization

Arrange resources and activities into a structure

Organization charts- chart that shows relationships between jobs to help employees understand roles

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5
Q

Leading

A

Managing people

Process of guiding and motivating employees to meet an organization’s objectives

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6
Q

Controlling

A

Monitoring performance

Monitoring a firm’s performance to make sure that it is meeting its goals

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7
Q

Levels of Management

A

Top

Middle

First-Line

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8
Q

Top Managers

A

President, VP, CEO, CFO

Responsible for overall performance and effectiveness of the firm

Set general policies, strategies and decisions

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9
Q

Middle

A

Plant managers, operations manager, division manager

Implements the strategies and working toward goals set by top managers

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10
Q

First-Line

A

Supervisor, office manager, sales manager

Supervises the work of employees who report to them

Ensure employees understand policies and procedures

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11
Q

Areas of Management

A
  1. Human Resource Manager
  2. Operations Manager
  3. Marketing Managers
  4. Information Managers
  5. Financial Managers
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12
Q

Human Resource Managers

A

Hire and train employees, evaluate performance, and determine compensation

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13
Q

Operations Managers

A

Responsible for production, inventory, and quality control

Ex. Plant managers, Production supervisors

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14
Q

Marketing Managers

A

Responsible for getting products from producers to consumers

Ex. District sales managers

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15
Q

Information Managers

A

Design and implement systems to gather, organize, and distribute information

Ex. Chief Information Officer (CIO)

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16
Q

Financial Managers

A

Plan and oversee a company’s accounting functions and financial resources

Ex. CFO or VP of Finance

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17
Q

Managerial Roles

A
  1. Interpersonal
  2. Informational
  3. Decisional
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18
Q

Management Skills

A
  1. Technical Skills
  2. Human Relations Skills
  3. Conceptual Skills
  4. Decision-Making Skills
  5. Time-Management Skills
  6. Global Management Skills
  7. Management and Technology Skills
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19
Q

Human Relations Skills

A

Skills in understanding and getting along with people

Bridges between top and first-line managers

Must possess good communication skills

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20
Q

Conceptual Skills

A

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

Help to recognize new market opportunities and threats and analyze the outcomes of decisions

Need the most conceptual skills

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21
Q

Decision-Making Skills

A

Skills in defining problems and selecting the best course of action

Involves gathering facts, identifying solutions, evaluating alternatives, and implementing the chosen alternative

Must evaluate decisions to determine effectiveness of choices

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22
Q

Time-Management Skills

A

Skills associated with the productive use of time

Must address four causes of wasted time:
Paperwork
Telephone calls
Meetings
E-mail
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23
Q

Global Management Skills

A

Need to understand foreign markets, cultural differences, how to collaborate with others around the world, and the motives and practices of foreign rivals

Need to understand how to perform international operations

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24
Q

Management and Technology Skills

A

Need to understand how technology relates to communication

Email, videoconferencing makes decisions quicker

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25
Q

Strategic Management

A

Process of helping an organization maintain an effective alignment with its environment

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26
Q

Goals

A

Objectives that businesses hope and plan to achieve

27
Q

Strategy

A

Broad set of organizational plans for implementing decisions made for achieving organizational goals

28
Q

Mission statements

A

Statements of how they will achieve their purposes in the environments in which they conduct their businesses

29
Q

Types of goals

A

Long Term (5 years or more)

Intermediate (Set period of 1-5 years)

Short term (1 year)

30
Q

Types of Strategy

A
  1. Corporate strategy
  2. Business/Competitive Strategy
  3. Functional Strategy
31
Q

Corporate strategy

A

Determine what business a company will own or operate

Related diversification (When the companies are related to one another like taco bell and pizza hut)

Unrelated diversification (When companies are not related like Samsung owning electronics, catering, hotels, etc.)

32
Q

Business (Competitive) Strategy

A

Strategy at the business-unit or product-line level, focuses on improving a firm’s competitive position

Decides how to best compete in an industry

33
Q

Functional Strategy

A

Decide how best to achieve corporate goals by performing their functional activities most effectively

Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity

34
Q

Strategy formulation

A

Creation of a broad program for defining and meeting an organization’s goals

  1. Set strategic goal
  2. Analyze the organization and the environment
  3. Match the organization and its environment
35
Q

Strategic goal

A

Goal derived directly from a firm’s mission statement

36
Q

Analyze the organization and the environment

A

SWOT Analysis
Organizational Analysis
Environmental Analysis

37
Q

SWOT Analysis

A

Identifying the internal strengths and weaknesses, and the environmental opportunities and threats related to a business

38
Q

Organizational Analysis

A

Process of analyzing a firm’s strengths and weaknesses

SW

39
Q

Environmental Analysis

A

Process of scanning the business environment for opportunities and threats

OT

40
Q

Match the organization and its environment

A

Match environmental threats and opportunities against corporate strengths and weaknesses

TOWS MATRIX
Maxi-maxi (Use S to maximize O)
Maxi-mini (Use S to minimize T)
Mini-maxi Minimize W by using O)
Mini-mini (minimize T and W)
41
Q

Plan Hierarchy

A

Strategic Plan

Tactical Plan

Operational Plan

42
Q

Strategic Plan

A

Reflects decisions about resource allocation, company priorities, and steps needed to meet strategic goals

Created by top management

43
Q

Tactical Plan

A

Short-term plan concerned with implementing specific aspects of a company’s strategic plans

Created by upper and middle management

Guides decisions to make sure they are consistent with the strategic plan

44
Q

Operational Plan

A

Setting short-term targets for daily, weekly, or monthly performance

Created by mid-level and lower-level management

Short term targets for daily, weekly, or monthly performance

45
Q

Contingency Planning

A

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

Identifies how a company will respond to changes

46
Q

Crisis Management

A

Organization’s method of dealing with emergencies

47
Q

Corporate Culture

A

Shared experiences, stories, beliefs, and norms that characterize an organization

Direct employees to work toward same goal

48
Q

Changing Culture

A

Highest level, analysis of environment highlights change as the most effective response to its problems (Conflict and resistance)

Top management begins to formulate a vision of a new company

Sets up new systems for appraising and compensating employees who follow the firm’s new values

49
Q

McKinsey 7 S’s

A 
Structure
Strategy
Staff
Shared Values
Style
System
Skills
50
Q

Four types of Strategy

A

Cost Lead (More products, less cost)

Differentiator (Unique product, more cost)

Focused Cost Leadership (focused cost, low cost)

Focused differentiator (Unique product, high cost)

51
Q

Interpersonal Managerial Roles

A

Figurehead
Leader
Liaison

52
Q

Informational Managerial Roles

A

Monitor
Disseminator
Spokesperson

53
Q

Decisional Managerial Roles

A

Entrepreneur
Disturbance handler
Resource allocator
Negotiator

54
Q

Figurehead

A

Ribbon-cutting
Taking visitors to dinner

Ceremonial, symbolic

55
Q

Leader

A

Hiring, training, motivating employees

56
Q

Liason

A

Communication that facilitates a close working relationship between an organization

Link between people, groups, and organizations

57
Q

Monitor

A

One that actively seeks information that may be of value

Questions subordinates, receptive to unsolicited information, etc.

58
Q

Disseminator

A

Transmitting relevant information back to others in the workplace

59
Q

Spokesperson

A

Formally relays information to people outside the unit or organization

60
Q

Entrepreneur

A

Voluntary initiator of change

61
Q

Disturbance Handler

A

Handles problems like strikes, copyright infringements, or public relation problems

62
Q

Resource Allocator

A

Decides how resources will be distributed and with whom they will work with

63
Q

Negotiator

A

Enters into negotiations with other groups/organizations as a representative of a company

SOM Final Exam (5 decks)

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