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Business Administration > Ch6 > Flashcards

Ch6 Flashcards

1
Q

managers

A

the people who plan, organize, lead, and control the operations of an organization

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2
Q

management

A

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

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3
Q

efficiency

A

achieving the great result with a given amount of input

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4
Q

effectiveness

A

achieving organizational goals

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5
Q

planning

A

the part of a manager’s job concerned with determining what a business needs to do and the best way to achieve it

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6
Q

strategic plans

A

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

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7
Q

tactical plans

A

short-range plans concerned with implementing specific aspects of a company’s strategic plans

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8
Q

operational plans

A

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

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9
Q

organizing

A

the part of a manager’s job concerned with mobilizing the necessary resources to complete a specific task

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10
Q

leading

A

part of manager’s job concerned with guiding and motivating employees to meet the firm’s objectives

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11
Q

controlling

A

part of a manager’s job concerned with monitoring firm’s performance, and, if needed, acting to bring it in line with firm’s goals

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12
Q

four characteristics of the work of ceos by Mintzbeg

A
  1. work at an unrelenting pace
  2. activities were fragmented and brief, and in various areas
  3. preferred live action and emphasized work activities that are current
  4. attracted to verbal media
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13
Q

10 roles of a manager

A
  1. figurehead (interpersonal role)
  2. leader (interpersonal role)
  3. liaison (interpersonal role)
  4. monitor (informational role)
  5. disseminator (informational role
  6. spokesperson (informational role
  7. entrepreneur (decision-making role)
  8. disturbance handler (decision-making role)
  9. resource allocator (decision-making role)
  10. negotiator (decision-making role)
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14
Q

levels of management

A

top, middle, and first-line

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15
Q

top manager

A

managers responsible for a firm’s overall performance and effectiveness and for developing long-range plans for the company (ceo, president, vice president, etc)

  • set general policies, make strategies, approve important decisions
  • represent company when dealing with other firms and govt
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16
Q

middle managers

A

responsible for implementing the decisions made by top managers (plant manager, operations manager, division manager, etc)

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17
Q

first-line managers

A

managers responsible for supervising the work of employees

  • ensure employees understand and are properly trained in company policies
  • supervisor, office manager, etc
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18
Q

areas of management

A

human resources, operations, information, marketing, and finance

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19
Q

human resource managers

A

responsible for hiring, training, evaluating, and paying employees

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20
Q

operations manager

A

responsible for controlling production, inventory, and quality of a firm’s products

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21
Q

information manager

A

managers responsible for the design and implementation of systems to gather, process, and disseminate information

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22
Q

marketing manager

A

responsible for getting products and services to buyers

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23
Q

financial manager

A

managers responsible for planning and overseeing financial resources of a firm

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24
Q

basic management skills

A

technical, human relations, conceptual, time management, and decision-making

25
Q

technical skills

A

skills associated with performing specialized tasks within a firm
- especially important for first-line managers

26
Q

human relations skills

A

skills in understanding and getting along with people

- help managers lead, motivate, communicate with, and get along with their subordinates

27
Q

conceptual skills

A

abilities to think in the abstract, diagnose and analyze various situations, and see beyond the present

28
Q

four leading causes of wasted time

A

paperwork, phone, meetings, and email

29
Q

non-logical and emotional factors influencing decision making

A

organizational politics, intuition, escalation of commitment, and risk propensity

30
Q

organizational politics

A

actions that people take when they try to get what they want

31
Q

intuition

A

innate belief about smthg, often without conscious consideration

32
Q

escalation of commitment

A

condition in which a decision-maker becomes so committed to a course of action that he/she stays with it even when there is evidence that the decision was wrong

33
Q

risk propensity

A

extent to which a decision-maker is willing to gamble when making a decision

34
Q

strategic management

A

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

35
Q

strategy

A

the broad set of organizational plans for implementing the decisions made for achieving organizational goals

36
Q

vision

A

indicates why it exists and what kind of organization it wants to be

37
Q

mission statement

A

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

38
Q

long-term goals

A

goals set to be achieved over long periods of time, usually 5+ years

39
Q

intermediate goals

A

goals to be achieved within 1-5 yrs

40
Q

short-term goals

A

goals set for very near future, usually less than one yr

41
Q

SMART goals

A

specific, measurable, achievable, relevant, and time-framed

42
Q

strategy formulation

A

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

  1. setting strategic goal
  2. analyzing organization and environment
  3. matching organization and environment
43
Q

strategic goal

A

long-term goals created from the firm’s mission statement

44
Q

SWOT analysis

A

identification and analysis of organization’s strengths, weaknesses, opportunities, and threats

45
Q

organizational analysis

A

process of analyzing a firm’s strengths and weaknesses

46
Q

environmental analysis

A

process of scanning the environment for threats and opportunities

47
Q

levels of strategy

A

corporate-level = identifies the businesses a company will be in, and how the businesses are related

business-level= identifies the ways a business will compete in its chosen line of products or services

functional = identify the basic courses of action that each department in the firm will pursue so that it contributes to achieving the business’s overall goals

48
Q

examples of corporate-level strategies

A

concentration, growth, integration, diversification, and investment reduction

49
Q

concentration strategy

A

involves focusing the company on one product or product line that it knows very well

50
Q

examples of growth strategies

A

market penetration = boosting sales of current products by selling agrgressively in firm’s current markets

geographic expansion - expanding operations in new geographic areas or countries

product development = making improved products for current markets

51
Q

horizontal integration

A

acquiring control of competitors in the same or similar markets with the same/similar products

52
Q

vertical integration

A

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

53
Q

diversification

A

expanding into related or unrelated products or market segments

conglomerate diversification = diversifying into products/markets unrelated to firm’s present business

related diversification = adding new but related products/services to an existing business

54
Q

investment reduction

A

reducing the company’s investment in one or more of its lines of business

55
Q

three competitive strategies

A

cost leadership = becoming low-cost leader in a country

differentiation strategy = firm seeks to be unique in its industry along some dimension that is valued by buyers

focus strategy = selecting a market segment and serving the customers in that market niche better than competitors

56
Q

contingency planning

A

identifying aspects of a business or its environment that might require changes in strategy

57
Q

crisis management

A

an organization’s methods for dealing with emergencies

58
Q

corporate culture

A

shared experiences, stories, beliefs, and norms that characterize a firm

Business Administration (14 decks)

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