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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
technical skills
skills associated with performing specialized tasks within a firm - especially important for first-line managers
26
human relations skills
skills in understanding and getting along with people | - help managers lead, motivate, communicate with, and get along with their subordinates
27
conceptual skills
abilities to think in the abstract, diagnose and analyze various situations, and see beyond the present
28
four leading causes of wasted time
paperwork, phone, meetings, and email
29
non-logical and emotional factors influencing decision making
organizational politics, intuition, escalation of commitment, and risk propensity
30
organizational politics
actions that people take when they try to get what they want
31
intuition
innate belief about smthg, often without conscious consideration
32
escalation of commitment
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
risk propensity
extent to which a decision-maker is willing to gamble when making a decision
34
strategic management
process of helping an organization maintain an effective alignment with its environment
35
strategy
the broad set of organizational plans for implementing the decisions made for achieving organizational goals
36
vision
indicates why it exists and what kind of organization it wants to be
37
mission statement
organization's statement of how it will achieve its purpose in the environment in which it conducts its business
38
long-term goals
goals set to be achieved over long periods of time, usually 5+ years
39
intermediate goals
goals to be achieved within 1-5 yrs
40
short-term goals
goals set for very near future, usually less than one yr
41
SMART goals
specific, measurable, achievable, relevant, and time-framed
42
strategy formulation
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
strategic goal
long-term goals created from the firm's mission statement
44
SWOT analysis
identification and analysis of organization's strengths, weaknesses, opportunities, and threats
45
organizational analysis
process of analyzing a firm's strengths and weaknesses
46
environmental analysis
process of scanning the environment for threats and opportunities
47
levels of strategy
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
examples of corporate-level strategies
concentration, growth, integration, diversification, and investment reduction
49
concentration strategy
involves focusing the company on one product or product line that it knows very well
50
examples of growth strategies
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
horizontal integration
acquiring control of competitors in the same or similar markets with the same/similar products
52
vertical integration
owning or controlling the inputs to the firm's processes and/or the channels through which the products or services are distributed
53
diversification
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
investment reduction
reducing the company's investment in one or more of its lines of business
55
three competitive strategies
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
contingency planning
identifying aspects of a business or its environment that might require changes in strategy
57
crisis management
an organization's methods for dealing with emergencies
58
corporate culture
shared experiences, stories, beliefs, and norms that characterize a firm

Business Administration (14 decks)

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