CH6 - Managing the business enterprise Flashcards
Managers def
the people who plan, organize, lead, and control the operations of an organization
Management process
planning, organizing, leading, and controlling
Develop planning
-> determining the firm’s goals and developing a strategy for achieving those goals
Steps :
1- establish goals for the firm
2- find the gap between the present and the goals
3- make plans to fill that gap
4- plans are implemented
5- effectiveness of the plan is assessed
Develop organizing
-> mobilizing the resources required to complete a particular task (people and resources)
Develop leading
-> the interactions between managers and their subordinates as they work to meet the firm’s objectives
- unite their employees in a clear and targeted manner and to motivate them to work in the best interests of the company (respect and trust)
Develop controlling
-> process of monitoring a firm’s performance to make sure it is meeting its goals
- focus on numerous indicators of performance that they can measure and adjust, make sure they match the standards
Levels of management
-> The three basic levels of management are top, middle, and first-line management
Develop top management
-> responsible to the board of directors and shareholders of the firm for its overall performance and effectiveness
-> set general policies, formulate strategies, oversee significant decisions, and represent the company
ex. president, vice-president, CEO, CFO
Develop middle management
-> responsible for implementing the strategies, policies, and decisions made by top managers
ex. plant manager, operations manager, and division manager
Develop first-line management
-> Responsible for supervising the work of employees who report to them
-> Ensure employees understand and are properly trained in company policies and procedures
ex. supervisor, office manager, and group leader
Areas of management
Human Resources, Operations, Information, Marketing, Finance + others
Develop human resources manager
-> they hire employees, train them, evaluate their performance, decide how they should be compensated, and work with labour unions
Develop operations manager
-> responsible for a company’s system for creating goods and services
- production, inventory, and quality control
Develop Information manager
-> Dramatic increases in both the amount of information available to managers and the ability to manage it have led to the emergence of information managers
-> responsible for designing and implementing various systems to gather, process, and disseminate information
Develop Marketing manager
-> development, pricing, promotion, and distribution of products and services
-> responsible for getting these products and services to buyers
