Chapter 1 Flashcards
“Management means...the substitution of thought for brawn and muscle, of knowledge for folklore and tradition, and of cooperation for force” -Peter Drucker
What is management?
The substitution of thought for brawn and muscle, of knowledge for folklore and tradition, and of cooperation for force.
Definition by Peter Drucker.
What is a ‘well managed’ company?
A company that effectively utilizes resources and achieves its goals efficiently.
Discussion topic for small groups.
What are the four functions of management?
- Planning
- Organizing
- Leading
- Controlling
These functions help managers accomplish organizational goals.
What does ‘planning’ involve in management?
Systematically making decisions about the goals and activities that will be pursued.
One of the primary functions of management.
What does ‘organizing’ entail in management?
Assembling and coordinating the resources needed to achieve goals.
A key function of management.
What is the role of ‘leading’ in management?
Stimulating people to be high performers.
Essential for motivating teams.
What does ‘controlling’ mean in the context of management?
Monitoring performance and making needed changes.
Important for ensuring goals are met.
What are the three levels of management?
- Top-level managers
- Middle-level managers
- Frontline managers
Each level has distinct responsibilities.
Who are top-level managers?
Senior executives responsible for the overall management and effectiveness of the organization.
They set the strategic direction.
What is the role of middle-level managers?
Managers located in the middle layers of the organizational hierarchy, reporting to top-level executives.
They implement strategies set by top-level managers.
What do frontline managers do?
Lower-level managers who supervise the operational activities of the organization.
They directly manage employees.
What is a technical skill in management?
The ability to perform a specialized task involving a particular method or process.
Important for specific roles within management.
What is globalization in the context of business?
Today’s enterprises are global, with offices and production facilities in countries all over the world.
It impacts how companies source talent and operate.
What is knowledge management?
Finding, unlocking, sharing, and capitalizing on the most precious resources of an organization: people’s expertise, skills, wisdom, and relationships.
Critical for organizational success.
What does innovation refer to in management?
The introduction of new goods and services.
Essential for adapting to market changes.
What is meant by ‘quality’ in managing for competitive advantage?
The excellence of your product (goods or services).
A key factor in customer satisfaction.
Fill in the blank: ‘Service’ involves giving customers what they want or need, when they want it, and _______.
continually meeting the needs of customers to establish mutually beneficial long-term relationships.
Important for customer loyalty.
What does ‘speed’ refer to in management?
Fast and timely execution, response, and delivery of results.
Critical for maintaining competitiveness.
What is cost competitiveness?
Keeping costs low to achieve profits and be able to offer prices that are attractive to consumers.
A fundamental aspect of business strategy.
What does sustainability mean in a business context?
Minimizing the use of resources, especially those that are polluting and nonrenewable.
Increasingly important for corporate responsibility.
