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Intro to Business > Chapter 5/6 > Flashcards

Chapter 5/6 Flashcards

0
Q

Planning

A

Management process of determining what an org. Needs and how to get it done.

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1
Q

4 management functions:

A

Planning

Organizing

Leading

Controlling

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2
Q

Organizing:

A

Management process of determining how to best arrange an organizations resources and activities into a coherent structure.

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3
Q

Leading:

A

Guiding/motivating employees to meet an organizations objectives

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4
Q

Controlling:

A

Monitoring an organizations performance to ensure that it is meeting its goals

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5
Q

Top manager:

A

Responsible for firms overall performance and effectiveness

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6
Q

Middle manager

A

Responsible for implementing the strategies and working toward goals set by top managers

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7
Q

First-line manager:

A

Responsible for supervising work of employees

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8
Q

Areas of management

A

Human resources

Operations

Marketing

Information

Financial

Other?

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9
Q

Human Resource management:

A

Hire/train employees, evaluate performance, determine compensation, etc.

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10
Q

Operations management:

A

Responsible for production, inventory and quality control.

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11
Q

Marketing managers:

A

Responsible for getting products from producers to consumers. Encompasses pricing, promotion, distribution etc

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12
Q

Information management:

A

Design and implement systems to gather, organize and distribute information

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13
Q

Financial managers:

A

Plan/oversee accounting functions and financial resources.

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14
Q

Roles in management

A

Interpersonal

Informational

Decisional

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15
Q

Decisional role of management

A

Category of managerial roles including entrepreneur, disturbance handler, resource allocator, and negotiator

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16
Q

Informational role of management

A

Category of management including monitor, disseminator, and spokesperson

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17
Q

Interpersonal role of management

A

Category of managerial roles that includes figurehead, leader, and liaison

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18
Q

Management skills

A

Technical

Human resource

Conceptual

Decision-making

Time management

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19
Q

Technical skills:

A

Needed to perform specialized tasks

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20
Q

Human resource skills

A

Understanding and getting along with people

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21
Q

Conceptual skills

A

Ability to think in the abstract, diagnose and analyze different situations and be able to see beyond the present situation

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22
Q

Decision making skills

A

Defining problems and selecting best course of action.

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23
Q

Time management skills

A

Skills associated with the productive use of time

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24
Q

Mission statement:

A

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

25
Q

Long term goal

A

Goal that is typically 5+ years in the future.

26
Q

Intermediate goal

A

Goal set for 1-5 years in the future.

27
Q

Short term goal

A

Goal set for less than a year. The near future.

28
Q

Corporate strategy

A

Strategy for determining the firms overall attitude toward growth and the way it will manage its businesses or product lines.

29
Q

Business (competitive) strategy:

A

Strategy, at the business-unit or product line level, focusing on improving a firms competitive position.

30
Q

Functional strategy

A

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

31
Q

SWOT analysis

A

Identification and analysis of an organza toons strengths and weaknesses and environmental opportunities and threats as part of strategy formulation.

32
Q

Specialization:

A

Process of identifying the specific jobs that need to be done and designating people to perform them.

33
Q

Departmentalization

A

Process of grouping jobs into logical units.

34
Q

Profit center:

A

Separate company unit responsible for its own costs and profits

35
Q

Functional Departmentalization

A

Deciding an organization to groups functions of activities.

36
Q

Product departmentalization

A

Dividing an organization according to specific products or services being created.

37
Q

Process Departmentalization

A

Dividing an organization according to production processes used to create a good or service.

38
Q

Customer Departmentalization

A

Dividing an organization to offer products and meet needs for identifiable customer groups

39
Q

Geographic Departmentalization

A

Dividing an organization according to the areas of the country it the world served by a business

40
Q

Centralized organization:

A

Organization in which most decision masking authority is held by upper level management.

41
Q

Decentralized organization

A

Organization in which a great deal of decision making authority is delegated to levels of management at points below the top.

42
Q

Flat organizational structure:

A

Characteristic of decentralized companies with relatively few layers of management.

43
Q

Tall organizational structure:

A

Characteristic of centralized companies with multiple layers of management.

44
Q

Span of control

A

Number of people supervised by one manager

45
Q

Delegation process and definition.

A

Def: process through which a manager allocates work to subordinates

  1. Assign responsibility
  2. grant authority to make decisions to complete task
  3. Create accountability, obligation for successful completion of task
46
Q

Responsibilty

A

Duty to perform an assigned task.

47
Q

Authority

A

Power to make the decisions necessary to complete a task

48
Q

Accountability

A

Obligation employees have to their manager for the successful completion of an assigned task

49
Q

Line authority:

A

Organizational structure in which authority flows in a direct chain of command from the top of the company to the bottom

50
Q

Line department:

A

Department directly linked to the production and sales of a specific product.

(Solid line)

51
Q

Staff authority:

A

Authority based on expertise that usually involves counseling and advising line mangers.

(Dotted line)

52
Q

Functional structure:

A

Organizational structure in which authority is determined by the relationships between group functions and activities.

53
Q

Divisional Structure

A

Organizational structure in which corporate divisions operate as autonomous businesses under the larger corporate umbrella.

54
Q

Division

A

Department that resembles a separate business in that it produces and markets its own products.

55
Q

Matrix Structure:

A

Organizational structure created by superimposing one form of structure onto another. (Combing)

56
Q

Team organization:

A

Relies almost exclusively on project-type teams with little to no underlying hierarchy.

57
Q

Virtual organization

A

Little to no formal structure. Handful of permanent staff. Brings in temporary workers, lease facilities and outsource services due to changing situations

58
Q

Learning organization

A

Integrate continuous improvement with continuous employee learning and development. Constant upgrading

59
Q

Informal organization

A

Network, unrelated to the firms formal authority structure, of everyday social interactions among company employees.

60
Q

Grapevine

A

Informal communication network that runs through an organization

61
Q

Intrapreneuring

A

Process of creating and maintaining the innovation and flexibility within the confines of a large organization

Intro to Business (4 decks)

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