Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

BUS 200 Final > Chapter 6 > Flashcards

Chapter 6 Flashcards

1
Q

Planning

A

what does a business need to do and how should they do it.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Steps of planning process

A
  1. Make goals
  2. Is there a gap between the company’s desired and actual position?
  3. Make plan to meet goal
  4. implement plan
  5. assess if it was successful
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Organizing

A

coordinating activities and resources
-determining how best to arrange a business’s resources and the necessary jobs into an overall structure, acting on the planning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Leading

A

guiding and motivating

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Controlling

A

Monitoring and Evaluating activities.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

The control process

A
  1. Establish standards
  2. Measure actual performance against standards
  3. assess if standards are met
  4. Yes - continue, No - adjust performance or standards
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

3 types of management

A

Top management, middle management, first-line management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Top managers

A

-set policies, formulate strategies, and approve decisions.
President, vice president, COO, CEO
- responsible to the board of directors and shareholders for overall performance and effectiveness
Set general policies, formulate strategies, oversee significant decisions, represent the company in its dealings with other businesses and government.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Middle managers

A

Plant manager, operations manager, division manager
- fimplement policies, strategies, and decisions made by top managers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

First-line managers

A

Supervisor, office manager, project manager, group leader, and sales manage
- Responsible for supervising the work of employees who report to them
- Ensure employees understand and are properly trained in company policies and procedures

actually working with the employees in most cases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Human resource managers

A

hire employees, train them, evaluate their performance, decide how they should be compensated, and work with labour unions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Operations manager

A

responsible for a company’s system for creating goods and services
- production, inventory, and quality control.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Information manager

A

responsible for designing and implementing various systems to gather, process, and spread information, technology

  • operate information systems and assist companies in integrating technology into their daily operations.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Marketing manager

A

responsible for getting these products and services to buyers.
- development, pricing, promotion, and distribution of products and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

financial manager

A

plan and oversee businesses financial resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Conceptual skills

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Human relations skills

A

Skills in understanding and getting along with people.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Technical skills

A

Skills associated with performing specialized tasks within a firm.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Distribution of different skills required in each level of management

A

Top management - little technical skills, mostly HR and Conceptual skills
Middle management - Mostly HR, but still a decent amount of conceptual and technical skills required
First line management - mostly technical and HR, little conceptual

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

long term goals

A

5 years +

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Intermediate goals

A

1-5 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

short term goals

A

1 year or less

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

SMART goals

A

specific, measurable, achievable, results oriented and time framed

24
Q

strategy formulation steps

A
  1. Set strategic goals
  2. analyze organization and environment (SWOT)
  3. match organization and environment
25
Q

strategic goals

A

long term goals coming from mission statement

26
Q

mission statement

A

identifies your company’s purpose and is a way to publicly share why your company exists

27
Q

SWOT analysis

A
  1. identifying organizational Strengths and Weaknesses (internal)
  2. identifying environmental Opportunities and Threats (external)
28
Q

strategic plans

A

Big picture goal.
Plans that reflect decisions about resource allocations, company priorities, and steps needed to meet strategic goals. Long term plan for business

29
Q

tactical plans

A

Specific short term plan to make steps toward the big picture goal. Part of strategic plans

30
Q

operational plans

A

plan for running day to day operations, tracked by daily, weekly, and monthly reports

31
Q

corporate level strategy

A

a multi-tiered company plan that leaders use to define, outline and achieve specific business goals

32
Q

Business-level (competitive) strategy

A

Below corporate level strategy, examine how firms compete in a given industry

33
Q

functional strategy

A

Actions and goals assigned to various departments that support business’s overall goals

34
Q

concentration strategy

A

a business focuses on a specific group of clients, a specific product, or a specific geographic market

35
Q

growth strategy

A

Internal activity that will result in growth

36
Q

Diversification strategy

A

launching a new product or product line, usually in a new but related market

37
Q

Investment reduction strategy

A

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

38
Q

competitive strategy

A

A plan to establish a profitable and sustainable competitive position

39
Q

contingency planning

A

a plan for a “what if” scenario that could ruin your project or business

40
Q

crisis management

A

dealing with an emergency that demands an immediate response

41
Q

corporate culture

A

the values, beliefs, and behaviours that determine how a company’s employees and management interact, perform, and handle business transactions. (MEC having space for yoga classes in headquarters) makes employees want to work towards companies goals.

42
Q

types of growth strategies

A
  • market penetration
  • geographic expansion
  • product development
43
Q

Market penetration

A

focusing on selling your existing products or services into your existing markets, with the aim of increasing your market share.
-pricing
-partnerships
-improving product

44
Q

geographic expansion

A

expanding operations into new geographic areas

45
Q

product development

A

developing improved products for current market

46
Q

horizontal integration

A

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

47
Q

vertical integration

A

taking control of one or more stages of production or distribution in own comapany

48
Q

integration strategy

A

increasing efficiency in areas: supply, distribution or competition

49
Q

Retrenchment

A

reduction of activity or operations. (Target closing canadian stores when not enough traffic in them)

50
Q

Divestment

A

Selling or Liquidating one or more of the firm’s businesses

51
Q

Cost leadership

A

becoming low cost leader in industry (walmart)

52
Q

differentiation strategy

A

be unique in their industry with dimension that is valuable to buyers (apple: user-friendly products)

53
Q

Focus strategy

A

selecting a market segment and serving the customers in that market niche better than competitors. (lululemon originally catering to yoga market rather than whole sports market)

54
Q

Corporate level strategies

A

concentration, growth, integration, diversification, investment reduction

55
Q

Business level strategies

A

Cost leadership, Differentiation, Focus

BUS 200 Final (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions