Brainscape's Knowledge GenomeTM

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


See full index

Business Fundamentals > Chapter 6 > Flashcards

Chapter 6 Flashcards

1
Q

Define the functions of managements

A

Planning, leading, organizing, controlling

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

Define planning + types

A

Series of activities developed to allow business to achieve all their goals; strategic, tactical, operational

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

Define organizing

A

Determining how to use existing resources to implement the plan; arranging jobs in a structure to create an efficient task system

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

Define leading

A

Guiding, motivating subordinates in order to meet objectives; various responsibilites to employees such as authority to give orders, ability to guide employees, power to motivate

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

Define controlling

A

Managers monitor firm’s performance and can adjust according to if standards are being met or not

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

What are the 3 levels of management

A

Top, middle, first- line

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Define top management

A

Responsible for overall performance of the firm

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

Define middle management

A

Responsible for implementing decisions of top managers

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

Define first-line managers

A

Responsible for supervising employees

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

What are the 5 areas of management

A

Marketing; financial; operations; human resources; information

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

What are the 5 basic management skills

A

Technical, human relations, conceptual, time management, decision-making

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

Define time management skills and causes for it not working (time loss)

A

Productive use of time; paperwork, phone, meetings, emails

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

Define decision making skills

A

Recognizing, defining decision situation; identifying alternatives; evaluating them; selecting the best; implementing; following up and evaluating results

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are the behavioural aspects of decision making (4)

A

Organizational politics; intuition; escalation of commitment; risk propensity

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

Define strategic management

A

Process of aligning its organization with its external environment

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

Define strategic goals

A

Performance objectives that a firm plans to achieve

17
Q

What is the purpose of setting goals (4)

A

Providing direction, guidance, motivation; assisting in allocating resources; helping define corporate culture; helping managers assess performance

18
Q

Define the 3 types of goals and their respective lengths

A

Long term 5+ years; intermediate 1-5; short less than 1 year

19
Q

What are SMART goals

A

Specific
Measurable
Achievable
Relevant
Time-framed

20
Q

Define a mission statement

A

How org. will achieve purpose (reason for existing); clarifying who it serves, what it offers, how it will provide; includes core values, ethical commitment

21
Q

How is a strategy formulated

A

Long-term goals based on mission statement; analyze org. and enviro. (SWOT); match org to enviro.

22
Q

How does a business analyze its organization and envrionment

A

SWOT analysis
1. (internal) strengths
2. (internal) weaknesses
3. (external) opportunities
4. (external) threats

23
Q

How does a business match the organization and environment

A

By matching company strengths to enviro. opportunities and minimizing the impact of threats and company weaknesses

24
Q

Define strategic plans

A

Associated with senior management; establishes long term planes (2-5 years)

25
Q

Define tactical plans

A

Usually created by middle managers; supports strategic plans and defines resource allocations (1-2 years)

26
Q

Define operational plans

A

Executed and finalized by first-line managers for short-term targets (monthly, weekly, daily)

27
Q

What are the 3 levels of strategies

A

Corporate, business, functional

28
Q

Define corporate-level strategy and types (5)

A

What businesses will we pursue; how do they relate to each other; concentration, growth, integration, diversification, investment reduction

29
Q

Define business-level strategy and types

A

Competitive; how will we compete in our chosen area; cost leadership, differentiation, focus

30
Q

Define functional strategy

A

What actions can our department pursue to reach overall goals

31
Q

Define contingency plan

A

Identifying in advance any changes that might occur and ways that the company can respond to these changes

32
Q

Define crisis management

A

Methods for dealing with emergencies

33
Q

Define corporate culture

A

Firm’s personality; shared experiences of employees; stories, beliefs, norms characterizing it; culture can direct employees’ efforts

34
Q

How does a business communicate its culture

A

Ensure both new and existing managers understand it; develop clear mission statement; communicate to employees; reward those who understand and maintain it

35
Q

How does managing change in a cultural change process

A

Management formulates vision of new company, new systems of appraisal and compensation

Business Fundamentals (15 decks)

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