Chapter 6 Flashcards
What are the 4 resources needed for management?
Material, human, financial, and informational
What is management?
Process of coordinating people and other resources to achieve the goals of the organization
What are material resources?
Tangible, physical resources an organization uses
What are human resources?
People who staff an organization
What are financial resources?
Funds an organization uses
What are informational resources?
Information about external businesses that the business users to its advantage
What are the basic management functions?
Planning➡️organizing➡️leading and motivating➡️controlling (evaluating)
What is a mission statement?
The basic purpose that makes an organization different from others
Definition of goal
End result that an organization is expected to achieve over a number d years
Definition of objective
Specific expected accomplishment over a shorter period of time
Definition of optimize
Goals in different departments and at different levels that may conflict
What is SWOT?
S: Strengths
W: Weakness
O: Opportunities
T: Threats
Strengths (core competencies) :
Approaches and processes that give a company an advantage
Weaknesses:
Internal limitations a company faces in developing or implementing plans
Opportunities:
Situations that if exploited, could price rewards for an organization
Threats:
Conditions or barriers that may prevent the firm from reaching its objectives
Purpose of strengths
Efficient distribution
Protected patents
Proven management
Cost advantages
Purpose of weakness
Turnover
Lack of direction
Labor grievances
Negative public image
Purpose of opportunities
New markets
New technologies
Increased demand
Competitor complacency
Purpose of threats
Foreign competitors
Slowing market growth
Regulatory requirements
Sole sourcing
What is the strategic plan?
- Broad guide for major policy setting
- Designed to achieve long term goals
- Set by board of directors and top management
What is the tactile plan?
- smaller scale plan to implement strategic plan
- may be updated periodically
- easier to change than strategic plan
What is the operational plan?
- designed to implement tactile plans
- one year or less plan
- deals with how to accomplish specific objectives
What is a contingency plan?
Outline of alternative courses of action if other plans are disrupted of noneffective
Definition of leading:
Process of influencing people to work toward a goal
Definition of motivating:
Process of providing reasons did lemons to work on the best interest of the organization
What are the control (evaluation) functions?
- set standards
- measure performance
- take corrective action
Top level manager:
- guides and controls the organizations overall fortunes
- responsible for developing the mission and determining strategy
1. President
2. VP
Middle managers:
- implements strategy and policies developed by top managers
- develop tactical and operational plans
- coordinate and supervise first line managers
1. Division manager
2. Department head
3. Plant manager
4. Operations manager
First line manager:
- coordinate and supervises operating employees
- spend most of time motivating and working with employees, answering questions, and solving day to day problems
- former operating employees who were promoted
1. Office manager
2. Supervisor
3. Foreman
