Chapter 6: Understanding the Management Process Flashcards
4 key functions of Management
planning, organizing, leading and motivating and controlling
establishing organizational goals and deciding how to accomplish them
planning
a clear and concise outline of an organization’s values and goals that it would like to achieve
vision statement
broad based and determines goals and plans of entire organization
strategic planning
each functional area determines its own goals and plans
Tactical planning
each unit within each functional area determines its goals and plans
operational planning
Contingency plans
the “what if” plan
a clear and concise articulation of how the company intends to achieve its vision. (beginning of planning process)
mission statement
establishing major goals, then allocating resources to achieve them
strategic planning process
grouping resources to accomplish end result in efficient way
organizing
Leading
guiding others toward the achievement of organizational goals
providing reasons for people who work in the best interests of the organization
motivating
combination of leading and motivating
directing
evaluating and regulating ongoing activities to ensure goals are achieved
controlling
tool used during strategic planning process to set goals/objectives
SWOT analysis
what gives the company an advantage over competitors. ex: cost advantages, proven management, efficient distribution
Strengths
internal limitations a company faces. ex: high turnover, labour grievances, lack of managerial depth
weakness
ex: increased demand for new products, potential strategic alliances
opportunities
external conditions that could prevent company from reaching objectives. ex: entry to lower-cost competitors, rising sales of substitutes, slowing market growth
threats
approaches that may give an advantage
core competencies
Classification of Managers
- according to level within an organization
2. according to their area of management
upper-level executive who guides and controls
- responsible for developing organizations mission and business strategy
ex: CEO, COO, CMO
Top Management
- largest group of managers
- implements strategy and major policies
- develop tactical and operational plans
- coordinate and supervise
ex: division manager, department head
Middle management
- coordinates and supervises the activities of employees
- motivating employees, answering questions, solving day-to-day problems
Front-line management
