Chapter 7 Flashcards
Term
Definition
management
coordinating people and other resources to achieve the goals of an organization
Planning
establishing organizational goals and deciding how to accomplish them
Leading
the process of guiding others toward the achievement of organizational goals
strategic planning process
establishing an organization’s major goals and objectives and allocating resources to achieve them
organizing
grouping resources and activities to accomplish some end result in an efficient and effective manner
vision statement
a clear and concise outline of an organization’s values and goals that it would like to achieve
mission statement
a clear, concise articulation of how the company intends to achieve its vision—how it is different from its competition and the keys to its success
motivating
the process of providing incentives for people to work in the best interests of an organization
top managers
an upper-level executive who guides and controls an organization’s overall strategy and resources to accomplish its vision
middle managers
a manager who implements the strategy and major policies developed by top management
directing
the combined processes of leading and motivating
Controlling
measuring results against goals and making corrections when needed
financial managers
primarily responsible for an organization’s financial resources
front-line managers
a manager who coordinates and supervises the activities of operating employees (those with no employees reporting to them)
operations managers
manages the systems that convert resources into goods and services
marketing managers
responsible for facilitating the exchange of products between an organization and its customers or clients
administrative managers
a manager who is not associated with any specific functional area but provides overall administrative guidance and leadership
human resources managers
charged with managing an organization’s human resources programs
conceptual skills
the ability to see the ‘big picture’ and understand how the various parts of an organization or idea can fit together
technical skills
specific skills needed to accomplish a specialized activity
Leadership
the relationship between a leader and the followers who want real changes, resulting in outcomes that reflect their shared purpose
interpersonal skills
dealing effectively with other people both inside and outside an organization; examples include the ability to relate to people, understand their needs and motives, and show genuine empathy and compassion
participative leadership (inclusive)
a style of leadership where the leader consults employees before making decisions
autocratic leadership (authoritarian)
a style of leadership where the leader makes decisions and the employees are expected to execute the decisions exactly as directed
laissez-faire leadership (free-rein)
a style of leadership where the leader provides a basic vision and the necessary resources for the team, and then mainly acts as an adviser
core competencies
approaches and processes that a company performs well that may give it an advantage over its competitors
Decision making
the act of analyzing a situation and choosing a course of action from the available alternatives
SWOT analysis
a tool for identifying and evaluating a business’s strengths, weaknesses, opportunities, and threats; it can be used during the strategic planning process to set goals and objectives
What are the four key functions of management?
Planning (set goals)
Organizing (organizing how to get there)
Leading and motivating (known together as directing)
Controlling
what are the three different levels of planning?
Strategic (broad / 1 - 5 yrs)
Tactical (specific / yearly)
Operational (day to day)
What are the three levels of management?
top, middle, and frontline managers.
what are the three key skills a manager needs?
conceptual, technical, and interpersonal skills.
Rate the skills a top manager needs
conceptual - 1
interpersonal - 1
technical - 3
rate the skills a middle manager needs
conceptual - 2
interpersonal - 2
technical - 2
what type of skills do frontline workers need
conceptual - 3
interpersonal - 2
technical - 1
What are the three different types of leadership
autocratic,participative, and laissez-faire
When facing important decisions managers should keep what three objectives in mind?
Correctly identify the problem or opportunity
Use creativity
Use structured analysis to evaluate alternatives
What are the critical success factors for any business
achieving financial performance
meeting/exceeding the needs of customers
providing value
fostering creativity and innovation
securing employee commitment
what is the difference between leadership and management?
leadership is the ability to influence others towards a given goal. Leadership is a trait used by managment to help improve an organization or reach its goals.
