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Business > Chapter 7 > Flashcards

Chapter 7 Flashcards

1
Q

The achievement of organizational objectives through the use of people and other resources.

A

Management

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2
Q

The management hierarchy includes: (3 things)

A
  1. Top Management
  2. Middle Management
  3. Supervisory Management
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3
Q

Examples of Top Management (4)

A
  1. Chief Executive Officer
  2. Chief Financial Officer
  3. Governor
  4. Mayor
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4
Q

Examples of Middle Management (3)

A
  1. Regional Manager
  2. Division Head
  3. Director Marked
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5
Q

Examples of Supervisory Management (3)

A
  1. Supervisor
  2. Shift Manager
  3. Program Manager
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6
Q

What do Top managers do?

A

Sets the long-term direction, vision, and values of the organization.

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7
Q

What do Middle Managers do?

A

Focus on specific operations, products, or customer groups and implement strategic plans.

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8
Q

What do Supervisor Management do?

A

Responsible for assigning non-managerial employees to specific jobs and evaluating performance.

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9
Q

Skills needed for managerial success (3)

A
  1. Technical Skills
  2. Human Skills
  3. Conceptual Skills
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10
Q

Explain Technical Skills

A

Include the ability to understand and use the knowledge and tools of a specific discipline or activity.

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11
Q

Explain Human Skills

A

Interpersonal skills managers need to motivate and lead employees to accomplish identified objectives.

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12
Q

Explain Conceptual Skills

A

Involve the ability to see the big picture by acquiring, analyzing, and interpreting information.

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13
Q

Give Examples of Leaders

A
  1. Jim Skinner
  2. Jack Kennedy
  3. Don Thompson
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14
Q

Ability to direct or inspire people to attain certain goals.

A

Leadership

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15
Q

Three traits of Leaders

A
  1. Empathy
  2. Self-awareness
  3. Objectivity
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16
Q

Where do Leaders get their power from?

A
  1. Position in a Company
  2. Expertise & Experience
  3. Personality
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17
Q

Type of Leadership style where Leaders make decisions on their own without consulting employees.

A

Autocratic Leadership

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18
Q

Type of Leadership style which Leaders include subordinates in decision making process. This Leadership style centers on employee’s contributions.

A

Democratic Leadship

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19
Q

Type of Leadership style where Leaders believe in minimal supervision and all the subordinates to make the most of their decisions. These Leaders communicate with employees frequently, as the situation warrants.

A

Free-Rein Leadership

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20
Q

Perception of the marketplace needs and the ways a firm can satisfy them.

A

Vision

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21
Q

An organization’s system of principals, beliefs, and values.

A

Corporate Culture

22
Q

Why is no single Leadership style best?

A

No single leadership style is best for every situation. In a crises for example, an autocratic method might be best.

23
Q

Leadership styles

A
  1. Autocratic
  2. Democratic
  3. Free-Rein
24
Q

Process of recognizing a problem or opportunity, evaluating alternative solutions, selecting and implementing an alternative, and accessing the results.

A

Decision Making

25
Q

Managerial Process of assigning work to employees.

A

Delegation

26
Q

Number of employees a manager supervises.

A

Span of Management or Span of Control

27
Q

Retains decision making at the top of the management hierarchy.

A

Centralization

28
Q

Locates decision making at the lower levels of management.

A

Decentraliszation

29
Q

Process of anticipating future events and conditions and determining course of action for achieving organizational objectives.

A

Planning

30
Q

4 Types of Planning

A
  1. Strategic
  2. Tactical
  3. Operational
  4. Contingency
31
Q

Most far-reaching level of planning- the process of determining the primary objective of an organization and then acting and allocating resources to achieve those objectives.

A

Strategic Planning

32
Q

Guide current and near term activities required to implement overall strategies.

A

Tactical Planning

33
Q

Chooses specific work targets and assigning employees and teams to carry out plans.

A

Operational Planning

34
Q

Takes into account all the possibilities that actual planning cannot foresee.

A

Contingency Planning

35
Q

Written explanation of an organization’s business intentions and aims.

A

Mission Statement

36
Q

System that evaluates strengths, weaknesses, opportunities, and threats so firms can develop the best strategies for gaining a competitive advantage.

A

SWOT Analysis

37
Q

6 Steps in the Strategic Planning Process

A
  1. Define Mission
  2. Assess Competitive Position
  3. Set Objectives
  4. Create Strategies for competitive Differentiation.
  5. Turn Strategy into Action
  6. Evaluate the results and refine plan.
38
Q

Outcome by which managers define the organization’s desired performance in such areas as new-product development, sales, customer service, growth, environmental and social responsibility, and employee satisfaction.

A

Objective

39
Q

The unique combination of a companies abilities and resources that set it apart from its competitors.

A

Competitive Differentation

40
Q

Process of blending human and material resources through a formal structure of tasks and authority: arranging work, dividing tasks among employees, and coordinating them to ensure implementation of plans and accomplishment of objectives.

A

Organizing

41
Q

Structure group of people working together to achieve conman goals.

A

Organization

42
Q

Process of dividing work activities into units within the organization.

A

Departmentalization

43
Q

5 Steps to the Organization Process

A
  1. Determine Work Activities
  2. Group Activities into Logical Pattern.
  3. Assign Activities
  4. Coordinate Activities
  5. Evaluate Results
44
Q

5 Major forms of Departmentalization

A
  1. Product
  2. Geographical
  3. Customer
  4. Functional
  5. Process
45
Q

Organizes work units based on the goods and services a company offers.

A

Product Departmentalization

46
Q

Organizes units by geographical regions within the country or, for a multinational firm, by region throughout the world.

A

Geographical Departmentalization

47
Q

Targets its goods and services at different types of customers.

A

Customer Departmentalization

48
Q

Organizes work units according to business functions such as finance, marketing, human resources, and production.

A

Functional Departmentalization

49
Q

Organizes a firm by steps in a production process.

A

Process Departmentalization

50
Q

Guiding and motivating employees to accomplish organizational objectives.

A

Directing

51
Q

Function of evaluating an organization’s performance against its objectives.

A

Controlling

52
Q

4 Basic Steps in Controlling

A
  1. Establish Performance Standards.
  2. Monitor Actual Performance
  3. Compare Performance with actual standards.
  4. Make corrections if necessary.

Business (10 decks)

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