Chapter 7 Flashcards
Centralization
Decision making based at the top of the management hierarchy
Chain of Command
Set of relationships that indicate who directs which activities and who reports to whom
Committee Organization
Organizational structure that places authority and responsibility jointly in the hands of a group of individuals rather than a single manager
Competitive Differentiation
Unique combination of organizational abilities, products, and approaches that sets a company apart from competitors in the minds of customers
Controlling
Function of evaluating an organization’s performance against its objectives
Decentralization
Decision makeup based at lower levels of the organization
Delegation
Managerial process of assigning work to employees
Departmentalization
Process of dividing work activities into units within the organization
Directing
Guiding and motivating employees to accomplish organizational objectives
Management
Process of achieving organizational objectives through people and other resources
Middle Management
Second tier in the management pyramid that focuses on specific operations within the organizations
Mission Statement
Written explanation of an organization’s business intentions and aims
Objectives
Guideposts 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.
Organization
Structured group of people working together to achieve common goals
Organization Chart
Visual representation of a firm’s structure that illustrates job positions and functions.
Organizing
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
Planning
Process of anticipating future events and conditions and determining courses of action for achieving organizational objectives
Span of Management
Number of subordinates a manager can supervise effectively
Strategic Planning
Process of determining the primary objectives of an organization and then acting and allocating resources to achieve those objectives
Supervisory Management
First-line management; includes positions such as supervisor, line manager, and group leader; responsible for assigning non-managerial employees to specific jobs and evaluating their performance every day
SWOT Analysis
SWOT is an acronym for strengths, weaknesses, opportunities, and threats. By systematically evaluating all four of these factors, a firm can then develop the best strategies for gaining a competitive advantage
Top Management
Managers at the highest level of the management pyramid who devote most of their time to developing long-range plans for their organizations
Vision
Ability to perceive marketplace needs and what an organization must do to satisfy them
