chapter 8 Flashcards
what is management?
the process of guiding the development, maintenance, and allocation of resources to attain organizational goals
what must managers be?
they must be flexible and adaptable with the rate of change in the global marketplace
what are the three basic categories of managerial skills?
technical
human relations
conceptual skills
for a manager what is technical skill?
specialized areas of knowledge and expertise and the ability to apply that knowledge
why would it help for a manager to have technical skill?
to bring special skills to that company
for a manager what is human relation?
the ability to understand human behaviour and to communicate effectivly
why would it help for a manager to have human relation skills?
to hero understand how to get through to people and motivate them
for a manager what is conceptual skill?
ability to view how the organization as a whole and understand how the various parts are interdependent
why would it help for a manager to have conceptual skill?
to know how all the roles of the business work together
what are the three levels of management?
top managers
middle managers
first-line managers
what do top managers do?
make the large decisions
what do middle managers do?
manage certain departments in the business
what do first-line managers do?
handle the day to day operations
what is an acronym for the 4 functions management areas?
P.L.O.C
what does PLOC stand for?
Planning
Organizing
Leading
Controlling
what are the 4 functional areas of management?
planning
organizing
leading
controlling
explain the planning functional area of management?
anticipating potential problems or opportunities and designing plans to deal with them
explain the organizing functional area of management?
coordinating and allocating the resources needed to implement plans
(allocating budget to different areas)
explain the leading functional area of management?
creating a vision for the organization and communicating and motivating others to achieve that objective
explain the controlling functional area of management?
establishing clear standards, reviewing results and making any necessary corrective actions
what is the vision/ mission for a company?
why the organization exists and its purpose
what are goals?
long term aims
what are objectives?
short term aims
what is a vision?
an encompassing explanation of why the organization exists and where its heading
what are values?
set of fundamental beliefs that guide a business in the decisions they make
what is a mission statement?
an outline of the organizations fundamental purposes
what are the three things that are in a company vision?
goals
objectives
plans
what is a SWOT analysis?
how strengths can be capitalized on
how weakness can be improved
how opportunities can be exploited
how strengths can be mitigated
are strengths and weaknesses things within the control of your organization?
yes
are opportunities and threats outside of your companies control?
yes you need to find information to act on
what are 6 potential internal strengths?
core competencies in key areas
acknowledged market leader
well- conceived functional areas strategies
proven and respected management team
cost advantages
better advertising campaigns
what are 6 external opportunities?
ability to serve additional customer groups
expand product lines
ability to transfer skills/ technology to new products
falling trade barriers in attractive foreign markets
complacency among rival firms
ability to grow due to increases in market demand
what are 6 potential internal weaknesses?
no clear strategic direction
obsolete facilities
subpar profitability
lack of managerial depth and talent
weak market image
to narrow of a product line
what are 6 external threats?
entry of low cost foreign competitors
rising sales of substitute products by competitors
slower market growth
costly regulatory requirements
changing buyer needs and tastes
vulnerability to recession and business cycles
what are the 4 planning strategies?
strategic planning
tactical planning
operational planning
contingency planning
what Is strategic planning?
the setting of broad, long-range goals by top managers
what is tactical planning?
the identification of specific, short-range objectives by lower managers
what is operational planning?
the setting of work standards and schedules
what is contingency planning?
backup plans in case primary plans fail
what is strategic planning?
outlines how the company will meet its objectives and goals
what does strategic planning involve?
creating long-range (1-5 years) broad goals and determining how the organization will accomplish those goals
what is tactical planning?
the process of developing short term statements about what is to be done
what is operational planning?
the process of setting work standards and schedules necessary to implement the company’s objectives
what is contingency planning?
the process of preparing alternative courses of action that may be used if the primary plant don’t achieve the organizations objectives
what are the two categories of decision making?
programed decision making
nonprogrammed decision making
what is programmed decision making?
decisions that are made in response to routine situations that occur frequently
ex: scheduling
what is non-programmed decision making?
decisions that are infrequent, unforeseen or very unusual problems and opportunities
what are the 5 steps in the decision making process?
recognize or define the problem or opportunity
gather information to identify alternative solutions or actions
select one or more alternatives after evaluating the strengths and weakness of each possibility
put chosen alternative into action
gather information to obtain feedback on the effectiveness of the chosen plan
what are 3 ways to develop a structure for the people within then firm?
dividing up tasks (division of labour)
grouping jobs and employees (departmentalization)
assigning authority and responsibilities (delegation)
what are leaders motivated by?
intrinsic values
what are the 4 intrinsic values leaders are motivated?
needs
desires
motive
will power
what are the 5 ways managers can influence others behaviours?
legitimate power
reward power
coercive
expert power
referent power
what is legitimate power?
power that comes from an individuals position in an organization
what is reward power?
the power that coms from an individuals control over rewards
what is coercive power?
power that comes from an individuals ability to threaten and produce negative outcomes
what is expert power?
power that comes from an individuals extensive knowledge in one or more areas
what is referent power?
the power that comes with their influence and respect of their opinion
what are the three leadership styles?
autocratic
participative/ democratic
free rein
what is autocratic leadership?
they are directive leaders and wants their subordinates to follow their directions, they like to make all of the decisions
what is participative/ democratic leadership?
they share decision making with with group members and encourage discussion of issues and alternatives
what are the three types of participative leadership?
democratic leaders
consensual leaders
consultive leader
what are consultive leaders?
they solicit input from all members of the group and then allow the group members to make a final vote on the decision
what are consensual leaders?
leaders that encourage discussion about issues then require that all parties involved to agree on the final decision
what are consultative leaders?
they confer to their subordinates before making a decision but they make the final decision
what is free-rein leadership?
managers who use this style turns over all authority and control to subordinates and let the employees figure out the best way to figure things out
what makes a leader effective?
leaders that recognize employee growth and select a leadership style that matches the maturity and competency levels of those completing the tasks
what is controlling in management?
the process of assessing the organizations progress towards accomplishing its goals
what does SMART stand for?
Specific
Measurable
Achievable
Realistic
Timely
what are the 5 steps controlling stands for?
establish clear performance standards
monitor and record actual performance
compare performance/ results against plans and standards
communicate results and deviations to the employees involved
take corrective action when needed and provide positive feed back
