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Intro to Business > chapter 8 > Flashcards

chapter 8 Flashcards

1
Q

what is management?

A

the process of guiding the development, maintenance, and allocation of resources to attain organizational goals

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2
Q

what must managers be?

A

they must be flexible and adaptable with the rate of change in the global marketplace

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3
Q

what are the three basic categories of managerial skills?

A

technical
human relations
conceptual skills

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4
Q

for a manager what is technical skill?

A

specialized areas of knowledge and expertise and the ability to apply that knowledge

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5
Q

why would it help for a manager to have technical skill?

A

to bring special skills to that company

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6
Q

for a manager what is human relation?

A

the ability to understand human behaviour and to communicate effectivly

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7
Q

why would it help for a manager to have human relation skills?

A

to hero understand how to get through to people and motivate them

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8
Q

for a manager what is conceptual skill?

A

ability to view how the organization as a whole and understand how the various parts are interdependent

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9
Q

why would it help for a manager to have conceptual skill?

A

to know how all the roles of the business work together

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10
Q

what are the three levels of management?

A

top managers
middle managers
first-line managers

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11
Q

what do top managers do?

A

make the large decisions

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12
Q

what do middle managers do?

A

manage certain departments in the business

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13
Q

what do first-line managers do?

A

handle the day to day operations

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14
Q

what is an acronym for the 4 functions management areas?

A

P.L.O.C

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15
Q

what does PLOC stand for?

A

Planning
Organizing
Leading
Controlling

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16
Q

what are the 4 functional areas of management?

A

planning
organizing
leading
controlling

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17
Q

explain the planning functional area of management?

A

anticipating potential problems or opportunities and designing plans to deal with them

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18
Q

explain the organizing functional area of management?

A

coordinating and allocating the resources needed to implement plans
(allocating budget to different areas)

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19
Q

explain the leading functional area of management?

A

creating a vision for the organization and communicating and motivating others to achieve that objective

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20
Q

explain the controlling functional area of management?

A

establishing clear standards, reviewing results and making any necessary corrective actions

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21
Q

what is the vision/ mission for a company?

A

why the organization exists and its purpose

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22
Q

what are goals?

A

long term aims

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23
Q

what are objectives?

A

short term aims

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24
Q

what is a vision?

A

an encompassing explanation of why the organization exists and where its heading

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25
Q

what are values?

A

set of fundamental beliefs that guide a business in the decisions they make

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26
Q

what is a mission statement?

A

an outline of the organizations fundamental purposes

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27
Q

what are the three things that are in a company vision?

A

goals
objectives
plans

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28
Q

what is a SWOT analysis?

A

how strengths can be capitalized on

how weakness can be improved

how opportunities can be exploited

how strengths can be mitigated

29
Q

are strengths and weaknesses things within the control of your organization?

A

yes

30
Q

are opportunities and threats outside of your companies control?

A

yes you need to find information to act on

31
Q

what are 6 potential internal strengths?

A

core competencies in key areas

acknowledged market leader

well- conceived functional areas strategies

proven and respected management team

cost advantages

better advertising campaigns

32
Q

what are 6 external opportunities?

A

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

33
Q

what are 6 potential internal weaknesses?

A

no clear strategic direction

obsolete facilities

subpar profitability

lack of managerial depth and talent

weak market image

to narrow of a product line

34
Q

what are 6 external threats?

A

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

35
Q

what are the 4 planning strategies?

A

strategic planning
tactical planning
operational planning
contingency planning

36
Q

what Is strategic planning?

A

the setting of broad, long-range goals by top managers

37
Q

what is tactical planning?

A

the identification of specific, short-range objectives by lower managers

38
Q

what is operational planning?

A

the setting of work standards and schedules

39
Q

what is contingency planning?

A

backup plans in case primary plans fail

40
Q

what is strategic planning?

A

outlines how the company will meet its objectives and goals

41
Q

what does strategic planning involve?

A

creating long-range (1-5 years) broad goals and determining how the organization will accomplish those goals

42
Q

what is tactical planning?

A

the process of developing short term statements about what is to be done

43
Q

what is operational planning?

A

the process of setting work standards and schedules necessary to implement the company’s objectives

44
Q

what is contingency planning?

A

the process of preparing alternative courses of action that may be used if the primary plant don’t achieve the organizations objectives

45
Q

what are the two categories of decision making?

A

programed decision making
nonprogrammed decision making

46
Q

what is programmed decision making?

A

decisions that are made in response to routine situations that occur frequently

ex: scheduling

47
Q

what is non-programmed decision making?

A

decisions that are infrequent, unforeseen or very unusual problems and opportunities

48
Q

what are the 5 steps in the decision making process?

A

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

49
Q

what are 3 ways to develop a structure for the people within then firm?

A

dividing up tasks (division of labour)

grouping jobs and employees (departmentalization)

assigning authority and responsibilities (delegation)

50
Q

what are leaders motivated by?

A

intrinsic values

51
Q

what are the 4 intrinsic values leaders are motivated?

A

needs
desires
motive
will power

52
Q

what are the 5 ways managers can influence others behaviours?

A

legitimate power
reward power
coercive
expert power
referent power

53
Q

what is legitimate power?

A

power that comes from an individuals position in an organization

54
Q

what is reward power?

A

the power that coms from an individuals control over rewards

55
Q

what is coercive power?

A

power that comes from an individuals ability to threaten and produce negative outcomes

56
Q

what is expert power?

A

power that comes from an individuals extensive knowledge in one or more areas

57
Q

what is referent power?

A

the power that comes with their influence and respect of their opinion

58
Q

what are the three leadership styles?

A

autocratic
participative/ democratic
free rein

59
Q

what is autocratic leadership?

A

they are directive leaders and wants their subordinates to follow their directions, they like to make all of the decisions

60
Q

what is participative/ democratic leadership?

A

they share decision making with with group members and encourage discussion of issues and alternatives

61
Q

what are the three types of participative leadership?

A

democratic leaders
consensual leaders
consultive leader

62
Q

what are consultive leaders?

A

they solicit input from all members of the group and then allow the group members to make a final vote on the decision

63
Q

what are consensual leaders?

A

leaders that encourage discussion about issues then require that all parties involved to agree on the final decision

64
Q

what are consultative leaders?

A

they confer to their subordinates before making a decision but they make the final decision

65
Q

what is free-rein leadership?

A

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

66
Q

what makes a leader effective?

A

leaders that recognize employee growth and select a leadership style that matches the maturity and competency levels of those completing the tasks

67
Q

what is controlling in management?

A

the process of assessing the organizations progress towards accomplishing its goals

68
Q

what does SMART stand for?

A

Specific
Measurable
Achievable
Realistic
Timely

69
Q

what are the 5 steps controlling stands for?

A

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

Intro to Business (25 decks)

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