Final Exam Flashcards
the management function of monitoring performance and making needed changes
controlling
simultaneous competition and cooperation among companies with the intent of creating value
coopetition
keeping costs low to achieve profits and be able to offer prices that are attractive to consumers
cost competitiveness
skills of understanding yourself, managing yourself, and dealing effectively with others
emotional intelligence (EQ)
lower level managers who supervise the operational activities of the organization
frontline managers
the introduction of new goods and services; a change in method or technology; a positive, useful departure from previous ways of doing things
innovation
people skills; the ability to lead, motivate and communicate effectively with others
interpersonal and communication skills
practices aimed at discovering and harnessing an organization’s intellectual resources
knowledge management
the management function that involves the manager’s efforts to stimulate high performance by employees
leading
the process of working with people and resources to accomplish organizational goals
management
- report to top of management
- oversee first-line managers
- develop and implement activities
- allocate resources
middle level managers
the management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals
organizing
the management function of systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue
planning
goodwill stemming from your social relationships; a competitive advantage in the form of relationships with other people and the image other people have of you
social capital
a long term perspective on sustaining the natural environment and building tomorrow’s business opportunities while effectively managing todays business
sustainability
the ability to performa a specialized task involving a particular method or process
technical skill
- set objectives
- scan environment
- plan and make decisions
top level managers
globalization
- offices and production facilities all over the world
- talent and competition come from anywhere
- affects large and small companies
- changed the face of the workforce
technological change
- online customers engagement, AI, data protection, cloud computing
- challenges created by rapid changes
- internet creates opportunities but also introduces threat
- will start to adapt to people’s references
knowledge management
funding, unlocking, sharing, capitalizing on the most precious resources of an organization: expertise, skills, wisdom and relationships
managing for competitive advantage
- innovation (speed, service)
- quality (cost, competitiveness, sustainability)
Functions of management (Henri Fayol)
- planning
- organizing
- leading
- controlling
- report to middle managers
- supervise employees
- coordinate activities
- are involved in day to day activities
first line managers
manager roles (Henry Mintzberg)
- interpersonal roles
- informational roles
- decisional roles
