Introduction to Business Chapter 5 Flashcards
Management
process of planning, organizing, leading and controlling an organization’s resources to achieve its goals
Planning
management process of determining what an organization needs to do and best to get it done
Organizing
Management process of determining how best to arrange an organizations resources and activities into a coherent structure
Leading
Management process of guiding and motivating employees to meet an organizations objectives
Controlling
Management process of monitoring an organizations performance to ensure that if its meeting its goals
Top Manager
manager responsible for a firms overall performance and effectiveness
Middle Managers
manager responsible for implementing the strategies and working toward the goals set by top managers
First-Line Managers
manager responsible for supervising the work of employees
Interpersonal Roles
a category of managerial roles, including figurehead, leader, and liaison
informational roles
a category of managerial roles a monitor, a disseminator, and spokesperson
Decisional roles
a category of managerial roles including an entrepeneur, disturbance handler, resource allocator, and negoitiater
Technical Skills
skills needed to perform specialized tasks
Human Relation Skills
skills in understanding and getting along with people
Conceptual Skills
abilities to think in the abstract, diagnose and analyze different situations and see beyond the present situation
Decision making skills
skills in defining problems and selecting the best courses of action
Time management skills
skills associated with the productive use of time
Strategic Management
process of helping an organization maintain an effective alignment with its environment
Goal
Objective that a business hopes and plans to achieve
Strategy
broad set of organizational plans for implementing the decisions made for achieving organizational goals.
Mission Statement
organization’s statement of how it will achieve its purpose in the environment in which it conducts its business
Long-term goals
goal set for an extended time, typically five years or more into the future
Intermediate Goal
goal set for a period of one to five years into the future
Short-Term Goal
goal set for the near future
Corporate Strategy
strategy for determining the firm’s overall attitude toward growth and the way it will manage its businesses or product lines
Business (or Competitive) Strategy
strategy , at the business-unit or product-line level, focusing on improving a firm’s competitive position
Functional Strategy
strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
Strategy Formulation
creation of a broad program defining and meeting and organization’s goals
Strategic Goal
goal derived directly from a firm’s mission statement
SWOT Analysis
identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Environmental Analysis
process of scanning the business environment for threats and oppurtunities
Organizational Analysis
process of analyzing a firms strengths and weaknesses
Strategic Plans
reflect decisions about resource allocations, company priorities, and the steps needed to meet strategic goals.
Tactical Plans
shorter-term plans for implementing specific aspects of the company’s strategic plans.
Operational plans
developed by mid-level and lower level managers, set short-term targets for daily,weekly, or monthly performance
Contingency Planning
identifying aspects of a business or its environment that might entail changes in strategy
Crisis Management
organization’s methods for dealing with emergencies
Corporate Culture
the shared experiences, stories, beliefs, and norms that characterize an organization
