introduction to business principles lesson 1 Flashcards
matuto duh
kinds of Business Department
Marketing
operation management
accounting finance
human resource
is the attainment of organizational goals effectively and efficiently using functions of; planning, organizing, leading, controlling, staffing, and coordination organizational resources.
Management
who says efficiency is doing things right; effectiveness is doing the right thing
peter drunker
function of management:
Setting objectives and outlining steps to achieve them.
Example: Strategic planning for long-term goals.
Planning
function of management:
Arranging resources and tasks to accomplish objectives.
Example: Structuring teams and workflows.
organizing
function of management:
Guiding and motivating
Example: Leadership styles and communication strategies.
Example: Leadership styles and communication strategies.
leading
function of management:
monitoring and evaluating progress towards goal
Example: Performance metrics and corrective actions.
controlling
function of management:
Recruiting, training, and retaining the right personnel.
Example: Talent acquisition and employee development
staffing
function of management:
Ensuring all parts of the organization work together harmoniously
Example: Cross-departmental collaboration
Coordinating
Automating Repetitive Tasks: Using software to automate data entry which reduces the time and effort required compared to manual entry.
Efficiently
Streamlining Communication: Implementing a team messaging app to consolidate communications, reducing the need for lengthy email chains and meetings.
Efficiently
Setting Clear Objectives: Establishing specific, measurable goals for a project to ensure team members understand what needs to be achieved.
Effectively
Prioritizing Tasks: Focusing on high-impact tasks to achieve critical goals even if some less important tasks are delayed.
Effectively
Implementing a real-time inventory tracking system (efficient) to monitor stock levels accurately and reorder supplies promptly (effective), ensuring no stockouts or overstock situations.
Inventory Management
representatives to handle queries using a structured script (efficient) while also empowering them to personalize responses based on individual customer needs (effective), leading to higher customer satisfaction.
Customer Service
Manager’s Role
figurehead, leader, laison
interpersonal role
Manager’s role
monitor, disseminatorr
information roles
Manager’s role
spokesperson, entrepreneur, disturbance handler, resource allocator,negotiator
Decisional role
what managerial level is
Conceptual Skills
Ability to solve long-term problems and view the total organization as an interactive system
Top Level Management
Human Relations Skills
Ability to work effectively, lead, and assure harmonious interpersonal relations.
Middle-Level Management
Technical Skills
Ability to use tools, apply specialized knowledge, and manage techniques
Lower Level Management
Importance of Management Principles:
Streamlines process to maximize productivity
Efficiency
Importance of Management Principles:
Helps in achieving organizational goals.
Effectiveness
Importance of Management Principles:
Establishes standard practices and procedures.
Consistency
Importance of Management Principles:
Aids in responding to changing environments and challenges.
Adaptability
Clarifies roles and responsibilities, ensuring________
Accountability
who says The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
Philip Kotler
