Management Flashcards
management
the process of working with people and resources to accomplish organizational goals
planning
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.
organization
the management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals
leading
the management function that involves the managers efforts to stimulate high performance by employees
controlling
the management function of monitoring performance and making needed changes
Managers
attain goals in an efficient and effective manner through planning, organizing, leading and controlling
organizing activities
attracting people to the organization, specifying job responsibilities, grouping jobs into work units, marshaling and allocating resources, and creating conditions so that people and things work together to achieve maximum success.
accountability
being responsible for your own actions
Sole Proprietorship
One person running the business, full personal liability
Partnership
Two or more people running the business, liability split between the owners
C-Corporations (Conventional)
Legal entity that acts and has liability, seperate from its owners
<p>S-Corporations
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<p>Looks like a "C-corporation" taxed like a Partnership (personal income of owners)
</p>
Limited Liability Corporation (LLC)
Looks like a C-corporation and taxed as a personal income (Personal asset cannot be taken if bankrupt)
product
anything offered to the target market to satisfy their needs.
place
the locations where products are sold and the way they are made available to consumers. also is where conssumers can obtain the product or service
price
what customers pay and the method of payment. also can support an image of quality, service, or value in addition to spelling out cost.
promotion
the methods used to communicate information to consumers. also helps to attract new consumers by informing and persuading them.
target market
a clearly identified group of consumers with very similar needs to whom a company can sell its products.
marketing mix
a combination of marketing elements designed to meet the needs of the target market.
marketing
increased our standards of living by understanding our needs and wants and providing us with more choices and better products.
<p>distribution channel
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<p>the path a product travels from product to consumer.
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Basic Accounting Equation
Assets equals Liabilities plus Owner’s Equity (A=L+OE)
Assets
Resources owned by the company and used for some business purpose
Current Assets
Those assets that typically will be consumed within a year
Long term assets
Those assets that will not be consumed within a year
Liabilities
The claims that creditors have against the company
Current Liabilities
Those liabilities which will be paid within a year
Long term liabilities
Those liabilities that will not be paid off within a year
Owner’s Equity
The claim that owners (common stockholders, general partners or sole proprietors) have against the company
<p>Income Statement
</p>
<p>Identifies revenues and expenses relating to a company's business activity over a period of time, e.g., January 1, 2008 through December 31, 2008.
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Nepotism
favoritism shown to relatives or close friends by those in power (as by giving them jobs)
middle management
This level of management includes department heads and district sales managers.
decision-making role
By making changes in policies or resolving conflicts in the workplace, a manager is working within his or her ____.
A Theory Y manager is most likely to ____.
assume that all workers are content with their work
Theory Z
Management theory incorporating Japanese emphasis on collective decision making and concern for employees with American emphasis on individual responsibility is ____.
Wheeler-Lea Act of 1938
This law guards against false advertising.
contract
A ____ is an agreement between two parties to carry out a transaction, such as the sale of goods from a seller to buyer.
Under the Americans with Disabilities Act, companies ____.
cannot fire or refuse to hire people because of certain disabilities and illnesses
Profit
The difference between what a business earns (revenue) and what it spends (costs) is known as ____.
China
The largest exporter in the world is ____.
Retrenchment
____ strategy is a plan to reverse negative trends in a company, such as the losses in sales.
Procedure
A detailed series of related steps or tasks written to implement a policy is called a ____.
corporate strategies
Strategies that deal with the most important aspects of the company’s operations and provide overall direction for the company are known as ____.
a continuous-flow operating system
Because production occurs continuously throughout the year, the 3-M company can best be described as using ____.
unity of command
Confusion results if a person reports to two people at once, according to ____.
delegate the task
When a task is too time consuming for a manager to handle alone, he or she may ____.
inside board members
Senior company managers who serve on the company’s board of directors are known as ____.
line organization
In a ____ authority originates at the top and moves downward in a line.
growth through direction state
The company founder is no longer solely responsible for all decision making during the ____.
chief executive officer
The person who sets the company’s objectives is the ____.
Informal work groups can affect ____.
productivity, the success of the managers, and the morale of the other employees
Ethics
Principles of right conduct and moral values
Integrity
Moral or ethical strength; the quality of being honest
Respect
The instant willingness to show consideration or appreciation
Self-Esteem
A sense of one’s own dignity or worth
Teamwork
Cooperative effort by the members of a group or team to achieve a common goal
acquisition
occurs when one business buys all or part of another business
benchmarking
the process of comparing an organization’s products or services and processes with those of another companies
contingency plans
alternative plans to be implemented if uncontrollable event occur
functional strategies
strategies developed and implemented by managers in marketing, operations, human resources, finance, and other departments