Topic 1A Management Flashcards
Competitive Advantage
The ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them
Conceptual Skills
The ability to think anaytically, to visualize an organization as a whole and understand how the parts work together
Controlling
You monitor performance, compare it with goals, and take corrective action as needed
Decisional Roles
Managers use information to make decisions to solve problems or take advantage of opportunities. The four decision-making roles are entrepreneur, disturbance handler, resource allocator, and negotiator
Effective
Achieve results, to make the right decisions and to successfully carry them out so that managers achieve the organization’s goals
(Doing the right work)
Efficient
To use resources ( people, money, raw materials) wisely and cost- effectively
(Doing the work well)
First- line Managers
Make short- term operating decisions, directing the daily tasks of non- managerial personnel
4 Management Functions
Planning, organizing, leading, controlling
Functional Manager
- responsible for just one organizational activity
- EX) director of finance, VP of production
General Manager
- responsible for SEVERAL organizational activities
- EX) executives VP, an executive director for a nonprofit
Informational Roles
Managers as monitors, disseminators, and spokespersons
Leading
You motivate, direct, and otherwise influence people to work hard to achieve the organization’s goals
Management
The pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling the organization’s resources
Middle Managers
Implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first- line managers below them
Organization
A group of people who work together to achieve some specific purpose
Planning
You set goals and decide how to achieve them
Process
A series of actions or steps followed to bring about a desired result
Soft Skills
Ability to motivate, to inspire trust, and to communicate with others
Sustainable Development
Focuses on meeting present needs while simultaneously ensuring that future generations will be able to meet their needs
Sustainable Development Goals (SDGs)
Meant to serve as a blueprint for future economic planning
Technical Skills
The job- specific knowledge needed to perform well in a specialized field
Top Managers
Make long- term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it
What is management ? (3 things)
- The pursuit of organizational goals efficiently and effectively
- Integrating the work of people
- Planning, organizing, leading, and controlling the organization’s resources
Rewards of studying management
- knowing how to deal with organizations from outside
- knowing how to relate to your supervisors
- knowing how to interact with co- workers
- knowing how to manage yourself in the workplace
Rewards of Practicing Management
- both you/ employees can experience a sense of accomplishment
- stretching your abilities and magnify your range
- build/ deliver successful products or services that benefit your customers
- be a mentor/ help others
The 4 principal functions of management are:
- planning
- organizing
- leading
- controlling
Team Leader
Responsible for facilitating team activities toward achieving key results
Human skills (soft skills)
The ability to work well in cooperation with other people to get things done; the ability to motivate, to inspire trust, to communicate with others
What are the 7 challenges to being an exceptional manager
- Managing for competitive advantage
- Technological advanced
- Diversity and inclusion
- Globalization
- Ethical standards
- Sustainable development
- Happiness and meaningfulness
Having competitive advantage means:
- Being responsive to customers
- Innovation
- Quality
- Efficiency
The first “law” of business is:
Take Care of the Customer !
