Week 7 Flashcards
what are the 4 steps to the management process
planning, organizing, leading, controlling
what are the 3 levels of management
Top managers, middle managers, first line managers
what are the 5 management skills
technical skills, HR skills, conceptual skills, time management skills, decision making skills
what is strategic management
its setting goals and formulating strategies to reach the goals
what is SMART goal setting
S - specific
M - measurable
A - acheivable
R - relevant
T - time bound
what does SWOT stand for and what the goal
S - strengths
W - Weaknesses
O - opportunites
T - Threats
can be useed by firms to see how they can improve or can be used to access potential opportunities
what type of analysis accesses a firms strength and weaknesses
organizational analysis
in the swot analysis what parts are internal(2) and external(2) for the firm
strength and weaknesses are internal
opportunities and threats are external
what is the first thing that a manager should do in terms of the control process
establish standards
arranging jobs into a logical system is known as
organzing
what is the management proccess between managers and their subordinates
leading
what is a improving economy in the eyes of a business
a opportunity
what strategy focuses on how specific areas can achieve corporate goals
functional strategy
who sets strategic goals
top managers
what is the goal of a Strategy
its a outline to how the firm will meet its mission statement and goals