Chapter 1 Business Management – Flashcards
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Management
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the process of planning, organizing, leading, and controlling an organization's financial, physical, human, and information resources to achieve its goals
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Planning
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Management process of determining what an organization needs to do and how best to get it done
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Three Main Components of Planning
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1. Determine goals 2. Develop a comprehensive strategy for achieving those goals 3. Design tactical and operational plans for implementing the strategy
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Organization
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Determining the best way to arrange a business's resources and activities into a coherent structure
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Leading
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Management process of guiding and motivating employees to meet an organization's objectives
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Controlling
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Process of monitoring a firm's performance to make sure that it is meeting its goals
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Top Managers
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Are responsible for a firm's overall performance and effectiveness
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Middle Managers
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Implement the strategies and work toward the goals set by top managers
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First-Line Managers
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Supervise the work of employees
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Human Resource Mangers
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Hire and train employees, evaluate performance, and determine compensation
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Operations Mangers
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Responsible for ensuring that operations processes create value and provide benefits to customers
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Marketing Managers
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Plans and implements the marketing activities that result in the transfer of products from producer to consumer
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Information Managers
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Operate the systems used for getting, organizing, and distributing information
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Financial Managers
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Plan and oversee its accounting functions and financial resources
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Technical Skills
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The skills needed to perform specialized tasks
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Human Relation Skills
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Skills in understanding and getting along with people
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Conceptual Skills
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People's ability to think in the abstract, to diagnose and analyze different situations, and to see beyond the present situation
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Decision-Making Skills
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The ability to define problems and to select the best course of action
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Time Management Skills
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The productive use that managers make of their time
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Strategic Management
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The process of helping an organization maintain an effective alignment with its environment
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Goals
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Objectives that a business hopes and plans to achieve
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Strategy
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Broad set of organizational plans for implementing the decisions made for achieving organizational goals
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Mission Statements
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Statement of how they will achieve their purposes in the environments in which they conduct their businesses
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Long-Term Goals
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Goal set for an extended time, typically five years or more into the future
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Intermediate Goals
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Goal set for a period of one to five years into the future
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Short-Term Goals
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Goal set for the very near future
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Corporate Strategy
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Strategy for determining a firm's overall attitude toward growth and the way it will manage its businesses or product lines
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Business Strategy
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Strategy at the business-unit or product-line level focusing on improving a firm's competitive position
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Functional Strategy
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Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
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Strategy Formulation
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Creation of a broad program for defining and meeting an organization's goals
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Strategic Goals
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Goal derived directly from a firm's mission statement
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SWOT Analysis
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Identification and analysis or organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
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Environmental Analysis
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Process of scanning the business environment fro threats and opportunities
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Organizational Analysis
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Process of better understand a company's strengths and weaknesses
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Strategic Plans
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Plan reflecting decisions about resource allocations, company priorities, and the steps needed to meet strategic goals
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Tactical Plans
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Are shorter-term plans for implementing specific aspects of the company's strategic plans
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Operational Plans
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Developed by mid-level and lower-level mangers, set short-term targets for daily, weekly, or monthly performance
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Contingency Planning
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Seeks to identify in advance important aspects of a business or its market that might change
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Crisis Management
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An organization's methods for dealing with emergencies
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Corporate Culture
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Shared experiences, stories, beliefs, and norms that characterize an organization
