Foundations of Business – Chapter 6 – Flashcards
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Management
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The process of coordinating people and the resources to achieve the goals of an organization
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Planning
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Establishing organizational goals and deciding how to accomplish them
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Mission
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A statement of the basic purpose that makes an organization different from others
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Strategic planning process
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The establishment of an organization's major goals and objectives and the allocation of resources to achieve them
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Goal
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An end result that an organization is expected to achieve over a one-to-ten year period
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Objective
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A specific statement detailing what an organization intends to accomplish over a shorter period of time
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SWOT analysis
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The identification and evaluation of a firm's strengths, weaknesses, opportunities, and threats
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Core competencies
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Approaches and processes that a company performs well that may give it an advantage over its competitors
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Plan
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An outline of the actions by which an organization intends to accomplish its goals and objectives
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Strategic plan
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An organization's broadest plan, developed as a guide for major policy setting and decision making
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Contingency plan
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A plan that outlines alternative courses of action that may be taken if an organization's other plans are disrupted or become ineffective
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Tactical plan
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A smaller scale plan developed to implement a strategy
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Operational plan
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A type of plan designed to implement tactical plans
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Organizing
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The grouping of resources and activities to accomplish some end result in an efficient and effective manner
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Leading
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The process of influencing people to work toward a common goal
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Motivating
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The process of providing reasons for people to work in the best interests of an organization
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Directing
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The combined processes of leading and motivating
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Controlling
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The process of evaluating and regulating ongoing activities t ensure that goals are achieved
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Top manager
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An upper-level executive who guides and controls the overall fortunes of an organization
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Middle manager
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A manager who implements the strategy and major policies developed by top management
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First-line manager
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A manager who coordinates and supervises the activities of operating employees
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Financial manager
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A manager who is primarily responsible for an organization's financial resources
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Operations manager
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A manager who manages the systems that convert resources into goods and services
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Marketing manager
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A manager who is responsible for facilitating the exchange of products between an organization and its customers or clients
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Human resources manager
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A person charges with managing an organization's human resources programs
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Administrative manager
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A manager who is not associated with any specific functional area but who provides overall administrative guidance and leadership
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Conceptual skills
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The ability to think in abstract terms
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Analytic skills
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The ability to identify problems correctly, generate reasonable alternatives, and select the "best" alternatives to solve problems
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Interpersonal skills
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The ability to deal effectively with other people
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Technical skills
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Specific skills needed to accomplish a specialized activity
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Communication skills
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The ability to speak, listen, and write effectively
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Leadership
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The ability to influence others
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Autocratic leadership
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Task oriented leadership style in which workers are told what to do and how to accomplish it without having a say in the decision making process
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Participative leadership
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Leadership style in which all members of a team are involved in identifying essential goals and developing strategies to reach those goals
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Entrepreneurial leadership
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Personality-based leadership style in which the manager seeks to inspire workers with a vision of what can be accomplished to benefit all stakeholders
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Decision making
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The act of choosing one alternative from a set of alternatives
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Problem
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The discrepancy between an actual condition and a desired condition
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Total quantity management (TQM)
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The coordination of efforts directed at improving customer satisfaction, increasing employee participation, strengthening supplier partnerships, and facilitating an organizational atmosphere of continuous quality improvement
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Benchmarking
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A process used to evaluate the products, processes, or management practices of another organization that is superior in some way in order to improve quality
