Chapter 5 – Managing the Business
Someone whose primary responsibility is to carry out the management process.
The process of planning, organizing, leading, and controlling an organization’s financial, physical, human, and information resources to achieve it’s goals.
Management process of determining what an organization needs to do and how best to get it done.
Management process of determining how best to arrange an organization’s resources and activities in a coherent structure.
Management process of guiding and motivating employees to meet an organization’s objectives.
The process of monitoring a firm’s performance to make sure that it is meeting it’s goals.
Common Titles for Top Managers
President, Vice-President, Treasurer, Chief Executive Officer, and Chief Financial Officer.
Manager responsible for a firm’s overall performance and effectiveness.
Common Titles for Middle Managers
Plant manager, Operations manager, and division manager.
Manager responsible for implementing the strategies and working toward the goals set by top managers.
Common Titles for First-Line Managers
Supervisor, Office manager, Project manager, and group leader.
Manager responsible for supervising the work of employees.
Human Resource Manager
Hires and trains employees, evaluates performance, and determines compensation.
Refers to the systems by which a firm produces goods and services.
Responsible for production, inventory, and quality control.
Responsible for getting products from producers to consumers.
Design and implement systems to gather, organize, and distribute information.
Plan and oversee the company’s accounting functions and financial resources.
A category of managerial roles including figurehead, leader, and liaison.
A category of managerial roles including monitor, disseminator, and spokesperson.
A category of managerial roles including entrepreneur, disturbance handler, resource allocator, and negotiator.
Skills needed to perform specialized tasks.
Human Relations Skills
Skills in understanding and getting along with people.
Abilities to think in the abstract, diagnose and analyze different situations, and see beyond the present situation.
Includes the ability to effectively define a problem and to select the best course of action.
Time Management Skills
The productive use that managers make of their time.
Leading Causes of Wasted Time
Paperwork, telephone calls, meetings, e-mail.
The process of helping an organization maintain an effective alignment with it’s environment.
Objectives that a business hopes and plans to achieve.
A broad set of organizational plans for implementing the decision made for achieving organizational goals.
Purpose of Goal Setting
Provides direction and guidance for managers at all levels, helps firms allocate resources, helps to define corporate culture, helps managers assess performance.
Organization’s statement of how it will achieve it’s purpose in the environment in which it conducts it’s business.
Goal set for an extended time, typically five years or more into the future.
Goal set for a period of one to five years in the future.
Goal set for the near future.
Strategy for determining the firm’s overall attitude toward growth and the way it will manage its business or product lines.
Business (or Competitive) Strategy
Strategy at the business unit or product line level focusing on improving a firm’s competitive position.
Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity.
Creation of a broad program for defining and meeting an organization’s goals.
Goal derived directly from a firm’s mission statement.
Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation.
Process of scanning the business environment for threats and opportunities.
Process of analyzing a firm’s strengths and weaknesses.
Plan reflecting decisions about resource allocations, company priorities, and steps needed to meet strategic goals.
Generally short-term plan concerned with implementing specific aspects of a company’s strategic plans.
Plan setting short-term targets for daily, weekly, or monthly performance.
Identifying aspects of a business or it’s environment that might entail changes in strategy.
Organization’s methods for dealing with emergencies.
The shared experiences, stories, beliefs, and norms that characterize an organization.
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