question

Management

answer

a process designed to achieve an organizations objectives by using its resources effectively and efficiently in a changing enviromnent

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Managers

answer

those individuals in organizations who make decisions about the use of resources and who are concerned with planning, organizing, staffing, directing and controlling the organization's activities to reach its objectives

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3 resources organizations must acquire to meet their objectives

answer

Employees, suppliers, financial resources

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What do managers do?

answer

Plan activities to achieve objectives, organize resources, staff, direct employees activities to achieve objectives, control the organizations activities to keep it on course

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planning

answer

the process of determining the organization's objectives and deciding how to accomplish them; the first function of management

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What is a mission statement?

answer

an organization's fundamental purpose and basic philosophy

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What are goals?

answer

the results the company wants to achieve

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What are objectives?

answer

measurable statements on common issues such as profit, competitive advantage, efficiency and growth

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What are plans?

answer

Specify what should be done, by whom, where, when and how

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What are strategic plans?

answer

Establish long-range objectives and overall strategy or course of action by which a firm fulfills its mission

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What are tactical plans?

answer

Short-range plans designed to implement the activities and objectives specified in the strategic plan

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What are operational plans?

answer

very short-term plans, specify actions individuals, work groups, or departments must accomplish to achieve the tactical plan and ultimately the strategic plan

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What is crisis management or contingency planning?

answer

an element in planning that deals with potential disasters

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Organizing

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the structuring of resources and activities to accomplish objectives in an efficient and effective manner

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Why is organizing important?

answer

helps create synergy where the effect of the whole system equals more than that of its parts, establishes lines of authority, improves communication, helps avoid duplication of resources, improves competitiveness by speeding up decision making

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Staffing

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hiring of people to carry out the work of the organization

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What do managers duties include?

answer

recruiting, determining what skills are needed for specific jobs, motivating and training employees, determining pay and benefits

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Downsizing

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the elimination of a significant number of employees from an organization

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Downsizing has helped companies ______

answer

reduce costs quickly

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Directing

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motivating and leading employees to achieve organizational objectives

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Directing also involves....

answer

determining and administering rewards and recognition

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What is the best kind of incentive?

answer

Recognition and appreication

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Controlling

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the process of evaluating and correcting activities to keep the organization on course

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5 Activities of control

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measuring performance, comparing performance with standards or objectives, identifying deviations from the standards, investigating the causes of deviations, taking corrective action when necessary

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3 levels of management

answer

top management, middle management, first-line management

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Top managers

answer

the president and other top executives of a business, such as the CEO, CFO, and COO, who have overall responsibility for the organization

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Who is the CEO's boss in publicly owned corporations?

answer

the board of directors

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What do compensation committees do?

answer

work with boards of directors and CEOs to try and keep pay in line with performance

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Middle managers

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those members of an organization responsible for the tactical planning that implements the general guidelines established by top management

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Do middle managers have more focused responsibilities and spend less time organizing than other managers?

answer

yes

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Who makes up middle management?

answer

Plant managers, division managers and department managers

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Ranks of middle managers have been ____?

answer

shrinking as more companies downsize to be more productive

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First-line managers

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those who supervise both workers and the daily operations of an organization

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What are first-line managers responsible for?

answer

implementing plans established by middle management and directing workers' daily performance

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What do middle managers spend most of their time doing?

answer

directing and controlling

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What are first line managers usually called?

answer

foreman, supervisors, and office service managers

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Financial managers

answer

focus on obtaining needed funds for the successful operation of an organization and using those funds to further organizational goals

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What do financial managers do?

answer

project income and expenses, determine financing needs, investing extra funds, protecting and monitoring the money flow

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Productions and operations managers

answer

develop and administer the activities involved in transforming resources into goods, services and ideas ready for the marketplace

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What are productions and operations managers typically involved in?

answer

planning and designing production facilities, purchasing raw materials and supplies and managing inventory, scheduling processes to meet demand, ensuring products meet quality standards

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Human resource managers

answer

handle the staffing function and deal with employees in a formalized manner

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What do human resource managers do?

answer

determine the human resource needs, recruit and hire new employees, develop and administer employee benefits, training and performance appraisal programs, del with government regulations

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Marketing managers

answer

responsible for planning, pricing, and promoting products and making them available to customers

question

Specific marketing manager jobs found in areas such as

answer

marketing research, advertising, personal selling, retailing, digital marketing

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Information Technology (IT) Managers

answer

responsible for implementing, maintaining, and controlling technology applications in business, such as computer networks

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What are IT managers tasked with?

answer

securing computer systems, protecting the systems' data, staff training and support

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Administrative managers

answer

manage an entire business or a major segment of a business; they are not specialists but coordinate the activities of specialized managers

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Administrators are often called_____?

answer

general managers because their responsibilities are so broad

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Leadership

answer

the ability to influence employees to work toward organizational goals

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Autocratic leaders

answer

make all the decisions then tell employees what must be done and how to do it

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democratic leaders

answer

involve their employees in decisions

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free-rein leaders

answer

let their employees work without much interference; setting performance standards and letting employees find their own ways to meet them

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technical expertise

answer

the specialized knowledge and training needed to perform jobs that are related to particular areas of management. Needed most by first-line managers and least critical to top-level managers

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Conceptual skills

answer

the ability to think in abstract terms and see how parts fit together to form the whole. Needed most by top level managers

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Analytical skills

answer

the ability to identify relevant issues, recognize their importance, understand the relationships between them and perceive the underlying causes of a situation. Most important to the success of top level managers

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Human Relation SKills

answer

the ability to deal with people, important in organizations that provide services (hospitals, airlines, banks)

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How do organizations acquire managers?

answer

promoting employees from within (increases motivation), hiring from other organizations (expensive to relocate people), hiring straight out of universities (look for people who are trainable and a good fit with their corporate culture)

question

Situations calling for small-scale decisisions_____

answer

occur without warning

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Large scale decisions general occur____?

answer

after some warning signs

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Agenda

answer

a calendar containing both specific and vague items, that covers short-term goals and long-term objectives

question

Networking

answer

the building of relationships and sharing of information with colleagues who can help managers achieve the items on their agenda

Intro to Business Chap. 6 – Flashcards

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