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management

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the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources

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planning

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a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives

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organizing

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a management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization's goals and objectives

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leading

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creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives

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controlling

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a management function that involves establishing clear standards to determine whether or not an organization is progressing towards its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not

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vision

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an encompassing explanation of why the organization exists and where it is trying to head

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mission statement

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an outline of the fundamental purposes of an organization (self-concept, philosophy, long-term survival needs, customer needs, social responsibility, nature of the product/service)

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goals

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the broad, long-term accomplishments an organization wishes to attain

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objectives

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specific, short-term statements detailing how to achieve the organization's goals

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SWOT analysis

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a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats

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strategic planning

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the process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve these goals

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tactical planning

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the process of developing detailed, short-term statements about what is to be done, who is to do it, and how it is to be done

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operational planning

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the process of setting work standards and schedules necessary to implement the company's tactical objectives

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contingency planning

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the process of preparing alternative courses of action that may be used if the primary plans don't achieve the organization's objectives

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decision making

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choosing among two or more alternatives

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problem solving

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the process of solving the everyday problems that occur. Problem solving is less formal than decision making and usually calls for quicker action

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brainstorming

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coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas

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PMI

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pluses, minuses, and implications

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organization chart

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a visual device that shows relationships among people and divides the organization;s work; it shows who reports to whom

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top management

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highest level of management, consisting of the president and other key company executives who develop strategic plans

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middle management

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the level of management that includes general managers, division managers, and branch managers who are responsible for tactical planing and controlling

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supervisory management

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managers who are directly responsible for supervising workers and evaluating their daily performance

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technical skills

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skills that involve the ability to perform tasks in a specific discipline or department

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human relations skills

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skills that involve communication and motivation; they enable managers to work through and with people

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conceptual skills

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skills that involve the ability to picture the organization as a whole and the relationship among its various parts

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staffing

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a management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives

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transparency

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the presentation of a company's facts and figures in a way that is clear and apparent to all stakeholders

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autocratic leadership

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leadership style that involves making managerial decisions without consulting others

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participative (democratic) leadership

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leadership style that consists of managers and employees working together to make decisions

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free-reign leadership

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leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives

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enabling

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giving workers the education and tools they need to make decisions

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knowledge management

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finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm

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external customers

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dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use

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internal customers

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individuals and units within the firm that receive services from other individuals or units

Introduction to Business Chapter 7 – Flashcards

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