Ch5

Front 1

management

Back 1

is the process of planning, organizing, leading, and controlling an organization’s financial, physical, human, and information resources to achieve its goals.

Front 2

Planning

Back 2

Determining what the organization needs to do and how best to get it done

Front 3

3 components of planning

Back 3

-determing the firms goals
-developing strategy for achieving those goals
-design tactical and operational plans

Front 4

Organizing

Back 4

involves the arranging of a firm’s resources into a coherent structure

Front 5

Leading

Back 5

a manager works to guide and motivate employees to meet the firm’s objectives.

Front 6

Controlling

Back 6

is the process of monitoring a firm’s performance to make sure that it is meeting its goals.

Front 7

3 basic levels of management

Back 7

top,middle,and first-line

Front 8

top managers

Back 8

This level is responsible for the firm’s overall performance and effectiveness..pres,vp,ceo,cfo

Front 9

Middle Managers

Back 9

responsible for implementing the strategies, policies, and decisions made by top managers

Front 10

first-line managers

Back 10

spend most of their time supervising the employees who report to them.

Front 11

areas of management

Back 11

hr, operations managers, marketing managers, information managers,financial managers, other managers

Front 12

Human Resource Managers

Back 12

These managers hire and train employees, evaluate performance, and determine compensation.

Front 13

Operations Managers

Back 13

These managers are responsible for the production system in which a firm produces goods and/or services, inventory and inventory control, and quality control.

Front 14

Marketing Managers

Back 14

Information Managers

Front 15

Information Managers

Back 15

These managers design and implement systems to gather, organize, and distribute information.

Front 16

Financial Managers

Back 16

These managers are responsible for the firm’s accounting functions and financial resources.

Front 17

Other Managers

Back 17

Some firms employ various types of specialized managers, such as public relations managers

Front 18

basic management skills

Back 18

effective managers must develop technical,human relations,conceptual,decision making, and time management skill

Front 19

technical skills

Back 19

are the skills needed to perform specialized tasks

Front 20

Human Relations Skills

Back 20

skills in understanding and getting along with people.

Front 21

Conceptual Skills

Back 21

involve the ability to diagnose and analyze different situations and to see beyond the present situation

Front 22

Decision-Making Skills

Back 22

ability to define problems and to select the best course of action

Front 23

Time Management Skills

Back 23

the productive use that managers make of their time

Front 24

Management Skills for the 21st Century

Back 24

Competing globally and managing technology are two major challenges facing managers today.

Front 25

Global Management Skills

Back 25

Businesses now demand managers who can understand cultural differences and the motives and practices of foreign competitors

Front 26

Management and Technology Skills

Back 26

New forms of technology increase the manager’s need to process, organize, and interpret a plethora of information

Front 27

Strategic management

Back 27

the process of helping an organization maintain an effective alignment with its environment.

Front 28

Goals

Back 28

are objectives that a business hopes and plans to achieve.

Front 29

strategy

Back 29

broad set of organizational plans for implementing the decisions made for achieving organizational goals

Front 30

Purposes of Goal Setting

Back 30

The four main purposes of organizational goal setting include: (a) providing direction and guidance for managers at all levels; (b) helping firms allocate resources; (c) helping to define corporate culture; and (d) helping managers assess performance

Front 31

. Kinds of Goals

Back 31

mission statements, long term goals, intermediate goals, short-term goals

Front 32

mission statement

Back 32

is a statement of how the firm will achieve its purpose in the environment in which it operates

Front 33

long-term goals

Back 33

which look at five years or more into the future

Front 34

intermediate goals

Back 34

focus on a period of one to five years

Front 35

short-term goals

Back 35

which are set for one year

Front 36

Types of Strategy

Back 36

3 types...corporate, business, and functional strategy

Front 37

corporate strategy

Back 37

determine the firm’s overall attitude toward growth and the way it will manage its businesses or product lines.

Front 38

Business (or competitive) strategy

Back 38

focuses on improving the company’s competitive position

Front 39

functional strategy

Back 39

managers in specific areas decide how best to achieve corporate goals by being as productive as possible

Front 40

Strategy formulation

Back 40

creation of a broad program for defining and meeting an organizations goals

Front 41

strategic goals

Back 41

foal s derived directly from a firm;s mission statement

Front 42

SWOT analysis

Back 42

This process involves assessing organizational strengths and weaknesses (the S and W) and environmental opportunities and threats (the O and T).

Front 43

Environmental analysis

Back 43

involves scanning the external environment for threats and opportunities

Front 44

Organizational analysis

Back 44

involves scanning the internal environment for strengths and weaknesses

Front 45

A Hierarchy of Plans

Back 45

Plans can be viewed on three levels: strategic, tactical, and operational

Front 46

strategic plans

Back 46

plan reflecting decisions about resource allocaitons, company priorities, and steps needed to meet strategic goals

Front 47

tactical plans

Back 47

concerned with implementing certain aspects of the strategic plans; tactical plans are short-range plans

Front 48

Operational plans

Back 48

geared toward short-term goals, are developed by middle and lower-level managers.

Front 49

Contingency Planning

Back 49

is planning for change; it identifies ways in which a company will respond to change.

Front 50

Crisis management

Back 50

involves an organization’s methods for dealing with emergencies.

Front 51

Corporate culture

Back 51

the shared experiences, stories, beliefs, and norms that characterize an organization

Front 52

Communicating the Culture

Back 52

involves having an understanding of the culture, transmitting the culture to others in the organization, and maintaining the culture.

Front 53

Managing Change

Back 53

involves analyzing the company’s environment, formulating a vision of a new company, and setting up appraisal and compensation systems for employees who enforce the new values