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17 Cards in this Set

  • Front
  • Back
four basic functions of management
organizing, leading, and controlling resources
managers play a number
of roles that fall into three main categories:what are they?
Interpersonal roles
Informational roles
Decisional roles.
When Planning, Managers will take these steps.
Develop Strategies
for Success
Set Goals
and Objectives
Action Plans
Strategic plans
outline the firm’s long-range (two to five years) organizational
goals and set a course of action the firm will pursue to reach its goals. These longterm
goals encompass eight major areas of concern: market standing, innovation,
human resources, financial resources, physical resources, productivity, social
responsibility, and financial performance.
What is the 6 step planning process?
developing a clear vision creating a mission
developing forecasts analyzing the competition establishing goals and
developing action plans.
a brief document that defines why the organization exists, what it seeks
to accomplish, and the principles that the company will adhere to as it tries to reach
its goals.
quantitative forecasts
are typically based on historical data or tests and which involve complex statistical
qualitative forecasts
which are based on intuitive judgments or
consumer research.
how can a company gain a competitive edge
Differentiation. A company using differentiation develops a level of service, a
product image, unique product features, or new technologies that distinguish its
product from competitors’ products.
Cost leadership. Businesses that pursue this strategy aim to become the low-cost
leader in an industry by producing or selling products more efficiently and
economically than competitors.
Focus. When using a focus strategy, companies concentrate on a specific regional
market or consumer group, such as the Maritimes or drivers of economy cars.
what is the difference between a goal and an objective?
a goal is a
broad, long-range accomplishment that the organization wishes to attain in typically
five or more years, whereas an objective is a specific, short-range target designed to
help reach that goal.
Tactical plans
lay out the actions and the
allocation of resources necessary to achieve specific, short-term objectives that
support the company’s broader strategic plan. Tactical plans typically focus on
departmental goals and cover a period of one to three years. Their limited scope
permits them to be changed more easily than strategic plans.
Operational plans
designate the actions and resources required to achieve the objectives of tactical
plans. Operational plans usually define actions for less than one year and focus on
accomplishing a firm’s specific objectives, such as developing a strategic
partnership with another campaign.
the process of arranging resources to carry out the organization’s
plans, is the second major function of managers
the process of influencing and motivating people to work effectively and
willingly toward company goals—is the third basic function of management.
means monitoring a firm’s progress toward meeting its organizational goals and
objectives, resetting the course if goals or objectives change in response to shifting
conditions, and correcting deviations if goals or objectives are not being attained
Total quality management (TQM)
is both a management philosophy and a
strategic management process that focuses on delivering the optimum level of
quality to customers by building quality into every organizational activity. The four
key elements are employee involvement, customer focus, benchmarking, and
continuous improvement.
Total Quality Management is based on the following 14 points
1. Create constancy of purpose for the improvement of goods and services.
2. Adopt a new philosophy to reject mistakes and negativism.
3. Cease dependence on mass inspection.
4. End the practice of awarding business on price alone, by creating longterm
relationships with suppliers who deliver the best quality.
5. Improve constantly and forever the system of production and service.
6. Institute training.
7. Institute leadership.
8. Drive out fear.
9. Break down barriers between units.
10. Eliminate slogans, exhortations, and targets for the workforce.
11. Eliminate numerical quotas.
12. Remove barriers to pride in work.
13. Institute a vigorous program of education and training.
14. Take action to accomplish the transformation