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42 Cards in this Set
- Front
- Back
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manager |
someone who is responsible for looking after the interests of the business owners and other stakeholders |
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hierarchy of a business |
-owner (corp=stockholders) -board of directors -senior managers (CEO,etc. - responsible for decisions of whole business) -functional managers (run functional areas or divisions) -non management employees |
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jobs of senior managers |
-CEO -CFO -COO -CIO -CMO -controller |
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CEO |
chief executive officer (president of company) |
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CFO |
chief financial officer ( treasurer or VP of finance) |
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COO |
Chief operating officer (VP of operations) |
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CIO |
chief information officer ( VP of technology) |
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CMO |
chief marketing officer (VP of marketing) |
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controller |
chief accountant |
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span of influence |
scope of responsibilities |
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planning |
creation business model about successful investing, financing, and operating; business model & winning with strategy |
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visioning |
looking at past/present -what will customers want in future? -is there a better way to produce or sell my product in the FUTURE? |
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strategic plan |
senior management uses; broad goals and long term objectives |
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tactical plans |
functional managers create to break down strategic plans into more precise goals and actions |
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operational plans |
middle & junior managers create to break down tactical plans into very specific |
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contingency plans |
detail action in case the unexpected occurs -each level of planning has a contingency plan -strategic contingency plan -tactic contingency plan -operational contingency plan |
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execution
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using systems to operate business, according to plans, to create value and achieve goals; implementing/ getting it done |
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reviewing |
compare desired results;learning 1)control: using systems to monitor execution & attempt to ensure execution meets goals of planning 2)accountability |
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external environment |
important factors business doesn't directly control (economy, customer wants) |
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internal environment |
factors business can control (products the business will sell) |
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Porters 5 Forces |
1) Threat of New Entrants (Barriers to Entry) 2) Consumer Buying Power 3) Producer selling power 4) Threat of substitute products 5)Rivalry (competition intensity of industry) |
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SWOT analysis |
internal: Strengths Weaknesses external: Opportunities Threats |
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formal network |
business organization adopted by senior management |
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informal network |
social networks |
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questions senior managers must answer in creating formal networks |
1) where is authority & responsibility for making decisions? 2) how should areas of business be organized to maximize productivity? |
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centralized organizations |
authority to make decisions is held by a few senior managers |
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decentralized organizations |
authority to make /implement decisions rests in many managers- often junior/middle managers (hospital |
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divisional organization |
divided into divisions (certain market region or product) |
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functional organizations |
based on functions (line or staff functions) -line functions: directly involved in value chain (inputs, processes,output,production,marketing) -staff function: indirectly involved (accounting, finance, info systems) |
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matrix organization |
combination of functional and divisional bosses |
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successful manager traits |
1) ability to understand company's business model/strategy 2)honesty & integrity with desire to be accountable&responsible 3)desire to constantly compete by learning & improving &helping 4)focused, organized 5)ability to empathize 6) deal w/ time 7)deal w change; know when to be flexible/not flexible 8)grasp future/manage uncertainty 9)communicate 10)ability to build/lead teams |
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leaders |
people empowered by a team |
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formal leaders vs informal leaders |
formal-formal authority based on position informal-dont have formal authority;empowered by team members |
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transactional leaders |
help team to a clearly defined goal (George washington) |
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transformational leaders |
help team envision possibilities & the need to change (TJ>democratic govt) |
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leader needs |
honesty and integrity |
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autocratic leaders |
make decisions without seeking input from others |
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participative leaders |
involve as many ppl as possible; democratic leaders |
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lassiez faire leader |
sets direction but permits others to make decisions about implementation |
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McDonalds needed 100 more stores in 2007 to be a part of the market...what questions did they ask |
-where? -which market? -how many people do I need? -what inventory? |
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what is Disney great at |
great customer value |
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problem w Macys? |
need to evolve business model |
