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51 Cards in this Set

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  • Back


general term that incorporates human resources, natural resources, & financial resources


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


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


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


creating a vision for the organization & guiding, training, coaching, & motivating others to work effectively to achieve the organizations goals & objectives


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


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


a set of fundamental beliefs that guide a business in the decision they make

mission statement

an outline of the fundamental purposes of an organization should address


broad, long-term accomplishments an organization wishes to attain


specific, measurable, short-term statements detailing how to achieve the organizations goals

SWOT analysis

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

strengths & weaknesses in control of company

PRIMO-F, people, resources, innovation & ideas, marketing, operations, & finance

opportunities & threats

PESTLE (political, economic, social, technological, legal, environment)

strategic planning

process of determining the major goals of the organization & the policies & strategies for obtaining & using resources to achieve those goals

tactical planning

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

operational planning

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

contingency planning

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

crisis planning

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

decision making

choosing among two or more alternatives

7 D's of decision making

1. define the situation

2. describe & collect needed information

3. develop alternatives

4. develop agreement among those involved

5. decide which alternative is best

6. do what is indicated

7. determine whether the decision was a good one & follow up

problem solving

process of solving the everyday problems that occur, less formal then decision making & usually calls for quicker action


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


listing all the pluses for a solution in one column, all the minuses in another & the interesting in a third column

organization chart

visual device that shows relationships among people & divides the organizations work; it shows who is accountable for the completion of specific work & who reports to whom

top management

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


chief executive officer, introduce change into the organization


chief operating officer, putting change into effect, includes structuring with controlling operations & rewarding people to carry cut leader's vision


chief financial officer, obtaining funds, planning budgets, collecting funds etc


chief information/knowledge officer, getting the right information to other managers so they can make correct decisions

middle management

includes general managers, division managers & branch & plant managers who are responsible for tactical planning & controlling

supervisory management

manages who are directly responsible for supervising workers & evaluating their daily performance

3 categories of skills

1. technical skills

2. human relations skills

3. conceptual skills

technical skills

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

human relation skills

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


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

autocratic leadership

involves making managerial decisions without consulting others

participative leadership

consists of managers & employees working together to make decisions

free-rein leadership

involves managers setting objectives & employees being relatively free to do whatever it takes to accomplish those objectives

transformational leadership

occurs when leaders can influence others to follow them in working to achieve a desirec outcome or goal

transnational leadership

the leader is given the power to assign tasks & their successful completion leads too rewards & reinforcement

knowledge management

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

5 steps to controlling

1. establishing clear performance standards

2. monitoring & recording actual performance

3. comparing results against plans & standards

4. communicating results & deviations to the employees involved

5. taking corrective action when needed & providing positive feedback for work well done

external customers

dealers, who buy products to sell others & ultimate customers, who buy products for their own personal use

internal customers

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

vision statment

why the organization exists & where its trying to head

porter's five forces

1. current competitors

2. potential competitors

3. substitutes products

4. bargaining power of suppliers

5. bargaining power of customer

top managers need what skills in order

conceptual skills, human relations skills, technical skills

middle managers need what skills in order

technical, human relations, conceptual skills all are equal

first-line managers need what skills in order

technical skills, human relations skills, conceptual skills

balanced scorecard of controlling

financial, learning & growth, business processes, customers