Business 1000 Chapter 6

Front 1

The people who plan, organize, lead, and control the operations of an organization

Back 1

MANAGERS

Front 2

The process of planning, organizing, leading, and controlling a business's financial, physical, human, and information resources in order to achieve its goals

Back 2

MANAGEMENT

Front 3

Achieving the greatest level of output with a given amount of input

Back 3

EFFICIENCY

Front 4

Achieving organizational goals

Back 4

EFFECTIVENESS

Front 5

That portion of a manager's job concerned with determining what the business needs to do and the best way to achieve it

Back 5

PLANNING

Front 6

Plans that reflect decisions about resource allocations, company priorities, and steps needed to meet strategic goals

Back 6

STRATEGIC PLANS

Front 7

Generally, short-range plans concerned with implementing specific aspects of a company's strategic plans

Back 7

TACTICAL PLANS

Front 8

Plans setting short-terms targets for daily, weekly, or monthly performance

Back 8

OPERATIONAL PLANS

Front 9

That portion of a manager's job concerned with mobilizing the necessary resources to complete a particular task

Back 9

ORGANIZING

Front 10

That portion of a manager's job concerned with guiding and motivating employees to meet the firm's objectives

Back 10

LEADING

Front 11

That portion of a manager's job concerned with monitoring the firm's performance and, if necessary, acting to bring it in line with the firm's goals

Back 11

CONTROLLING

Front 12

Those managers responsible for a firm's overall performances and effectiveness and for developing long-range plans for the company

Back 12

TOP MANAGERS

Front 13

Those managers responsible for implementing the decisions made by top managers

Back 13

MIDDLE MANAGERS

Front 14

Those managers responsible for supervising the work of employees

Back 14

FIRST-LINE MANAGERS

Front 15

Those managers responsible for hiring, training, evaluating, and compensating employees

Back 15

HUMAN RESOURCE MANAGERS

Front 16

Managers responsible for controlling production, inventory, and quality of a firm's products

Back 16

OPERATIONS MANAGERS

Front 17

Managers responsible for the design and implementation of systems to gather, process, and disseminate information

Back 17

INFORMATION MANAGERS

Front 18

Managers responsible for developing, pricing, promoting, and distributing goods and services to buyers

Back 18

MARKETING MANAGERS

Front 19

Skills associated with performing specialized tasks within a firm

Back 19

TECHNICAL SKILLS

Front 20

Managers responsible for planning and overseeing the financial resources of a firm

Back 20

FINANCIAL MANAGERS

Front 21

Abilities to think in the abstract, diagnose and analyze various situations, and see beyond the present situation

Back 21

CONCEPTUAL SKILLS

Front 22

Skills associated with the productive use of time

Back 22

TIME MANAGEMENT SKILLS

Front 23

Skills in defining problems and selecting the best courses of action

Back 23

DECISION-MAKING SKILLS

Front 24

The process of helping an organization maintain an effective alignment with its environment

Back 24

STRATEGIC MANAGEMENT

Front 25

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

Back 25

STRATEGY

Front 26

The actions that people take as they try to get what they want

Back 26

ORGANIZATIONAL POLITICS

Front 27

An innate belief about something, often without conscious consideration

Back 27

INTUITION

Front 28

Condition in which a decision maker becomes so committed to a course of action that he or she stays with it even when there is evidence that the decision was wrong

Back 28

ESCALATION OF COMMITTMENT

Front 29

Extent to which a decision maker is willing to gamble when making a decision

Back 29

RISK PROPENSITY

Front 30

A statement indicating why an organization exists and what kind of organization it wants to be

Back 30

VISION (OR PURPOSE)

Front 31

An organization's statement of how it will achieve its purpose in the environment in which it conducts its business

Back 31

MISSION STATEMENT

Front 32

Goals set got extended periods of time, typically five years or more into the future

Back 32

LONG-TERM GOALS

Front 33

Goals set for a period of one to five years

Back 33

INTERMEDIATE GOALS

Front 34

Goals set for the very near future, typically less than one year

Back 34

SHORT-TERM GOALS

Front 35

Goals that are Specific, Measurable, Achievable, Relevant, and Time-framed

Back 35

SMART GOALS

Front 36

Creation of a broad program for defining and meeting an organization's goals

Back 36

STRATEGY FORMULATION

Front 37

Long-term goals derived directly from the firm's mission statement

Back 37

STRATEGIC GOALS

Front 38

Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation

Back 38

SWOT ANALYSIS

Front 39

The process of analyzing a firm's strengths and weaknesses

Back 39

ORGANIZATIONAL ALAYSIS

Front 40

The process of scanning the environment for threats and opportunities

Back 40

ENVIRONMENTAL ANALYSIS

Front 41

Identifies the various businesses that a company will be in, and how these businesses will relate to each other

Back 41

CORPORATE-LEVEL STRATEGY

Front 42

Identifies the ways a business will compete in its chosen line of product or services

Back 42

BUSINESS-LEVEL (COMPETITIVE) STRATEGY

Front 43

Identify the basic courses of action that each department in the firm will pursue so that it contributes to the attainment of the business's overall goals

Back 43

FUNCTIONAL STRATEGIES

Front 44

Involves focusing the company one one product or product line

Back 44

CONCENTRATION STRATEGY

Front 45

Boosting sales of present products by more aggressive selling in the firm's current markets

Back 45

MARKET PENETRATION

Front 46

Expanding operations in new geographic areas or countries

Back 46

GEOGRAPHIC EXPANSION

Front 47

Developing improved products for current markets

Back 47

PRODUCT DEVELOPMENT

Front 48

Acquiring control of competitors in the same or similar markets with the same or similar products

Back 48

HORIZONTAL INTEGRATION

Front 49

Owning or controlling the inputs to the firm's processes and/or the channels through which the products or services are distributed

Back 49

VERTICAL INTEGRATION

Front 50

Expanding into related or unrelated products or market segments

Back 50

DIVERSIFICATION

Front 51

Reducing the company's investment in one or more of its lines of business

Back 51

INVESTMENT REDUCTION

Front 52

Becoming the low-cost leader in an industry

Back 52

COST LEADERSHIP

Front 53

A firm seeks to be unique in its industry along some dimension that is valued by buyers

Back 53

DIFFERENTIATION STRATEGY

Front 54

Selecting a market segment and serving the customers in that market niche better than competitors

Back 54

FOCUS STRATEGY

Front 55

Identifying aspects of a business or its environments that might require changes in strategy

Back 55

CONTINGENCY PLANNING

Front 56

An organization's methods for dealing with emergencies

Back 56

CRISIS MANAGEMENT

Front 57

The shared experiences, stories, beliefs, and norms that characterize a firm

Back 57

CORPORATE CULTURE