Business Essentials Ch. 5 Questions

Front 1

Name the three components of planning

Back 1

Determine firm’s Goals

Develop Comprehensive Strategy

Design Tactical and Operational Plans

Front 2

Organizing

Back 2

Management process of determining how best to arrange an organization’s resources and activities into a coherent structure

Front 3

Leading

Back 3

Management process of guiding and motivating employees to meet an organization’s resources and activities into a coherent structure

Front 4

Controlling

Back 4

Management process of monitoring an organization’s performance to ensure that it is meeting its goals

Front 5

Technical Skills

Back 5

Skills needed to perform specialized tasks (A programmer’s ability to write code, an animator’s ability to draw, and an accountant’s ability to audit a company’s records)

Front 6

Human Relations Skils

Back 6

Skills in understanding and getting along with people

Front 7

Conceptual Skils

Back 7

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

Front 8

Decision-Making Skills

Back 8

skills in defining problems and selecting the best courses of action

Front 9

Time management skills

Back 9

Skills associated with the productive use of time

Front 10

Strategic management

Back 10

Process of helping an organization maintain an effective alignment with its environment

Front 11

Goal

Back 11

Object that a business hopes and plans to achieve

Front 12

Strategy

Back 12

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

Front 13

Mission Statement

Back 13

Organization’s statement of how it will achieve its purpose in the environment in which it conducts its business

Front 14

Long-Term Goal

Back 14

Goal set for an extended time, typically five years or more into the future

Front 15

Intermediate Goal

Back 15

Goal set for a period of one to five years into the future

Front 16

Short-Term Goal

Back 16

Goal set for the very near future

Front 17

Corporate Strategy

Back 17

Strategy for determining the firm's overall attitude toward growth and the way it will manage its businesses or product lines

Front 18

Business (Or Competitive Strategy)

Back 18

Strategy, at the business-unit or product-line level, focusing on improving a firm's competitive position

Front 19

Functional Strategy

Back 19

Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity

Front 20

Strategy Formulation

Back 20

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

Front 21

Strategic Goal

Back 21

Goal derived directly from a firm's mission statement

Front 22

SWOT Analysis

Back 22

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

Front 23

Environmental Analysis

Back 23

Process of scanning the business environment for threats and opportunities

Front 24

Organizational Analysis

Back 24

Process of analyzing a firm's strengths and weaknesses

Front 25

Strategic Plan

Back 25

Plan reflecting decisions about resource allocations, company priorities, and steps needed to meet strategic goals

Front 26

Tactical Plan

Back 26

Generally short-term plan concerned with implementing specific aspects of a company's strategic plans

Front 27

Operational Plan

Back 27

Plan setting short-term targets for daily, weekly, or monthly performance

Front 28

Contingency Planning

Back 28

Identifying aspects of a business or its environment that might entail changes in strategy

Front 29

Crisis Management

Back 29

Organization's methods for dealing with emergencies

Front 30

Corporate Culture

Back 30

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

Front 31

The 1st process of corporate change

Back 31

At the highest level, analysis of the company's environment highlights extensive change as the most effective response to its problems. This period is typically characterized by conflict and resistance

Front 32

The 2nd process of corporate change

Back 32

Top management begins to formulate a vision of a new company.

(Whatever that vision, it must include renewed focus on the activities of competitors and the needs of customers)

Front 33

The 3rd process of corporate change

Back 33

The firm sets up new systems for appraising and compensating employees who enforce the firm's new values.

(The purpose is to give the new culture solid shape from within the firm)