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12 Cards in this Set

  • Front
  • Back
Identify 5 management functions and provide a description of each.
1) Planning- This function establishes the desired results and develops ways to achieve them.

2) Organizing- This function determines the tasks involved and resources needed.

3) Human Resources- Identifying, selecting and maintaining the people needed to perform tasks.

4) Leading- Leading these people involved in fulfilling the plan.

5) Monitoring- Evaluating progress and making needed changes.
What affects the quality of management?
Quality of LEADERSHIP is an overriding factor affecting quality of management.
Plans are based on their scope and length of time they encompass. Identify 2 types of plan, the time period of each, and extent of detail expected in each.
1) Strategic Plans are long term plans, usually 3 to 5 years long and encompassing the entire brokerage. They are not detailed, but general in nature.

2) Action Plans are short term, usually less than a year and apply to a specific business unit. They are more detailed than a strategic plan.
Describe 2 approaches used in planning efforts.
1) Top down planning occurs when management decides on its mission, strategies and objectives and establishes the business units to accomplish objectives. Top down planning keeps management in control but lacks employee acceptance of management's plans.

2) Bottom up planning occurs when the management establishes its mission and strategies but avoids designating the business units needed to further the goals and objectives established in the mission statement. Bottom up planning leaves management feeling powerless. Business units usually buy into their plan but are not accepting of changes made by management.
Four main characteristics of an effective plan.
1) Simplicity- Plans should be communicated simply and be implemented without intensive training.

2) Practicality- Plans must be realistic.

3) Severability- Plans are the sum of their parts. Each business unit must see how their work connects to the plan.

4) Flexibility- Plans must be able to change as conditions change.
Seven major components/steps to develop strategic plans.
1) Scanning the External Environment- Identifying threats and opportunities outside the brokerage is the main purpose.

2) Analyzing the Internal Environment and Assessing the Current Position- Identifying internal strengths and weaknesses is the main purpose.

3) Matching Strengths and Weaknesses to the Opportunities and Threats- Exploiting strengths, correcting weaknesses, capitalizing on opportunities and avoiding threats is the main purpose.

4) Defining a Corporate Focus- This defines 'who we are' and 'what is our purpose' questions for business. Main purpose to develop future vision, values of brokerages and purpose of existence.

5) Developing Strategies- This describes how the brokerage intends to achieve its mission.

6) Developing Objectives- These serve as the bridge between broad strategies and specific goals to meet brokerage's mission.

7) Setting Goals- Goals express specifically what objectives state in general and which strategies state conceptually.
Describe the differences between scanning a 'distant' environment and a 'near' environment.
Distant environment scanning views critical survival factors over which the brokerage has no ability to influence.

Near environmental scanning views factors over which brokerages may exert a degree of influence. Profiling competitors, market, and clients is an important component of near environmental scanning.
How is meaningful information developed when analyzing brokerage's internal environment?
To ensure meaningful internal analysis brokerages should conduct these based on the customer's point of view.
What is accomplished with a SWOT analysis?
SWOT analysis begins to develop areas of future change to ensure survival of brokerages.
What purposes are served by developing corporate focus statements?
Vision tells brokerages what targets they are aiming for, what their future holds and what is special in brokerage's future. Value statements define brokerage's long term values and beliefs. Mission statements express purpose of brokerage and provide long term direction of brokerage.
Describe the connections formed beginning with Mission Statements then progressing to Strategies, Objectives, and Goals
Mission statements express long term aspirations of brokerage. This is then broken down into several strategies. Each strategy is then broken down into several objectives which outline how strategy will be attained. Each objective is broken down into several goals which describe specific activities that must be completed to accomplish each objective.
What are the implementation phase's three components?
1) Controlling Implementation
2) Linking Budgets to Strategies, Objectives, and Goals
3) Motivating for Implementation