Chapter 7 Key Terms

Front 1

401(k) Plan

Back 1

Retirement savings plan which employees can make pretax contributions to the plan.

Front 2

Acquisition

Back 2

Agreement in which one firm purchases another.

Front 3

Autocratic Leader

Back 3

Management whereby leaders make decisions on there own without consulting employees.

Front 4

Business

Back 4

All profit-seeking activities and enterprise the provide good and services necessary to an economic system.

Front 5

Compitition

Back 5

Battle among businesses for consumer acceptance.

Front 6

Centralization

Back 6

Decision making based at the top of the management hierarchy.

Front 7

Chain of Command

Back 7

Set of relationships that indicate who directs which and who reports to who.

Front 8

Committee Organizations

Back 8

Organizational structure that places authority and responsibility jointly in the hands of a group of individuals rather than a single manager.

Front 9

Conceptual Skills

Back 9

Ability to see the organizations as a unified whole and to understand how each interacts with each other.

Front 10

Compensation

Back 10

Amount of employees are paid in money and benefits.

Front 11

Contingency Planning

Back 11

Plans that allows a firm to resume operation as quickly and as smoothly as possible after a crisis while openly communicating with public about what happen.

Front 12

Controlling

Back 12

Function of evaluating an organization's performance against it's objectives.

Front 13

Corporate Culture

Back 13

Organization's system of principle's, beliefs and values.

Front 14

Competitive Differentiation

Back 14

Unique combination of organizational abilities, products and approaches that sets a company aside from competitor in the minds of the consumers.

Front 15

Delegation

Back 15

Managerial Process of assigning work to employees.

Front 16

Decentralization

Back 16

Decision make based at lower levels of the organization.

Front 17

Decision Making

Back 17

Process of recognizing a problem or opportunity, evaluating alternative solution, selecting and implementing an alternative and assessing the result.

Front 18

Corporation

Back 18

Legal organization with asset, liabilities separate from those of it's owner.

Front 19

Directing

Back 19

Guiding and motivating employees to accomplish organizational objectives.

Front 20

Follow-up

Back 20

Phase of production control in which employees and their supervisors spot problems in the production and determine needed adjustments.

Front 21

Departmentalizations

Back 21

Process of dividing work into units within the organizations.

Front 22

Democratic Leadership

Back 22

Management approach whereby leaders delegate assignments, ask employees for suggestions and encourage participation.

Front 23

Human Skills

Back 23

Interpersonal skills that enable a manager to work effectively with and through people; the ability to communicate with, motivate, and lead employees to accomplish assigned activities.

Front 24

Exports

Back 24

Domestically produced good and services sold in other countries.

Front 25

Empowerment

Back 25

Giving employees shared authority, responsibility and decisions, and decision making with their managers.

Front 26

Free-rein Leadership

Back 26

Management style of leader who believe in minimal supervision and leave most decisions to their subordinates.

Front 27

Listening

Back 27

Receiving a message and interpreting its intended meaning by grasping the feelings it conveys.

Front 28

Leadership

Back 28

Ability to direct or inspire people to attain certain goals.

Front 29

LEED (Leadership in Energy and Environmental Design)

Back 29

Voluntary certification program administered by the U.S Green Building Council, aimed at promoting the most sustainable construction processes available.

Front 30

Line Manager

Back 30

Executive involved with the functions of productions, financing or promoting.

Front 31

Non programmed Decisions

Back 31

Complex and unique problem or opportunity of important consequence of the organizations.

Front 32

Management

Back 32

Process of achieving organizational objectives through people and other resources.

Front 33

Matrix Structure

Back 33

Project management structure that links employees from different parts of the organization to work together on specific projects.

Front 34

Line-and-Staff Organizations

Back 34

Stucture that combines the direct flow of authority of a line organization with staff departments that support the line departments.

Front 35

Organization Chart

Back 35

Visual Representation of a firm's structure that illustrates job position and functions.

Front 36

Mission Statement

Back 36

Written explanation of an organization's business intentions and aims.

Front 37

Objectives

Back 37

Guidepost by which managers define the organization's desired performance in such areas in new product development, sales, customer service, growth, environmental, and social responsibility and employee satisfaction.