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Business Ess. Chpt 5
| Term | Definition |
|---|---|
| management | process of planning, organizing, leading, and controlling and organization's resources to achieve its goals |
| planning | management process of determining what an organization needs to do and how best to get it done |
| organizing | management process of determining how best to arrange an organization's resources and activities into a coherent structure |
| leading | management process of guiding and motivating employees to meet an organization's objectives |
| controlling | management process of monitoring an organization's performance to ensure that it is meeting its goals |
| top manager | manger responsible for firm's over all performance and effectiveness |
| middle manager | manager responsible for implementing the strategies and working toward and goals set by top managers |
| first-line manager | manager responsible for supervising the work of employees |
| technical skills | skills needed to performed specialized tasks |
| human relations skills | skills and understanding and getting along with people |
| conceptual skills | abilities to think in the abstract, diagnose and analyze different situations, and see beyond the present situation |
| decision-making skills | skills in defining problems and selecting the best courses of actions |
| time management skills | skills associated with the productive use of time |
| strategic management | process of helping an organization maintain an effective alignment with its environment |
| goal | objective that a business hopes and plans to acheive |
| strategy | broad set of organizational plans for implementing the decisions made for achieving organizational goals |
| mission statement | organization's statement of how it will achieve its purpose in the environment in which it conducts its business |
| long-term goal | goal set for an extending time, typically 5 years or more into the future |
| intermediate goal | goal set for a period of one to five years into the future |
| short-term goal | goal set for very near future |
| corporate strategy | strategy for determining the firm's overall attitude toward growth and the way it will management its businesses or product lines |
| business (or competitive) strategy | strategy, at the business-unit or product-line level, focusing on improving a firm's competitive position |
| functional strategy | strategy by which managers in specific areas decide how best to achieve corporate goals through productivity |
| strategy formulation | creation of a broad program for defining and meeting an organization's goals |
| strategic goal | goal derived directly from a firm's mission statement |
| SWOT analysis | identification in analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation |
| environmental analysis | process of scanning the business environment for threats and opportunities |
| organizational analysis | process of analyzing a firm's strengths and weaknesses |
| strategic plan | plan reflecting decisions about resource allocations, company priorities, and steps needed to meet strategic goals |
| tactical plan | generally short-term plan concerned with implementing specific aspects of a company's strategic plans |
| operational plan | plans setting short-term targets for daily, weekly, or monthly performance |
| contingency planning | identifying aspects of a business or its environment that might entail changes in strategy |
| crisis management | organization's methods for dealing with emergencies |
| corporate culture | the shared experiences, stories, beliefs, and norms that characterize an organization |
Created by:
shelaynecarter
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