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Ch. 6: Business

Understanding Management Process

management process of coordinating people and other resources to achieve the goals of an organization
material resources tangible, physical resources an organization uses EX: steel, glass
human resources employees
financial resources funds an organization uses to meet its obligation to investors and creditors
information competency about the external environment in order to adapt to its changes
planning creating organizational goals and deciding how to accomplish them
mission statement of the basic purpose that makes that organization different from others
strategic planning process establishing an organization's major goals and objectives and allocating resources to achieve them
goal end result that an organization is expected to achieve over a one-to ten year period
objective specific statement detailing what an organization intends to accomplish over a shorter time period
SWOT analysis identification and evaluation of a firm's strengths, weaknesses, opportunities, and threats
core competencies approaches and processes that a company performs well that could give advantage over competitors
strategic plan an organization's broadest plan developed as a guide for major policy setting and decision making to achieve long term goals
tactical plan smaller scale plan developed to implement a strategy covering a one to three year period
operational plan type of plan designed to implement tactical plans
contingency plans lists alternatives in case previous plans fails
organizing grouping of resources and activities to accomplish some edn result
leading process of influencing people to work toward a common goal
motivating process of providing reasons for people to work in the best interests of an organization
directing leading + motivating
controlling process of evaluating and regulating ongoing activities to ensure that goals are achieved
control function set standards + measure performance + take corrective action
top manager upper level executive who guides and controls an organization's overall fortunes
middle manager implements that strategy and major policies developed by top management
first line management coordinates and supervises activities or operating employees
financial manager responsible for organization's financial resources
operations manager manages systems that convert resources into goods and services
marketing manager facilitates the exchange of products b/w an organization and its customers or clients
human resources manager manages an organization's human resources programs which hires, trains, and evaluates performance of employees
administrative manager provides overall administrative guidance and leadership
conceptual skills ability to think in abstract terms to see the 'bigger picture'
analytic skills identify problems correctly, generate alternatives, and select best option
interpersonal skills ability to deal effectively with other people inside and outside of organization
technical skills specific skills needed to accomplish specialized activity
communication skills oral and written ability to speak listen and write effectively
autocratic leadership EX: Hitler; task oriented, workers have limited control
participative leadership EX: MLK; members of a team are involved in identifying essential goals and developing strategies to reach those goals
entrepreneurial leadership EX: Steve Jobs; personality-based, manager seeks to inspire workers with a vision
benchmarking process of evaluating the products, processes, or management practices of another organization for the purpose of improving quality
total quality management (TQM) coordination of management to address customer satisfaction, employee participation, supplier partnership, and continuous quality improvement
Created by: nnaseem98



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