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IBC
| Term | Definition |
|---|---|
| Management | It is a distinct Process Consisting of planning, organizing, actuating and controlling performed to determine and accomplish stated objectives with the use of human beings and other resources. |
| Frederick Winslow Taylor | He is the father of scientific management. According to him, management is an art of knowing what to do, when to do and see that it is done in the best and cheapest way. |
| Henri Fayol | He is the father of modern management. According to him, management is the process by which co-operative group directs actions towards common goals. |
| Joseph Massie | According to him, management is that process by which managers create, direct, maintain and operate purposive organization through systematic, coordinated and cooperative human efforts. |
| McFarland | According to him, management is the coordination of all resources through the process of planning, organizing, directing and controlling in order to attain stated goals. |
| - Human Relations - Managerial Functions - Body of Knowledge - Leadership and Decision Making - Productivity - Integration - Managerial Personnel | Concept of Management |
| - Proper Utilization of Resources - Improving Performance - Mobilizing Best Talen - Planning For Future | The Broad Objectives of Management |
| - Production Management - Marketing Management - Financial Management - Personnel Management | Scope of Management |
| Manager | A _______ is someone whose Primary responsibility is to carry out the management process. Person who contorts a business or other concern. The one who organizes other people's doings. |
| - Upper Management - Middle Management - Lower Management | Levels of Management |
| Upper Management | Long term goals, products, markets, business organizing. Jobs like CEO, CFO, COO, CTO, VP-Marketing |
| Middle Management | Interpret plans & set actions. Job like – regional/plant managers. |
| Lower Management | Implement plans. Jobs like – team leader, assistant manager, foreman, and shift manager. |
| Efficiency | Doing things the best way possible with the least amount of waste. It's about using your resources wisely, so you can achieve your goals with less effort. |
| Effectiveness | It is achieving the desired result. It's about doing the right things, in the right way, at the right time. |
| Organizational Effectiveness | It is a measure of how successful an organization is in using its resources to produce the desired results. |
| Organization | An ______ is a group of people, assets, material, and knowledge, that are coordinated to meet a set of objects (or serve a purpose). |
| Permanent Organization | A __________ refers to an entity that exists over an extended period and is not established for a specific project or temporary purpose. It typically has a continuous presence, a stable structure, and ongoing operations. |
| - Planning - Organizing - Leading - Controlling | Basic Principles of Management and Organization |
| Planning | The function of management that involves setting objectives and determining a course of action for achieving those objectives. |
| Organizing | The function of management that involves developing an organizational structure and allocating human resources to ensure the accomplishment of objectives. |
| Leading | Involves the social and informal sources of influence that you use to inspire action taken by others. |
| Controlling | Involves ensuring that performance does not deviate from standards. |
| - Enhanced Leadership Skills - Adaptation to Changing Environments - Effective Decision Making - Improved Communication - Conflict Resolution and Problem Solving | Importance of Educating the Managers |
| Business | An organized effort involving the production, exchange, or sale of goods, services, or ideas with the aim of making a profit. |
| Nature of Business | The ________ describes what the company offers to its clients and the industry. It also describes the legal structure or any other distinguishing characteristics of the business. |
| - Operating Sector - Organizational Structure - Types of Products Offered - Nature of Operation - Profit Orientation | Natures of Businesses |
| - Public sector - Private sector - International sector - Technological sector | Operating Sectors |
| - Sole Proprietorship - Partnership - Corporation - Limited Liability Company - Limited Liability Partnership | Organizational Structures |
| - Tangible Goods - Intangible Goods | Types of Products Offered |
| - Service Business - Merchandising business - Manufacturing business - Hybrid Business | Natures of Operation |
| - For-profit organization - Non-profit organization | Profit Orientations |
| Sole proprietorship | Are companies owned by one person who usually hands on managing the day to day activities. |
| Partnership | Is a form of business organization where ownership of the business is shared by two or more members. The partners usually agree as to how decisions will be made and how the profits and losses will be shared. |
| General Partnership | Is a form of partnership wherein the partners have unlimited liability for the debts. |
| Limited Partnership | Wherein one or more general partners have unlimited liability, and the limited liability partners that is only up the amount equal to their capital contributors. |
| Corporations | Has a distinct personality separate from its owners. Has minimum of five and a maximum of fifteen owner who are called shareholders. A ________ is owned and established under the corporation code and regulated by the SEC |
| Stock corporation | A ______ has capital stock divided into shares and dividend. |
| Non-stock corporation | A ______ does not issue share of stock and its established primarily for public interest. |
| Economic Environment | The overall economic conditions, such as inflation, interest rates, and GDP growth, can impact consumer spending, business investment, and overall market demand. |
| Political and Legal Environment | Government policies, regulations, and stability can affect business operations, market entry, and trade relations. Political stability and the rule of law are crucial for a favorable business environment. |
| Socio-cultural environment | Social and cultural factors, including demographics, consumer behavior, and cultural norms, can influence market trends, customer preferences, and product demand. |
| Technological Environment | Technological advancements and innovation can disrupt industries, create new opportunities, and change the way businesses operate. Keeping up with technology trends is vital for staying competitive. |
| Competitive Environment | The level of competition, industry structure, and market dynamics can impact a company's market share, pricing strategies, and ability to differentiate itself from competitors. |
| Global Organizations | Organizations that operate and compete in more than one country. |
| Competitive Advantages | The ability of one organization to outperform other organization because it produces desired goods or services more efficiently and effectively than they do. |
| • Efficiency • Quality • Innovation • Responsiveness to customers | Building Blocks of Competitive Advantages |
| Innovation | The process of creating new or improved goods and services or developing better ways to produce or provide them. |
| Quality / Responsive to customers | It is about meeting the needs and expectations of customers. It includes: good design, Looks, Style and Good functionality. |
| Turnaround Management | The creation of a new vision for a struggling company based on a new approach to planning and organizing to make better use of a companies resources and allow it to survive and prosper. |
| Nature of Ethics | The inner guiding moral principles, values, and beliefs that people use to evaluate or interpret a situation and then decide what is the right or suitable way to behave are referred to as ethics. |
| - Stockholders - Managers - Customers - Community, Society, and Nation-State - Suppliers and Distributors - Employees | Types of Company Stakeholders |
| • Respect for others • Open communication • Responsibility | Examples of Ethical Behavior |
| • Harassment and Discrimination in the Workplace • Health and Safety in the Workplace • Social Media Rants • Employee Privacy | Areas of Concern in Business Ethics |
| Ethical performance | Refers to an organization's or individual's adherence to ethical principles, values, and behaviors in their actions and decisions. It involves conducting activities and making choices that align with moral standards and principles. |
| • Fair Treatment of Employees • Honest and Transparent Financial Reporting • Responsible Environmental Practices • Ethical Supply Chain Management • Fair Marketing and Advertising • Philanthropic Initiatives | Ways to Improve Ethical Performance |
| Social Responsibility | Individuals and companies have a duty to act in the best interests of their environment and society as a whole. ________ as applied to business, is known as corporate social responsibility or (CSR). |
| - Obstructive Approach - Defensive Approach - Accommodative Approach - Proactive Approach | 4 Different Approach of Social Responsibility |
| Obstructive Approach | Companies and their managers choose not to behave in a socially responsible way and instead behave unethically and illegally. |
| Defensive Approach | This type of approach isn't as appalling as obstructive, but a company taking a defensive approach could certainly do better at meeting its social responsibility. |
| Accommodative Approach | Companies and their managers behave legally and ethically and try to balance the interests of different stakeholders as the need arises. |
| Proactive Approach | Companies and their managers actively embrace socially responsible behavior, going out of their way to learn about the needs of different stakeholder groups and using organizational resources to promote the interests of all stakeholders. |
| Human Relations | Art of getting things done |
| Managerial Functions | Process of management |
| Body of Knowledge | Management as a discipline |
| Leadership and Decision Making | Art and science of decision making and leadership |
| Productivity | An art of securing maximum productivity |
| Integration | Coordination of human and material resources |
| Managerial Personnel | Group of managers |
| - General Partnership - Limited Partnership - Limited Liability Partnership - Public & Private Partnership - Limited Liability Limited Partnership | 5 Types of Pertnership |
Created by:
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