Summary Business essentials

ISBN-10 013266402X ISBN-13 9780132664028
207 Flashcards & Notes
11 Students
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This is the summary of the book "Business essentials". The author(s) of the book is/are Ronald J Ebert, Ricky W Griffin. The ISBN of the book is 9780132664028 or 013266402X. This summary is written by students who study efficient with the Study Tool of Study Smart With Chris.

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Summary - Business essentials

  • 5 Business Management

  • Corporate
  • 5.1 The Management Process

  • What is management?

    Management itself is the process of planning, organizing, leading, and controlling
    an organization’s financial, physical, human, and information resources to achieve
    its goals.
  • What are the three main components of planning?

    It begins when managers determine the firm’s goals. Next, they develop a comprehensive strategy for achieving those goals. After a strategy is developed, they design tactical and operational plans for implementing the strategy.
  • What is leading?

    To guide and motivate employees to meet the firm’s objectives.
  • 5.2 Type of Managers

  • Name the three levels of managers
    Top - Are responsible for the overall performance and effectiveness of the firm
    Middle - Are responsible for implementing the strategies and working toward the goals set by top managers.
    First Line - Manager responsible for supervising the work of employees
  • What is planning?

    Management process of determining what an organization needs to do and how best to get it done
  • What is controlling?

    Controlling is the process of monitoring a firm’s performance to make sure that it
    is meeting its goals
  • What is organising?

    Management process of determining how best to arrange an organization’s resources and activities into a coherent structure.
  • 5.3 Basic Management Skills

  • Name the basic management skills
    Technical Skills
    Human Relation Skills
    Conceptional Skills
    Decision Making Skills
    Time Management Skills
  • Technical Skills: Skills needed to perform specialized tasks
    Human Relations Skills: 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 action.
    Time Management Skills: Skills associated with the productive use of time
  • 5.4 Strategic Management Setting Goals and Formulating Strategy

  • What is an Mission Statement

    Organization’s statement of how it will achieve its purpose in the environment in which it conducts its business.

  • What is a Long-Term Goal 
    Goal set for an extended time, typically five years or more into the future.
  • What is a Intermediate Goal

    Goal set for a period of one to five years into the future.

  • What is a Short-Term Goal 
    Goal set for the very near future.
  • 5.5 Contingency Planning and Crisis Management

  • What is a Corporate Culture?

    The shared experiences, stories, beliefs, and norms that characterize an organization
  • What is Crisis Management?

    An organization’s methods for dealing with emergencies.
  • What is Contingency Planning?

    Identifying aspects of a business or its environment that might entail changes in strategyc.
  • What is a Corporate Strategy

    Strategy for determining the firm’s overall attitude toward
    growth and the way it will manage its businesses or product lines
  • What is a Business (or Competitive) Strategy

    A strategy at the business-unit or product line level, focusing on improving a firm’s
    competitive position.
  • What is a Strategy formulation

    The creation of a broad program for defining and meeting an organization’s goals.
  • What is a Strategic Goal goal 

    A goal derived directly from a firm’s mission statement
  • What is a SWOT Analysis 

    An identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
  • What is an Environmental Analysis

    The process of scanning the business environment for threats and opportunities
  • What is an Organizational Analysis 

    The process of analyzing a firm’s strengths and weaknesses
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Latest added flashcards

What is a Arbitration?
A method of resolving a labor dispute in which both parties agree to submit to the judgment of a neutral party.
What is a Mediation?

A method of resolving a labor dispute in which a third party suggests, but does not impose, a settlement. 
What is a Strikebreaker?

 Worker hired as a permanent or temporary replacement for a striking employee. 
What is a Lockout?

A management tactic whereby workers are denied access to the employer’s workplace.
What is a Work Slowdown?

Labor action in which workers perform jobs at a slower than normal pace. 
What is a Boycott?

Labor action in which workers refuse to buy the products of a targeted employer.
What is Picketing?

Labor action in which workers publicize their grievances at the entrance to an employer’s facility.
What is a Strike?

Labor action in which employees temporarily walk off the job and refuse to work.
What is a Wage Reopener Clause?

Clause allowing wage rates to be renegotiated during the life of a labor contract.