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Summary - Business essentials
5 Business Management
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
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 managersTop - 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 skillsTechnical Skills
Human Relation Skills
Decision Making Skills
Time Management Skills
TechnicalSkills: Skills needed to perform specialized tasks HumanRelations Skills: Understanding and getting along with people ConceptualSkills: Abilities to think in the abstract, diagnose and analyze different situations and see beyond the present situation. Decision-MakingSkills: 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 GoalGoal 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 GoalGoal 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
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.