Business Chapter 5

Manager

someone whose primary work responsibilities are a part of the management process

Management

The process of planning, organizing, leading, and controlling to meet organizational 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

manager responsible for a firm's overall performance and effectiveness (i.e. CEO)

Middle Manager

manager responsible for implementing the strategies and working toward the goals set by top managers

first-line Manager

manager responsible for supervising the work of employees

interpersonal roles

a category of managerial roles including figurehead, leader, and liaison

informational role

a category of managerial roles including monitor, disseminator, and spokesperson

Descional roles

A category of managerial roles, including entrepreneur, disturbance handler, resource allocator and negotiator

technical skills

skills needed to perform specialized tasks

human relations skills

skills in 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 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 achieve

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

a goal that you plan to reach over an extended period of time (usually 5 years)

intermediate goal

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

short-term goal

a goal that you can reach in a short period of time

Corporate Strategy

strategy for determining the firm's overall attitude toward growth and the way it will manage its businesses or product lines

Business/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

strengths, weaknesses, opportunities, threats (part of strategy formulation)

Enviromental 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 plan

operational plan

plan 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

an organizations method for dealing with emergencies

corporate culture

the shared experiences, stories, beliefs, and norms that characterize an organization