Chapter 7: Management, Leadership, & Internal Orgs

Management

process of achieving organizational objectives through people and other resources.

Planning

process of anticipating future events and conditions and determining courses of action for achieving organizational objectives.

Vision

ability to perceive marketplace needs and what an organization must do to satisfy them.

Mission Statement

written explanation of an organization’s business intentions and aims.

SWOT Analysis

SWOT is an acronym for strengths, weaknesses, opportunities, and threats. By systematically evaluating all four of these factors, a company can then develop the best strategies for gaining a competitive advantage.

Objectives

sets guideposts by which managers define the organization’s desired performance in such areas as new product development, sales, customer service, growth, environmental and social responsibility, and employee satisfactions

Decision making process

process of recognizing a problem or opportunity, evaluating alternative solutions, selcting and implementing an alternative, and assessing the results.

Leadership

ability to direct or inspire people to attain certain goals

Empowerment

giving employees authority and responsibility to make decisions about their work

corporate culture

organizations systems of principles, beliefs, and values

organization

structured group of people working together to achieve common goals

departmentalization

process of diving work activities into units within the organization

delegation

managerial process of assigning work to employees