Introduction to Management Midterm

Management

The process of identifying the right work to be done and ensuring it is done well.

Right Work

Refers to understanding the 'why' behind the work that management identifies, which includes profitability and growth.

Done Well

This aspect considers 'how' the manager gets the work done effectively, involving process management and performance improvement.

Process Management

Ways to visualize, measure, track, and improve processes in an organization.

Economic, Political, Social, and Technological

The four facets of management that affect decision-making processes.

Specialization of Labor

A concept associated with Adam Smith, focusing on assigning specific tasks to individuals to enhance efficiency.

Systemic Management

Approach addressing the interaction and coordination of job roles within an organization, primarily driven by engineers and economists.

Scientific Management

Management approach initiated by Frederick Taylor, emphasizing productivity, workflow, and labor efficiency through time and motion studies.

Hawthorne Studies

Research that showed productivity increases when workers are observed and communicated with.

Porter’s Five Forces Analysis

A framework for analyzing the competitive forces within an industry, including the threat of new entrants and bargaining power of suppliers.

Vision Statement

A declaration that outlines the aspirations and purpose for an organization's existence.

Corporate Social Responsibility (CSR)

Actions taken by an organization to recognize and respond to stakeholder needs and expectations, affecting transparency and accountability.

Return on Investment Capital (ROIT)

A measure of profitability calculated as Net Income After Tax divided by the total of Equity and Long-Term Debt.

Market Penetration Strategy

A growth strategy focused on increasing sales of existing products in existing markets.

Intrapreneurship

The practice of fostering new business ventures within a large organization.

Globalization

The trend towards a more integrated and interdependent global economy, influenced by technology and declining trade barriers.

Direct Control Preferences

Factors to consider when deciding on methods for entering foreign markets, based on business control desires.