Ch 1

Management

The pursuit of organizational goals efficiently and effectively by connecting people to purpose, resources, and each other

Division of Labor

A productive way organizations get things done by distributing tasks among individuals.

Organizational Goals

Provide purpose and direction, leading to better performance when set and achieved.

Effectiveness

Doing the right things to achieve organizational goals.

Efficiency

Doing things right by using resources without waste.

Competitive Advantage

The need for organizations to maximize finite resources to survive in competitive markets.

Sustainability

Economic development that meets present needs without compromising future generations' ability to meet their own needs.

Ethical Standards

The consideration of ethics in business practices, which may conflict with profit motives.

Top Managers

Responsible for long-term decisions and establishing objectives, policies, and strategies for the organization.

Middle Managers

Implement policies and plans from top managers and supervise first-line managers.

Front-Line Managers

Make short-term operating decisions and direct daily tasks of non-managerial personnel.

Team Leader

A manager facilitating team activities to achieve key results.

Functional Manager

Responsible for one specific organizational activity.

General Manager

Oversees several organizational activities.

Technical Skills

Job-specific knowledge needed to perform well in a specialized field.

Conceptual Skills

The ability to think analytically and understand how different parts of an organization work together.

Human/Soft Skills

The ability to cooperate, motivate, and communicate effectively with others.

Interpersonal Roles

Managers interact with people inside and outside their work units (e.g., figureheads, leaders).

Informational Roles

Managers receive and communicate information (e.g., monitor, disseminator).

Decisional Roles

Managers use information to make decisions and solve problems (e.g., entrepreneurs, negotiators).

Entrepreneurship

The process of taking risks to create a new business or opportunity.

Entrepreneur

An individual who identifies a new opportunity for a product or service and starts a business.

For-Profit Organizations

Entities focused on making money.

Nonprofit Organizations

Entities focused on offering services rather than profit.

Mutual-Benefit Organizations

Organizations aimed at aiding their members.