C201 Business Acumen

management

is the process of achieving organizational objectives through people and other resources. The manager's job is to combine human and technical resources in the best way possible to achieve the company's goals.

top management

• chief executive officer

• chief financial officer

• governor, mayor

middle management

• regional management

• division head

• director

supervisory (first line) management

• supervisor

• shift manager

• program manager

planning

• is the process of anticipating future events and conditions and determining courses of actions for achieving organizational objectives.

• should be flexible and responsive to changes in the business environment, and should involve managers from all levels of the organization.

organizing

• Once plans have been developed, the next step in the management process typically is __.

• the process of blending human and material resources through a formal structure of tasks and authority; arranging work, dividing tasks among employees, and coordinating them to ensure implementation of plans and accomplishment of objectives.

directing

• guiding and motivating employees to accomplish organizational objectives.

• might include training (or retraining), setting up schedules, delegating certain tasks, and monitoring progress

controlling

• evaluates an organization's performance against its objectives.

• assesses the success of the planning function and provides feedback for future rounds of planning.

4 basic steps in controlling

1. establish performance standards

2. monitor actual performance

3. compare actual performance with established standards

4. make corrections if necessary.

strategic planning

the process of determining the primary objectives of an organization and then acting and allocating resources to achieve those objectives.

tactical planning

• involves implementing the activities specified by strategic plans.

• guide the current and near-term activities required to implement interconnected retail strategies.

operational planning

• creates the detailed standards that guide implementation of tactical plans

• this activity involves choosing specific work targets and assigning employees and teams to carry out plans

contingency planning

• allows companies to resume operations as quickly and as smoothly as possible after a crisis while openly communicating with the public about what happened

• involves two components: business continuation and public communication.

mission statement

• a written explanation of an organization's business intentions and aims.

• it is an enduring statement of a company's purpose, possibly highlighting the scope of operations, the market it seeks to serve, and the ways it will attempt to set itself apart from competitors.

• guides the actions of employees and publicizes the company's reasons for existence.

objectives

set 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 satisfaction

decision making

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

leadership

directing or inspiring people to attain certain goals

empowerment

employees share authority, responsibility, and decision making with their managers.

corporate culture

• system of principles, beliefs, and values

• typically shaped by the leaders who founded and developed the company and by those who have succeeded them