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Manager
An individual who is in charge of a certain group of tasks, or a certain area or department of a business.
Chief Executive Officer
The most senior manager responsible for the overall performance and success of a business.
Planning
A management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives.
Organizing
A management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization's goals and objectives.
Leading
A management function that includes creating a vision for the organization and guiding, training, coaching and motivating others to work effectively to achieve the organization's goals and objectives.
Controlling
A management function that includes establishing clear standards to determine, rewarding people for doing a good job, and taking corrective action if they are not.
Management
The process used to accomplish organizational goals through planning, organizing, leading and controlling people and other organizational goals.
5 Functions of Management
Planning // organising resources to meet objectives // commanding, directing and motivating people // coordinating activities // controlling and measuring performance against targets.
Motivation
1. factors that influence the behavior of workers towards achieving business goals.
Motivation can be increased by:
a) Monetary rewards
b) Non - monetary rewards
c) Introducing ways to give job satisfaction
Job satisfaction
The enjoyment a worker gets from feeling that they have done a good job. There are three ways to motivate workers to be more committed to their job and work more effectively: <br> + Job rotation: swapping workers round and only doing 1 task for limited time --> swap again/ regular switching between different tasks <br> + Job enlargement: extra tasks added to make job more interesting <br> + Job enrichment: adding tasks that require more skills and/or responsibility.
Theory X
Average person doesn't like work --> must be supervised --> motivation is from external factors for example, pay schemes.
Theory Y
Average person is motivated by internal factors --> find ways to make them interested in their jobs, for example, giving rewards, incentives.
Maslow's hierarchy of needs
A theory of motivation states that 5 categories of human needs dictate their behavior which are: <br> + Physiological needs: air, food, drink, clothing, shelter, ... <br> + Safety needs: security, protection, stability, ... <br> + Love and belonging needs: family, relationships, work groups, friendship, ... <br> + Esteem needs: achievement, status, recognition, reputation, ... <br> + Self-actualization needs: personal growth and fulfillment.
Frederick Herzberg's motivation theory
Humans have 2 sets of needs: <br> + Hygiene factors and needs: basic needs <br> + Motivational needs/motivators: for humans to grow psychologically.
Hygiene factors
Must be present in the workplace to prevent job dissatisfaction but do not motivate (salary, job security, working conditions, company policies).
Knowledge worker
Skilled professionals.
Labor relation
Interaction between employers and employees.
Job security
Knowing that there is little chance of losing jobs.
Wage
Money paid to manual workers.
Incentive
Advantage that comes with a job.
Motivator
Things that encourage people to do something.
Promotion
To be raised to a higher rank or better job.
Corporate culture
A company's shared attitudes, practices, and work relationships.
Organizational structure
Levels of management and division of responsibilities within an organization.
Hierarchy
Levels of management in any organization from highest to lowest. A level refers to people of the same level of responsibility.
Chain of command
Structure in an organization that allows information to be passed down from senior management to lower levels.
Span of control
Number of employees working under a manager.
Directors
Senior managers leading a particular department/division of a business.
Line managers
Responsible for those under them in the hierarchy.
Supervisors
Junior managers, having direct control over employees under them in the organizational structure.
Staff manager
Specialists who provide support, information, and assistance to line managers.
Delegation
Giving a subordinate authority to do something.
Decentralization
Taking decision-making away from the center of an organization.
Line authority
Power to give instruction to people of lower levels in the chain of command.
Glocalization
Combination of "globalization" and "localization" → describes a product/service that is developed and distributed globally but adjusted to accommodate local market.
Culture
Complex system of values, traits, morals, and customs shared by a society.
Context
Refers to stimuli, environment, ambience surrounding an event.
The Lewis Model
Divides humans into 3 categories, based on behavior → linear-active, multi-active, and reactive.
High-context culture
Rules of communication are primarily and dominantly transmitted through contextual elements → specific forms of body language, the social/familial status of an individual, the tone of voice during speech → rules are not explicitly written or stated.
Low-context culture
Most communications take place through verbal language and rules are written out or stated.
Power distance
Distribution of power among individuals in a culture and how well unequal levels of power are accepted by those with less power.
Individualist
Someone who believes that personal growth is more important.
Universalist
People think rules apply to everyone.
Collectivist
Believing that the group is more important than individuals.
Particularist
People who believe friendship and personal relationships are more important than rules and regulations → Vietnam.
Business culture
The way that companies in general behave, business is done in a particular place.
Company/corporate culture
The way a particular company works and the things that its employees believe are important.
Long-hours culture
Where people are expected to work long hours each day.
Macho culture
Values typically associated with men.
Sales culture
Selling is seen as the most important thing in the organization over other activities.
Learning culture
Learning and innovation are seen as important.
Recruitment
The process from identifying that the business needs to employ → the point at which applications arrive at the business.
Employee selection
The process of evaluating candidates for a specific job and selecting an individual for employment based on the needs of the organization.
Job analysis
Identifies and records the responsibilities and tasks related to a job.
Job description
Outlines of responsibilities and duties to be carried out by a specific job.
Job specification
A document outlining the requirements, qualifications, expertise, physical characteristics, etc. for a specified job.
Internal recruitment
Vacancy is filled by an existing employee of the business.
External recruitment
Vacancy is filled by someone who will be new to the business.
Induction training
Intro given to a new employee explaining the business's activities, customs, procedures, and fellow workers.
On-the-job training
Occurs by watching a more experienced worker doing the job.
Off-the-job training
Being trained away from the workplace, usually by specialist trainers.
Shortlist (n)
A list of people who have been judged the most suitable for a job or prize, made from a longer list of people originally considered, and from which one person will be chosen.
Shortlist (v)
To put someone or something on a shortlist.
Commission
Money paid as a percentage of sales or services rendered.
Increments
Increases in salary or pay.
Situation vacant
A job vacancy advertisement (in a newspaper).
Redundancy/Retrenchment
The employee is no longer employed because the business changes.
Dismissal
The employee is no longer employed because he/she is unsatisfactory in some way.
Production
Process of converting inputs such as land, labor, and capital into saleable goods.
Inventories
Stock of raw materials, work-in-progress, and finished goods.
Lean production
Production of goods and services with minimal waste of resources.
Job production
The production of items one at a time.
Batch production
The production of goods in batches. Each batch passes through one stage of production before moving on to the next stage.
Flow production
The production of very large quantities of identical goods using a continuously moving process.
Just-in-time (JIT)
A production method that involves reducing or virtually eliminating the need to hold inventories of raw materials or unsold inventories of finished products.
Market
The set of all actual and potential buyers of a good or service; the place where people buy and sell; the people who trade in a particular good; to make goods available to buyers and to encourage them to buy.
Market leader
The company with the largest market share.
Market nicher
A small company that concentrates on one or more particular niches or small market segments.
Market research (GB) or marketing research (US)
The collection, analysis, and reporting of data relevant to a specific marketing situation.
Market segment
Part of a market; a group of customers with specific needs, defined in terms of geography, age, sex, income, etc.
Market share
The sales of a company expressed as a percentage of total sales in the market.
Marketing channel
The set of intermediaries a company uses to get its goods to their end users.
Marketing mix
The set of all the various elements in a marketing programme and the way a company integrates them.
Marketing strategy
A plan or principle designed to achieve marketing objectives.
Product life cycle
The standard pattern of sales of a product over the period that it is marketed.
Advertising campaign
A time-limited set of ads - campaigns may run across different media, and for one month or ten years, but can be categorized together as they are the execution of a central idea.
Product Placement
The practice of paying for a branded product to be used by a character in a movie - e.g., James Bond driving a BMW Z3.
Product Positioning
Establishing the market niche of a product - which may not be as the brand leader - and advertising to the appropriate segment of the audience.
Loss leader
A popular product sold with no profit, in order to attract customers to a store.
Redeemable coupon
A certificate offering consumers a price reduction on a particular product.
Purchasing cycle
The average length of time between a consumer's repeat purchases of the same product.
Industrial buyer
Someone who purchases goods or services that will be used in the production or supply of other goods or services.
Point-of-sale advertising
Advertising is done at the place where a product is sold.
Deposit
To place money in a bank; or money placed in a bank.
Liquidity
Available cash, and how easily other assets can be turned into cash.
Collateral
Anything that acts as a security or guarantee for a loan.
A mortgage
A type of loan used to purchase or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender over time in regular payments.
Overdraft
Something that occurs when you make a purchase with your debit card or write a check for an amount that exceeds your checking account's available balance.
A current account
An account at a bank against which checks can be drawn by the account depositor; a checking account.
A savings account
A deposit account that generally earns higher interest than an interest-bearing checking account.
