FBLA Sports and Entertainment Management

management

The process of accomplishing the goals of an organization through the effective use of people and other resources.

planning

involves analyzing information and making decisions about what needs to be done.

target market

group that management is trying to reach

organizing

concerned with accomplishing tasks most effectively and arranging resources to complete all necessary work

implementing

Involves carrying out plans and making sure that adequate personnel are available to accomplish all the necessary tasks.

controlling

involves evaluating results to determine if the company's objectives have been accomplished as planned.

authority

the right to make decisions about how responsibilities should be accomplished

employee empowerment

individuals have the authority to solve problems with available resources or to develop new strategies for the betterment of the organizations

NCAA

regulates college athletics

executives

Top-level managers who spend most of their time on management functions, have other managers reporting to them

mid-managers

Spend most of their time on one management function such as planning or controlling

supervisors

Work directly with employees and are called upon to translate the athletic department's plan into action

TQM

A process developed by Dr. W. Ed Deming to increase productivity through quality control techniques, emphasizes increasing quality and developing an effective organization

tiering

involves funding five or six sports at a high level, five or six at a medium level, and five or six at a low level

regionalizing

A second option for athletic departments with tight budget constraints, setting geographic limits

Title IX

bans sex discrimination at schools that receive federal funding and sets parameters for female sports that must be met by athletic programs

strategic planning

looks at the long-term big picture for the entire business

mission

the most important purposes or directions for the organization based upon all information collected

operational planning

includes short-term activities for each part of the business

short-term goals

usually accomplished in less than a year

long-term goals

goals that take a year or more to accomplish

quantity standards

standards that measure the amount of sales and sponsorship goals

quality standards

standards that measure how well a task has been completed

time standards

standard directly related to quantity and quality, measures efficiency

cost standards

standards that measures financial success for an organization

organizational charts

illustrations that show the structure of an organization, the major job classifications, and the chain of command

business plan

outlines the mission, objectives, goals, strategies, and measures of an organization, must be selective, sufficient, synchronized, sustainable

synergy

collective results of the organization's employees

agents

Legal representatives who negotiate new contracts and endorsement agreements for athletes

leadership

The ability to influence individuals and groups to cooperatively achieve common goals to benefit both parties, instills a sense of direction and confidence to successfully complete tasks

postition power

power that comes from the position the agent holds in the organization

reward power

power based upon the ability to control rewards and punishments

ethics

involves doing the right thing even when it is more tempting or profitable to do otherwise

financial plan

the plan that must include projected income, expenses, and profit

marketing plan

a detailed written description of all marketing activities within a business

budget

specific financial plan that assists managers in determining the best way to use available financial resources to reach goals

economics

relates to producing and using goods and services that people want

supply

amount that will be offered for sale at a particular time and at a certain price

demand

the amount that will be bought at a given time at a give price

utility

ability of a service or good to satisfy a want

factors of production

economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. Examples include natural resources, labor, capital goods and entrepreneurship.

economic system

organized way to decide how to use productive resources

scarcity

involves limited financial resources for unlimited wants

unity of command

means that employees report to only one supervisor at a time

span of control

number of employees that a manager supervises directly

proforma

financial document that projects attendance and revenue necessary to successfully undertake the event

brand marketing

the process of creating a perception that separates an organization from its competitors

upselling

selling additional products to customers beyond the initial purchase

informal plan

loose collection of thoughts about how to do something

formal plan

addresses many factors and are written and well thought out

descriptive plan

states what is to be achieved and how

organization

consists of people whose specialized tasks are coordinated to contribute to the company's goals

specialization

occurs when work is given to those people who can best accomplish the tasks

strategy

an organization's long-term course of action for meeting objectives

mechanical environment

environment in which tasks are specific and limited

organic environment

environment in which decisions are made through empowerment and networking

departmentalization

process of grouping jobs into related work unites of activities, Ex: functional, product, geographic, customer

motivation

set of factors that influence an individual's actions toward accomplishing a goal

standards

serve as points of reference for judging the company's performance

feedback system

vital part of the manager's control process, allows all members of the organization to feel that they are empowered to affect decision making

decision making

process of creating and choosing alternatives to reach a goal or objective

problem solving

the process of choosing actions to combat or resolve a problem

programmed decisions

Decisions that are carefully thought out and use some form of procedure that probably has been used before

nonprogrammed decisions

decisions made when managers have no prior history, guidance, process, or system for making the decisions

intuitive approach

Approach used when managers make decisions based largely on hunches and intuition.

optimizing approach

a rational method of decision making; using time-tested methods, managers determine the need for making a decision and weigh decision criteria

satisficing approach

occurs when managers set a minimum standard of acceptance; managers then select the first decision alternative that meets that minimum standard

autocratic decision making

manager makes decisions alone without consulting anyone

consultative decision making

Manager shares problems and opportunities with employees

group-oriented decision making

a group of employees, consultants, or other managers is called upon to make decisions for the organization

group

two or more persons who interact for some specific purpose

groupthink

happens when group members try so hard to agree with one another that hey ignore an individual member's point

team

defines the roles of members with respect to expectations and positions

knowledge management

ability of a manager to understand what is known in his or her organization and to use that knowledge effectively

knowledge communities

groups that create, capture, share, and maximize the use of knowledge about a particular subject

strategic management

process for identifying and furthering an organization's mission

corporate strategies

strategies that address the broad needs of the organization, can be stability, defensive, or growth

business strategies

strategies that focus on a specific business such as the licensing devisions, Ex: cost leadership, differentiation, focus

funcitonal strategies

govern an organization's day-to-day operations like marketing

policies

Guidelines established to make decisions regarding specific, recurring situations

procedure

list of steps to be followed for performing a certain work

rules

prescribed direction for conduct

external environment

characterized as being everything that lies outside an organization's control

internal environment

concerns factors that are under the control of an organization

environmental scanning

a strategic planning tool that helps managers identify critical events from the external environment, Ex: demographic and economic

benchmarking

planning process whereby an organization learns from "best practices"

SWOT analysis

A strategic planning tool that helps management evaluate an organization in terms of internal strengths and weakness, and external opportunities and threats.

scenario building

Creating a hypothetical situation that is then used to aid Decision-making efforts

strategic fit

goal for consistency and continuity in planning and strategic efforts

human resources management

consists of all activities that are involved with hiring, developing, and paying the individuals responsible for doing the organization's work

fringe benefits

items to pay employees in exchange for their labor Ex: health insurance, paid vacation and personal leave

job specification

a written statement of the minimum qualifications a person must possess to perform a given job successfully

resume

summary or applicant's previous and current job experiences

cover letter

explains why the applicant is qualified for the position and requests and interview

orientation

initial training to make new workers feel comfortable with their jobs an the organization

coordinating

matching the best employees wit the tasks that must be completed

360 degree feedback

evaluates an employee upon information from a range of people who have contact with the employee

career development program

long-term organizational plan that includes a career path, effective performance reviews, career counseling, and training and development

career path

a path that guides employees through a series of related jobs with increasing skill requirements and responsibility

performance reviews

lets employees know their greatest contributions to the organization and the areas in which they need growth