Business Management

Interpersonal

Building relationships with employees and stakeholders.

Communication

Conveying information clearly and listening effectively.

Strategic Thinking

Long-term planning for business success.

Vision

Setting clear goals and inspiring others to follow them.

Problem-Solving

Identifying and resolving issues efficiently.

Decision-Making

Choosing the best course of action

Flexibility

Adapting to new situations and challenges.

Adaptability to Change

Responding effectively to changing conditions

Reconciling Conflicting Interests of Stakeholders

Balancing different stakeholder needs and finding compromises.

Achieving Business Goals - Profits

Financial gains from business activities.

Achieving Business Goals - Market Share

The proportion of total market sales a business holds.

Achieving Business Goals - Growth

Expansion in terms of size or revenue.

Achieving Business Goals - Share Price

The value of a company's stocks

Achieving Business Goals - Social

Positive impact on society.

Achieving Business Goals - Environmental

Commitment to sustainability.

Staff Involvement - Innovation

Encouraging creative solutions

Staff Involvement - Motivation

Inspiring employee engagement and productivity.

Staff Involvement - Mentoring

Supporting personal and professional growth.

Training

Developing skills for improved performance.

Classical Approach

Management as Planning, Organizing, and Controlling: Structured approach to managing tasks and ensuring goals are met through effective use of resources.

Hierarchical Organizational Structure

Clear levels of authority and responsibility.

(Classical Approach) Autocratic Leadership Style

Leader makes all decisions with little input from employees.

Behavioral Approach

Management as Leading, Motivating, and Communicating: Focus on teamwork, guiding employees, and ensuring clear communication.

(Behavioral Approach) Teams

Collaboration to achieve common goals.

(Behavioral Approach) Participative/Democratic Leadership Style

Leaders involve employees in decision-making, fostering collaboration.

Contingency Approach

Emphasizes flexibility, adjusting strategies based on specific situations and external factors.

Adapting to Changing Circumstances

Adapting business strategies in response to changes in consumer demand, technology, and competition.

Management Process - Coordinating Key Business Functions and Resources

Ensuring efficient collaboration between departments (operations, finance, marketing) to achieve business goals.

Management Process - Operations

Managing daily activities to ensure efficiency and profitability.

Management Process - Goods and/or Services

Products or services offered to meet customer needs.

Management Process - The Production Process

Steps involved in turning raw materials into finished products, focusing on efficiency and cost management.

Management Process - Quality Management

Ensuring products and services meet customer expectations through monitoring and improvement.

Management Process - Marketing

Strategies to promote and sell products/services, including research and advertising.

(Marketing) Identification of the Target Market

 Defining the group of consumers a business aims to serve.

(Marketing) Marketing Mix

The combination of product, price, place, and promotion strategies.

Finance

Managing a business’s financial resources, including budgeting and tracking financial performance.

Cash Flow Statement

Shows the cash coming in and going out of the business.

Income Statement

Summarizes revenues and expenses over a period.

Balance Sheet

Snapshot of a business’s financial position.

Human Resources

Managing the workforce, including recruitment, training, and employee relations.

Recruitment

Identifying and hiring qualified candidates.

Training

Enhancing employee skills for current and future roles.

Employment Contracts

Legal agreements outlining job terms.

Separation (Voluntary/Involuntary)

Voluntary separation is when an employee leaves; involuntary is when the company ends the employment.

Ethical Business Behavior

Operating responsibly and fairly, considering the well-being of employees, customers, and society.

(Management and Change) Responding to Internal and External Influences

Adapting to internal factors (like performance) and external factors (such as market trends) to maintain competitiveness.

Managing Change Effectively

Planning and monitoring changes to improve performance while minimizing disruption.

Identifying the Need for Change

Recognizing when change is necessary due to market shifts, technology, or internal inefficiencies.

Business Information Systems

Tools used to collect, process, and analyze data to support decision-making and improve efficiency.

Setting Achievable Goals

Establishing clear, specific, and realistic objectives that guide business direction and performance.

Resistance to Change

Employees or groups resisting change, which can hinder progress. Overcoming this resistance is essential.

Management Consultants

External experts who advise businesses on improving operations, solving problems, and implementing changes.