Intro to management midterm

Competitive Advantage

A factor that allows a business to produce goods or services cheaper or better than its rivals

Conceptual Skills

The ability to think abstractly and understand complex ideas to develop strategic plans

Controlling

monitoring performance and taking action to ensure that an organization's goals are met

Decisional Roles

Management responsibilities that involve decision-making and taking action to benefit the company

effective

the ability to achieve goals while using resources efficiently and meeting employee needs

efficient

the ability to use resources like time, money, and people to achieve a company's goals without wasting anything

First-line Managers

Entry-level managers who oversee the day-to-day operations of a team

Four Management Functions

planning, organizing, leading, controlling

Functional Manager

A manager who oversees a specific area of a business. Examples include departments and teams.

General Manager

An executive who manages the day-to-day operations of a business

Informational Roles

Roles that managers use when they gather, share, and interpret information with each other to help their organization or company achieve its goal

Leading

the act of influencing and motivating employees to achieve organizational goals by setting a vision, inspiring action, and guiding their behavior, essentially acting as a role model and fostering a positive team dynamic to reach desired outcomes

Management

The process of organizing people and resources to achieve an organization's goals

Middle Managers

A supervisory role in a hierarchical organization responsible for a specific department's day-to-day operations.

Organization

a group of people and resources that work together to achieve a common goal

Planning

the process of setting goals, objectives, and outlining the necessary steps to achieve them by analyzing available resources, market trends, and potential risks

Process

a series of interconnected steps or activities that a manager undertakes to achieve a specific organizational goal

Soft Skills

personality traits and character skills that describe how a person works, both independently and with others

Sustainable Development

a way of developing the world that meets the needs of the present without compromising the needs of future generations.

Sustainable Development Goals (SDGs)

a set of 17 goals that aim to end poverty, protect the planet, and ensure prosperity for all people

Technical Skills

The knowledge and abilities that allow managers to perform specialized tasks and use techniques to achieve goals

Top Managers

senior-level executives of an organization who hold the most responsibility

Administrative management

the process of organizing and running an organization or business

Behavioral Science Approach

a method of studying human behavior to understand, predict, and influence people's actions

Behavioral Viewpoint

a psychological perspective that focuses on observable behaviors and external stimuli

Classical Viewpoint

a theory that emphasizes scientific methods to increase productivity

Closed System

an organization that has clear boundaries with the outside world

Contemporary Approaches

a modern or current method, idea, or way of doing something

Contingency Viewpoint

a management theory that states that there is no one-size-fits-all approach to managing an organization

Evidence-Based Management

a decision-making approach that uses critical thinking and available evidence to make decisions

Feedback

a key management tool that helps employees improve their performance and the organization's effectiveness

Hawthorne Effect

when people change their behavior because they are aware of being observed

High Performance Work Practices

a set of human resource management (HRM) strategies that help businesses improve performance and profitability

Human Relations Movement

a management theory that studies how people in groups behave, especially in the workplace

Inputs

the resources and actions used to achieve a goal

learning organization

a workplace that encourages employees to learn and grow

Management Science

the use of scientific methods to solve problems and make decisions in organizations

Open system

a system that interacts with its environment for renewal and growth

Operations Management

The process of managing a business's structure, practices, and methods to improve efficiency and increase profit.

Output

the results or products of a team or organization

Quantitative Management

a management style that uses mathematical and statistical methods to solve problems and make decisions

Scientific Management

a management theory that uses scientific methods to improve efficiency and productivity

Subsystems

Systems within larger systems

Supply Chain

the process of getting a product from raw materials to the customer

Synergy

the idea that a group's efforts are greater than the sum of its individual parts

system

a set of policies, procedures, and processes that help an organization achieve its goals

systems viewpoint

a theory that considers an organization as a system of interrelated parts

transformational process

any activity or group of activities that takes one or more inputs, transforms and adds value to them, and provides outputs for customers or clients

Action Plan

a detailed list of steps, tasks, and deadlines that outline the necessary actions needed to achieve a specific goal

Business Model

a plan that outlines how a company intends to create, deliver, and capture value by describing the specific way it will operate, generate revenue, and ultimately make a profit, including its target market, product offerings, pricing strategy, and key operations involved in reaching customers.

Business Plan

a written document that outlines a company's goals, strategies, and financial forecasts.

Cascading Goals

a strategic planning process that breaks down high-level objectives into specific targets for each level of an organization

Customer Value Proposition

A statement that clearly states why a customer should purchase a product or service from a company

Goal

A target a business wants to achieve

Long Term Goal

A high-level achievement an organization plans to accomplish over a long period of time

Management by Objectives (MBO)

A management approach where managers and employees work together to set specific goals and achieve them

Mission Statement

A formal summary of the values of a company or organization

Objective

A goal that a company wants to achieve

Operating plan

A detailed outline of what a team or department will do in the future

Operational Goal

Short-term goals businesses use to improve day-to-day operations

Short-Term Goal

A goal a company aims to achieve within a few months to a year

Smart Goal

Goals that are specific, measurable, attainable, realistic, and time-bound.

strategic goal

a broad, long-term objective that an organization aims to achieve

strategic management

the process of creating and carrying out a company's long-term goals

Strategic Planning

A process where an organization defines its long-term direction, sets goals, and allocates resources to achieve them.

strategy

a plan of action to achieve an organization's goals

tactical goals

specific, measurable, and time-bound objectives that help an organization achieve its strategic goals

tactical planning

the process of breaking down long-term goals into short-term plans

values statement

a declaration of an organization's core beliefs, principles, and ethical standards

vision statement

a written declaration of an organization's goals and aspirations for the future

Benchmarking

The process of comparing an organization's performance with others to identify areas of improvement

Business-Level Strategy

A company's plan to gain a competitive advantage in a specific market

Contingency Planning

Plans that outline the steps to take in an unexpected event or risk

Corporate-Level Strategy

A company's overall plan for how it will compete in the market and how it will allocate resources to achieve its goals

Cost-Focus Strategy

A business strategy where a company offers lower prices than its competitors

Cost-Leadership Strategy

A business plan to become the most cost-efficient producer in an industry

Differentiation Strategy

A business plan where a company aims to make its product or services stand out from competitors

Diversification

A strategy that involves expanding a company's offerings into new products, services, or markets

Execution

The process of putting plans and strategies into action

Focused-Differentiation Strategy

A business strategy where a company focuses on a specific group of customers by offering unique products or services

Forecast

A tool that helps businesses predict future trends and outcomes

Functional-Level Strategy

A plan that outlines how a department will contribute to the company's overall goals

Market

A group of customers with similar needs or preferences

Organizational Opportunities

Areas of growth or improvement in an organization

Organizational Strengths

The things an organization does well or better than its competitors

Organizational Threats

any factor that could harm an organization

Organizational Weakness

internal factors that prevent an organization from performing at its best

Porter's Four Competitive Strategies

cost leadership, differentiation, cost focus, and differentiation focus

Related Diversification

a business strategy that involves adding new products or services that are similar to a company's existing ones

scenario analysis

a method for evaluating potential future events and their outcomes

strategic control

a management process that monitors and adjusts an organization's strategic plan to achieve its goals

sustainable competitive advantage

when a company consistently performs better than its competitors over a long period of time

SWOT Analysis

a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats

trend analysis

a systematic process that uses statistical techniques to identify historical patterns and project future outcomes based on that data

unrelated diversification

a corporate strategy in which a company enters a new market that is not related to its current business

vertical integration

a business strategy where a company controls more of its supply chain

VRIO

value, rarity, imitability, organization. This is the four-question framework used to evaluate the resources and capabilities of an organization

Accountability

the obligation to fulfill specific actions to meet your role in an organization

adhocracy culture

a corporate style that encourages innovation, flexibility, and decentralized decision-making

Authority

the right to make decisions, issue orders, and enforce rules