Understanding the management process

What is management?

The process of coordinating people and other resources to achieve the goals of an organization

What is a mission statement?

A statement of basic purpose that makes an organization different from others

what is the most important step in the management process?

planning

True or false: strengths and weaknesses are internal

true

True or false: opportunities and threats are internal

false

What are opportunities?

favorable conditions that can produce rewards for an organization acted upon

What are strengths/competencies?

approaches and processes that give a company an advantage/something they're good at

What are weaknesses?

internal limitations a company faces and developing or implementing plans

What are threats?

unfavorable conditions or barriers that may prevent the firm from reaching its objectives

What is an example of a competency/strength of Starbucks?

-well-known brand-name

-Coffeehouse atmosphere

-supply chain

What are opportunities that Starbucks has?

-access to new foreign markets

-Partnerships with other firms

what are weaknesses that Starbucks has?

-high price points

-high employee turn

What are some threats that Starbucks is facing?

-saturation of US market

-healthier lifestyle

-independent coffeehouse movements

all goals should be _______

Smart

What is a strategic plan?

A long-term plan set by upper management for the overall direction of the firm

What is a tactical plan?

A midterm plan (1-3 years) set by middle management used to solve strategic plans

what is an operational plan?

A short term plan (1 year or less) set bylaw management, used to achieve tactical plans

What is organizing?

Putting people in resources together/putting things together to accomplish a goal and an effective way

What is leading?

influencing people to work towards a common goal

What is motivating?

Providing reasons for people to work in best interest of the organization/how hard will work

What are analytic skills?

Problem-solving/prioritizing issues/finding the best solution

What are interpersonal skills?

Ability to relate/deal with people effectively

What are technical skills?

Can you do the job/do you have the skills?

What are communication skills?

The ability to speak listen and write effectively

What are conceptual skills?

See the big picture/provide a variety of viewpoints

What is controlling?

Evaluate and regulate ongoing activities/take corrective action