Nature of Management & Achieving Business Goals

Vocabulary flashcards covering key concepts and definitions from the lecture on management and business goals.

Effective Management

Management that ensures the business achieves its goals and objectives.

Interpersonal Skills

Skills related to the manager's ability to engage with staff and respond to personal matters.

Communication Skills

The ability to convey messages and listen, crucial for proactive decision making.

Strategic Thinking

Thinking about a business's future direction and long-term goals.

Vision

Developing a clear sense of long-term potential areas for business engagement.

Problem-Solving

Finding and implementing a course of action to correct an unworkable situation.

Decision Making

Identifying available options and choosing a specific course of action.

Flexibility

Willingness to adapt plans and operations when necessary.

Adaptability to Change

Ability to respond quickly to changes in the external business environment.

Stakeholders

Individuals or groups with an interest in the business, including internal and external parties.

Vision Statement

A statement that broadly outlines what the business aspires to become.

Strategic Goals

Long-term, broad aims set by senior management that apply to the business as a whole.

Tactical Goals

Mid-term, departmental objectives set by middle management to achieve strategic goals.

Operational Goals

Short-term objectives set by front-line managers to achieve tactical objectives.

Quality Management

The strategy used to ensure products meet customer expectations.

Quality Control

A method to reduce problems and defects by using inspections during production.

Total Quality Management (TQM)

A commitment to excellence emphasizing continuous improvement across all areas of a business.

Market Segmentation

Dividing a mass market into smaller segments of buyers that share common characteristics.

Break-even Analysis

A method to determine the point at which total revenues equal total costs.

Human Resources

The department responsible for managing the recruitment, training, and well-being of employees.

Employee Acquisition

The process of attracting and recruiting the right people for jobs within a business.

Voluntary Separation

An employee's decision to leave the business such as retirement or resignation.

Involuntary Separation

When an employee is forced to leave against their will, such as retrenchment or dismissal.

Ethics

Moral principles that define what is right or wrong in a given situation.

Corporate Code of Conduct

A set of guidelines that help employees make ethical decisions.