management

effective management

making correct decisions to achieve the desired goals

efficient management

focuses on cost, numbers, and profit to ensure resources are used productively

5 steps of the management process

planning leading organizing controlling decision-making

planning

deciding how to achieve goals

leading

directing and motivating the team

organizing

arranging tasks and resources

controlling

taking action and making corrections

decision-making

making choices for operations to run smoothly

3 types of managers

top middle first-line

top manager

guides the performance of the organization

middle manager

oversees the work of departments and divisions within an organization

first-line manager

team leader or supervisor in charge of a small group

5 different kinds of managers

marketing finance PR advertising HR

marketing manager

plans and executes sales strategies

finance manager

manages the company's finances including budgets, investments, and profits

PR manager

manages the company's reputation

advertising manager

promotes products and services through media

HR manager

responsible for hiring, training, paying, and handling employee concerns

5 managerial skills

technical conceptual diagnostic time-management interpersonal

technical

ability to use knowledge to perform tasks

conceptual

using analytical thinking to solve problems

diagnostic

ability to recognize problems and understand their cause and effect

time-management

using time effectively to complete tasks and achieve goals

interpersonal

ability to work well with others

science of management

uses information objectively, systematically, and logically

art of management

uses information creatively, instinctively, and intuitively

scientific managment

managing to make the workers and supervision better

administrative management

managing to make the organization better as a whole

behavioral management

motivating employees to improve performance

total quality management

comprehensive approach dedicated to quality, training, and customer satisfaction

factors that inhibit productivity

stress culture poor communication training personal conflict

synergy

two entities produce a product better together than they could individually (1+1=3)

external environment

issues that cannot be controlled; outside a company's boundaries but impact the company

internal environment

factors that can be controlled; includes employees, the facility, managers, etc.

5 general environments

economic technological sociocultural political international/global

what role does the general environment play

general affects internal which affects external

5 forces that affect managerial decisions

competition (old and new) competitive rivalry threat of substitute products power of the buyer power of the supplier

ethics

personal beliefs and behaviors of what is right and what is wrong

code of ethics

formal written statement that represents standards and values

corporate social responsibility

obligation of an organization to act in ways to serve the interests of stakeholders and society

sarbanes oxley act

CEOs, CFOs, and COOs, and anyone who signs off on financial documents, are personally responsible for the financial document

3 market systems that make up global economy

NAFTA European Union Pacific-Asian Union

market economy

supply and demand control business strategy

market systems

clusters of countries that deal in high levels of trade with each other

factors important in managing a multicultural workplace

understanding empathy tolerance of mistakes willingness to communicate

pluralism

when one group strives to understand the other group without controlling them

paternalism

when one group strives to understand the other group but wants to control them

3 types of goals

strategic tactical operational

strategic

top management, vision

tactical

staff, mission, business plan

operation

day to day management

purpose of settng goals

unifies the direction of the company triggers planning motivational tool assessment tool

obstacles of setting goals

unreachable goals improper reward system reluctance to set goals resistance to change company restraints

cross-training

ability to do more than one job

current assets

cash marketable securities accounts receivable inventory prepaid expenses

non-current assets

property plant equipment

current liabilities

accounts payable notes payable accrue expenses

non-current liabilities

depreciation deferred taxes

gross profit

income - cost of goods sold

net profit

gross profit - expenses

asset

anything owned that is worth money

liability

obligation to pay

net worth

assets - liabilities