MANGMT 1010: Exam 1
40 Cards in this Set
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What are Managers responsible for?
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the performance and effectiveness of the teams, divisions, or companies that they head
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Management
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process of planning, organizing, leading, and controlling an organizations financial, physical, human, and information resources to achieve its goals
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Planning as three components. What are they?
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*Determine Goals
*Develop a comprehensive strategy for achieving those goals
*Design tactical and operational plans for implementing the strategy
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Organizing
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Determining the best way to arrange a business's resources and activities into a coherent structure
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Leading
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Manager works to guide and motivate employees to meet the firm's objectives
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Controlling
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Process of monitoring a firm's performance to make sure that it meets it's goals
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Top managers are responsible for?
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a firm's overall performance and effectiveness
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Middle managers are responsible for?
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implement the strategies and working toward the goals set by top managers
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First-line managers are responsible for?
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supervising the work of the employees
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Human Resource Management does?
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hiring and training of employees, evaluates performance, and determines compensation
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Operations of Management responsible for?
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production, inventory, and quality control
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Marketing Managers responsible for?
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getting products from producers to the consumer
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Marketing Manager
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development, pricing, promotion, and distribution of goods and services
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Information managers do?
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design and implement systems to gather, organize, and distribute information
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Financial Manager responsible for?
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planning and overseeing its accounting functions and financial resources
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Effective managers must develop?
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technical, human relations, conceptual, decision-making, and time management skills
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Technical skills
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skills needed to perform specialized tasks
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Human relations skills
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allow managers to understand and communicate with other people
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Conceptual skills
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refer to a person's ability to think in the abstract, to diagnose and analyze different situations, and to see beyond the present situation
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Decision-making skills
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ability to define problems and to select the best course of action
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Time management skills
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the productive use that managers make of their time
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Four leading causes of wasted time are?
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*Paperwork
*Telephone Calls
*Meetings
*E-mail
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Strategic management
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the process of helping an organization maintain an effective alignment with its environment
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Starting point in effective strategic management is?
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setting goals
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Goals
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objectives that a business hopes and plans to achieve
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Strategy
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broad set of organizational plans for implementing the decisions made for achieving organizational goals
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4 main purposes for organizational goal setting?
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*Provides direction and guidance for managers at all levels
*Helps firms allocate resources
*Helps to define corporate culture
*Helps managers assess performance
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Mission statement
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statement of how they will achieve their purposes in the environments in which they conduct their business
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Long term goals
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relate to extended periods of time (usually more than 5 years)
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Short term goals
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set for perhaps one year or less and are developed for several different areas
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Intermediate Goals
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set for a period of 1 to 5 years
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3 types of strategies usually considered by a company?
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*corporate strategy
*business (or competitive) strategy
*functional strategy
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Corporate strategy
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determine what business or businesses a company will own and operate
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Business (or competitive) strategy
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takes place at the level of the business unit or product line and focuses on improving a company's competitive position
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Functional strategy
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managers in specific areas such as; marketing, finance, and operations decide how best to achieve corporate goals by performing their functional activities most effectively
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SWOT
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identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
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Contingency planning
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seeks to identify in advance important aspects of a business or its market that might change. a "What If" plan
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Crisis management
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involves and organization's methods for dealing with emergencies
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Every company has a unique identity, this is known as a?
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corporate culture
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Corporate Culture
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the shared experiences, stories, beliefs, and norms that characterize an organization
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MANGMT 1010: Exam 1