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