intro business ch. 7
Business Management: Empowering Employees to Satisfy Customers
Terms
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- human relations skills
- skills that involve communication and motivation; they enable managers to work through and with people
- strategic planning
- the process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve those goals
- supervisory management
- managers who are directly responsible for supervising workers and evaluating their daily performance
- mission statement
- an outline of the fundamental purpose of an organization
- problem solving
- the process of solving the everyday problems that occur. problem solving is less formal than decision making and usually calls for quicker action
- decision making
- choosing among two or more alternatives
- SWOT analysis
- SWOT = Strengths, Weaknesses, Opportunities and Threats; a planning tool used to analyze an organizations strengths, weakness, opportunities and threats
- organization chart
- a visual device that shows relationships among people and divides the organizatins work; it shows who is accountable for the completion of specific work and who reports to whom
- management
- the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources
- objectives
- specific, short term statements detailing how to achieve the organizations goals
- tactical planning
- the process of developing detailed, short term statements about what is to be done, who is to do it, and how it is to be done
- external customers
- dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use
- vision
- an encompassing explanation of why the organization exists and where it's trying to head
- conceptual skills
- skills that involve the ability to picture the organization as a whole and the relationship among its various parts
- operational planning
- the process of setting work standards and schedules necessary to implement the company's tactical objectives
- organizing
- a management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organizations goals and objectives
- contingency planning
- the process of preparing alternative courses of action that may be used if the primary plans don't achieve the organizations objectives
- leading
- creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organizations goals and objectives
- planning
- a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives
- participative (democratic) leadership
- leadership style that consists of managers and employees working together to make decisions
- goals
- the broad, long term accomplishments an organization wishes to attain
- internal customers
- individuals and units within the firm that receive services from other individuals or units
- knowledge management
- finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm
- technical skills
- skills that involve the ability to perform tasks in a specific discipline or department
- PMI
- PMI = Pluses, Minuses, Implications; listing all the pluses for a solution in one column, all the minuses in another, and the implications in a third column
- autocratic leadership
- leadership style that involves making managerial decisions without consulting others
- controlling
- a management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not
- middle management
- the level of management that includes general managers, dividsion managers, and branch and plant managers who are responsible for tactical planning and controlling
- brainstorming
- coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas
- top management
- highest level of management, consisting of the president and other key company executives who develop strategic plans
- staffing
- a management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives
- free-rein leadership
- leadership style that invovles managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives