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Chapter 1 Business Management

Management
the process of planning, organizing, leading, and controlling an organization’s financial, physical, human, and information resources to achieve its goals
Planning
Management process of determining what an organization needs to do and how best to get it done
Three Main Components of Planning
1. Determine goals 2. Develop a comprehensive strategy for achieving those goals 3. Design tactical and operational plans for implementing the strategy
Organization
Determining the best way to arrange a business’s resources and activities into a coherent structure
Leading
Management process of guiding and motivating employees to meet an organization’s objectives
Controlling
Process of monitoring a firm’s performance to make sure that it is meeting its goals
Top Managers
Are responsible for a firm’s overall performance and effectiveness
Middle Managers
Implement the strategies and work toward the goals set by top managers
First-Line Managers
Supervise the work of employees
Human Resource Mangers
Hire and train employees, evaluate performance, and determine compensation
Operations Mangers
Responsible for ensuring that operations processes create value and provide benefits to customers
Marketing Managers
Plans and implements the marketing activities that result in the transfer of products from producer to consumer
Information Managers
Operate the systems used for getting, organizing, and distributing information
Financial Managers
Plan and oversee its accounting functions and financial resources
Technical Skills
The skills needed to perform specialized tasks
Human Relation Skills
Skills in understanding and getting along with people
Conceptual Skills
People’s ability to think in the abstract, to diagnose and analyze different situations, and to see beyond the present situation
Decision-Making Skills
The ability to define problems and to select the best course of action
Time Management Skills
The productive use that managers make of their time
Strategic Management
The process of helping an organization maintain an effective alignment with its environment
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
Mission Statements
Statement of how they will achieve their purposes in the environments in which they conduct their businesses
Long-Term Goals
Goal set for an extended time, typically five years or more into the future
Intermediate Goals
Goal set for a period of one to five years into the future
Short-Term Goals
Goal set for the very near future
Corporate Strategy
Strategy for determining a firm’s overall attitude toward growth and the way it will manage its businesses or product lines
Business Strategy
Strategy at the business-unit or product-line level focusing on improving a firm’s competitive position
Functional Strategy
Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
Strategy Formulation
Creation of a broad program for defining and meeting an organization’s goals
Strategic Goals
Goal derived directly from a firm’s mission statement
SWOT Analysis
Identification and analysis or organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
Environmental Analysis
Process of scanning the business environment fro threats and opportunities
Organizational Analysis
Process of better understand a company’s strengths and weaknesses
Strategic Plans
Plan reflecting decisions about resource allocations, company priorities, and the steps needed to meet strategic goals
Tactical Plans
Are shorter-term plans for implementing specific aspects of the company’s strategic plans
Operational Plans
Developed by mid-level and lower-level mangers, set short-term targets for daily, weekly, or monthly performance
Contingency Planning
Seeks to identify in advance important aspects of a business or its market that might change
Crisis Management
An organization’s methods for dealing with emergencies
Corporate Culture
Shared experiences, stories, beliefs, and norms that characterize an organization

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