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Chapter 6 Managing the Business Entreprise

management
is the process of planning, organizing, leading, and controlling an enterprise’s financial, physical, human, and information resources achieve the organization’s goals of supplying various products and services
effectiveness
achieving the organizational goals that have been set
efficiency
achieving the greatest level of output with a given amount
planning
process of determining the firm’s goal’s and developing a strategy for achieving them
prediction markets
creating a market where people can buy “shares” in various answers to important questions that need to be answered
strategic plans
set up by top management; reflect decisions about resource allocations, company priorities, and the steps needed to meet strategic goals
tactical plans
shorter range plans concerned with implementing specific aspects of the company’s strategic plans. Typically involve upper and middle management
operational plans
plans developed by middle and lower level managers that set short term targets for daily, weekly, or monthly performance
organizing
mobilizing the resources that are required to complete a particular task
leading
also known as directing
involves the interactions between managers and their subordinates as they both work to meet the firm’s objectives
controlling
the process of monitoring a firm’s performance to make sure that it is meetings its goals
top managers
those managers responsible for a firm’s overall performance and effectiveness and for developing long range plans for the company
middle managers
those managers responsible for implementing the decisions made by top managers
first line managers
those managers responsible for supervising the work of employees
operations manager
responsible for the production systems that create goods and services
human resource managers
provide assistance to other managers when hiring employees, training them, evaluating their performances, and determining their compensation level
information managers
responsible for designing and implementing systems that gather, process, and disseminate information
marketing managers
responsible for products and services to buyers
financial managers
plan and oversea its financial resources
technical skills
skills associated with performing specialized tasks understand skills within a company
human relations skills
skills that enable managers to understand and get along with other people
conceptual skills
a person’s ability to think in abstract, to diagnose and analyze different situations, and to see beyond the present situation
time management skills
the productive use that managers make of their time
decision making
choosing alternative from among several options
decision making skills
skills in defining problems and selecting the best courses of action
problem decision
a decision that is necessary when actual results do not conform to those expected
opportunity decision
taking new initiatives or doing a current activity more effectively even if no problem exists
organizational politics
the actions that people take as they try to get what they want
intuition
an “inner sense” or “hunch” usually based on years of experience and practice in making decisions in similar situations
escalation of commitment
when a manager makes a decision and then remains committed to its implementation in spite of clear evidence that it was a bad decision
risk propensity
how much a manager is willing to gamble when making decisions
strategic management
the process of aligning the organization with its external environment
strategic goals
the overall objectives that a business wants to achieve
strategy
the broad set of organizational plans for implementing the decisions made for achieving organizational goals
goals
performance targets, the means by which organizations and their managers measure success or failure at every level
mission statement
an organization’s statement of how it will achieve its purpose in the environment in which it conducts its business
long term goals
goals set for extended periods of time, typically five years or more into the future
intermediate goals
goals set for a period of time from 1 – 5 years
short term goals
goals set for the very near future typically less than one year
SMART goals
goals that are specific, measurable, achievable, relevant, and time framed
strategy formulation
creation of a broad program for defining and meeting an organization’s goals
SWOT analysis
identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation
organizational analysis
the process of analyzing a firm’s strengths and weaknesses
environmental analysis
the process of scanning the environment for threats and opportunities
corporate level strategy
identifies the various business that a company will be in and how these businesses will relate to each other
business level (competitive) strategy
identifies the ways a business will compete in its chosen line of products or services
functional strategies
Identify the basic course of action that each department in the firm will pursue so that it contributes to the attainment of the business’s overall goals
concentration strategy
focusing the company on one product or product line
market penetration
boosting sales of present products by more aggressive selling in the firm’s current markets
product development
developing improved products for current markets
geographic expansion
expanding operations in new geographic areas or countries
horizontal integration
acquiring control of competitors in the same or similar markets with the same or similar products
vertical integration
owning or controlling the inputs to the firm’s processes and /or the channels through which the products or services are distributed
diversification
expanding into related or unrelated products or market segments
investment reduction
reducing the company’s investment in one or more of its lines of business
cost leadership
becoming the low-cost leader in an industry
differentiation strategy
a firm seeks to be unique in its industry along some dimension that is valued by buyers
focus strategy
selecting a market segment and serving the customers in the market niche better than competitors
contingency planning
identifying aspects of a business or its environment that might entail changes in strategy
crisis management
an organization’s plans for dealing with emergencies that require an immediate response
corporate culture
shared experiences, stories, beliefs, norms and ethical stance that characterize an organization

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