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Fundamentals of Management Chapters 1-5

Organization
A systematic arrangement of people brought together to accomplish some specific purpose
Non managerial employees
People who work directly on a job or task and have no responsibility for overseeing the work of others
Managers
Individuals in an organization who direct the activities of others
Top managers
Individuals who are responsible for making decisions about the direction of the organization and establishing policies that affect all organizational members
Middle Managers
Individuals who are typically responsible for translating goals set by top managers into specific details that lower-level managers wills see get done
First-line managers
Supervisors responsible for directing the day to day activities of non-managerial employees
Management
The process of getting things done effectively efficiently through and with other people
Efficiency
Doing things right or getting the most output from the least amount of inputs
Effectiveness
Doing the right things or completing activities so that organizational goals are attained
Scientific management
The use of scientific methods to define the “one best way” for a job to be done – Frederick Winslow Taylor
Planning
Includes defining goals establishing strategy and developing plans to coordinate activities
Organizing
Includes determining what tasks are to be done who is to do them how the tasks are to be grouped whop reports to whom and who will make decisions
Leading
Includes motivating employees directing the activities of other selecting the most effective communication channel and resolving conflicts
Controlling
Includes monitoring performance comparing it with goals and correcting any significant deviations
Managerial roles
Specific categories of managerial behavior often grouped around interpersonal relationships information transfer and decision making
Interpersonal roles
Involving people (subordinates and persons outside the organization) and other duties that are ceremonial and symbolic in nature
Informational roles
Involving collecting receiving and disseminating information
Decisional roles
Entailing making decisions or choices
Conceptual skills
A manager’s ability to analyze and diagnose complex situations
Interpersonal skills
A manager’s ability to work with understand mentor and motivate other both individually and in groups
Technical skills
Job-specific knowledge and techniques needed to perform work tasks
Political skills
A manager’s ability to build a power base and establish the right connections
Small Business
An independent business having fewer than 500 employees that doesn’t necessarily engage in any new or innovative practices and has relatively little impact on its industry
Employee Engagement
When employees are connected to satisfied with and enthusiastic about their jobs
External Environment
Factors, forces, situations and events outside the organization that affect its performance
Omnipotent view of management
The view that managers are directly responsible for an organizations success or failure
Symbolic view of management
The view that much of an organizations success or failure is due to external forces outside manager’s control
Demographics
The characteristics of a population used for purposes of social studies
Technology
Any equipment tools or operating methods that are designed to make work more efficient
Environmental uncertainty
The degree of change and complexity in an organizations environment
Environmental complexity
The number of components in an organizations environment and the extent of knowledge that the organizations has about those components
Stakeholders
Any constituencies in an organizations environment that are affected by that organizations decisions and actions
Organization stakeholders
Employees, customers, unions, social and political action groups, shareholders, competitors, communities, Trade and industry associations, Suppliers, governments, media
Organizational culture
The shared values principles traditions and ways of doing things that influence the way organizational members act
Strong cultures
Cultures in which the key values are deeply held and widely shared
Global Village
A boundary less world where goods and services are produced and marketed worldwide
Multinational Corporation (MNC)
Any type of international company that maintains operations in multiple countries
Multi Domestic Corporation
An MNC that decentralizes management and other decisions to the local country where it’s doing business
Global Corporation
An MNC that centralizes management and other decisions in the home country
Transnational (border less) organization
A structural arrangement for global organizations that eliminates artificial geographical barriers
Global sourcing
Purchasing materials or labor from around the world wherever it is cheapest
Exporting
Making products domestically and selling them abroad
Importing
Acquiring products made abroad and selling them domestically
Licensing
An agreement in which an organization gives another the right for a fee to make or sell its products using its technology or product specifications
Franchising
An agreement in which an organization gives other organization the right for a fee to use its name and operating methods
Global strategic alliance
A partnership between an organization and a foreign company partners in which both share resources and knowledge in developing new products of building production facilities
Joint venture
A specific type of strategic alliance in which the partners agree to form a separate independent organization for some business purpose
Foreign subsidiary
A direct investment in a foreign country that involves setting up a separate and independent facility or office
Parochialism
A narrow focus in which managers see thing only through their own eyes and from their own perspective
GLOBE
The global leadership and organizational behavior effectiveness research program a program that studies cross-cultural leadership behaviors
Social responsibility (corporate social responsibility or CSR)
A business firms intention beyond its legal and economic obligations to do the right things act in ways that are good for society
Social obligation
When a business firm engages in social actions because of its obligation to meet certain economic and legal responsibilities
Social responsiveness
When a business firm engages in social actions in response to some popular social need
Sustainability
A company’s ability to achieve its business goals and increase long-term shareholder value by integrating economic, environmental and social opportunities into its business strategies
Ethics
A set of rules or principles that defines right and wrong conduct
Utilitarian view of ethics
View that says ethical decisions are made solely on the basis of their outcomes or consequences
Rights view of ethics
View that says ethical decisions are made in order to respect and protect individual liberties and privileges
Theory of justice view of ethics
View that says ethical decisions are made in order to enforce rules fairly and impartially
Code of ethics
A formal document that states an organizations primary values and the ethical rules its expects managers and non-managerial employees to follow
Workforce diversity
Ways in which people in a workforce are similar and different from one another in terms of gender age race sexual orientation ethnicity cultural background and physical abilities and disabilities
Race
The biological heritage (including physical characteristics such as ones skin color and associated traits that people use to identify themselves
Ethnicity
Social traits such as ones cultural background or allegiance that are shared by a human population
Family-friendly benefits
Benefits that provide a wide range of scheduling options and allow employees more flexibility at work accommodating their needs for work-life balance
Contingent workforce
Part-time temporary and contract workers who are available for hire on an as-needed basis
Decision-making process
A set of eight steps that include identifying a problem, selecting an alternative, and evaluating the decision’s effectiveness
Problem
A discrepancy between an existing and a desired state of affairs
Decision criteria
Factors that are relevant in a decision
Decision implementation
Putting a decision into action
Heuristics
Rules of thumb that simplify decision making
Rational decision making
Describes choices that are consistent and value-maximizing within specified constraints
Bounded rationality
Making decisions that are rational within the limits of a manger’s ability to process information
Satisfice
Accept solutions that are “good enough”
Escalation of commitment
An increased commitment to a previous decision in spite of negative information
Intuitive decision making
Making decisions on the basis of experience, feelings, and accumulated judgment
Structured problem
A straightforward, familiar, and easily defined problem
Unstructured problem
A problem that is new or unusual for which information is ambiguous or incomplete
Programmed decision
A repetitive decision that can be handled using a routine approach
Procedure
A series of interrelated, sequential steps used to respond to a structured problem
Rule
An explicit statement that tells employees what can or cannot be done
Policy
A guideline for making decisions
Nonprogrammer decision
A unique and nonrecurring decision that requires a custom-made solution
Certainty
A situation in which a decision maker can make accurate decisions because all outcomes are known
Risk
A situation in which a decision maker is able to estimate the likelihood of certain outcomes
Uncertainty
A situation in which a decision maker has neither certainty nor reasonable probability estimates available
Groupthink
When a group exerts extensive pressure on an individual to withhold his or her different views in order to appear to be in agreement
Brainstorming
An idea-generating process that encourages alternatives while withholding criticism
Nominal group technique
A decision-making technique in which group members are physical present but operate independently. People are there but ideas are anonymous and free
Electronic meeting
A type of nominal group technique in which participants are linked by computer
Ringisei
Japanese technique where CEO collects a large amount of information, which is then used in consensus-forming group decision. Typically a long-term perspective
Creativity
The ability to produce nominal and useful ideas. Three components (required): expertise, creative-thinking skills, and intrinsic task motivation. (Three component model)
Strategic management
What managers do to develop an organization’s strategies
Strategies
Plans for how the organization will do what it’s in business to do, how it will compete successfully, and how it will attract its customers in order to achieve its goals
Strategic management process
A six-step process that encompasses strategic planning, implementation, and evaluation.
Six steps are:
1) Identify goals/mission
2) external analysis
3) internal analysis
4) formulate strategies
5) implement strategies
6) evaluate results
Mission
A statement of an organizations purpose
Opportunities
Positive trends in the external environment
Threats
Negative trends in the external environment
Resources
An organization’s assets that it uses to develop, manufacture, and deliver products to its customers
Capabilities
An organization’s skills and abilities in doing the work activities needed in its business
Core competence
The major value-creating capabilities of an organization
Strengths
Any activities the organization does well or any unique resources it has
Weaknesses
Activities the organization doesn’t do well or resources it needs but doesn’t possess
SWOT analysis
Identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)
Corporate strategy
An organizational strategy that specifies what businesses a company is in or what’s to be in and what it wants to do with those businesses
Growth strategy
A corporate strategy in which an organization expands the number of markets served or products offered either through its current business(es) or through new business(es)
Stability strategy
A corporate strategy in which an organization continues to do what it is currently doing
Renewal strategy
A corporate strategy that addresses declining organizational performance
Competitive strategy
An organizational strategy for how an organization will compete in its business(es)
Strategic business units (SBUs)
An organization’s single businesses that are independent and formulate their own competitive strategy
Competitive advantage
What sets an organization apart….. its distinctive edge
Cost leadership strategy
When an organization competes on the basis of having the lowest costs in its industry
Differentiation strategy
When an organization competes on the basis of having unique products that are widely valued by customers
Focus strategy
When an organization competes in a narrow segment or niche with either a cost focus or a differentiation focus
Functional strategy
The strategies used by an organization’s various functional departments to support the competitive strategy
Benchmarking
The search for the best practices among competitors or no competitors that lead to their superior performance
Goals (objectives)
Desired outcomes or targets
Plans
Documents that outline how goals are going to be met
Stated goals
Official statements of what an organization says, and wants its stakeholders to believe, its goals are
Real goals
Goals that an organization actually pursues, as defined by the actions of its members
Traditional goal setting
Goals set by top managers flow down through the organization and become sub goals for each organizational area
Means-ends chain
An integrated network of goals in which higher-level goals are linked to lower-level goals, which serve as the means for their accomplishment
Management by objectives (MBO)
A process of setting mutually agreed-upon goals and using those goals to evaluate employee performance
Strategic plans
Plans that apply to the entire organization and encompass the organization’s overall goals
Tactical plans
Plans that specify the details of how the overall goals are to be achieved
Long-term plans
Plans with a time frame beyond three years
Short-term plans
Plans with a time frame of one year or less
Specific plans
Plans that are clearly defined and leave no room for interpretation
Directional plans
Plans that are flexible and set general guidelines
Single-use plan
A one-time plan specifically designed to meet the needs of a unique situation
Standing plans
Plans that are ongoing and provide guidance for activities performed repeatedly
Commitment concept
The idea that plans should extend far enough to meet those commitments made when the plans were developed
Formal planning department
A group of planning specialists whose sole responsibility is helping to write organizational plans
Environmental scanning
An analysis of the external environment that involves screening large amounts of information to detect emerging trends
Competitive intelligence
A type of environmental scanning that gives managers accurate information about competitors

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