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Introduction to Business Chapter 7

management
the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources
planning
a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and 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 organization’s goals and objectives
leading
creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization’s goals and objectives
controlling
a management function that involves establishing clear standards to determine whether or not an organization is progressing towards its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not
vision
an encompassing explanation of why the organization exists and where it is trying to head
mission statement
an outline of the fundamental purposes of an organization (self-concept, philosophy, long-term survival needs, customer needs, social responsibility, nature of the product/service)
goals
the broad, long-term accomplishments an organization wishes to attain
objectives
specific, short-term statements detailing how to achieve the organization’s goals
SWOT analysis
a planning tool used to analyze an organization’s strengths, weaknesses, opportunities, and threats
strategic planning
the process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve these 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
operational planning
the process of setting work standards and schedules necessary to implement the company’s tactical objectives
contingency planning
the process of preparing alternative courses of action that may be used if the primary plans don’t achieve the organization’s objectives
decision making
choosing among two or more alternatives
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
brainstorming
coming up with as many solutions to a problem as possible in a short period of time with no censoring of ideas
PMI
pluses, minuses, and implications
organization chart
a visual device that shows relationships among people and divides the organization;s work; it shows who reports to whom
top management
highest level of management, consisting of the president and other key company executives who develop strategic plans
middle management
the level of management that includes general managers, division managers, and branch managers who are responsible for tactical planing and controlling
supervisory management
managers who are directly responsible for supervising workers and evaluating their daily performance
technical skills
skills that involve the ability to perform tasks in a specific discipline or department
human relations skills
skills that involve communication and motivation; they enable managers to work through and with people
conceptual skills
skills that involve the ability to picture the organization as a whole and the relationship among its various parts
staffing
a management function that includes hiring, motivating, and retaining the best people available to accomplish the company’s objectives
transparency
the presentation of a company’s facts and figures in a way that is clear and apparent to all stakeholders
autocratic leadership
leadership style that involves making managerial decisions without consulting others
participative (democratic) leadership
leadership style that consists of managers and employees working together to make decisions
free-reign leadership
leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives
enabling
giving workers the education and tools they need to make decisions
knowledge management
finding the right information, keeping the information in a readily accessible place, and making the information known to everyone in the firm
external customers
dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use
internal customers
individuals and units within the firm that receive services from other individuals or units

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