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Principles of Management Ch.1-4

Management
The attainment of organizational goals in an effective and efficient manner through planning, organizing, leading and controlling organizational resources.
Planning
Identifying goals for future organizational performance and deciding on the tasks and use of resources needed to attain them.
Organizing
Involves assigning tasks, grouping tasks into departments, delegating authority and allocating resources across the organizations.
Controlling
Monitoring employees activities, determining whether the organization is on target towards its goal, and making corrections as necessary.
Leading
The use of influence to motivate employees to achieve organizational goals.
Organization
Is a social entity that is goal directed and deliberately structured.
Effectiveness
The degree to which the organization achieves a stated goal, or succeeds in accomplishing what it tries to do.
Efficiency
Refers to the amount of resources used to achieve an organizational goal. Based on how much raw material, money and people are necessary for producing a given volume of output.
Performance
The organization’ ability to attain its goals by using resources in an efficient and effective manner.
Conceptual skill
the cognitive ability to see the organization as a whole system and the relationships among its parts. Knowing where ones team fits into the total organization and how the organization fits into the industry, community, etc.
Human skill
The manager’s ability to work with and through other people and to work effectively as a group member.
Technical skill
The understanding of and proficiency in the performance of specific tasks. Includes mastery of methods, techniques, and equipment involved in specific functions such as engineering, manufacturing, or finance.
Two reasons managers fail
Poor communication and poor interpersonal skills.
Managers weaknesses
become more apparent during times of stress, uncertainty, change, or crisis.
Top managers
are at the top of the hierarchy and are responsible for the entire organization. They have titles such as president, chairperson, executive director, chief executive officer(CEO), and executive vice president.
Middle managers
work at middle levels of the organization and are responsible for business units and major departments.
Project manager
responsible for a temporary work project that involves the participation of people from various functions and levels of the organization, and perhaps from outside the company as well.
First-line managers
are directly responsible for the production of goods and services. They are the first or second level of management and have such titles as supervisor, line manager, section chief, and office manager.
Functional managers
are responsible for departments that perform a single functional task and have employees with similar training and skills.
General managers
are responsible for several departments that perform different functions. A general manager is responsible for a self-contained division, such as Nordstrom department store or a Honda assembly plant, and for all the functional departments within it.
Role
a set of expectations for a manager’s behavior. (informational, decisional, and interpersonal)
Interim managers/contingent managers
managers who are not affiliated with a specific organization but work on a project-by-project basis or temporarily provide expertise to organizations in a specific area.
Social forces
those aspects of a culture that guide and influence relationships among people.
Political forces
the influence of political and legal institutions on people and organizations.
Economic forces
pertain to the availability, production, and distribution of resource in a society.
Classical perspective
took a rational, scientific approach to management and sought to make organizations efficient operating machines.
Scientific management
emphasizes scientifically determined jobs and management practices as the way to improve efficiency and labor productivity.
Bureaucratic organizations
emphasizes management on an impersonal, rational basis through elements such as clearly defined authority and responsibility, formal record-keeping, and separation of the management and ownership.
Administrative principles
focuses on the total organization rather than the individual worker and delineates the management functions of planning, organizing, commanding, coordinating, and controlling.
Human relations movement
based on the idea that truly effective control comes from within the individual worker rather than from strict, authoritarian control.
Hawthorne studies
important in shaping ideas concerning how managers should treat workers.
Human resources perspective
suggests that jobs should be designed to meet people’s higher-level needs by allowing employees to use their full potential.
Behavioral sciences approach
draws from psychology, sociology, and other social sciences to develop theories about human behavior and interaction in an organizational setting.
Quantitative perspective
uses mathematics, statistical techniques, and computer technology to facilitate management decision making, particularly for complex problems.
Quants
financial managers and others who base their decisions on complex quantitative analysis, under the assumption that using advanced mathematics and sophisticated computer technology can accurately predict how the market works and help them reap huge profits.
Systems thinking
the ability to see both the distinct elements of a system or situation and the complex and changing interaction among those elements.
System
a set of interrelated parts that function as a whole to achieve a common purpose.
Subsystems
parts of a system, such as an organization, that depend on one another.
Synergy
means that the whole is greater than the sum of its parts.
Contingency view
tells managers that what works in one organizational situation might not work in others. Managers can identify important contingencies that help guide their decisions regarding the organization.
TQM(Total Quality Management)
focuses on managing the total organization to deliver better quality to customers, moved to the forefront in helping U.S. managers deal with global competition.
CRM(Customer relationship management)
use the latest information technology to keep in close touch with customers and to collect and manage large amounts of customer data.
Outsourcing
contracting out selected functions or activities to other organizations that can do the work more cost efficiently.
Supply chain management
managing the sequence of suppliers and purchasers, covering all stages of processing from obtaining raw materials to distributing finished goods to consumers.
Organizational environment
includes all elements existing outside the boundary of the organization that have the potential to affect the organization.
General environment
affects organizations indirectly. It includes social, economic, legal/political, international, natural,and technological factors that influence all organizations equally.
Task environment
is closer to the organization and includes the sectors that conduct day-to-day transactions with the organization and directly influence its basic operations and performance.
Internal environments
include the elements within the organization’s boundaries. Composed of current employees, management, and especially corporate culture, which defines employee behavior in the internal environment and how well the organization will adapt to the external environment.
International dimension
of the external environment represents events originating in foreign countries as well as opportunities for U.S. companies in other countries.
Technological dimension
of the general environment includes scientific and technological advancements in a specific industry as well as in society at large.
Sociocultural dimension
of the general environment represents the demographic characteristics as well as the norms, customs, and values of the general population.
Economic dimension
represents the general economic health of the country or region in which the organization operates.
Legal-political dimension
includes government regulations at the local, state, and federal levels, as well as political activities designed to influence company behavior.
Pressure groups
that work within the legal-political framework to influence companies to behave in socially responsible ways.
Natural dimension
includes all elements that occur naturally on earth, including plants, animals, rocks, and natural resources such as air, water, and climate.
Customers
The people and organizations in the environment that acquire goods or services from the organization.
Competitors
organizations in the same industry or type of business that provide goods or services to the same set of customers.
Suppliers
provide the raw materials the organization uses to produce its output.
Labor market
represents people in the environment who can be hired to work for the organization.
Boundary-spanning roles
link and coordinate the organization with key elements in the external environment.
Merger
occurs when two or more organizations combine to become one.
Joint venture
involves a strategic alliance or program by two or more organizations.
Culture
the set of key values, beliefs, understandings, and norms shared by members of an organization.
Symbol
is an object, act or event that conveys meaning to others.
Story
is a narrative based on true events and is repeated frequently and shared among organizational employees.
Hero
is a figure who exemplifies the deeds, character, and attributes of a strong culture.
Slogan
is a phrase or sentence that succinctly expresses a key corporate value.
Ceremony
a planned activity at a special event that is conducted for the benefit of the audience.
Adaptability culture
emerges in an environment that requires fast response and high-risk decision making.
Achievement culture
is suited to organizations concerned with serving specific customers in the external environment but without the intense need for flexibility and rapid change.
Involvement culture
emphasizes an internal focus on the involvement and participation of employees to adapt rapidly to changing needs from the environment.
Consistency culture
uses an internal focus and a consistency orientation for a stable environment.
High-performance culture
a culture that is based on a solid organizational mission or purpose, embodies shared adaptive values that guide the decisions and business practices, and encourages individual employee ownership of both bottom-line resluts and the organization’s cultural backbone.
Cultural Leader
defines and uses signals and symbols to influence corporate culture.
Globalization
refers to the extent to which trade and investments, information, social and cultural ideas, and political cooperation flow between countries.
Market entry strategies
Exporting, licensing, and direct investing.
Exporting
the company maintains its production facilities within the home nation and transfers its products for sale in foreign countries.
Countertrade
refers to the barter of products for products rather than the sale of products for currency.
Global Outsourcing (offshoring)
engaging in the international division of labor so that work activities can be done in countries with the cheapest sources of labor and supplies.
Licensing
a corporation (the licensor) in one country makes certain resources available to companies in another country (the licensee)
Franchising
occurs when a franchisee buys complete package of materials and services, including equipment, products, product ingredients, trademark and trade name rights, managerial advice, and a standardized operating system.
Direct investing
the company is involved in managing the productive assets, which distinguishes it from the other entry strategies that permit less managerial control.
Joint venture
a company shares costs and risks with another firm, typically in the host country, to develop new products, build a manufacturing facility, or set up a sales and distribution network.
Wholly owned foreign affiliate
a foreign subsidiary over which an organization has complete control.
Greenfield venture
means a company builds a subsidiary from scratch in a foreign country.
International management
the management of business operations conducted in more than one country.
Infrastructure
the physical facilities such as highways, airports, utilities and telephone lines that support economic activities.
Political risk
the risk of loss of assets, earning power, or managerial control due to politically based events or actions by host governments.
Political instability
includes riots, revolutions, civil disorders, and frequent changes in government.
Power distance
means that people accept inequality in power among institutions, organizations and people.
Uncertainty avoidance
means that members of a society feel uncomfortable with uncertainty and ambiguity and thus support beliefs that promise certainty and conformity.
Individualism
reflects a value for a loosely knit social framework in which individuals are expected to take care of themselves.
Collectivism
a preference for a tightly knit social framework in which individuals look after one another and organizations protect their members’ interests.
Masculinity
stands for preference for achievement, heroism, assertiveness, work centrality, and material success.
Feminism
reflects the values of relationships, cooperation, group decision making, and quality of life.
Long-term orientation
found in China and other Asian countries, includes a greater concern for the future and highly values thrift and perseverance.
Short-term orientation
found in Russia and West Africa, is more concerned with the pas and the present and places a high value on tradition and meeting social obligations.
High-context culture
people are sensitive to circumstances surrounding social exchanges.
Low-context culture
people use communication primarily to exchange facts and information; meaning is derived primarily from words; business transactions are more important than building relationships and trust; and individual welfare and achievement are more important than the group.
Ethnocentrism
refers to a natural tendency of people to regard their own culture as superior to downgrade or dismiss other cultural values, can be found in all countries.
Cultural Intelligence(CQ)
refers to a person’s ability to use reasoning and observation skills to interpret unfamiliar gestures and situations and devise appropriate behavioral responses.
Culture shock
the frustration and anxiety thatt result from constantly being subjected to strange and unfamiliar cues about what to do and how to do it.
Euro
a single European currency. Used by Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.
Multinational Corporation (MNC)
typically receives more than 25 percent of its total sales revenues from operations outside the parent’s home country.
Bottom of the pyramid (BOP)
proposes that corporations can alleviate poverty and other social ills, as well as make significant profits, by selling to the worlds poorest people.

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