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SOM Final Exam > Ch. 5 > Flashcards

Ch. 5 Flashcards

(63 cards)

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1
Q

Management

A

Process of planning, organizing, leading, and controlling an organization’s financial, physical, human, and information resources to achieve its goals

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2
Q

Four managerial functions

A
  1. Planning
  2. Organizing
  3. Leading
  4. Controlling
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3
Q

Planning

A

Setting goals

  1. Managers determine the firm’s goals
  2. Develop comprehensive strategy for achieving those goals
  3. Design tactical and operational plans for implementing the strategy
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4
Q

Organizing

A

Setting up the organization

Arrange resources and activities into a structure

Organization charts- chart that shows relationships between jobs to help employees understand roles

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5
Q

Leading

A

Managing people

Process of guiding and motivating employees to meet an organization’s objectives

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6
Q

Controlling

A

Monitoring performance

Monitoring a firm’s performance to make sure that it is meeting its goals

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7
Q

Levels of Management

A

Top

Middle

First-Line

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8
Q

Top Managers

A

President, VP, CEO, CFO

Responsible for overall performance and effectiveness of the firm

Set general policies, strategies and decisions

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9
Q

Middle

A

Plant managers, operations manager, division manager

Implements the strategies and working toward goals set by top managers

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10
Q

First-Line

A

Supervisor, office manager, sales manager

Supervises the work of employees who report to them

Ensure employees understand policies and procedures

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11
Q

Areas of Management

A
  1. Human Resource Manager
  2. Operations Manager
  3. Marketing Managers
  4. Information Managers
  5. Financial Managers
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12
Q

Human Resource Managers

A

Hire and train employees, evaluate performance, and determine compensation

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13
Q

Operations Managers

A

Responsible for production, inventory, and quality control

Ex. Plant managers, Production supervisors

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14
Q

Marketing Managers

A

Responsible for getting products from producers to consumers

Ex. District sales managers

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15
Q

Information Managers

A

Design and implement systems to gather, organize, and distribute information

Ex. Chief Information Officer (CIO)

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16
Q

Financial Managers

A

Plan and oversee a company’s accounting functions and financial resources

Ex. CFO or VP of Finance

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17
Q

Managerial Roles

A
  1. Interpersonal
  2. Informational
  3. Decisional
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18
Q

Management Skills

A
  1. Technical Skills
  2. Human Relations Skills
  3. Conceptual Skills
  4. Decision-Making Skills
  5. Time-Management Skills
  6. Global Management Skills
  7. Management and Technology Skills
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19
Q

Human Relations Skills

A

Skills in understanding and getting along with people

Bridges between top and first-line managers

Must possess good communication skills

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20
Q

Conceptual Skills

A

Abilities to think in the abstract, diagnose and analyze different situations, and see beyond the present situation

Help to recognize new market opportunities and threats and analyze the outcomes of decisions

Need the most conceptual skills

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21
Q

Decision-Making Skills

A

Skills in defining problems and selecting the best course of action

Involves gathering facts, identifying solutions, evaluating alternatives, and implementing the chosen alternative

Must evaluate decisions to determine effectiveness of choices

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22
Q

Time-Management Skills

A

Skills associated with the productive use of time

Must address four causes of wasted time:
Paperwork
Telephone calls
Meetings
E-mail
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23
Q

Global Management Skills

A

Need to understand foreign markets, cultural differences, how to collaborate with others around the world, and the motives and practices of foreign rivals

Need to understand how to perform international operations

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24
Q

Management and Technology Skills

A

Need to understand how technology relates to communication

Email, videoconferencing makes decisions quicker

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25
Strategic Management
Process of helping an organization maintain an effective alignment with its environment
26
Goals
Objectives that businesses hope and plan to achieve
27
Strategy
Broad set of organizational plans for implementing decisions made for achieving organizational goals
28
Mission statements
Statements of how they will achieve their purposes in the environments in which they conduct their businesses
29
Types of goals
Long Term (5 years or more) Intermediate (Set period of 1-5 years) Short term (1 year)
30
Types of Strategy
1. Corporate strategy 2. Business/Competitive Strategy 3. Functional Strategy
31
Corporate strategy
Determine what business a company will own or operate Related diversification (When the companies are related to one another like taco bell and pizza hut) Unrelated diversification (When companies are not related like Samsung owning electronics, catering, hotels, etc.)
32
Business (Competitive) Strategy
Strategy at the business-unit or product-line level, focuses on improving a firm’s competitive position Decides how to best compete in an industry
33
Functional Strategy
Decide how best to achieve corporate goals by performing their functional activities most effectively Strategy by which managers in specific areas decide how best to achieve corporate goals through productivity
34
Strategy formulation
Creation of a broad program for defining and meeting an organization’s goals 1. Set strategic goal 2. Analyze the organization and the environment 3. Match the organization and its environment
35
Strategic goal
Goal derived directly from a firm’s mission statement
36
Analyze the organization and the environment
SWOT Analysis Organizational Analysis Environmental Analysis
37
SWOT Analysis
Identifying the internal strengths and weaknesses, and the environmental opportunities and threats related to a business
38
Organizational Analysis
Process of analyzing a firm’s strengths and weaknesses SW
39
Environmental Analysis
Process of scanning the business environment for opportunities and threats OT
40
Match the organization and its environment
Match environmental threats and opportunities against corporate strengths and weaknesses ``` TOWS MATRIX Maxi-maxi (Use S to maximize O) Maxi-mini (Use S to minimize T) Mini-maxi Minimize W by using O) Mini-mini (minimize T and W) ```
41
Plan Hierarchy
Strategic Plan Tactical Plan Operational Plan
42
Strategic Plan
Reflects decisions about resource allocation, company priorities, and steps needed to meet strategic goals Created by top management
43
Tactical Plan
Short-term plan concerned with implementing specific aspects of a company’s strategic plans Created by upper and middle management Guides decisions to make sure they are consistent with the strategic plan
44
Operational Plan
Setting short-term targets for daily, weekly, or monthly performance Created by mid-level and lower-level management Short term targets for daily, weekly, or monthly performance
45
Contingency Planning
Identifies aspects of a business or its environment that might entail changes in strategy Identifies how a company will respond to changes
46
Crisis Management
Organization’s method of dealing with emergencies
47
Corporate Culture
Shared experiences, stories, beliefs, and norms that characterize an organization Direct employees to work toward same goal
48
Changing Culture
Highest level, analysis of environment highlights change as the most effective response to its problems (Conflict and resistance) Top management begins to formulate a vision of a new company Sets up new systems for appraising and compensating employees who follow the firm’s new values
49
McKinsey 7 S's
``` Structure Strategy Staff Shared Values Style System Skills ```
50
Four types of Strategy
Cost Lead (More products, less cost) Differentiator (Unique product, more cost) Focused Cost Leadership (focused cost, low cost) Focused differentiator (Unique product, high cost)
51
Interpersonal Managerial Roles
Figurehead Leader Liaison
52
Informational Managerial Roles
Monitor Disseminator Spokesperson
53
Decisional Managerial Roles
Entrepreneur Disturbance handler Resource allocator Negotiator
54
Figurehead
Ribbon-cutting Taking visitors to dinner Ceremonial, symbolic
55
Leader
Hiring, training, motivating employees
56
Liason
Communication that facilitates a close working relationship between an organization Link between people, groups, and organizations
57
Monitor
One that actively seeks information that may be of value Questions subordinates, receptive to unsolicited information, etc.
58
Disseminator
Transmitting relevant information back to others in the workplace
59
Spokesperson
Formally relays information to people outside the unit or organization
60
Entrepreneur
Voluntary initiator of change
61
Disturbance Handler
Handles problems like strikes, copyright infringements, or public relation problems
62
Resource Allocator
Decides how resources will be distributed and with whom they will work with
63
Negotiator
Enters into negotiations with other groups/organizations as a representative of a company

SOM Final Exam (5 decks)

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