CH6 - Managing the business enterprise Flashcards
(19 cards)
Managers def
the people who plan, organize, lead, and control the operations of an organization
Management process
planning, organizing, leading, and controlling
Develop planning
-> determining the firm’s goals and developing a strategy for achieving those goals
Steps :
1- establish goals for the firm
2- find the gap between the present and the goals
3- make plans to fill that gap
4- plans are implemented
5- effectiveness of the plan is assessed
Develop organizing
-> mobilizing the resources required to complete a particular task (people and resources)
Develop leading
-> the interactions between managers and their subordinates as they work to meet the firm’s objectives
- unite their employees in a clear and targeted manner and to motivate them to work in the best interests of the company (respect and trust)
Develop controlling
-> process of monitoring a firm’s performance to make sure it is meeting its goals
- focus on numerous indicators of performance that they can measure and adjust, make sure they match the standards
Levels of management
-> The three basic levels of management are top, middle, and first-line management
Develop top management
-> responsible to the board of directors and shareholders of the firm for its overall performance and effectiveness
-> set general policies, formulate strategies, oversee significant decisions, and represent the company
ex. president, vice-president, CEO, CFO
Develop middle management
-> responsible for implementing the strategies, policies, and decisions made by top managers
ex. plant manager, operations manager, and division manager
Develop first-line management
-> Responsible for supervising the work of employees who report to them
-> Ensure employees understand and are properly trained in company policies and procedures
ex. supervisor, office manager, and group leader
Areas of management
Human Resources, Operations, Information, Marketing, Finance + others
Develop human resources manager
-> they hire employees, train them, evaluate their performance, decide how they should be compensated, and work with labour unions
Develop operations manager
-> responsible for a company’s system for creating goods and services
- production, inventory, and quality control
Develop Information manager
-> Dramatic increases in both the amount of information available to managers and the ability to manage it have led to the emergence of information managers
-> responsible for designing and implementing various systems to gather, process, and disseminate information
Develop Marketing manager
-> development, pricing, promotion, and distribution of products and services
-> responsible for getting these products and services to buyers
Develop Financial manager
-> plan and oversee its financial resource
Management roles/skills (main)
Technical Skills, Human Relations Skills, Conceptual Skills
What is contingency planning
-> identifying in advance changes that might occur that would affect a business and developing a plan to respond to such changes
ANTICIPATE
What is crisis management
-> dealing with an emergency that demands an immediate response
