Chapter 6 Flashcards
(55 cards)
Planning
what does a business need to do and how should they do it.
Steps of planning process
- Make goals
- Is there a gap between the company’s desired and actual position?
- Make plan to meet goal
- implement plan
- assess if it was successful
Organizing
coordinating activities and resources
-determining how best to arrange a business’s resources and the necessary jobs into an overall structure, acting on the planning
Leading
guiding and motivating
Controlling
Monitoring and Evaluating activities.
The control process
- Establish standards
- Measure actual performance against standards
- assess if standards are met
- Yes - continue, No - adjust performance or standards
3 types of management
Top management, middle management, first-line management
Top managers
-set policies, formulate strategies, and approve decisions.
President, vice president, COO, CEO
- responsible to the board of directors and shareholders for overall performance and effectiveness
Set general policies, formulate strategies, oversee significant decisions, represent the company in its dealings with other businesses and government.
Middle managers
Plant manager, operations manager, division manager
- fimplement policies, strategies, and decisions made by top managers
First-line managers
Supervisor, office manager, project manager, group leader, and sales manage
- Responsible for supervising the work of employees who report to them
- Ensure employees understand and are properly trained in company policies and procedures
actually working with the employees in most cases
Human resource managers
hire employees, train them, evaluate their performance, decide how they should be compensated, and work with labour unions
Operations manager
responsible for a company’s system for creating goods and services
- production, inventory, and quality control.
Information manager
responsible for designing and implementing various systems to gather, process, and spread information, technology
- operate information systems and assist companies in integrating technology into their daily operations.
Marketing manager
responsible for getting these products and services to buyers.
- development, pricing, promotion, and distribution of products and services
financial manager
plan and oversee businesses financial resources
Conceptual skills
Ability to think in the abstract, diagnose and analyze various situations, and see beyond the present situation
Human relations skills
Skills in understanding and getting along with people.
Technical skills
Skills associated with performing specialized tasks within a firm.
Distribution of different skills required in each level of management
Top management - little technical skills, mostly HR and Conceptual skills
Middle management - Mostly HR, but still a decent amount of conceptual and technical skills required
First line management - mostly technical and HR, little conceptual
long term goals
5 years +
Intermediate goals
1-5 years
short term goals
1 year or less
SMART goals
specific, measurable, achievable, results oriented and time framed
strategy formulation steps
- Set strategic goals
- analyze organization and environment (SWOT)
- match organization and environment
