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Intro to Business > chapter 8 > Flashcards

chapter 8 Flashcards

1
Q

what is management?

A

the process of guiding the development, maintenance, and allocation of resources to attain organizational goals

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2
Q

what must managers be?

A

they must be flexible and adaptable with the rate of change in the global marketplace

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3
Q

what are the three basic categories of managerial skills?

A

technical
human relations
conceptual skills

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4
Q

for a manager what is technical skill?

A

specialized areas of knowledge and expertise and the ability to apply that knowledge

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5
Q

why would it help for a manager to have technical skill?

A

to bring special skills to that company

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6
Q

for a manager what is human relation?

A

the ability to understand human behaviour and to communicate effectivly

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7
Q

why would it help for a manager to have human relation skills?

A

to hero understand how to get through to people and motivate them

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8
Q

for a manager what is conceptual skill?

A

ability to view how the organization as a whole and understand how the various parts are interdependent

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9
Q

why would it help for a manager to have conceptual skill?

A

to know how all the roles of the business work together

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10
Q

what are the three levels of management?

A

top managers
middle managers
first-line managers

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11
Q

what do top managers do?

A

make the large decisions

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12
Q

what do middle managers do?

A

manage certain departments in the business

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13
Q

what do first-line managers do?

A

handle the day to day operations

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14
Q

what is an acronym for the 4 functions management areas?

A

P.L.O.C

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15
Q

what does PLOC stand for?

A

Planning
Organizing
Leading
Controlling

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16
Q

what are the 4 functional areas of management?

A

planning
organizing
leading
controlling

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17
Q

explain the planning functional area of management?

A

anticipating potential problems or opportunities and designing plans to deal with them

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18
Q

explain the organizing functional area of management?

A

coordinating and allocating the resources needed to implement plans
(allocating budget to different areas)

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19
Q

explain the leading functional area of management?

A

creating a vision for the organization and communicating and motivating others to achieve that objective

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20
Q

explain the controlling functional area of management?

A

establishing clear standards, reviewing results and making any necessary corrective actions

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21
Q

what is the vision/ mission for a company?

A

why the organization exists and its purpose

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22
Q

what are goals?

A

long term aims

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23
Q

what are objectives?

A

short term aims

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24
Q

what is a vision?

A

an encompassing explanation of why the organization exists and where its heading

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25
what are values?
set of fundamental beliefs that guide a business in the decisions they make
26
what is a mission statement?
an outline of the organizations fundamental purposes
27
what are the three things that are in a company vision?
goals objectives plans
28
what is a SWOT analysis?
how strengths can be capitalized on how weakness can be improved how opportunities can be exploited how strengths can be mitigated
29
are strengths and weaknesses things within the control of your organization?
yes
30
are opportunities and threats outside of your companies control?
yes you need to find information to act on
31
what are 6 potential internal strengths?
core competencies in key areas acknowledged market leader well- conceived functional areas strategies proven and respected management team cost advantages better advertising campaigns
32
what are 6 external opportunities?
ability to serve additional customer groups expand product lines ability to transfer skills/ technology to new products falling trade barriers in attractive foreign markets complacency among rival firms ability to grow due to increases in market demand
33
what are 6 potential internal weaknesses?
no clear strategic direction obsolete facilities subpar profitability lack of managerial depth and talent weak market image to narrow of a product line
34
what are 6 external threats?
entry of low cost foreign competitors rising sales of substitute products by competitors slower market growth costly regulatory requirements changing buyer needs and tastes vulnerability to recession and business cycles
35
what are the 4 planning strategies?
strategic planning tactical planning operational planning contingency planning
36
what Is strategic planning?
the setting of broad, long-range goals by top managers
37
what is tactical planning?
the identification of specific, short-range objectives by lower managers
38
what is operational planning?
the setting of work standards and schedules
39
what is contingency planning?
backup plans in case primary plans fail
40
what is strategic planning?
outlines how the company will meet its objectives and goals
41
what does strategic planning involve?
creating long-range (1-5 years) broad goals and determining how the organization will accomplish those goals
42
what is tactical planning?
the process of developing short term statements about what is to be done
43
what is operational planning?
the process of setting work standards and schedules necessary to implement the company's objectives
44
what is contingency planning?
the process of preparing alternative courses of action that may be used if the primary plant don't achieve the organizations objectives
45
what are the two categories of decision making?
programed decision making nonprogrammed decision making
46
what is programmed decision making?
decisions that are made in response to routine situations that occur frequently ex: scheduling
47
what is non-programmed decision making?
decisions that are infrequent, unforeseen or very unusual problems and opportunities
48
what are the 5 steps in the decision making process?
recognize or define the problem or opportunity gather information to identify alternative solutions or actions select one or more alternatives after evaluating the strengths and weakness of each possibility put chosen alternative into action gather information to obtain feedback on the effectiveness of the chosen plan
49
what are 3 ways to develop a structure for the people within then firm?
dividing up tasks (division of labour) grouping jobs and employees (departmentalization) assigning authority and responsibilities (delegation)
50
what are leaders motivated by?
intrinsic values
51
what are the 4 intrinsic values leaders are motivated?
needs desires motive will power
52
what are the 5 ways managers can influence others behaviours?
legitimate power reward power coercive expert power referent power
53
what is legitimate power?
power that comes from an individuals position in an organization
54
what is reward power?
the power that coms from an individuals control over rewards
55
what is coercive power?
power that comes from an individuals ability to threaten and produce negative outcomes
56
what is expert power?
power that comes from an individuals extensive knowledge in one or more areas
57
what is referent power?
the power that comes with their influence and respect of their opinion
58
what are the three leadership styles?
autocratic participative/ democratic free rein
59
what is autocratic leadership?
they are directive leaders and wants their subordinates to follow their directions, they like to make all of the decisions
60
what is participative/ democratic leadership?
they share decision making with with group members and encourage discussion of issues and alternatives
61
what are the three types of participative leadership?
democratic leaders consensual leaders consultive leader
62
what are consultive leaders?
they solicit input from all members of the group and then allow the group members to make a final vote on the decision
63
what are consensual leaders?
leaders that encourage discussion about issues then require that all parties involved to agree on the final decision
64
what are consultative leaders?
they confer to their subordinates before making a decision but they make the final decision
65
what is free-rein leadership?
managers who use this style turns over all authority and control to subordinates and let the employees figure out the best way to figure things out
66
what makes a leader effective?
leaders that recognize employee growth and select a leadership style that matches the maturity and competency levels of those completing the tasks
67
what is controlling in management?
the process of assessing the organizations progress towards accomplishing its goals
68
what does SMART stand for?
Specific Measurable Achievable Realistic Timely
69
what are the 5 steps controlling stands for?
establish clear performance standards monitor and record actual performance compare performance/ results against plans and standards communicate results and deviations to the employees involved take corrective action when needed and provide positive feed back

Intro to Business (25 decks)

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