Business Study Guide

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Chapter 6:

Management: a process designed to achieve an organizations objectives by using its resources effectively and efficiently in a changing environment Managers: those individuals in organizations who make decisions about the use of resources and who are concerned with planning, organizing, staffing, directing and controlling the organizations activities to reach its objectives Planning: the process of determining the organizations objectives and deciding how to accomplish them; the first function of management Mission: the statement of an organizations fundamental purpose and basic philosophy Strategic plans: those plans that establish the long-range objectives and overall strategy or course of action by which a firm fulfills its mission Tactical plans: short-range plans designed to implement the activities and objectives specified in the strategic plan Operational plans: very short- term plans that specify what actions, individuals, work groups, or departments need to accomplish in order to achieve the tactical plan and ultimately the strategic plans Crisis management or contingency planning: an element in planning that deals with potential disasters such as product tampering, oil spills, fire, earthquake, computer virus, or airplane crash Organizing: the structuring of resources and activities to accomplish objectives in an efficient and effective manner Staffing: the hiring of people to carry out the work of the organization Downsizing: the elimination of a significant number of employees from an organization Directing: motivating and leading employees to achieve organizational objectives Controlling: the process of evaluating and correcting activities to keep the organization on course

Levels of Management:
Top manager: the president and other top executives of business, such as the chief executive officer (CEO), chief financial officer (CFO), and chief operations officer (COO), who have overall responsibility for the organization Middle manager: those members of an organization responsible for the tactical planning that implements the general guidelines established by top management First line manager: those who supervise both workers and the daily operations of an organization Financial managers: those who focus on obtaining needed funds for the successful operation of an organization and using those funds to further organizational goals Production and operations manager: those who develop and administer the activities involved in transforming resources into goods, services, and ideas ready for the marketplace Human resources manager: those who handle the staffing function an deal with employees in a formalized manner Marketing managers: those who are responsible for planning, pricing, and promoting products and making them available to customers Information technology (IT) manager: those who are responsible for implementing, maintaining, and controlling technology applications in business, such as computer networks Administrative manager: those who manage an entire business or a major segment of a business; they are not specialists but coordinate the activities of specialized managers Agenda: a calendar, containing both specific and vague items, that covers short-term goals and long term objectives Networking: the building of relationships and sharing of information with colleagues who can help managers achieve the items on their agendas

Skills needed by managers:
Leadership - the ability to influence employees to work toward organization goals •Technical expertise – the specialized knowledge and training needed to perform jobs that are related to particular areas of management •Conceptual skills - the ability to think in abstract terms and to see how parts fit together to form the whole •Analytical skills – the ability to identify relevant issues, recognize their importance, understand the relationships between them, and perceive the underlying causes of a situation •...
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