Business Management 201 Terms/Notes

Topics: Management, Organization, Motivation Pages: 31 (6449 words) Published: November 4, 2013
Business Management

Chapter 1 Pg. 2-36
Managers & Managing

Organizational Performance – A measure of how effectively a manager uses resources to satisfy customers and achieve organizational goals

Efficiency – A measure of how well or how productively resources are used to achieve a goal

Effectiveness – A measure of the appropriateness of the goals and organization is pursuing and the degree to which the organization achieves those goals

Four Essential Managerial Tasks:

1. Planning - Choose appropriate organizational goals and courses of action to best achieve those goals

2. Organizing – Establishing task and authority relationships that allow people to work together to achieve organization goals

3. Leading – Motivate, Coordinate, and energize individuals and groups to work together to achieve organization goals

4. Controlling – establish accurate measuring systems to evaluate how well the organization has achieved its goals

Planning – Identifying and selecting appropriate goals; one of the four principal tasks of management Three steps involved in planning are:
1. Deciding which goals the organization will pursue
2. Deciding what strategies to adopt to attain those goals 3. Deciding how to allocate organizational resources to pursue the strategies that attain those goals

Strategy – A cluster of decisions about what goals to pursue, what actions to take, and how to use resources to achieve goals

Low Cost Strategy – Way of obtaining customers by making decisions that allow an organization to produce goods or services more cheaply then its competitors so it can charge lower prices then they do Organizing – Structuring working relationships in a way that allows organizational members to work together to achieve organizational goals; one of the four principal tasks of management

Organizational Structure – A formal system of tasks and relationships that coordinates and motivates organizational members so they work together to achieve organizational goals – Formal system of who reports to whom

Leading – Articulating a clear vision and energizing and enabling organizational members so they understand the part that they play in achieving organizational goals; one of the four principal tasks of management  Managers need to use their Power, Personably, Influence, Persuasion, and Communication Skills

Controlling – Evaluating how well an organization is achieving its goals and taking action to maintain or improve performance; one of the four principal tasks of management  Managers monitor the performance of individuals, departments, and the organization as a whole to see where changes may need to be made

Department –A group of people who work together and possess similar skills or use the same knowledge, tools, or techniques to preform their jobs

Levels of Management
Organizations usually have three levels of management
First Line Managers, Middle Managers, Top Managers

First Line Manager (Supervisors) – A manager who is responsible for the daily supervision of non-managerial employees

Middle Manager – A manager who supervises first line managers and is responsible for finding the best ways to use resources to achieve organizational goals

Top Manager – A manager who establishes organizational goals, decides how departments should be interact, and monitors the performance of middle managers  Planning and Organizing

Top Management Team – A group composed of the CEO, the COO, The President, and the heads of the most important departments

CEO – Chief Executive Officer
COO – Chief Operating Officer

CEO Planning
SR./ Top Managers Responsible for the overall success of all departments Middle Managers  Use of resources
First Line Managers  Managing simple tasks

Managerial Skills

Conceptual Skills – The ability to analyze and diagnose a situation and to distinguish between cause and effect

Human Skills – The ability to understand, alter, lead,...
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