Foundations of Business: Chapter 7

¡Supera tus tareas y exámenes ahora con Quizwiz!

What business used to be

-Autocratic -Employees paid to work, not to think

Leadership Styles

-Autocratic Style -Democratic Style -Free-Rein Style

Leaders Must...

-Communicate a vision and rally others around that vision -Establish corporate values -Promote corporate ethics -Embrace change -Stress accountability and responsibilities -Set environment for work environment!

The Management Process

-Management -Plan -Organize -Leader -Control

Middle Managers

-Need strong interpersonal skills to maintain positive working relationships with subordinates and to motivate them

Purpose of Assessing the External Environment is to identify:

-OPPORTUNITIES that could benefit the company -THREATS to success

Top Managers

-President -Solve problems and come up with creative ways to keep the business growing -Need conceptual skills

First-Line Managers

-Require Technical Skills -Probably in operations or maybe accounting

What followers want in a leader

-Respect -Acknowledgement/ Recognition -Purpose -Ability to do their best -Know they are safe -One that cares

Managerial Skills

-Technical Skills -Interpersonal Skills -Conceptual Skills -Communication Skills

Servant Leadership

-Turns the organizational chart upside down -Focus on giving their employees everything they need to win (Resources, time, discipline, guidance, or inspiration) -Ex: coach

Remaining Steps in Strategic Planning Process

-Write a mission statement that tells the customers, employees, and others why your organization exists -Assess the company's strengths, weaknesses, opportunities, and threats -Establish goals and objectives, or performance targets, to direct all the activities that you'll perform to achieve your mission -Develop and implement tactical and operational plans to achieve goals and objectives

6-Step Approach to Decision Making

1) Identify the problem you want to work on 2) Gather relevant data 3) Clarify the problem 4) Generate possible solutions 5) Select the best opinion 6) Implement your decision and monitor your choice

Control Function (5 step process)

1. Set the standards by which performance will be measured 2. Measure performance 3. Compare actual performance with the standard and identify ant deviations from the standard 4. Determine the reasons for the deviation 5. Take corre

SWOT Analysis

Analyzing an organization's strengths, weaknesses, opportunities, and threats -Assess your company's fit with its environment -Matching strengths of your business with the opportunities available to it

Time Management Skills

Common sense suggestions -Prioritize tasks, focusing on the most important things first -Set aside a certain time each day to return phone calls/answer emails -Delegate Routine Tasks -Don't procrastinate -Stick on agenda -Eliminate unnecessary paperwork

Benchmarking

Considered as a specialized kind of control activity -Aims to improve a firm's overall performance -Involves comparisons to other organizations' practices and processes with the objective of learning and improvement in both efficiency and effectiveness

Operational Plans

Cover only a brief period (say, a month or 2) Provide detailed action steps to be taken by individuals or groups to implement the tactical and strategic plans

Communication Skills

Crucial to just about everyone -Judged on ability to communicate: orally and in writing

Mission Statement

Describes the purpose of your organization - the reason for existence Outlines the organization's fundamental purposes. Why the organization exists -Overall purpose! -Tells reader what organization is committed to doing -Some companies no longer use these, preferring to communicate their reason fro being in other manners Examples: disney - to make people happy, walmart - to help people save money so they can live better

Nonsupervisory

Employees

Plan

Enables you to take your business concept beyond the idea stage this alone does not get the job done, need to organize

Efficient

Ensuring that activities were performed in the right way and used the fewest possible resources

Effective

Ensuring that the right things got done and that they all contributed to the success of the enterprise

Transformational Leadership

Exercise authority based on the rank in the organization -Let subordinates know what's expected of them and what they will receive if they meet stated objectives -Mentor and develop subordinated, providing them with challenging opportunities, working one-on-one to help them meet their professional and personal needs, and encouraging people to approach problems from a new perspectives

Democratic Style

Favor democratic leadership style, generally seek input from subordinates while retaining the authority to make the final decisions Keep subordinates informed about things that affect their work -Managers and employees work together to make decisions

Core Values

Fundamental beliefs about what's important and what is/isn't appropriate in conducting company activities -Affect overall planning process and operations -Guides behavior of every individual in an organization

Crisis Management

In place of waiting until such a crisis occurs and then scrambling to figure out what to do

Goals

Major accomplishments that the company wants to achieve over a long period

Free-Rein Style

Managers adopt a "hands off" approach and provide relatively little direction to subordinates May advise, but give considerable freedom to solve problems and make decisions alone -Managers set objectives and employees are free to do whatever is appropriate to accomplish those objectives

Contingency Planning

Managers identify those aspects of the business that are most likely to be adversely affected by change Engage in this when developing backup/fallback plan

Strengths of a Company

Motivated workforce, state-of-the-art technology, desirable location, etc

Leader

Motivates your people to do well Someone that others WANT to follow

Tactical Plans

Overall plan is broken down into more manageable, short-term components Specify the activities and allocation of resources (people, equipment, money) needed to implement the strategic plan over a given period

External Factors

Part of SWOT Analysis -- Examination of ________ _________ that could influence the company in either positive/negative way (economic condition, competition, emerging technologies, laws & regulations, customers' expectations)

Weaknesses of a Company

Poor workforce, incomplete management, poor location, etc

Leading

Providing focus and direction to others and motivating them to achieve organizational goals

Organize

Put people and other resources in place to make things happen

Objectives

Short-Term performance targets that direct the activities of the organization toward the attainment goal Should be clearly stated, achievable, and measurable

Internal Factors

Strengths and weaknesses of the company

Autocratic Style

Tend to make decisions without soliciting input from subordinates Exercise authority and expect subordinates to take responsibility of performing the required tasks without undue explanations -Making managerial decisions without consulting others

Interpersonal Skills (relational skills)

The ability to get along with and motivate other people

Conceptual Skills

The ability to reason abstractly and analyze complex situations -Senior executives often called on to "think outside the box"

Strategic Planning

The process of establishing an overall course of action -Defining the mission -Sharing the vision -identify purpose of the company -mission statement

Management

The process of planning, organizing, leading, and controlling resources to achieve specific goals

Technical Skills

The skills you need to perform specific tasks -Probably what you'll get your first job based on

Control

To know whether things are in fact going well -Measure the results and compare them with the results that you laid out in your plan

Today's Managers

Younger and more progressive -Growing numbers of women -Fewer from elite universities Emphasis on teams and team building Managers need to be skilled communicators and team players

Vision

where the organization is trying to go. What does it want to become?


Conjuntos de estudio relacionados

Calculating Net Income (Operating Section)

View Set

S.S. Ch. 5 - Ancient Egypt and Kush

View Set

Nutrition & Drugs - Ch. 5 Carbohydrates

View Set

Chapter 1 - Small Business Ventures: Varieties and Impacts

View Set

Chapter 5 - The Relational Data Model and Relational Database Constraints

View Set