Business Ch.7

5 words to describe management

Planning, organizing, staffing, coordinating, controlling

External threat example

rising sales of substitute product

The Four Functions of Management

1. Planning: a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives (accomplishing the other functions depends heavily on having a good plan) -Setting organizational goals -Developing strategies to reach those goals -Determining resources needed -Setting precise standards 2. Organizing: a management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization's goals and objectives (many of today's organizations are being designed around pleasing the customer at a profit so they must remain flexible and adaptable) -Allocating resources, assigning tasks, and establishing procedures for accomplishing goals -Preparing a structure (organization chart) showing lines of authority and responsibility -Recruiting, selecting, training, and developing employees Placing employees where they'll be most effective 3. Leading: creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives in a timely manner -Guiding and motivating employees to work effectively to accomplish organizational goals -Giving assignments -Explaining routines -Clarifying policies -Providing feedback on performance 4. Controlling: a management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not -Measuring results against corporate objectives -Monitoring performance relative to standards -Rewarding outstanding performance -Taking corrective action when necessary

5 Behaviors of A Cohesive Team (#1 is the top of pyramid)

1. Results 2. Accountability 3. Commitment 4. Conflict 5. Trust

4 forms of planning

1. Strategic: the setting of broad, long range goals by top managers (1-10 years) -Major goals, policies, strategies for best ways to use resources 2. Tactical: the identification of specific, short-range objectives by lower-level managers -Setting annual budgets, fund more research, plan promotions 3. Operational: the setting of work standards and schedules to implement the company's tactical objectives -Operations is urgent and day-to-day, planning is not urgent and long term 4. Contingency planning: the creation of backup plans in case primary plans fail -Crisis planning is a part of contingency planning where businesses anticipate sudden changes in the environment, like plans to respond to natural disasters

2 phrases for management vs. leadership

1. Tactical vs. Strategic 2. Transactional vs. Transformational

SWOT Analysis

A planning tool used to analyze an organization's strength, weaknesses, opportunities, and threats

Management vs. Leadership example from class

Bike ex: all parts are important and need to be cohesive; is the back wheel leadership or management?

3 words to describe both management and leadership

Communicating, problem-solving, decision-making

5 words to describe leadership

Influencing, motivating, inspiring, creating, mentoring

External opportunity example

ability to expand product lines

Internal strength example

core competences in key areas

Opportunities and threats are...

external to the firm and cannot always be anticipated or controlled

Strength and weaknesses are...

internal and therefore within reach of being fixed

Internal weakness example

subpar profitability

Management

the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources