Chapter 7 Management & Leadership
A mission statement should address an organization's
- the organization's self concept - its philosophy - long-term survival needs - customer needs - social responsibility - nature of the product or service
David's manager told him the company wants to achieve a 50 percent market share within 5 years. David's manager was relaying a company:
goal
Employees who get things done using an organization's financial resources, information, equipment, and workers are:
managers
A ______ ______ is an outline of the fundamental purpose and basic philosophy of an organization.
mission statement
A(n) _____ is a short-term statement that details how to achieve the organization's goals
objective
A SWOT Analysis is a(n) ______ tool used to analyze an organization's strengths, weaknesses, opportunities, and threats.
planning
Management is the process used to accomplish organizational goals by the use of which four functions?
planning, organizing, leading, controlling
Top management sets the vision for the organization and may work with others to establish a mission statement that outlines its
product or service offering self-concept
Kendra is considering opening a new business. While writing the business plan, she is answering the following questions: What external success factors affect the industry? How does her business measure up to competition? What can my bakery do to survive and prosper during a recession? What was Kendra performing?
a SWOT analysis
What three positions are considered as top management in an organization?
Chief Financial Officer Chief Executive Officer Chief Operating Officer
Leading
Creating the vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization's goals and objectives. The trend is to empower the employees giving them as much freedom as possible to become self-directed and self-motivated
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
Vision
An encompassing explanation of why the organization exists and where it's trying to head
______ leadership is a leadership style that involves making managerial decisions without consulting others.
Autocratic
_________ customers include dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own personal use.
External
A decision-making technique that balances the pluses, minuses, and implications of a decision is ________
PMI
What are two characteristics that define goals?
They are broad. They are long-term.
An organization that sets its vision hopes to achieve what two objectives? a. giving the organization a sense of purpose b. giving the organization a set of short term objectives c. giving the organization a set of values d. giving the organization a formal operating structure
a. giving the organization a sense of purpose c. giving the organization a set of values
What are two reasons a firm would use a SWOT analysis? a. to evaluate a company's ability to pursue market opportunities and defend against threats b. to evaluate the strengths and weaknesses of a company's resources c. to analyze the company's short- and long-term goals d. to predict which competitors are most likely to grab market share
a. to evaluate a company's ability to pursue market opportunities and defend against threats b. to evaluate the strengths and weaknesses of a company's resources
What has become a popular term to describe the vast collection of available information?
big data
In which two situations is autocratic leadership effective?emergencies
emergencies working with new, unskilled workers
The further up the organization's management levels that a manager moves, the less important are that manager's _____ skills.
technical
What level of management consists of the president and other key company executives who develop strategic plans?
top management
An organization's ______ is a broad explanation of why the organization exists and where it is trying to go.
vision
Who are managers and what do managers do
Managers must practice the art of getting things done through organizational resources, which include workers, financial resources, information and equipment. Managers manage employees
Managers
Strive to produce order and stability Carries out the vision of the company
Plannning
a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives. Organizations have planning teams to help monitor the environment, find business opportunities, and watch for challenges
When a manager is more of a coach or team member than a boss, the workers are:
empowered
Giving employees the authority to make a decision without consulting the manager is _____ them.
empowering
Big Data is gathered by
social media sales transactions digital sources
Mission Statement
An outline of the fundamental purposes of an organization
An organization's _______ gives it a sense of purpose and a set of values that unites workers in a common destiny.
vision
Skills needed by top level managers differ from those in supervisory positions because:
-supervisors have to know the tasks and operations needed by production workers -top managers have to be communicators and motivators
Leaders
Embrace and manage change Establishes corporate values & ethics
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. Thus they must remain flexible and adaptable, because when customers' needs change firms must change with them
Which of the following are part of a situation analysis (SWOT)? a. Weaknesses b. Opportunities c. Strengths d. Relationships
a. b. c.
