BUS10: Chapter 7
SWOT Analysis
Analyze the organization's Strengths, Weaknesses, Opportunities and Threats.
External Customers
Dealers, who buy products to sell to others, and ultimate customers (or end users), who buy products for their own use.
Strategic Planning
Done by top management and determines the major goals of the organization and the policies, procedures, strategies, and resources it will need to achieve them. (Taco Bell during recession, gained 8%: open all night and 79 cent items)
PMI
Listing all the pluses for a solution in one column, all the minuses in another and the implications in a third.
Autocratic Leadership
Making managerial decisions without consulting others.
Participative or Democratic Leadership
Managers and employees work together to make decisions.
Free-Rein Leadership
Managers set objectives and employees are free to do whatever is appropriate to accomplish those objectives.
Vision
More than a goal, it's a broad explanation of why the organization exists and where it's trying to go.
Human Relations Skills
Skills that involve communication and motivation; they enable managers to work through and with people.
Conceptual Skills
Skills that involve the ability to picture the organization as a whole and the relationship among its various parts.
Objectives
Specific, short term statements detailing how to achieve the organization's goals.
Technical Skills
The ability to perform tasks in a specific discipline or department.
Goals
The broad, long term accomplishments an organization wishes to attain.
Top Management
The highest level, consists of the president and other key company executives who develop strategic plans.
Transparency
The presentation of the company's facts and figures in a way that is clear and apparent to all stakeholders.
Organization Chart
A visual device that shows relationships among people and divides the organization's work; it shows who reports to whom.
Decision Making
Choosing among two or more alternatives.
Knowledge Management
Finding the right information, keeping the information in a readily accessible place and making the information known to everyone in the firm.
Chief Information Officer (CIO)
Gets the right information to the right people so decisions can be made.
Enabling
Giving workers the education and tools they need to make decisions.
Chief Operating Officer (COO)
Implements CEO's changes.
Middle Management
Includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling.
Internal Customers
Individuals and units within the firm that receive services from other individuals or units.
Chief Executive Officer (CEO)
Introduces change into an organization.
Chief Financial Officer (CFO)
Obtains funds, plans budgets, collects funds, etc.
Mission Statement
Outlines the organization's fundamental purposes. Includes: The organization's self concept. Its philosophy. Long-term survival needs. Customer needs. Social responsibility. Nature of the product/service. More than vision, narrow and specific not raw.
Four Functions of Management
Planning: set organization goal, develop strategy to reach goal. Organizing: assign tasks, establish procedures. Leading Controlling: measure results against goal, reward those who did good and improve ones who didn't.
Staffing
Recruiting, hiring, motivating and retaining the best people available to accomplish the company's objectives.
Tactical Planning
The process of developing detailed, short term statements about what is to be done, who is to do it, and how. (Ford did research and development on Southern state, focus on local newspapers to sell trucks)
Contingency Planning
The process of preparing alternative courses of action the firm can use if its primary plans don't work out. (Apple maps not working, apologized and said it was mistake = contingency planning)
Operational Planning
The process of setting work standards and schedules necessary to implement the company's tactical objectives.
Problem Solving
The process of solving the everyday problems that occur; less formal than decision making and needs quicker action.
Management
The process used to accomplish organizational goals through planning, organizing, leading and controlling people and other organizational resources.
Supervisory Management
Those directly responsible for supervising workers and evaluating daily performance.