Business 101- Management (Chapter 7)

Mission Statement Adresses:

-The organization's self-concept. -its philosophy. -long-term survival needs. -customer needs. -social responsibility. -nature of the product or service.

Strategic Planning

-determines the major goals of the organization and the policies, procedures, strategies, and resources it will need to achieve them. -done by top management.

Middle Management

-includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling. -Skillsets: a) need to balance technical skills and conceptual skills. b) human relations skills.

Management

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

Supervisory/First-Line Management

-includes those directly responsible for supervising workers and evaluating their daily performance; first level above workers -Skillsets a) strong technical skills b) human relations skills

Contingency Planning

-process preparing alternative courses of action the firm can use if its primary plans don't work out...back up plans

Top Management

-the highest level, consists of the president and other key company executives who develop strategic plans. -Skillsets: a) need strong conceptual skills. b) human relations skills.

Mission Statement

-top management usually sets the vision for the organization. -outlines the organization's fundamental purpose. -foundation for setting specific goals and objectives.

organizing

1. allocating resources, assigning tasks and establishing procedures for accomplishing goals 2. preparing structure, or organization chart, showing lines of authority and responsibility. 3. recruiting, selecting, training, and developing employees. 4. placing employees where they'll be most effective

leading

1. guiding and motivating employees to work effectively to accomplish organizational goals and objectives. 2. giving assignments; explaining routines 3. clarifying policies; providing feedback on performance.

controlling

1. measuring results against corporate objectives. 2. monitoring performance relative to standards. 3. rewarding outstanding performance. 4. taking corrective action when necessary.

Four functions of management

1. planning. 2. organizing. 3. leading. 4. controlling.

planning

1. setting organizational goals. 2. developing strategies to reach those goals. 3. determining resources needed. 4. setting price standards.

SWOT analysis- analyzes a organizations strengths, weakness, opportunities, and threats

Helps management plan by answering vital questions: -what is the current situation facing the organization? -what is the state of the business environment? -What opportunities currently exist for meeting people's needs? -what products and customers are most profitable? -why do people buy or why don't they buy our products? -who are out major competitors? -what threats do our competition pose?

SWOT analysis

strengths, weakness, opportunity, and threats

Tactical Planning

the process of detailed, short-term statements about what is to be done, who is to do it, and how. -usually completed by middle managers (lower level managers).

operational planning

the process of setting work standards and schedules necessary to implement the company's tactical objectives. -usually completed by departmental management.