Business Essentials Ch 5

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updated 6 years ago by business_gal
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1

Business (or Competitive) Strategy

strategy, at the business-unit or product-line level, focusing on improving a firm's competitive position

2

Conceptual Skills

abilities to think in the abstract, diagnose and analyze different situations, and see beyond the present situation

3

Contingency Planning

identifying aspects of a business or its environment that might entail changes in strategy

4

Controlling

management process of monitoring an organization's performance to ensure that it is meeting its goals

5

Corporate Culture

the shared experiences, stories, beliefs, and norms that characterize an organization

6

Corporate Strategy

strategy for determining the firm's overall attitude toward growth and the way it will manage its businesses or product lines

7

Crisis Management

organization's methods for dealing with emergencies

8

Decision-Making Skills

skills in defining problems and selecting the best courses of action

9

Decisional Roles

a category of managerial roles including entrepreneur, disturbance handler, resource allocator, and negotiator

10

Environmental Analysis

process of scanning the business environment for threats and opportunities

11

First-Line Manager

manager responsible for supervising the work of employees

12

Functional Strategy

strategy by which managers in specific areas decide how best to achieve corporate goals through productivity

13

Goal

objective that a business hopes and plans to achieve

14

Human Relations Skills

skills in understanding and getting along with people

15

Informational Roles

a category of managerial roles including monitor, disseminator, and spokesperson

16

Intermediate Goal

goal set for a period of one to five years into the future

17

Interpersonal Roles

a category of managerial roles including figurehead, leader, and liaison

18

Leading

management process of guiding and motivating employees to meet an organization's objectives

19

Long-Term Goal

goal set for an extended time, typically five years or more into the future

20

Management

process of planning, organizing, leading, and controlling an organization's resources to achieve its goals

21

Manager

someone whose primary responsibility is to carry out the management process; plans and makes decisions, organizes, leads, and controls human, financial, physical, and information resources

22

Middle Manager

manager responsible for implementing the strategies and working toward the goals set by top managers

23

Mission Statement

organization's statement of how it will achieve its purpose in the environment in which it conducts its business

24

Operational Plan

plan setting short-term targets for daily, weekly, or monthly performance

25

Organizational Analysis

process of analyzing a firm's strengths and weaknesses

26

Organizing

management process of determining how best to arrange an organization's resources and activities into a coherent structure

27

Planning

management process of determining what an organization needs to do and how best to get it done

28

Short-Term Goal

goal set for the near future

29

Strategic Goal

goal derived directly from a firm's mission statement

30

Strategic Management

process of helping an organization maintain an effective alignment with its environment

31

Strategic Plan

plan reflecting decisions about resource allocations, company priorities, and steps needed to meet strategic goals

32

Strategy

broad set of organizational plans for implementing the decisions made for achieving organizational goals

33

Strategy Formulation

creation of a broad program for defining and meeting an organization's goals

34

SWOT Analysis

identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation

35

Tactical Plan

generally short-term plan concerned with implementing specific aspects of a company's strategic plans

36

Technical Skills

skills needed to perform specialized tasks

37

Time Management Skills

skills associated with the productive use of time

38

Top Manager

manager responsible for a firm's overall performance and effectiveness