Term
| Four Functions of Management: |
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Definition
| Planning, Organizing, Leading, Controlling |
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| A management process used to accomplish organizational goals, through planning, organizing, leading, and controlling people and other organizational resources. |
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| A management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything works together to achieve the organization goals and objectives. |
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| Creating a vision for the organization and guiding, training, coaching, and motivating, others to work effectively to achieve the organizations goals and objectives. |
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| A management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives. |
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| An encompassing explanation of why the organization exists and where it is trying to head. |
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| What is the Mission Statement and what does it include? |
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An outline of the fundamental purposes of an organization.
- the organizations self-concept
- its philosophy
- long term survival needs
- Social responsibility
- Nature of the product or service |
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| the broad, long-term accomplishments an organization wishes to attain. |
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| Specific, short-term statements detailing how to achieve the organizations goals. |
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| Planning tool used to analyze organizations strengths, weaknesses, opportunities, and threats. |
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| the process of determining the major goals of the organization and the policies and strategies for obtaining and using resources to achieve goals. |
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| the process of developing, short-term statements about what is to be done, who is to do it, and how it is to be done. |
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| the process of setting to work standards and schedules necessary to implement the company's tactical objectives. |
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| the process of preparing alternative courses of action that can be used if there is a problem. |
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| choosing among two or more alternatives. |
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| the process of solving the everyday problems that occur. Less formal than decision making. |
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| coming up with as many solutions to a problem as possible in a short period of time with no censoring of idea. |
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| listing all the pluses for a solution in one column, all the minuses in another, and the implications in the third. |
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| a visual device that shows relationships among people and divides the organizations work. |
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| highest level management, consisting of the president and other key company executives who develop strategic plans. |
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| the level of management that includes general managers, division managers, and branch and plant managers who are responsible for tactical planning and controlling. |
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| Managers who are directly responsible for supervising workers and evaluating their daily performances |
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| skills that involve the ability to perform tasks in a specific discipline or department. |
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| skills that involve communication and motivation; enable managers to work for and with the people. |
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| skills that involve the ability to picture the organization as a whole and the relationship among its various parts. |
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| a management function that includes hiring, motivation, and retaining the best people available to accomplish the company's objectives. |
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| the presentation of a company's facts and figures in a way that is clear and apartment to all stake holders. |
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| leadership that incolves making managerial decisions without consulting others. |
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| Participative (Democratic) Leadership |
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Definition
| leadership style that consists of managers and employees working together to make decisions. |
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| leadership style that involves managers setting objectives and employees being relatively free to do whatever it takes to accomplish those objectives. |
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| giving workers the education and tools they need to make decisions. |
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| finding the right information, keep the information in a readily accessible place, and making the information known to everyone in the firm. |
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| dealers, who buy products to sell to others, and ultimate customers, who buy products for person uses. |
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| individuals and units withing the firm that receive services from other individuals. |
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| How to Maintain Competitive Advantage: |
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Definition
- Focusing more on customers
- maintain closer relationships with suppliers and other companies to satisfy customer needs.
-practicing continuous improvement
- focusing on quality
- saving costs through site selection
- relying on internet to unite companies |
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Definition
| teh creation of finished goods and services using the factors of production: land, labor, capital, entrepreneurship, and knowledge. |
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| the term used to describe all the activities managers do to help their firms create goods. |
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| a specialized area in management that converts or transforms resources into goods and services. |
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| the value producers add to materials in the creation of finished gods and services. |
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| that part of the production process that puts together components |
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| a productions process in which long production runs turn out finished goods over time. |
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| a production process in which the productions run is short and the machines are changed frequently to make different products. |
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| Computer-Aided Design (CAD) |
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Definition
| the use of computers in the design of products. |
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| Computer-Aided Manufacturing (CAM) |
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Definition
| the use of computers in manufacturing of products. |
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| Computer-Integrated Manufacturing |
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Definition
| the uniting of CAD and CAM |
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Definition
| designing machines to do multiple tasks so that they can produce a variety of products. |
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| the production of goods using less of everything compared to mass productions. |
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| tailoring products to meet the needs of individual customers. |
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| the process of selecting geographic location of a company's operations. |
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| working from home via computer and modem. |
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| the physical arrangement of recourse in the production process. |
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| Materials Requirement Planning (MRP) |
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Definition
| a computer based operations management system that uses sales forecasts to make sure that needed parts and materials are available at the right time and place. |
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Term
| Enterprise Resource Planning |
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Definition
| a newer version of materials requirement planning that combines the computerized functions of all the divisions and subsidiaries of the firm into single integrated software program that uses a single database. |
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| the function in a firm that searches for high-quality material resources, finds the best suppliers, and negotiates the best price for goods and services. |
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| Just-In-Time (JIT) Inventory Control |
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Definition
| a production process in which a minimum of inventory is kept on the premises and parts, supplies, and other needs are delivered just in time to go on the assembly line. |
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| consistently producing what the customer wants while reducing errors before ad after delivery to customer. |
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| a quality measure that only 3.4 defects per million opportunities. |
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| Statistical Quality Control (SQC) |
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| the process some managers use to continually monitor all phases of the production process to assure that quality is being built into the product from the beginning. |
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| Human Resource Management |
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Definition
| the process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organizational goals. |
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| employment activities designed to “right past wrongs” by increasing opportunities for minorities and women. |
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| discrimination against members of a dominant or majority group. |
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| Americans with Disabilities Act of 1990 (ADA) |
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Definition
| requires employers to give applicants with physical and mental disabilities the same consideration for employment as people without disabilities. |
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| Age Discrimination in Employment Act of 1967 (ADEA) |
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Definition
| protects individuals 40 or older from employment and workplace discrimination. |
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| a summary of the objectives of a job, the type of work to be done, the responsibilities and duties, the working condition, and the relationship of the job to other functions. |
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| a written summary of the minimum qualifications required of workers to do a particular jobs. |
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| the set of activities used to obtain a sufficient number of the right employees at the right time. |
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| the process of gathering information and deciding who should be hired, under legal guidelines, to serve the best interests of the individual and the organization. |
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| What is the Selection process? |
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Definition
o Obtaining complete application forms
o Conducting initial and follow-up interviews
o Giving employment tests
o Conducting background investigations
o Obtaining results from physical exams.
o Establishing trial periods |
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Definition
| employees that include part-time workers, temporary workers, seasonal workers, independent contractors, interns, and co-op students. |
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Definition
| all attempts to improve productivity by increasing an employee’s ability to perform. Training focuses on short term, development is long term. |
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| the activity that introduces new employees to the organization; to fellow employees; to their immediate supervisors; and to the policies, practices, and objectives of the firm. |
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| training at the workplace that lets the employee learn by doing or by watching others for a while than imitating them. |
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| training programs during which a learner works alongside an experienced employee to master the skills and procedures of a craft. |
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| internal or external training programs away from the workplace that develop any of a variety of skills or foster personal development. |
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| training programs in which employees complete classes via the internet |
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| training done in schools where employees are taught on equipment similar to that used on the job. |
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| the use of equipment that duplicates job conditions and tasks so trainees can learn skills be attempting on the job. |
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| Management and Development |
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Definition
| the process of training and educating employees to become good managers, and then monitoring the progress of their managerial skills over time. |
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| the process of establishing and maintaining contacts with key managers in and outside the organization and using those contacts to weave strong relationships that serve as informal development systems. |
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| an experienced employee who supervises, coaches, and guided lower-level employees by introducing them to the right people and generally being their organizational sponsor. |
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| an evaluation that measures employee performance against established standards in order to make decisions about promotions, compensation, training, or termination. |
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| What are the 6 steps of performance appraisal? |
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Definition
o Establishing performance standards
o Communicating those standards
o Evaluating performance
o Discussing results with employees taking corrective action
o Using the results to make decisions |
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| the activity, set of institutions, and processes for cheating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. |
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Definition
Production
selling
Marketing Concept
Customer Relationship |
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| general philosophy was to produce as much as you can, because there is a limitless market for it. |
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Definition
| more selling of goods because technology was advancing. |
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| Customer Relationship Management (CRM) |
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Definition
| process of learning as much as possible about present customers and doing everything you can over time to satisfy them with goods and services. |
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Definition
Product
Price
Place
Promotion |
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| any physical good, service, or idea that satisfies a want or need, plus anything that would enhance the product in the eye of consumers, such as a brand name. |
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| the process of testing products among potential users. |
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| a word, letter, or group of words or letters that differentiates one seller’s goods and services from a competitors. |
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| consists of all the techniques sellers use to inform people about and motivate them to buy their products and services. |
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| marketers analyze markets to determine opportunities and challenges, and to find the information they need to make good decisions. |
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| Marketing Research Process? |
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Definition
Define the question
collecting research data
analyzing research data
choosing the best solution and doing it |
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| gather information already compiled by others and published in journals and books or made available online. |
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| a group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues. |
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| the process of identifying factors that can affect marketing success. |
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| consists of all the individuals or household that wants goods and services for personal consumption or use and have the resources to buy them. |
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| Business-To-Business (B2B) Market |
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| consists of all the individuals and organizations that wants goods and services to use in producing other goods and services or to sell, rent, or supply goods to others. |
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| process of dividing the total market into groups with similar characteristics. |
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| selecting groups or segments an organization can serve profitability. |
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| dividing the market by cities, counties, states, or regions. |
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| dividing the market by age, income, and education level. |
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| Pyschographic Segmentation |
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| dividing the market using the group’s values, attitudes, and interests. |
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| dividing the market by determin ing which benefits of the product to talk about. |
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| dividing the market by usage (volume of use) |
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| the process of finding small but profitable market segments and designing or finding products for them. |
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| Developing a unique mix of goods and services for each individual customer. |
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| developing products and promotions to please large groups of people. |
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| marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements. |
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| products that are closely related, either in terms of how they work or the customers they serve. |
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| total number of product lines by a single firm. |
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