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| objectives that a business hopes and plans to achieve |
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| an organizations statement of how it will achieve its purpose in the environment in which it conducts its business |
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| goals set for extended periods of time, typically 5 years or more into the future |
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| goals set for a period of 1-5 years |
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| goals set for the very near future, typically less than one year |
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| creation of a broad program for defining and meeting an organizations goals |
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| long term goals derived directly from a firm’s mission statement |
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| o Identification and analysis of organizational strengths and weaknesses and environmental opportunities and threats as part of strategy formulation |
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| process of scanning the environment for threats and opportunities |
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| the process of analyzing a firm’s strengths and weaknesses |
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| Plans that reflect decisions about resource allocations, company priorities, and steps needed to meet strategic goals |
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| Generally, short-range plans concerned with implementing specific aspects of a company’s strategic plans |
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| Plans setting short-term targets for daily, weekly, or monthly performance |
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| identifies the various businesses that a company will be in, and how these businesses will relate to each other |
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| different corporate level strategies a company may puruse |
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| concentration, growth, integration, diversification, investment reduction |
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| involves focusing the company on one product or product line |
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| boosting sales of present products by more aggressive selling in the firm’s current markets |
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| developing improved products for current markets |
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| expanding operations in new geographic areas or countries |
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| acquiring control of competitors in the same or similar markets with the same or similar products |
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| owning or controlling the inputs to the firm’s processes and/or the channels through which the products or services are distributed |
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| expanding into related or unrelated products or market segments |
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| adding new but related products/services to an existing businesses |
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| conglomerate diversification |
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| means diversifying into products/markets that are not related to the firm’s present business |
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| reducing the company’s investment in one or more of its lines of business |
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| involves selling or liquidating one or more of a firm’s business |
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| a plan to establish a profitable and sustainable competitive position against the forces that determine industry competition |
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| Becoming the low cost leader in an industry |
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| firm seeks to be unique in its industry along some dimension that is valued by buyers |
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| Selecting a market segment and serving the customers in that market niche better than competitors |
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| the basic course action that each department follows so that business accomplishes its overall goals |
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| the process of planning, organizing, leading, and controlling a business’s financial, physical, human, and information resources in order to achieve its goals |
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| the portion of a manager’s job concerned with determining what the business needs to do and the best way to achieve it |
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| 3 major components of planning |
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Definition
o Determine the firms goals
o Develop a comprehensive strategy for these goals
o Design tactical and operational planes to implement the strategy |
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Definition
o Goals are established for the organization
o Managers identify whether a gap exists between the company’s desire and actual position
o Managers develop plans to achieve the desired objectives
Objectives – what results are desired
Plans – how these objectives are to be achieved
o The plans are then implemented
o Effectiveness of the plan is assessed |
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| that portion of a manager’s job concerned with mobilizing the necessary resources to complete a particular task |
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| that portion of a manager’s job concerned with guiding and motivating employees to meet the firm’s objectives |
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| that portion of a manager’s job concerned with monitoring the firm’s performance and, if necessary, acting to bring it in line with the firm’s goals |
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| Those managers responsible for a firm’s overall performance and effectiveness and for developing long range plans for the company |
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| those managers responsible for implementing the decisions made by top managers |
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| those managers responsible for supervising the work of employees |
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| responsible for getting products and services |
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| plan and oversee its financial resources |
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| responsible for production control, inventory control, and quality control, among other duties |
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| to provide assistance to other managers when they are hiring employees, training them, evaluating their performances, and determining their compensation level |
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| these managers are responsible for designing and implementing various systems to gather, process, and disseminate information |
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| skills associated with performing specialized tasks within a firm |
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| skills in understanding and getting along with people |
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| abilities to think in the abstract, diagnose, and analyze different situations, and see beyond the present situation |
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| Skills in defining problems and selecting the best courses of action |
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| skills associated with the productive use of time |
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| 4 leading causes of wasted time |
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Definition
o Paperwork
o The telephone
o Meetings
o Email |
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Definition
| the specification of the jobs to be done within a business and how those jobs relate to one another |
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| a physical depiction of the company’s structure showing employee titles and their relationship one another |
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| reporting relationships within a business; the flow of decision making power in a firm |
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| determining who will do what |
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| determining how people performing certain tasks can best be grouped together |
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| the process of identifying the specific jobs that need to be done and designating the people who will perform them |
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| the process of grouping jobs into logical units |
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| a separate company unit responsible for its own costs and profits |
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| 3 step process of developing a hierarchy |
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Definition
o Assigning tasks: determining who can make decisions and specifying how they should be made
o Performing tasks: implementing decisions that have been made
o Distributing authority: determining whether the organization is to be centralized or decentralized |
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| the duty to perform an assigned task |
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| the power to make the decisions necessary to complete a task |
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| assignment of a task, a responsibility, or authority by a manager to a subordinate |
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| liability of subordinates for accomplishing tasks assigned by managers |
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| centralized organizations |
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| top managers retain most decision making rights for themselves |
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| decentralized organizations |
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| lower and middle-level managers are allowed to make significant decisions |
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| flat organizational structure |
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| an organization with relatively few layers of management |
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| tall organizational structure |
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| an organization with many layers of management |
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| the number of people managed by one manager |
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| the planned reduction in the scope of an organization’s activity |
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| various units are included in a group based on functions that need to be performed for the organization to reach its goals |
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| divides the organization into divisions, each of which operates as a semi-autonomous unit |
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| an organization that uses teams of specialists to complete specific projects |
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| a network of personal interactions and relationships among employees unrelated to the firm’s formal authority structure |
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| an informal communication network that carries gossip and other information throughout an organization |
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| Human Resource Management (HRM) |
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| set of organizational activities directed at attracting, developing, and maintaining an effective workforce |
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| a detailed study of the specific duties in a particular job and the human qualities required for that job |
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| the objectives, responsibilities, and key tasks of a job; the conditions under which it will be done; its relationship to other positions; the skills needed to perform it |
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| the specific skills, education, and experience needed to perform a job |
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| considering present employees as candidates for job openings |
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| attracting people outside the organization to apply for jobs |
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| a short-term paid position where students focus on a specific project |
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| the process of determining the predictive value of information |
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| efficient method of gathering information about the applicant’s previous work history, educational background, and other job related demographic data |
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| the initial acquainting of new employees with the company’s policies and programs, personnel with whom they will interact and the nature of the job |
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| determining the organization’s true needs and training programs necessary to meet them |
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| a technique that ties training and development activities directly to task performance |
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| instructional-based programs |
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| training workers through the use of classroom-based programs such as the lecture approach |
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| lecture or discussion approach |
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Definition
| an instructional-based program in which a trainer presents material in a descriptive fashion to those attending a trainee program |
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| a formal program for evaluating how well an employee is performing the job; helps managers to determine how effective they are in recruiting and selecting employees |
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| what a firm offers its employees in return for their labour |
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| dollars paid based on the number of hours worked |
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| dollars paid at regular intervals in return for doing a job regardless of the amount of time or output |
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| a survey of compensation paid to employees by other employers in a particular geographic area, an industry or an occupational group |
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| a method of determining the relative value or worth of a job to the organization so that individuals who perform it can be appropriately compensated |
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| pay award to employees according to the relative value of their contributions |
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| compensation plans that formally base at least some meaningful portion of compensation on merit |
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| pay awarded to employees not for any specific level of performance, but for the acquisition of job-related skills |
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| pay awarded to employees for learning |
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| piece-rate incentive plan |
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| a compensation system in which an organization pays an employee a certain amount of money for every unit produced |
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| individual incentive plans |
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| a compensation system in which an employer gibes an individual a salary increase or some other financial reward for outstanding performance immediately or shortly after the performance occurred |
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| an incentive program in which employees receive a bonus if the firm’s costs are reduced because of greater worker efficiency and/or productivity |
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| an incentive program in which employees receive a bonus depending on the firm’s profits |
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| paying sales people based on the number of units they sell or the dollar value of sales they generate for the company |
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| what a firm offers its workers other than wage and salaries in return for their labour |
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| a plan that protects employees when their income is threatened or reduced by illness, disability, death, unemployment or retirement |
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| a protection plan that provides a basic subsistence payment to employees who are between jobs |
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| mandated insurance that covers individuals who suffer a job related illness or accident |
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| usually for periods of one, two or more weeks during which an employee can take time off work and continue to be paid |
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| provided when an individual is sick or otherwise physically unable to perform his/her job |
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| when an organization allows an employee to take off a small number of days simply for personal business |
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| a program that concentrates on preventing illness in employees rather than simply paying their expenses when they become sick |
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| canadian human rights act |
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Definition
| ensures that any individual who wishes to obtain a job has an equal opportunity to apply for it |
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| bona fide occupational requirment |
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| when an employer may choose one applicant over another based on overriding characteristics of the job |
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| federal legislation that designates four groups as employment disadvantaged, women, visible minorities, aboriginal people, and people with disabilities |
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| requests for sexual favours, unwelcome sexual advances, or verbal or physical conduct of a sexual nature that creates an intimidating or hostile environment for a given employee |
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| form of sexual harassment in which sexual favours are requested in return for job related benefits |
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| form of sexual harassment deriving from off-colour jokes, lewd comments, and so forth |
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| the set of expectations held by an employee concerning what he or she will contribute to an organization (contributions) and what the organization will provide the employee (inducements) in return |
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| interactions between employers and employees and their attitudes toward one another |
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| the pleasure and feeling of accomplishment employees derive from performing their jobs well |
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| the generally positive or negative mental attitude of employees toward their work and workplace |
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| the percentage of an organization’s workforce that leaves and must be replaced |
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| the set of forces that causes people to behave in certain ways |
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| classical theory of motivation |
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| a theory of motivation that presumes that workers are motivated almost solely by money |
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| breaking down jobs into easily repeated components, and devising more efficient tools, and machines for performing them |
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| the tendency for workers’ productivity to increase when they feel they are receiving special attention from management |
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| based on the belief that people must be forced to be productive because they are naturally lazy, irresponsible and uncooperative |
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| based on the belief that people want to be productive because they are naturally energetic, responsible, and cooperative |
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| hierarchy of human needs model |
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| theory of motivation describing 5 levels of human needs and arguing the basic needs must be fulfilled before people work to satisfy higher-level needs |
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| theory of human relations by Frederick Herzberg that identifies factors that must be present for employees to be satisfied with their jobs and factors that, if increased, lead employees to work harder |
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Definition
| affect motivation and satisfaction only if they are absent or fail to meet expectations (ex. Workers will be upset if they believe that they have poor working conditions) (refer to the environment they work in) |
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| lie on a continuum from satisfaction to no satisfaction. Directly related to the work that employees actually perform (recognition, added responsibility) |
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| controlling and modifying employee behaviour through the use of systematic rewards and punishments for specific behaviours |
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| management by objectives (MBO) |
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| a system of collaborative goal setting that extends from the top of an organization to its bottom |
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| a method of increasing employees job satisfaction by giving them a voice in how they do their jobs and how the company is managed |
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| motivating and energizing employees to create high quality products and to provide bend-over backwards service to customers so that the company is more competitive |
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| a method of increasing employees’ job satisfaction by extending or adding motivating factors such as responsibility or growth |
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| a method of increasing employees’ job satisfaction by improving the worker – job fit through combining tasks, creating natural work groups, and/or establishing client relationships |
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Definition
ways:
o Combining tasks
Involves enlarging jobs and increasing their variety to make employees feel that their work is more meaningful. Employees become more motivated.
o Forming natural work groups
People who different jobs on the same projects are candidates for natural work groups. These groups are formed to help employees see the place and importance of their jobs in the total structure of the firm
o Establishing client relationships
Allowing employees to interact with customers.
It gives workers a greater sense of control and more feedback about performance than they get when their jobs are not highly interactive |
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| a method of increasing employee job satisfaction by allowing them some choice in the hours they work |
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| a method of increasing employee job satisfaction by allowing them some choice in the hours they work |
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| allowing employees to do all or some of their work away from the office |
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| a method of increasing job satisfaction by allowing 2 people to share one job |
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| the process of motivating others to work to meet specific objectives |
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| patterns of behaviour that a manager exhibits in dealing with subordinates |
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| a managerial style in which managers generally issue orders and expect them to be obeyed without question |
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| a managerial style in which managers generally request input from subordinates before making decisions but retain final decision-making power |
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| a managerial style in which managers typically serve as advisers to subordinates who are allowed to make decisions |
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