B A 2020 - Chp 7&8 Notes - Chapter 7 Management and...

This preview shows page 1 - 3 out of 11 pages.

Chapter 7 – Management and Leadership Management - Definition: the process used to accomplish organizational goals through planning, organizing, leading, and controlling people and other organizational resources Planning - Definition: a management function that including anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectives - major objective is to please customers - planning teams help: - monitor the environment, find business opportunities, & watch for challenges Organizing - Definition: a management function that includes designing the structure of the organization and creating conditions and systems in which everyone and everything work together to achieve the organization’s goals and objectives - responsibilities include: - preparing a structure (organization chart) showing lines of authority & responsibility - recruiting, selecting, training, and developing employees - placing employees where they’ll be most effective Leading - Definition: creating a vision for the organization and guiding, training, coaching, and motivating others to work effectively to achieve the organization’s goals and objectives - responsibilities include: - giving assignments; explaining routines; clarifying policies; providing feedback on performance Controlling - Definition: a management function that involves establishing clear standards to determine whether or not an organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking corrective action if they are not - responsibilities include: - measuring results against corporate objectives - monitoring performance relative to standards - rewarding outstanding performance - taking corrective action when necessary
Image of page 1

Subscribe to view the full document.

Vision - Definition: an encompassing explanation of why the organization exists and where it is trying to head - it is more of a goal - gives a sense of where an organization is trying to go; sense of purpose – like why it has started and what are you trying to accomplish in the long run Mission statement - Definition: an outline of the fundamental purposes of an organization - addresses the main topics: - the organization’s self-concept - its philosophy - long-term survival needs - customer needs - social responsibility - nature of the product or service Goals - Definition: the broad, long-term accomplishments an organizations wishes to attain Objectives - Definition: specific, short-term statements detailing how to achieve the organization’s goals SWOT Analysis - Definition: a planning tool used to analyze an organization’s strengths, weaknesses, opportunities, and threats - Figure 7.2 (p184) (It may not be important but, be considerate; use it or not) - Potential Internal STRENGTHS - core competencies in key areas - an acknowledged marker leader - well-conceived functional area strategies - proven management - cost advantages - better advertising campaigns - Potential Internal WEAKNESSES - no clear strategic direction - obsolete facilities - subpar profitability - lack of managerial depth and talent - weak market image - too narrow a product line - Potential External OPPORTUNITIES - ability to serve additional customer groups
Image of page 2
Image of page 3

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern