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Business Terms Chapter 1

Business Terms Chapter 1 - Term Definition Five tasks of a...

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Term: Five tasks of a manager according to Peter Drucker Definition: 1. Set goals- establish goals for the group and decide what must be done to achieve them 2. Organize- divide work into manageable activities and select people to accomplish tasks 3. Motivate and communicate- create teamwork via decisions on pay, promotions, etc., and through communication 4. Measure- set targets and standards; appraise performance 5. Develop people- recognize the value of employees and develop this critical organizational asset Term: Four core management functions Definition: 1. Planning (setting goals and deciding activities) 2. Organizing (organizing activities and people) 3. Leading (motivating, communicating with, and developing people) 4. Controlling (establishing targets and measuring performance) Term: Management Definition: the attainment of organizational goals in an effective and efficient manner through planning, organizing, leading, and controlling organizational resources
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Term: Planning Definition: identifying goals for future organizational performance and deciding on the tasks and use of resources needed to attain them; defines where the organization wants to be in the future and how to get there Term: Organizing Definition: reflects how the organization tries to accomplish the plan; involves assigning tasks, grouping tasks into departments, delegating authority, and allocating resources across the organization Term: Leading Definition: the use of influence to motivate employees to achieve organizational goals; means creating a shared culture and values, communicating goals to people through the organization, and infusing employees with the desire to perform at a high level Term: Controlling Definition: monitoring employees' activities, determining whether the organization is on target toward its goals, and making corrections as necessary; ensures organization is moving toward its goals
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Term: Organization Definition: a social entity that is goal directed and deliberately structured Term: Organizational effectiveness Definition: the degree to which the organization
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