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DSST Things to know_Intro to Business

Competition from other similar brands management the

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Competition from other similar brands Management – the process of planning, organizing, leading and controlling an organization’s financial, physical, human and informational resources to achieve its goals. Planning – Setting goals Setting strategies Tactics for the business Control – Monitoring business performance Making adjustments as needed if goals are not met Management Levels – resembles a pyramid Top managers - run overall organization Middle managers – see that the company’s strategies are implemented and goals are met First Line Supervisors – directly oversee employees Management Authority – Vertical, or flat (decentralizes authority) Horizontal, or tall (centralizes authority in top line management) network Functional Areas – Financial Human resources Information Marketing Operations If applicable – Research and Development OR strategic alliances Managerial Skills – Technical – specialized skills Interpersonal – ability to interact and motivate employees, communicate etc. Decision making o Identify problem o Gather and evaluate information o Develop alternative solutions o Evaluate alternatives o Select the best one for the problem o Further evaluation to determine if goal was met Conceptual – think in the “big picture” o SWOT – strengths & weaknesses (internal), opportunities & threats (external)
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Time management skills o Prioritizing paperwork o Establishing agendas o Setting aside time for phone calls o Organizing and prioritizing emails for response Planning – Strategic – top management – set the future for organization o Develop vision statement o Develop missing statement o Conduct SWOT analysis o Establish goals Long range (more than 5 years) Intermediate (1-5 years) Short range (daily to quarterly) o Developing objectives o Determine tactics’ to achieve objectives and goals and ultimately create the vision Tactical – middle management with the oversight of top managers involves inviolves intermediate goals (1-5 years) Operational Plans – middle managers and first line managers develop short range goals (daily to quarterly) Contingency – unexpected changes (increase in gas prices) Crisis – emergency (9/11) Organizing – determining how the company will be structured Specialization of tasks Departmentalization of those specialties/tasks Distribution of decision making Leading - to motivate, encourage, and influence others Trait Behavioral Situational Transformational Charismatic Motivation may be: Extrinsic Intrinsic Motivation Theory: Maslows Hierarchy of Needs: o Physiological o Safety o Belonging o Esteem o Self actualization Herzberg’s Motivator Hygiene Theory or Two Factor Theory o Theory X – Theory Y – o Hygiene factors: pay benefits, company policy, relationship with coworkers, supervision, status, job security, working conditions, personal life,
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