Business Management Essay

Submitted By Eliana-Maldonado
Words: 1053
Pages: 5

Chapter 1: The Manager’s Job
Key Terms:
1. Management - The process of using organizational resources to achieve organizational objectives through planning, organizing and staffing, leading, and controlling.
a. The people who make decisions about a business. (My Words)
b. Business improved under the management of new owners. (Sentence)
c. There are different levels of management in a business, as each person can contribute different managerial skills and managerial functions, which created Synergy within the management team. (4 Word Sentence )
2. Different Levels of Management
A. Top-level managers (executives) are empowered to make major decisions.
B. Term C-level manager refers to top-level manager with “chief” in title.
C. Middle-level managers are layer between top- and first-level managers.
D. First-level managers manage operatives
3. Entrepreneur - A person who founds and operates an innovative business.
a. A person who starts their own business. (My Words)
b. Many entrepreneurs are often afraid of the risk involved of starting a business. (Sentence)
4. Intrepreneur – New ideas for an organization
a. Someone who takes ideas and runs with them
b. Intrepreneurs help a business excel with new ideas of product/service
c. An advantage of being an intrepreneur is that the risks are less than that of an entrepreneur.
5. Multiculturalism - The ability to work effectively and conduct business with people from different cultures.
a. Work and conduct business with people from different cultures.
b. Multiculturalism can be a great aspect in a business.

6. Synergy - A concept of the systems approach to management that states that the whole organization working together will produce more than the parts working independently.
a. Two organization come together to achieve something they couldn’t independently. (My Words)
b. Synergy is often one of the goals of a merger. (Sentence)
7. Managerial Skills
a. Technical Skills
b. Interpersonal Skills
c. Conceptual Skills
d. Diagnostic Skills
e. Political Skills
8. Managerial Functions
a. Planning – Setting and attaining goals
b. Organizing and staffing – Obtains human and physical resources to get the job done
c. Leading – Influences others to achieve organizational objectives. Leaders also execute to accomplish goals.
d. Controlling – Ensures that performance conforms to plans.
Essay Questions:

1. Describe the managerial functions and managerial skills

2. Know the difference between entrepreneur and intrepreneur

3. Multiculturalism and Synergy

Chapter 2 – International Management & Culture Diversity
Key Terms:

1. Multinational Corporation (MNC) - A firm with operating units in two or more countries in addition to its own.
a. A firm that operates in more than one country in addition to its own.
b. Facebook is considered to be a multinational corporation, as it is used across the country.
2. Outsourcing - The practice of hiring an individual or another company outside the organization to perform work.
3. Balance of Trade - The difference between exports and imports in both goods and services.
4. Diversity - A mixture of people with different group identities within the same work environment.

Essay Question:
1. Pinpoint success factors in the global market place and several positive and negative aspect of globalization.

Chapter 3 – Ethics
Key Terms

1. Ethics - The study of moral obligation, or separating right from wrong.
2. Ethically Centered Management - An approach to management that emphasizes that the high quality of an end product takes precedence over its scheduled completion.
3. Conflict of Interest - A situation that occurs when one’s judgment or objective is compromised
4. Corporate Social Responsibility - The idea that firms have an obligation to society beyond their economic obligations to owners or stockholders and beyond those prescribed by law or