Business Management Test Notes Essay

Submitted By tswilliams2
Words: 2148
Pages: 9

Cheat Sheet Test 1 mng300
Managers operate within an operation.
Organization- a group of people who work together to achieve some specific purpose.
Management is defined as:
The pursuit of organizational goals efficiently and effectively by
Integrating the work of people through
Planning, organizing, leading, and controlling the organization’s resources
Effective- means to achieve results, to make the right decisions and to successfully carry them out so that they achieve organizational goals
Rewards of studying management:
Understanding how to deal with organizations from the outside
Understanding how to relate to your supervisors
Understanding how to interact with co-workers
Understanding how to manage yourself in the workplace
Seven Challenges to being a star manager:
Managing for competitive advantage – staying ahead of rivals
Managing for diversity – the future won’t resemble the past
Managing for globalization – the expanding management universe
Managing for information technology
Managing for ethical standards
Managing for sustainability— the business of green
Managing for your own happiness & life goals
Competitive Adv. - the ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them.
Managing for Competitive Adv.: 1) Being responsive to customers 2) innovation 3) Quality 4) Efficiency
Managing for Information Technology: By 2012, more than a billion consumers are projected to spend $1.2 trillion online, and online commerce between businesses will be 10 times larger, totaling $1.2 trillion. Information technology has facilitated e-business, using the Internet to facilitate every aspect of running a business.
Implications of e-busines: 1) Far-ranging e-management and e-communication. 2) Accelerated decision making, conflict, and stress. 3) Changes in organizational structure, jobs, goal setting, and knowledge management.
Sustainability - economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
What managers do: The Four Principle Functions
Planning- Set goals and learn how to achieve them.
Organizing- You arrange tasks, people, and other resources to accomplish the work.
Leading- You motivate, direct, and otherwise influence people to work hard to achieve the organizational goals.
Controlling- You monitor performance, compare it with goals, and take the correction action needed.
Levels and Areas of Management Pyramid: 1) Top Manager 2) Middle Managers 3) First- Line Managers 4) Non-Managerial Personnel
Top Managers- make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it.
Middle Managers- implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them.
First-Line Managers- make short-term operating decisions, directing the daily tasks of non-managerial personnel.
Functional Manager- responsible for just one organizational activity.
General Manager- responsible for several organizational activities.
Roles Managers Must Play Successfully (Mintzberg’s Useful Finding): 1) A manager relies more on verbal than on written communication. 2) A manager works long hours at an intense pace. 3) A manager’s work is characterized by fragmentation, brevity, & variety.
Three Types of Managerial Roles: 1) Interpersonal roles. 2) Informational roles. 3) Decisional Roles.
Interpersonal roles- managers interact with people inside and outside their work unit. (Figurehead, Leader, Laison)
Informational roles- managers receive and communicate information. (monitor, disseminator, spokesperson)
Decisional roles- managers use information to make decisions to solve problems or take advantage of opportunities.
Entrepreneurship- process of taking risks to try and create a new empire (entrepreneur,…