The Four Functions & Management Basics
This function of management is about deciding goals and strategies.
Planning
Customers put into marketing sectors are called
Target Market
These plans are long-term and created by top management.
Strategic plans
This stage of team development is where conflict often occurs.
Storming
Leaders focus on this, while managers focus on stability.
Vision and change
Doing things right with minimal waste describes this term.
Efficiency
Shared beliefs, values, and norms within an organization describe this.
Organizational culture
Routine decisions with established responses are called this.
Programmed decisions
Recruiting, training, and compensation fall under this department.
Human Resources (HR)
Sender, encoding, message, channel, receiver, and feedback describe this.
Communication process
These three skills separate effective managers from ineffective ones.
Technical, Human, Conceptual
This concept describes businesses acting responsibly toward society.
Corporate Social Responsibility (CSR)
The first step in the decision-making process.
Identify the problem
This motivation theory says employees compare fairness of rewards.
Equity Theory
Control that happens during the work process is called this.
Concurrent control
This function involves monitoring performance and correcting problems.
Controlling
Name two factors managers consider when making ethical decisions.
Consequences, rights, fairness, practical outcomes (any two)
According to Porter, competing by being the lowest cost producer is this strategy.
Cost leadership
Orientation, technical skills, and leadership development are types of this.
Training
Output divided by input measures this.
Productivity
Management is defined as getting work done through others to accomplish these.
Organizational goals
Employees, investors, customers, and communities are examples of this.
Stakeholders
This level of strategy answers the question: “What industries should we compete in?”
Corporate-level strategy
This theory says motivation depends on effort leading to performance, performance leading to rewards, and how much the reward is valued.
Expectancy Theory
This inventory system reduces waste by receiving goods only as they are needed.
Just-in-Time (JIT) inventory