Management Basics
This is defined as the efficient and effective pursuit of organizational goals, often integrating people's work through planning and other functions.
What is management?
Together, these four activities – planning, organizing, leading, and controlling – make up the core management process.
What are the four management functions?
These individuals are responsible for directing the activities of others within an organization.
What are managers?
These are the core abilities managers must develop to succeed.
What are managerial skills?
This is the ability of an organization to produce goods or services more effectively than its rivals, thereby outperforming them in areas like responsiveness or efficiency.
What is a competitive advantage?
This term describes the act of using resources like people, money, and raw materials wisely and cost-effectively.
What is being efficient?
This primary management function involves setting goals for the future and deciding on the methods to achieve them.
What is planning?
Holding titles like CEO or President, these managers are responsible for making long-term decisions and setting the overall direction and strategy for the organization.
Who are top managers?
These skills involve the job-specific knowledge and expertise needed to perform well in a particular field, most crucial for lower-level managers.
What are technical skills?
A key aspect of competitive advantage, this involves finding ways to deliver new or improved goods or services to the market.
What is innovation?
Achieving results, making the right decisions, and successfully carrying them out to meet organizational goals means you are this.
What is being effective?
This function focuses on arranging tasks, allocating people, and coordinating other resources needed to accomplish the organization's work.
What is organizing?
Often called supervisors, these managers make short-term operating decisions and direct the daily tasks of nonmanagerial employees.
Who are first-line managers?
Particularly important for top managers, these skills represent the ability to think analytically, visualize the organization as a whole, and understand how its parts interconnect.
What are conceptual skills?
This term refers specifically to the buying and selling of goods or services over computer networks, like the internet, which has reshaped many industries.
What is e-commerce (or electronic commerce)?
Good managers have this effect, where their influence on the organization is magnified far beyond what one person could achieve alone.
What is the multiplier effect?
Described as motivating, directing, and otherwise influencing people to work hard and achieve the organization's objectives.
What is leading?
This type of manager holds responsibility for only one specific organizational activity, such as finance, production, or marketing.
What is a functional manager?
Consisting of the ability to work well in cooperation with others, motivate, inspire trust, and communicate, these skills are crucial for managers at all levels.
What are human skills?
This concept involves economic development that fulfills present needs while ensuring future generations can meet their own needs, often related to environmental policies.
What is sustainable development?
This benefit of studying management helps you better understand how to relate to supervisors, coworkers, and manage yourself.
What is career insight?
This function involves monitoring employee performance, comparing outcomes against set goals, and implementing corrective actions when necessary.
What is controlling?
Political parties, farm cooperatives, labor unions, and trade associations are examples of this type of organization, formed primarily to advance members' interests.
What are mutual-benefit organizations or not-for-profits?
This common term is often used interchangeably with human skills, encompassing abilities like motivating others, inspiring trust, and communicating effectively.
What are soft skills?
Contrasted with just happiness (getting what you want), this is described as achieving a valued sense of self and purpose within the larger context of life and community.
What is meaningfulness?