Managing the Business
Something a business hopes and plans to achieve
Goals
The 4 steps in the management process identified by the letters P-O-D-C
Planning
Organizing
Directing
Controlling
A diagram/graph that shows the structure of an organization and the relative ranks of employees
Organization Chart
The leadership style most appropriate with experienced, knowledgeable, and trustworthy employees
Free Reign
Beliefs about what is right or wrong in actions that affect others.
Ethics
The period of time associated with LONG-TERM goals
5 or more years
Guiding and motivating employees as they work is part of this step in the management process.
Directing
The practice of assigning managerial responsibilities to subordinates or employees in non-management positions.
Delegating
The leadership style used by a manager who asks for feedback from her employees before making the final decision herself.
Democratic
Copmany: ENRON
Ethical or Unethical?
Unethical
A company’s statement about what they generally want to achieve and how they’ll achieve it
Mission Statement
The step in the management process where goals are set.
Planning
Explain how a manager delegating a task to an employee can actually benefit the employee.
Gives the employee an opportunity to prove themselves and show they can handle the responsibility; may lead to a raise or promotion
The overall attitude employees have toward their workplace
Morale
Company: JOHNSON & JOHNSON
Ethical or Unethical?
Ethical
This level of management typically sets the overall goals for the business
TOP Level Managers
A manager of a hair salon who is very good at cutting and styling hair herself would be strong in this type of management skill.
Technical Skills
The purpose of an organization chart in business (what it shows).
To show who reports to whom
(the chain of command)
The type of employee with whom an autocratic leadership style would be most appropriate.
New, inexperienced, doesn’t know how to do most tasks correctly
Putting a company’s ethical standards and practices into writing for all to see.
Writing Codes
Hiring a new waiter or waitresses at a restaurant after someone quits would be the responsibility of a manager at this level.
First-line (supervisory) manager
This skill is especially important for top management. They see the big picture – how all parts of the business come together.
Conceptual Skills
The term (starts with “s”) for an employee who is low on the organization chart in business.
Subordinate
The two most common, but opposite, approaches to motivating your workforce.
Positive Reinforcement & Punishment
The four main areas of social responsibility.
Responsibility to…
Customers/Community
Employees
The Environment
Investors