Terms
Define Management
Achieving a company's goals by deciding how to best use the business human, financial and material resources.
Arranging people and tasks to carry out the business's plans is the definition of?
Organizing
What is teamwork?
The ability for people to work together to reach a common goal
What is the role of a marketing manager?
To ensure what that what the company produces gets sold.
The process of setting realistic goals for a business, both long term and short term, and deciding how best to achieve them is the definition of what?
Planning
Role of lower management
hires operating workers and is responsible for the day-to-day running of the factory.
Who's job is it to interpret and put plans of upper management into action?
A middle managers job
What type of team consists of people from different areas that do ongoing work to achieve a specific task?
A committee
What type of manager is someone who analyzes and interprets the market data and gives direction to their department?
A research and development manager
Companies need to consider their impact on the __________ before making decisions.
Environment
The describe the role of upper management
Set long term goals such as developing new products, entering new markets and selling off part of the business
Who is a comptroller?
A manager of the financial department who is often an accountant.
What is a Virtual team?
A team that works together across long distances through computer communication instead of face-to-face meetings.
What does the production manager do?
They ensure that their business is making the things it is supposed to make, the most effective and cheapest way, and ensure the quality of the product
What do managers need to provide for their employees?
Fair pay, reasonable hours, vacations and interesting work.
What is an Autocratic Leader?
A leader who takes control of the situation and does not allow employees to participate in decision making.
What is a Laissez-Faire Leader?
A leader who leaves their employees alone to do their job.
Define informal team
A team that is not put together by management but is formed naturally. Example: a carpool to work
What are some of a finance managers responsibilities?
Keeping records of the companies financial transactions and controlling the company's money, this includes setting the budget of each department along with the department manager.
What are the 4 main functions management performs for any business?
- Planning
- Organizing
- Leading
- Controlling
Someone who provides opportunities for employees to contribute to the decision making process is what kind of leader?
A democratic Leader
What is a benefit of each type of leader?
Democratic Leader: makes employees work harder and feel appreciated
Autocratic Leader: makes decision making faster
Laissez-Faire Leader: Group members are encouraged to work hard.
What kind of team allows for a diversity of input and quick decision making?
A Cross-Functional team
Someone who negotiates deals for the supply and delivery of raw materials, equipment and supplies and goods for resale is what kind of manager?
A purchasing manager.
Why does management give back to the community?
To promote their business and meet the needs of the community.