[MANGMT 3000] - Midterm Exam Guide - Everything you need to know! (13 pages long)
Document Summary
Organization- a group of people who work together to achieve some specific purpose. Management- defined as (1) the pursuit of organizational goals efficiently and effectively by (2) integrating the work of people through (3) planning, organizing, leading, and controlling the organizations resources. Efficient means to use resources- people, money, raw materials, and the like- wisely and cost-effectively. Effective means to achieve results, to make the right decisions and to successfully carry them out so that they achieve the organization"s goals. Mentor- an experienced person who provided guidance to someone new to the work world. Competitive advantage- ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them. Stay ahead in 4 areas: being responsive to customers, innovation- finding ways to deliver new or better goods or services, quality, efficiency. Sustainability- economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
