Chapter 12.docx

79 views4 pages
17 Apr 2012
Commerce Exam
75 multiple choice
12-16=65 questions
Technological Environment+ Appendix C=10 Questions
Chapter 12 Management and Leadership
Resources is a general term that incorporates human resources, natural resources, and financial resources
Today, management is becoming more progressive
Today’s top leaders of Fortune 100 companies are younger, and more of them are female
Management demands a skilled communicator, team player, planner, coordinator, organizer, and supervisor
Management is the process used to accomplish organizational goals through planning, organizing, leading, and
controlling people and other organizational resources
Planning is a management function that includes anticipating trends and determining the best strategies and tactics
to achieve organizational goals and objectives
Organizing is a management function that includes designing the structure of the organization and creating
conditions and systems in which everyone and everything work together to achieve the organization’s goals and
o Many of today’s organizations are being designed around the customer
Leading is creating a vision for the organization and guiding, training, coaching, and motivating others to work
effectively to achieve the organization’s goals and objectives
o This function was once known as directing; telling employees exactly what to do
Controlling is a management function that involves establishing clear standards to determine whether or not an
organization is progressing toward its goals and objectives, rewarding people for doing a good job, and taking
corrective action if they aren’t
The four function planning, organizing, leading, and controlling are the heart of management
o Executives rate planning as the most valuable tool of their work
o Vision is an encompassing explanation of why the organization exists and where its trying to head
Gives organization a sense of purpose
o Values are a set of fundamental beliefs that guide a business in the decisions they make
o Vision informs values, while values come alive through vision
o Mission statement is an outline of the fundamental purposes of an organization
A meaningful mission statement should address:
The organization’s self-concept
Company philosophy and goals
Long-term survival
Customer needs
Social responsibility
The nature of the company’s product or service
o Goals are the broad, long-term accomplishments an organization wishes to attain
o Objectives are specific, short-term statements detailing how to achieve the organization’s goals
Objectives must be measurable
o Planning answers several fundamental questions for businesses:
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