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Chapter 12.docx

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McMaster University
Rita Cossa

Commerce Exam 75 multiple choice 121665 questions Technological Environment Appendix C10 QuestionsChapter 12 Management and Leadership Resources is a general term that incorporates human resources natural resources and financial resourcesToday management is becoming more progressiveTodays 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 resourcesPlanning is a management function that includes anticipating trends and determining the best strategies and tactics to achieve organizational goals and objectivesOrganizing 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 organizations goals and objectives o Many of todays organizations are being designed around the customerLeading is creating a vision for the organization and guiding training coaching and motivating others to work effectively to achieve the organizations goals and objectives o This function was once known as directing telling employees exactly what to doControlling 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 arent The four functionplanning organizing leading and controllingare the heart of management Planning 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 headGives organization a sense of purpose o Values are a set of fundamental beliefs that guide a business in the decisions they makeo 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 addressThe organizations selfconcept Company philosophy and goalsLongterm survivalCustomer needsSocial responsibility The nature of the companys product or service o Goals are the broad longterm accomplishments an organization wishes to attaino Objectives are specific shortterm statements detailing how to achieve the organizations goalsObjectives must be measurableo Planning answers several fundamental questions for businesses
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