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Definition for Midterm.docx

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Matthew Archibald

ADM 1300 B Definitions for Midterm YUJIE YI #7038840 Chapter 7 Management, Leadership, and Internal Organization - Management: the process of using resource to achieve goals efficiently and effectively. - Manager: the person who are responsible for supervising resources to achieve goals. st 3 Managerial Skills: Technical (1 level), Human, and Conceptual (top level). - Technical skills: the manager’s ability to understand and use the techniques, knowledge, tools, and equipment of a specific department or area of study. - Human skills: interpersonal skills, including the ability to communicate with, motivate, and lead employees to complete their assigned activities, that help managers to work effectively with people. - Conceptual skills: help a manager to see the organization as a single unit and to understand how each part of the overall organization interacts with other parts. Managerial Functions: Planning, Organizing, Leading/ Direcing, Controlling - Planning: used to select goals and a course of action to achieve goals The process of looking forward to future events and conditions and deciding on the courses of action for achieving organizational goals - Organizing: structuring workplace to achieve goals; mobilizing resources, arranging work; creating organizational structure  1 /12 The process of blending human and material resources through a formal structure of tasks and authority: arranging work, dividing tasks among employee, and coordinating them to ensure plans are carried out and goals are met - Leading: managers articulate vision/ strategy of organization by power, persuasion, communication and motivation. Guiding and motivating employees to accomplish organizational goals - Controlling: essential to assess outcomes The function of assessing an organization’s performance against its goals Vision: the ability to perceive marketplace needs and what an organization must do to satisfy them Planning: Strategic, Tactical, Operational, and Contingency - Strategic Planning: the most far-reaching level of planning- the process of deciding on the primary objectives of an organization and then taking action and setting aside resources to achieve those objectives - Tactical Planning: involves carrying out the activities set out in the strategic plans. Tactical plans guide the current and short-term activities required to carry out the overall strategies. - Operational Planning: sets the detailed standards that help to carry out tactical plans. It involves choosing specific work targets and assigning employees and teams to carry out plans. - Contingency Planning: to resume operations as quickly and as smoothly as possible after a crisis ADM 1300 B Definitions for Midterm YUJIE YI #7038840 The 5 Planning Steps: - Establish a goal - Is there a gap - Develop plans - Implement the plan - Assess. The Strategic Planning Process: - Define the mission Mission statement: a written description of an organization’s overall business purpose and aims - Assess competitive position (SWOT analysis) SWOT analysis: strengths, weakness, opportunity and threats. By assessing all four factors one by one, a firm can then develop the best strategies for gaining a competitive advantage. - Set objectives. - Create strategies for competitive differentiation 3  12 Competitive differentiation: the unique mix of a company’s abilities and resources that set it apart from its competitors. - Turn strategy into action - Evaluate and refine Leadership: the ability to direct or inspire people to reach goals 3 Styles of Leadership: Autocratic, Democratic, and Free-rein - Autocratic leadership: centered on the boss - Democratic leadership: employee involvement in the decision-making process, empowerment (giving employees shared authority, responsibility, and decision- making with their managers) - Free-rein leadership: minimal supervision Organizational Structures  Organization: a structured group of people working together to achieve common goals.  Organizing process - Decide on the specific work activities needed to carry out plans and achieve objectives - Group all work activities into a pattern or structure that makes sense ADM 1300 B Definitions for Midterm YUJIE YI #7038840 - Assign activities to specific employees and give them the resources they need - Coordinate the activities of different groups and individuals - Evaluate the results of the organizing process  Departmentalization: the process of dividing work activities into units within the organization. 5 major forms: product, geographical area, customer, function, and process.  Delegation: the managerial process of assigning work to employees.  Types of Organization Structures: line, line-and-staff, committee, and matrix. Chapter 5 & 6 Entrepreneurship and Options for Business Ownership Startup Your Own Business - Small business: an independent business with fewer than 100 employees and revenues less than $2 million, not dominant in its market - Entrepreneur: a person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business - Business plan: a formal document that details a company’s goals, methods, and standards. - Debt financing: borrowed funds that entrepreneurs must repay. 5  12 - Equity financing: funds invested in new ventures in exchange for part ownership - Venture capitalists: business firms or groups of individuals that invest in new and growing firms in exchange for an ownership share. - Angel investors: wealthy individuals who invest directly in a new venture in exchange for an equity stake. - Categories of Entrepreneurs: classic, serial, social Franchising - Franchising: a contract-based business arrangement between a manufacturer or other supplier, and a dealer, such as a restaurant operator or retailer. - Franchisee: the individual or business firm purchasing a franchise - Franchisor: the firm whose products are sold to customers by the franchisee. 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