MGM101H5 Study Guide - Midterm Guide: Satya Nadella, Qnx, Chief Sustainability Officer
MGM 101
Management Mid Term
Anthony M.
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CH 1-3
Key Terms
Business: refers to the mission-focused activities aimed at identifying the needs
of a particular market or markets, and the development of a solution to such
needs through the acquisition and transformation of resources into goods and
services that can be delivered at a profit.
Needs<Market<Solution<Production<Product<Profit
Stakeholders: refers to individuals, groups, or organizations that have a direct or
indirect relations with an organization, and that can be impacted by its policies,
actions and decisions
For- Profit Companies: are organizations whose overarching objective is
profitability and wealth creation on behalf of their shareholders and stakeholders
Not-For-Profit Organizations (NFPs): are organizations whose overarching
objective is not profitability and wealth creation but to deliver services to the
people, groups, and communities that they serve via a model of collective interest
and social goal achievement
Organizing: the management function of assembling and coordinating human,
financial, physical, information and other resources needed to achieve goals.
Value: the monetary amount associated with how well a job, task, good, or
seie eets use’s eeds.
- Strategic Value – is the continual process of identifying
opportunities to create, seize, strengthen and sustain competitive
advantage.
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Planning: the management function of systematically making decisions about the
goals and activities that an individual, group, work unit, or the overall
organization will pursue.
Management: The process of working with people and resources to accomplish
organizational goals.
Leading: the aageet futio that ioles the aage’s effots to
stimulate high performance by employees. A new distinction from previous
chapters is mobilizing people to contribute their ideas (knowledge management)
- connecting with people, guiding, inspiring, and directing the team
to achieving team and organization goals
Controlling: the management function of monitoring performance and making
needed changes. This function is to ensure quality, workers safety, resource
management and timelines are being met. Are the actual outcomes matching our
goals? Adjust accordingly.
- A manager must find ways to create value , organize their own
personal effectiveness, mobilize your own talents and skills as well
those of others; monitor performance; and constantly learn,
develop, and change for the future.
Emotional Intelligence: Skills to manage, understand and effectively deal with
others and yourself.
Social Capital: Goodwill stemming from your social relationships; a competitive
advantage in the form of relationships with other people and the image other
people have of you
- Social and Enviromental Responsibility: consumers are beginning
to act and demand that businesses operate in a manner that
demonstrates social responsibility with respect to development
and consumption
- Enviromental Sustainability -positioning businesses to provide
products and services that are considered green intiatives
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Business Model:
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Partners: refers to complementary dependencies and/or relationships we have
with other organizations that are deemed essential to the design, development,
and delivery of products and services to the marketplace.
Activities: refer to key processes an organization undertakes in order to deliver
products and services to the marketplace.
Resources: refer to four core areas—assets, labour, capital, and managerial
acumen.
• Assets: refers to the infrastructure and resource base of the organization.
• Labour: refers to the human resource (talent) requirements of the
business.
• Capital: refers to the money needed by an organization to support asset-
based
• expenditures, meet operating cash requirements, and invest in the
development of new products and/or services which the organization
desires to introduce into the marketplace.
• Managerial Acumen: refers to the foresight, drive, knowledge, ability,
decision-akig opete, ad igeuit of the ogaizatio’s ke
individuals—its owners or top-level managers.
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MGM101H5 Full Course Notes
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