A+ Notes: Final Exam Summary

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Published on 1 Oct 2011
Management (MGT)
goals – objectives that business hopes and plans to achieve – Long term (5+), intermediate (1-5), short term (< 1)
direction, guidance, motivation
allocate resources
corporate culture
perf. assessment
mission statement – purpose and how it will achieve (should incl. core values and ethics)
strategy formulation – creation of broad program to define and meet goals (incl. response to new challenges and needs)
strategic goals – long term goals derived directly from mission statement
SWOT analysis (environmental vs org’nal analysis)
match org’n and environment (ex. take risk or not) – choose means/scope of competition
hierarchy of plans:
strategic – resource allocation, priorities, steps to meet strategic goals (by top mgmt)
tactical – how to implement strategic plans (upper/middle mgmt) (ex. how to increase sales)
operational – daily, weekly, monthly (middle/low mgmt)
Levels of strategy
corporate level – identifies the various business company will be in and how businesses relate to each other
growth – (internal) market penetration, product development, geographic expansion; (external)
vertical integration (suppliers/distributors) & horizontal (competitiors)
diversification – expand into new products or market segments – related, conglomerate
investment reduction – retrenchment (reduce operations) divestment (sell off business)
business level (competitive) – identifies way business competes
cost ldship, differentiation, focus
functional level – basic course of action for each department
mgmt – process of planning, organizing, leading, controlling resources to achieve goals
planning – determine what business needs to do and best way to achieve
1) Set goals (objectives – what results are desried) 2) gap b/w desired & actual 3) plans – how to achieve
objectives 4) implement plan 5) evaluate (compare desired and actual)
organizing – mobilizing necessary resources to complete task
leading – guiding and motivating employees to meet goals
controlling – monitor perf., if necessary, adjust perf. or standards
Types of Mgrs
senior – respon. for overall perf. and effectiveness, set long term goals
middle – respon. for implementing senior mgrs decision
first-line – supervising work of employees
Areas : marketing (getting product to customer – develop, pricing, promotion, distribution of G/S)
finance (plan & oversee financial resources, incl. investment & accounting)
operations (creating the G/S – production, inventory, quality, etc)
human resources (hiring, training…)
Skills technical – to perform specialized tasks
human relations – understanding and getting along with ppl
conceptual – think in the abstract, analyze situations & probable outcomes, see beyond present – recognize opp/threat
decision making – 1) define problem & alternatives 2) evaluate alternatives & choose 3) implement & evaluate [ethical
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