Fundamentals of MNGT Test 1

• Organizing - Arranging tasks, people, and other resources to accomplish the work
• Leading - Motivating, directing, and otherwise influencing people to work hard to achieve the organization’s goals
• Controlling - Monitoring performance, comparing it with goals, and taking corrective action as needed
• Levels of management: top, middle, first-line, and team leads
• Top managers - Managers who determine what the organization’s long-term goals should be for the next 1–5 years with the resources they expect to have available
• Middle managers - One of four managerial levels; they implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them
• First-line managers - One of four managerial levels; they make short-term operating decisions, directing the daily tasks of non-managerial personnel
• Team leaders - Facilitate team members’ activities to help teams achieve their goals
• Nonmanagerial employees - Those who either work alone on tasks or with others on a variety of teams
• Areas of management:

  Functional

  General
• Functional manager - Manager who is responsible for just one organizational ­activity
• General manager - Manager who is responsible for several organizational activities
• Three types of organizations:

  For-profit organization

  Non-profit organization

  Mutual-Benefit organization
• For-Profit Organizations: For making money
• Nonprofit Organizations: For offering services
• Mutual-Benefit Organization: For aiding members
• Skills needed: Technical, Conceptual, and Human
• Technical skills - Skills that consist of the job-specific knowledge needed to perform well in a specialized field
• Conceptual skills - Skills that consist of the ability to think analytically, to visualize an organization as a whole and understand how the parts work together
• Human skills - Skills that consist of the ability to work well in cooperation with other people to get things done
• Soft skills - Ability to motivate, to inspire trust, and to communicate with others
• Internal stakeholders - Employees, owners, and the board of directors, if any
• Owners - All those who can claim the organization as their legal property
• Board of directors - Group of people elected to oversee the firm’s activities and ensure that management acts in the shareholders’ best interests
• External stakeholders - People or groups in the organization’s external environment that are affected by it special
• Task environment - 10 groups that present you with daily tasks to handle
• Customers - Those who pay to use an organization’s goods or services
• Competitors - People or organizations that compete for customers or resources
• Suppliers - People or organizations that provide supplies—that is, raw materials, services, equipment, labor, or energy—to other organizations
• Distributors - People or organizations that help another organization sell its goods and services to customers
• Strategic allies - The relationship of two organizations who join forces to achieve advantages neither can perform as well alone
• Employee Organizations: Unions and Associations
• Government regulators - Regulatory agencies that establish ground rules under which organizations may operate
• Special-interest groups - Groups whose members try to influence specific issues
• General environment - Also called macro­environment; can severely impact the task environment
• Economic forces - General economic conditions and trends—unemployment, inflation, interest rates, economic growth—that may affect an organization’s performance
• Technological forces - New developments in methods for transforming resources into goods or services
• Sociocultural forces - Influences and trends originating in a country’s, a society’s, or a culture’s human relationships and values that may affect an organization
• Demographic forces - Influences on an organization arising from changes in the characteristics of a population, such as age gender, or ethnic origin
• Political–legal forces - Changes in the way politics shape laws and laws shape the opportunities for and threats to an organization