Business Management Final Review

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management

Back 1

The process of deciding how best to use a business’s resources to produce goods and services.

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senior management

Back 2

Manager sets goals and directions for company and is called the CEO, COO, or Board Chair.

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middle management

Back 3

Manager is responsible for meeting goals, delegates to employees, sometimes known as department manager.

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supervisory management

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Manager makes sure day to day operations run smoothly and is in charge of employees.

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habit

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This is a recurrent pattern of behavior that is acquired through frequent repetition and often done unconscious.

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Sharpen the Saw

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Renew yourself regularly

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Synergize

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Work together to achieve more

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Seek First to Understand, Then to Be Understood

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Listen to people sincerely

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Think Win-Win

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Have an everyone can win attitude

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Put First Things First

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Prioritize and do the most important things first

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Begin with the End in Mind

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Define your mission and goals in life

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Be Proactive

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Take responsibility for your life

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Proactive

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Creating or controlling a situation by causing something to happen based on values or principles rather than responding after it has happened.

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Reactive

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Acting in response to a situation and choices based on impulse that is under control of emotions.

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smart goals

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specific, measureable, action, realistic, timely

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urgent

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Requires immediate action or attention.

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important

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Great significance of value and high effect on success, survival, or well being.

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Win-Lose

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I am always at the top, but someone else is at the bottom.

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Win-Win

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I believe we both can win, bothe be successful, and both happy.

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Lose-Lose

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I don’t care what happens to me as long as _____ doesn’t do well.

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Lose-Win

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I avoid confrontation so I take blame to keep peace.

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genuine listener

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Listen with your eyes, heart, and ears.

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active listener

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Listening that includes eye contact, concentrating, one voice speaking, polite language and pleasant nonverbals.

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reflective listening

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Listening skill that you make time, eye contact, define feelings, determine feelings, and restate what you hear to the person(s).

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shunner

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A person who joins gangs, feels that their way is the best and makes fun of people who are different, and fear differences.

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tolerator

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A person who feels everyone has the right to be different, but will not interact with each other and keep to themselves and don’t mingle with other different people.

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celebrator

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A person who values differences and may not agree with ideas but wants to hear about difference experiences.

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action plan

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Plan includes the following steps: define the problem, their way, my way, brainstorm, and highway.

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interpersonal roles

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A manager’s relationship with people.

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information related roles

Back 30

A manager provides knowledge, news, or advice to employees.

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decision making roles

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A manager makes changes in policies, resolves conflict and decides how to best use resources.

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planning

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A management task that decides company goals and the actions to meet them.

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organizing

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A management task that groups related activities together and assigns the employees to perform them.

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staffing

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A management task that decides how many and what kind of people a business needs to meet its goals and then recruits, selects ,and trains the right people.

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leading

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A management task that provides guidance employees need to perform their tasks and keeps the lines of communication open.

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controlling

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A management task that measures how the business performs to ensure that financial goals are being met, analyzes accounting records, and makes changes if necessary.

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principles of management

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The basic truth or law that is developed through observation and deduction.

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corporate culture

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The ways of thinking, being, saying, and doing that businesses and organizations value that are communicated through missions statements and handbooks.

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gender

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This refers to the biological and physiological characteristics that define men and women.

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role congruity

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The expectation that a person will act in a certain way based on his or her gender.

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gender bias

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The prejudice in action or treatment against a person on the basis of their sex.

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glass ceiling

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A barrier that keeps women and minorities from rising to executive level management positions, regardless of their qualifications or achievements.

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entrepreneurs

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People who launch and run their own business.

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US Industrial Period

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Time that had a burst in technology, communication, and transportation in which products and services were easily made available.

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monopolies

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When one company maintains total control over a type of industry.

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Interstate Commerce Act

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Congress passed act to regulate and supervise railroads across multiple states.

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ethics

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A set of moral principles or values that govern behavior.

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patent

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The legal right to exclude others from producing or using an inventor’s discovery.

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copyright

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The owner has exclusive right to reproduce, distribute, or perform writing, music, and art.

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trademark

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A distinctive design, picture, logo, or wording affixed to goods to identify the maker.

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profit maximization

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In 1800s, businesses did not deal with social issues.

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trusteeship management

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In 1920s, businesses had obligations to employees, customers, and creditors.

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social environment

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In 1960s, business should use their influence and money to solve problems such as poverty, crime, environment, etc.

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social audit

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This measures how socially responsible a company is with time, money, new production processes, and ethical diverse workplaces.

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market economy

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Economy where private companies and individuals decide what to produce and what to consume.

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private property

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The owning of items and land that gives you the right to buy and sell it.

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competition

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Producers compete with each other for profits by trying to produce goods and services that will be most attractive to consumers.

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freedom of choice

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People are free to choose what to produce and what to consume.

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supply

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The amount of something available.

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demand

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The number of consumers who want it.

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law of supply

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This describes how price affects the amount of a good producer's produce and as prices rises, producers will supply more.

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law of demand

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This describes how the quantity of a good or service individuals are willing to purchase at various prices and as price increases, the quantity of good demanded falls.

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equilibrium price

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Price where supply equals demand.

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profit

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The difference between what a business earns (revenue) and what it spends (costs).