Introduction to Business Management Week 1

The process of coordinating people and resources to achieve organizational goals.

This is the first step in management. It involves setting objectives and determining the best course of action to achieve them.

Once plans are set, organizing involves arranging resources and tasks to execute the plans.

This function relates to motivating and managing people.

The final function involves monitoring performance and ensuring that everything aligns with the plan.

These are the top executives responsible for setting strategic goals and making major decisions that impact the entire organization.

These managers bridge the gap between top-level executives and operational managers, translating high-level strategy into actionable plans.

These managers directly supervise daily operations, ensuring that the day-to-day tasks are performed efficiently, often directly managing the employees who produce the goods or services.

Refers to the ability to understand and apply specialized knowledge related to the specific field or industry.

These are the interpersonal skills that help managers lead and work with others.

These are the abilities to see the organization as a whole and understand how various functions interact.

The process of coordinating people and resources to achieve organizational goals.

Factors that exist outside the organization that can impact its operation, often beyond the company’s direct control.

Factors that exist within the organization that affect its operation.

A framework for analyzing the external environment of a business, considering factors such as political, economic social, technological, environmental, and legal factors.

A framework for analyzing the competitive landscape of an industry, exploring factors such as the threat of new entrants, bargaining power of buyers, bargaining power of suppliers, threat of substitutes, and rivalry among existing competitors.

The set of shared values, beliefs, and behaviors that define how things are done in an organization.

The style in which managers lead the organization, which significantly affects the overall performance. It can be autocratic, visionary, affiliative, democratic, pacesetting, or coaching. This determines how they interact with employees and make decisions.

Arguably the most important internal factor. They drive the success of an organization. These are the people who work for the company.

These include the financial, physical, and technological resources that an organization has available.

The way a company is structured, which can influence how efficiently it operates. Each structure has advantages and disadvantages. Examples include simple, functional, matrix, and multidivisional.

The process of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its long-term objectives. It’s about positioning the organization for success in a competitive environment.

A simple yet powerful tool for evaluating an organization’s internal and external environment, considering strengths, weaknesses, opportunities, and threats.

Internal factors that give the organization an advantage over competitors, such as a strong brand, a skilled workforce, or superior technology.

Internal factors that may hinder an organization’s performance or prevent it from achieving its objectives. These can negatively impact a company’s ability to compete.

External factors that an organization can capitalize on to grow or improve its performance. These are things that a company can leverage to its advantage.

External factors that could harm the organization or pose a threat to its success.

The process of identifying and attracting qualified candidates to fill job vacancies. It’s the first step in the hiring process.

The process of evaluating candidates and choosing the best person for the job. It involves screening resumes, conducting interviews, and administering tests.

Refers to ongoing efforts to enhance employees’ skills, knowledge, and experience, helping them grow within the organization. It’s about investing in employees’ development.

The process of setting goals, monitoring progress, and providing feedback to employees. It’s about ensuring that employees’ work aligns with the company’s objectives.

The process of identifying, analyzing, and addressing potential risks that could negatively affect an organization’s financial health and operational stability.

The process of strategically distributing a company’s limited financial resources to various areas of the business to achieve organizational goals.

Various mechanisms available for organizations to raise capital to support their operations, growth, and strategic objectives. It involves securing funding for a company.

The process of actively managing and reducing business expenses without compromising quality or operational efficiency.

Focuses on maximizing the difference between revenues and costs. It’s about generating profit for a company.

A fundamental aspect of financial management, enabling organizations to plan their finances and allocate resources effectively. It’s a detailed plan for how a company will spend its money.

Measurable values that demonstrate how effectively a company is achieving its business objectives. These are the key metrics that a business tracks to assess its performance.