Podcast
Questions and Answers
What are the four broad functions that constitute the work of all managers according to the text?
What are the four broad functions that constitute the work of all managers according to the text?
- Planning and decision-making, Organizing, Leading, Controlling (correct)
- Researching, Training, Collaborating, Evaluating
- Implementing, Analyzing, Directing, Monitoring
- Networking, Selling, Producing, Evaluating
What is the primary role of organization in the context of management as described in the text?
What is the primary role of organization in the context of management as described in the text?
- Achieving set goals (correct)
- Setting targets
- Providing resources
- Making decisions
How are resources broadly defined in an organizational context?
How are resources broadly defined in an organizational context?
- Skills, talent, and materials (correct)
- Technology only
- People and processes
- Financial assets
In a service-oriented business, what is the essential role of managers in terms of business tools and technologies (BTTs) adoption?
In a service-oriented business, what is the essential role of managers in terms of business tools and technologies (BTTs) adoption?
How does the text define management in the context of organizational goals?
How does the text define management in the context of organizational goals?
What is the fundamental focus of management according to the text?
What is the fundamental focus of management according to the text?
What is the main difference between a service-oriented business and a merchandising business?
What is the main difference between a service-oriented business and a merchandising business?
What defines a manufacturing business?
What defines a manufacturing business?
How are owners of businesses and managers differentiated according to the text?
How are owners of businesses and managers differentiated according to the text?
What is the primary role of managers in a unit according to the text?
What is the primary role of managers in a unit according to the text?
Based on the text, what is a key aspect of a service-oriented business?
Based on the text, what is a key aspect of a service-oriented business?
Flashcards are hidden until you start studying
Study Notes
Management Functions
- Four broad functions of management: planning and decision-making, organizing, leading, and controlling
- These functions are applicable to all managers, including those in service-oriented business settings
Service-Oriented Business
- A service-oriented business is an organization that creates services as outputs
- Examples of businesses: merchandising (purchases finished products and sells to customers), manufacturing (buys raw materials and transforms into goods)
Organization
- An organization is a group of people who work together to achieve set goals
- Goals are broad targets set by individuals responsible for putting people together to become an organization
- Resources (e.g. skills, talent, materials) are necessary to achieve goals
Management Definition
- Management is the set of activities employed to meet the goals of an organization
- Management deals with resources and the people who possess them
- Managers are tasked with managing the unit and other units attached to it
Business Tools and Technologies
- Business Tools and Technologies (BTTs) are considered resources
- Managers must decide what tools and technologies can be integrated and utilized by service-oriented organizations
- Factors affecting adoption of BTTs include technology integration with the industry
Business Components
- Business components: inputs, business process, outputs
- Owners of businesses can be managers, or they may hire other individuals to perform management activities
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
