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Business Management Chapter 1

Key Concepts:

Terms in this set (13)

Principle
A basic truth or law
Technical skill
The specific abilities people use to perform their jobs.
Management
The process of deciding how best to use a business's resources to produce goods or provide services.
Glass ceililng
The invisible barrier that keeps women and minorities from moving up in the world of business.
Senior management
The level of management that decides goals of the business, ow to meet them, and how to use company resources.
Middle management
The level of management responsible for meeting the goals that senior management sets.
Professional manager
A person who is paid to perform management functions within a company.
Small business
A business that is independently owned and operated.
Supervisory management
The lowest level of management.
Entrepreneurs
People who start and run their own businesses.
Role
A part that a manager plays or a function that a manager serves.
Conceptual skills
Abilities that help managers understand how different parts of a business relate to one another or to the business as a whole.
Human relation skills
Abilities managers need to understand and work well with people.
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