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MANAGEMENT 303 midterm -chp 1
Terms in this set (11)
what are the 7 challenges of managerment
•. Managing for competitive advantage, information technology, diversity, globalization, ethical standards, sustainability, and happiness/ meaningfulness
what is competitive advantage
•The ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them.
what does it mean to have competitive advantage
•Being responsive to customers.
•Innovation: finding ways to deliver better goods or services.
•Quality: making improvements in quality so that consumers choose your product.
•Efficiency: overstaffing and overuse of raw materials can make you less competitive.
what are the different ways you can attain competitive advantage?
what is an organization
A group of people who work together to achieve some specific purpose.
Managers operate within many types of organizations.
what is management
The process of working with people and resources to accomplish organizational goals
People, Planet, and Profit
Human Talent, Natural Resources from the environment, and financial performance
what is organization performance managementOrganizational Performance Management
A measure of how efficiently and effectively managers use available resources to satisfy customers and achieve organizational goals
What gets measured gets managed
Three resources (3 p's)
what are the four suctions of management
planning: set goals
-controlling: monitor performance
what are the steps in the planning process?
deciding what strategies to spot to attain goals
-deciding which goals the organization will pursie
-deciding how to allocate organizational resources
what are the functions of management?
to overall be efficent and effective
Laura runs a sales and expense report at the end of each work day. Which management function is she performing?
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