Business Management and Marketing

Management
the process of deciding how best to use a business’s resources to produce goods and provide service
Conceptual skills
the skills that help managers understand how different how different parts of a business relate to one another and to the business as a whole
Glass ceiling
invisible barrier that stops women or minorities from getting a job in a higher position
Professional manager
they are paid to perform management functions within a company
Entrepreneur
people who launch and run their own business
a basic truth or law
Principle
the level of management that carries out senior managements goals and objectives
Middle management
people paid to perform management functions within a business
Professional manager
a part that a manger plays or function that a manger serves
Role
a business that is independently owned and operated
Small business
According to the chapter, which level of management is most responsible for the day-to-day operations of a business?
Supervisory managers
What role does a manager play when making changes in policies?
training people to use a new budgeting system
Which statement best describes the status of women and minorities in business today?
they hold supervisory and middle management positions, but very few senior management positions
What advantages do all entrepreneurs enjoy over professional managers?
they are their own bosses and can make their own decisions
Innovations or new ideas ten to come from..
small businesses
Can a management principle be proven just like a scientific principle? Explain.
No, there are different variables.
Name two important roles of small businesses play in the economy.
-Employ million of workers
-Create new and improved products
When recruiting new staff a manager is performing what task?
Staffing
Why is being an entrepreneur riskier than being a professional manager?
If the business falls the entrepreneur tends to lose more money than they invested and the professional manager just loses their job
Name three roles that managers have.
-Informational
-Interpersonal
-Decision making
Name and explain the three levels of management in business. Be sure to name, define, and provide two examples for each level of management.
Senior management- Highest level of management. It sets the goals and objectives of the business. Ex: CFO,CEO
Middle management- make sure the goals and objectives are being met. They also determine how to reach the goals and objectives. Ex: Store manager, assistant store manager
Supervisory management- oversee the day to day operations of a business while working alongside the employees performing the job. Ex: Department head, assistant department head
Name five management task and define/ explain each of them.
Controlling-set standards then measure actual performance against them.
Planning- A manager decides on company goals and the action the company must take to meet them.
Organizing- grouping related activities and assigning employees to perform them.
Staffing- deciding how many people the business needs then recruiting, hiring, training them.
Staffing- a manager provides the guidance employees need to perform their tasks.
Managers have three kinds of skills required to perform a particular job, name and explain each one.
Conceptual skills- help managers understand how parts of the business relate to one another and to the business as a whole.
Technical skills- specific skills people need to perform their job.
Human relation skills- help managers understand how to work alongside people.