managing the business enterprise -- terms

business essentials -- part 5 -- terms

goal -- objectives that a business hope some plans to achieve
strategy -- broad set of organizational plans for implementing the decisions made for achieving organizational goals
corporate strategy -- strategy for determining the firm's overall attitude toward growth and the way it will manage its businesses or product lines
business (or competitive) strategy -- and strategy, at the business unit or product line level, focusing on the firms competitive position
functional strategy -- strategy by which managers and specific areas decide how best to achieve corporate goals through productivity
mission statement -- organizations statement of how it will achieve its purpose in the environment in which conducts its business
long-term goal -- goal set for extended time, typically five years or more into the future
intermediate goal -- goal set for a period of one to five years into the future
short-term goal -- goal set for the very near future, typically less than one year
strategy formulation -- creation of a broad program for defining a meeting an organizations goals
strategic goal -- long-term goal derived directly from a firm's mission statement
SWOT analysis -- identification and analysis of organizational strengths and weaknesses in environmental opportunities and threats as power of strategy formulation
environmental analysis -- process of scanning the business environment for threats and opportunities
organizational analysis -- process of analyzing a firm strengths and weaknesses
strategic plan -- plant reflecting decisions are about resource allocations, company priorities, and steps needed to meet strategic goals
tactical plan -- generally short-range plan concerned with implementing specific aspects of a company's strategic plan
operational plan -- plan setting short-term targets for daily, weekly, or monthly performance
contingency planning -- identifying aspects of a business or its environment that might entail changes in strategy
crisis management -- organizations method for dealing with emergencies
management -- process of planning, organizing, directing, and controlling an organization's resources to achieve its goals
planning -- management process of determining what organization needs to do and how best to get it done
organizing -- management process of determining how best to arrange an organization's resources and activities into a coherent structure
directing -- management process of guiding and motivating employees to me and organizations objectives
controlling -- management process of monitoring an organization's performance to ensure that its meeting its goals
top manager -- manager responsible to the Board of Directors and stockholders for firms overall performance and effectiveness
middle manager -- managers responsible for implementing the strategies, policies, and decisions made by top managers
first line manager -- manager responsible for supervising the work of employees
technical skills -- skills needed to perform specialized tasks
human relations skills -- skills i understanding and getting along with people
conceptual skills -- abilities to think in the abstract, diagnose and analyze different situations, and see beyond the present situation
decision-making skills -- skills in defining problems and selecting the best courses of action
time management skills -- skills associated with the productive use of time
corporate culture -- the shared experiences, stories, beliefs, and norms that characterize organization