| Front | Back |
|---|---|
| Objectives regarding __________ are generally stated in terms of percentage of sales increase and market share | Competitive Advantage |
| Strategic plans establish _______ Objectives and an overall strategy by which a firm fulfills its mission | Long-Range |
Planning as a Function of Management: strategic. those plans that establish the long-range objectives and overall strategy or course of action by which a firm fulfills its mission (long term)
A firm's highest managers develop its strategic plans, which establish the long-range objectives and overall strategy or course of action by which the firm fulfills its mission.
Planning begins at the highest level and works its way down through the organization. Step one is usually called strategic planning, which is the process of establishing an overall course of action.
The four common elements of an organization include common purpose, coordinated effort, division of labor, and hierarchy of authority.
Financial managers generally oversee the financial health of an organization and help ensure its continued viability. They supervise important functions, such as monitoring cash flow, determining profitability, managing expenses and producing accurate financial information.
A tactical plan answers "how do we achieve our strategic plan?" It outlines actions to achieve short-term goals, generally within a year or less. They are much narrower in focus and can be broken down into the departmental or unit level.
Corporate strategy is the broadest level of strategy, and is concerned with decisions about growing, maintaining, or shrinking very large companies.
Getting Maximum Results with Minimum Efforts - The main objective of management is to secure maximum outputs with minimum efforts & resources. Management is basically concerned with thinking & utilizing human, material & financial resources in such a manner that would result in best combination.
3 types of organizational goals are strategic, tactical, and operational goals.
Organizational objectives are short- and medium-term goals that an organization seeks to accomplish so it might reach its overall strategic goals. Objectives will usually play a part in the setting of an organization's policies and allocation of resources.Sep 9, 2021
Most organizations, however, still have four basic levels of management: top, middle, first line, and team leaders.Top-Level Managers. As you would expect, top-level managers (or top managers) are the “bosses” of the organization. ... Middle Managers. ... First-Line Managers. ... Team Leaders.
Originally identified by Henri Fayol as five elements, there are now four commonly accepted functions of management that encompass these necessary skills: planning, organizing, leading, and controlling.
There are three main types of managers: general managers, functional managers, and frontline managers. General managers are responsible for the overall performance of an organization or one of its major self-contained subunits or divisions.