Quiz 1

What are the four functions of management?

skills managers need

examples of opportunities/threats

planning =

type of plan focused on by executives over 18+ months

type of plan focused on by first level managers that take 12-18 mon

does formal or informal planning make more money

how managers develop their strategy, use competitive strategy

Step 1: Mission, goals, strategies
Step 2: External Analysis - OT
Step 3: Internal Analysis- SW
Step 4: formulating strategies
Step 5: Implementing
Step 6: Evaluating

what are elements in porters generic strategy: competitive

what are competitive advantages

Characteristics of organizations

managers want things done

Organize (function of management)

Plan (function of management)

management roles depend on

top managers spend 36% of the time

first level managers spend 51% of the time

anything outside org that can affect organizations performance

Primary management function

Competitive strategies

sell at lowest cost possible

sell to a specific group of people

nonstandard products, unique things

focus on what you do well- focus on growth

across the supply chain

mergers and acquisitions

working with other businesses not in your field

corporates who keep doing what doing

probs arise, retrenchment (minor changes) or turnaround (major changes)

specific goals increase

all goals should be SMART goals which are

what are ways to increase the chances of completing a goal

monitoring goals to make sure things happen

what are the steps in the control process

types of control