Business Management: Exam 1 Study Guide With Complete Solution

Management - Answer the vehicle to achieve organizational success Organization - Answer group of people that work together within a structure to achieve a goal Vision Statement vs. Mission Statement - Answer Mission statement: big picture Vision statement: how you get there Management steps - Answer - planning: set goals - organization: organizing (proper people in the proper jobs) - control: managng all levels of business - leading: someone who motivates and directs through motivation Effective vs Efficient Management - Answer Effective: making correct decisions Efficient: cost effective management Manager - Answer someone in charge of implimenting the management process Management triangle - Answer 1) top managers (vision statement) 2) middle managers 3) staff (mission done) "Ego" - Answer bad word in business Interpersonal skills - Answer get along with people Marketing vs Advertising - Answer Marketing: internal- establishing customer base Advertsing: external- how you reach customers Indirect vs direct customer - Answer Indirect: shopping for sushi at shoprite Direct: shopping at a sushi resturant Jobs in management - Answer 1) finance managers: CEO (figure head) 2) opporations manager: CFO, COO (runs operations) 3) human resource managers: payroll, hiring,firing, benefits 4) administrative managers: incharge of policy 5) public relations managers: establish a brand (publicity, reputation)