WGU C483 Principals of Management Latest Graded A+

WGU C483 Principals of Management Latest Graded A+ vision statement where the organization wants to be in the future Mission Statement what the organization needs to do now to achieve the vision "Great Man" theory certain traits determine good leadership behavioral theory behaviors are conditioned as a result of the environment contingency theory based on the idea that leadership styles are situational transactional theory goals between the organization and individual must be aligned; reward system full-range theory a component of transformational leadership which enhances motivation and morale individualized consideration Leader attends to followers' needs, acts as a mentor or coach, listens to followers' concerns intellectual stimulation leader challenges assumptions and tasks risks inspirational motivation Leader articulates a vision that appeals to followers idealized influence Leader behaves in charismatic ways that cause followers to identify with him or herpath-goal theory it's the leader's job to assist followers in attaining goals and provide direction to ensure goals are compatible with the organization 5 main functions of managers planning, organizing, leading, coordinating, controlling planning function of management setting organizational goals, developing strategies to reach those goals, determining resources needed, setting precise standards Organizing function of management the process of assigning tasks, allocating resources, and coordinating work activities, evaluate results leading function of management -guiding and motivating employees to work effectively to accomplish organizational goals and objectives -giving assignments -explaining routines -clarifying policies -providing feedback on performance coordinating function of management coordinate the work of others both inside the work unit and out controlling function of management monitoring progress and correcting for any veering off the path technical managerial skills Specific areas of knowledge and expertise and the ability to apply that knowledgehuman relations skills the ability to understand human behavior, to communicate effectively with others, to listen to the ideas of others, and to motivate individuals to accomplish their objectives conceptual skills the ability to view the organization as a whole and understand how the various parts are interdependent as well as assess how the organization fits into its external environment, how it relates to its competition in the same industry, and how it produces value for the customer Mintzberg's Managerial Roles Interpersonal: figurehead, leader, liaison Informational: monitor, disseminator, spokesperson Decisional: entrepreneur, disturbance handler, resource allocator, negotiator leadership establishing a direction and influencing others to follow management successfully administering the details in business operations strategic management process strategy analysis, strategy formulation, strategy implementation, and strategy evaluation and control strategy analysis study of firms' external and internal environments, and their fit with organizational vision and goals; SWOT or PESTLE strategy formulation goals and objectives are written strategy implementation planning stops and action begins strategy evaluation and control performance measurements are used to determine progress and changing goals may be necessaryOperational strategies The methods companies used to reach their objectives Corporate strategies Focus on seeing the company as made up of interconnected parts concentrated on driving the company mission allocation of resources Strengths and weaknesses of employees need to be identified so they can be placed in the role where they provide the most value to the company Return on Investment (ROI) The profit you receive for investing by dividing the amount of money gained by the cost of the investment core competencies capabilities that serve as a source of competitive advantage for a firm over its rivals Differentiated product a product that is not like any other on the market Cost Leadership The ability to create economies of scale through efficient operations that produce a large volume Differentiation The ability to create a good that is difficult to replicate Market Segmentation Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs