general business data bank
26. "Cost competitiveness" means pricing
your products lower than all competitors' products.
27. Managing for competitive advantage includes
delivering innovation, quality, service, speed, and cost competitiveness.
28. Management is the process of working with people
and resources to make profit at all costs.
29. To be efficient is to achieve organizational
goals. To be effective is to achieve goals with minimum waste of
30. Efficiency is far more important than
effectiveness in today's competitive environment.
31. The four traditional functions of management
include planning, organizing, leading and service.
32. The planning function can be described as
delivering strategic value.
33. Planning today is always a top-down function in
which top executives establish business plans and tell others to implement
34. Value is "strategic" when it contributes
to meeting the organization's goals.
35. Organizing is assembling and coordinating the
resources needed to achieve goals.
36. In the future, organizing will include creating an
organization chart and having a personnel department that administers plans,
programs, and paperwork.
37. Leading is taking care of all of the
organizational items that occur so that your department moves forward.
38. Controlling monitors performance and implements
39. To become an effective manager you should choose
one or two of the four management functions and become expert in only those. An
outstanding manager only needs to be proficient in one or two of the functions
as he or she can hire others to do the remaining functions.
40. Top managers are also called tactical managers
since they must translate the general goals into specific objectives and
41. Frontline managers often have titles such as
supervisor or sales manager.
42. The need for interpersonal and communication
skills fades as a manager moves from the lower levels of an organization into
the upper management arena.
43. As managers rise through an organization, they
will probably rely less on their technical skills.
44. Interpersonal skills are most important early in
your career, whereas technical skills are important as you rise higher in the
45. Being a manager is more like being the conductor
of an orchestra than playing an instrument in it.
46. In today's work environment, one should only focus
on becoming a specialist, since jobs are becoming so specialized.
47. Emotional intelligence involves the skills of
understanding yourself, managing yourself and dealing effectively with
48. Social capital is the goodwill stemming from your
49. In managing your career, it is important to know
that now, more than ever individuals will be accountable for their actions and