Summary Business essentials Book cover image

Summary Business Essentials

- Ronald J Ebert, et al
ISBN-10 013266402X ISBN-13 9780132664028
207 Flashcards & Notes
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A snapshot of the summary - Business essentials Author: Ronald J Ebert, Ricky W Griffin ISBN: 9780132664028

  • 5 Business Management

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  • 5.1 The Management Process

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  • What are the three main components of planning?

    It begins when managers determine the firm’s goals. Next, they develop a comprehensive strategy for achieving those goals. After a strategy is developed, they design tactical and operational plans for implementing the strategy.
  • 5.4 Strategic Management Setting Goals and Formulating Strategy

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  • What is a Intermediate Goal

    Goal set for a period of one to five years into the future.
  • 5.5 Contingency Planning and Crisis Management

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  • What is Crisis Management?

    An organization’s methods for dealing with emergencies.
  • What is Contingency Planning?

    Identifying aspects of a business or its environment that might entail changes in strategyc.
  • What is a Strategic Goal goal 

    A goal derived directly from a firm’s mission statement
  • 6 Organising the Business

  • 6.2 The Building Blocks of Organisational Structure

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  • What are the steps to developing structure in a business?

    1.Specialization - Determining who will do what
    2 Departmentalization - Determining how people performing certain tasks can best
    be grouped together
    3 Establishment of a Decision-Making Hierarchy - Deciding who will be empowered to make which decisions and who will have authority over others
  • What is a Proffit Center?

    A separate company unit responsible for its own costs and profits.
  • What is a Functional Departmentalisation?

    Dividing an organization according to groups’ functions or activities.
  • What is a Customer Departmentalization

    Dividing an organization to offer products and meet needs for identifiable customer groups. 
  • What is a Geographic Departmentalisation?

    Dividing an organization according to the areas of the country or the world served by a business.

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