Read the summary and the most important questions on Business essentials | 9780132664028 | Ronald J. Ebert, Ricky W. Griffin.

• 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.