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3. Read to Learn • Describe the overall purpose of management. • Discuss the four functions of management.

4. The Main Idea The purpose of management is to set goals for the company and to help meet those goals as efficiently and effectively as possible. There are four functions of management: planning, organizing, leading, and controlling.

5. Key Concepts • Introduction to Management • The Four Functions of Management

6. Key Term the process or functions of planning, organizing, leading, and controlling management the act or process of creating goals and objectives as well as the strategies to meet them planning

7. Key Term getting the resources arranged in an orderly and functional way to accomplish goals and objectives organizing a chart that shows how the firm is structured and who is in charge of whom organizational chart

8. Key Term a manager who is responsible for setting goals and planning for the future as well as leading and controlling the work of others top-levelmanager

9. Key Term middlemanager a manager who carries out the decisions of top management a manager who is responsible for the daily operations of a business operationalmanager

10. Key Term leading providing direction and vision keeping the company on track and making sure goals are met controlling

11. Introduction to Management If a firm has employees, then some type of management is necessary. management the process or functions of planning, organizing, leading, and controlling

12. Graphic Organizer Management Responsibilities MeetingGoalsEfficiently Focusing onGoals ProfitMade

13. The Four Functions of Management The four functions of management are: • Planning • Organizing • Leading • Controlling Some managers may primarily focus on one or two of these functions.

14. ManagementFunctions Figure 7.1

15. The Four Functions of Management A challenge for many managers is dealing with multiple objectives, each at a different functional level. Communicating with employees at all times helps assure that objectives are met.

16. Planning Planning involves figuring out the resources that are needed and the standards that must be met. planning the act or process of creating goals and objectives as well as strategies to meet them

17. Organizing and Staffing A manager is responsible for organizing people, work processes, and equipment. organizing getting the resources arranged in an orderly and functional way to accomplish goals and objectives

18. Organizing and Staffing A manager may be involved in creating an organizational chart. organizational chart a chart that shows how the firm is structured and who is in charge of whom

19. Organizing and Staffing A small firm may have only one top-level manager. top-level manager a manager who is responsible for setting goals and planning for the future as well as leading and controlling the work of others

20. Organizing and Staffing Middle managers are often responsible for various departments in a business. middle manager a manager who carries out the decisions of top managers

21. Organizing and Staffing Supervisors, office managers, and crew leaders are types of operational managers. operational manager a manager who is responsible for the daily operations of a business

22. Leading Leading involves: • Setting standards • Delegating work • Enforcing policies • Resolving conflicts leading providing direction and vision

23. Graphic Organizer How Good Managers Lead by Example ShowingRespect ShowingHonesty ShowingLoyalty ShowingCourtesy Showing aStrong WorkEthic ShowingMotivation ShowingInitiative ShowingCooperation ShowingPunctuality

24. Controlling Controlling involves several tasks, including monitoring customer satisfaction. controlling keeping the company on track and making sure goals are met

25. Graphic Organizer Controlling Keeping track of budgets Keeping track of schedules Monitoring the quality of products or services Monitoring and reviewing employee performance Taking corrective action when goals are not met Monitoring customer satisfaction

26. Which function of management providesdirection and vision • Leadership • Controlling • Planning [Default] [MC Any] [MC All]

27. The act or process of creating goals and objectives is a characteristic of which management function • Planning

28. Management helps business focus on • Achieving the company’s profit margin • Setting and meeting goals • Establishing a productive work environment [Default] [MC Any] [MC All]

29. Incentive Plans Some companies try to motivate employees with incentives such as on-site child care and bonuses.

30. You and your friend, Jeremiah, were helping your little brother figure out how to make molded cars from melted crayons using a kit you gave him. You decide to sell the cars at a local toy shop. Jeremiah wants to be a partner in your business. Decision Making Since Jeremiah was involved in the initial experiment, do you have an obligation to make him a partner? What about your little brother?

31. Answer Students might suggest that both Jeremiah’s and the little brother’s input into the process of making the cars should be rewarded in some way, especially if their ideas result in sales and profits. Having partners can help an entrepreneur launch and grow a business. However, disagreement among partners can sometimes present significant roadblocks to success.

32. What is management? The aspect of business that involves planning, organizing, leading, and controlling.

33. What are three levels of management? top, middle, and operational

34. Which of the three levels is most involved in the day-to-day supervision of employees? operational management

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