Key Concepts in Management Definitions

Define management

• Management is solely about financial oversight.
• The process of coordinating people and other resources to achieve the goals of an organization.

• The process of planning, organizing, leading, and controlling resources to achieve specific goals.

• The art of making coffee for the team.

Define Planning

• Planning is establishing organizational goals and deciding how to accomplish them.

• Planning is a spontaneous decision-making process.
• Planning is the act of executing tasks without any goals.
• Planning is only about making a budget.

Define Strategic Planning Process

• A method for increasing employee satisfaction
• A financial budgeting technique
• A marketing strategy for product launches
• The strategic planning process is the establishment of an organization’s major goals and objectives and the allocation of resources to achieve them

Define Mission

• A mission is a statement about future goals.
• A mission outlines the daily tasks of employees.
• A mission is a detailed plan for financial success.
• A mission a statement of the basic purpose that makes an organization different from others.

Define Goal

• A goal is an abstract concept without a specific target.
• A goal is a random aspiration that lacks direction.
• A goal is an end result that an organization is expected to achieve over a one- to ten-year period.

• A goal is a vague idea that cannot be measured.

Define Core Competency

• A core competency is a financial strategy for investment.
• Core competency refers to a company's physical assets.
• Core competency is a marketing tactic to increase sales.
• Approaches and processes that a company performs well that may give it an advantage over its competitors

Define SWOT analysis

• Is the identification and evaluation of a firm’s strengths, weaknesses, opportunities, and threats.

• A method for financial forecasting
• A tool for employee performance reviews
• A strategy for market segmentation

Define Objective

• A random thought that lacks direction.
• An opinion or belief about a situation.
• a specific statement detailing what an organization intends to accomplish over a shorter period of time

• A vague suggestion without a clear target.

Define Plan

• an outline of the actions by which an organization intends to accomplish its goals and objectives

• An idea

• A method of doing something or achieving an end

• A set of decisions on how to do something in the future

Define Tactical Plan

• A tactical plan is a long-term strategy for overall business growth.
• A tactical plan is a vague outline of future goals without specific actions.
• A tactical plan is a smaller-scale plan developed to implement a strategy.

• A tactical plan is a short-term, detailed plan that outlines specific actions to achieve objectives.