LM - Leadership and Management [OVERVIEW]

Leadership and Management

Introduction

Accounting, finance, production, marketing, sales, and management…it takes expertise in each of these areas to run a successful business. All of these areas share a common focus on the mission of the business and on keeping customers satisfied. Using clearly defined steps of the decision-making process, managers at all levels plan, organize, direct, and control their particular areas of the business. Good managers understand that they are only as good as their employees and spend time to properly train employees. Additionally, leadership within an organization understands that their treatment of the customer is extremely important to the building of the organization’s brand and maintaining customer support. In this module, we will learn about the manager’s role in serving both the customer and the employee while helping to guide the business to success.

Knowledge Questions

In this module, we will be unraveling these knowledge-based questions:

  1. What are the functions of business and how do they work together?
  2. Define and explain the functions of management.
  3. Why does a business need a vision statement, mission statement, and goals?
  4. How do I apply the decision-making process to a situation?
  5. Why should management be concerned with the brand image of the business?
  6. How do employees and management contribute to the success of a business?
  7. How can organization skills assist in planning and executing business projects?
  8. What is strategic planning and how can it be used to manage business growth, profit, and goals?
  9. What leadership skills are needed in a successful business environment?

Key Terms

Brand reputation | what everyone thinks about your organization or brand

Decision-making process | seven-step process used when making decisions

Functions of business | interrelated areas of business including accounting and finance, marketing and sales, management, and production and operations that all work together

Functions of management | the four areas of management including planning, organizing, directing, and controlling

Mission statement | a simple statement about the company’s goals, values, and objectives that helps employees and customers understand the organization’s top priorities

SMART goals | goals that are specific, measurable, attainable, realistic, and time-bound

Strategic planning | an ongoing process that includes the development of a vision statement, mission statement, and SMART goals

SWOT analysis | a process of analysis that involves looking at strengths, weaknesses, opportunities, and threats

Vision statement | states the company’s plan or vision for the future and serves as a guide for future goals

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