Top-level managers

Top-level consists of board of directors, president, vice-president, CEOs, etc.

They are responsible for controlling and overseeing the entire organization.

They develop goals, strategic plans, company policies, and make decisions on the direction of the business. In addition, top-level managers play a significant role in the mobilization of outside resources and are accountable to the shareholders and general public. According to L. K., the following skills are needed at the top managerial level: broadened understanding of how competition, world economies, politics, and social trends affect organizational effectiveness.

Manager:

- someone whose job is to organize and control the work of a business, a department, or the people who work there;

- someone whose job is to look after the business activities of an entertainer or sports player.

In every economic system, entrepreneurs and managers bring together natural resources, labor, and technology to produce and distribute goods and services. But the way these different elements are organized and used also reflects a nation’s political ideals and its culture.

City Manager is the principal executive and administrative officer of a municipality under a council-manager system of local government. Under such a form the voters elect only the city council which appoints a city manager to administer municipal affairs under its supervision. The council acts only collectively, and its individual members, including the mayor, have no administrative functions. The city manager, subject to the general supervision of the council, is in full charge of the administration of municipal affairs. He prepares the budget, appoints and dismisses personnel, directs the work of municipal departments, and attends council meetings in which he presents recommendations on municipal business and takes part in the discussions.

Management buy-in – purchase of a large, and often controlling, interest in a company by an outside investor group that chooses to retain the existing management.

Management buyout (MBO) – the buying or a company, esp. one that is going bankrupt or about to be taken over by another company, by its managers.

Management system –

- documented and tested step-by-step method aimed at smooth functioning through standard practices. Used primarily in franchising industry, management systems generally include detailed information on topics such as

1. organizing an enterprise;

2. setting and implementing corporate policies;

3. establishing accounting, monitoring, and quality control procedures;

4. choosing and training employees;

5. choosing suppliers and getting best value from them;

6. marketing;

7. distribution.

Market – the activity of buying and selling goods or services; the buying and selling of bonds, shares, etc.

Market – an actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact (directly and through intermediaries) to trade goods, services, or contracts or instruments, for money or barter.

Markets include mechanisms or means for

- determining price of the traded item,

- communicating the price information,

- facilitating deals and transactions,

- and effecting distribution.

The market for a particular item is made up of existing and potential customers who need it and have the ability and willingness to pay for it.

As one bank fell, the US Federal Reserve stepped in to rescue AIG, the insurance firm. This dramatic move was made on Wednesday to restore confidence in the system and prevent further panic on the markets. And it wasn’t only the US who were worried about the stability of the financial markets. The UK remembers only too well the run on Northern Rock that September. As the share price in the Halifax Bank of Scotland dropped to new lows, the government decided to intervene. It ignored competition laws and encouraged the creation of a new ‘superbank.’ The £12 billion takeover by Lloyds TSB of HBOS, the UK’s biggest mortgage lender, was announced on Thursday. Then came the news that the US government was ready to buy billions of dollars of US banks’ bad mortgage-related loans, and by the end of the week, the markets rallied.

Market cycles – the recurring cycles of the stock market ups and downs.

Marketing – activities intended to increase demand for a product through advertising, sales promotion, pricing, market research, and developing new products.

Marketing mix – the combination of factors known as ‘four Ps’ (product, pricing, promotion and place) that influence sales and are controlled by a company.

Marketing plan – a detailed report showing how a company or a department will maintain and improve sales in a certain area through pricing, promotion and, if necessary, structural changes within the organization.

Market research – study carried out by a company, before launching a new product, into the needs preferences, and incomes of potential buyers.

MBA – Master of Business Administration; a business qualification.

an MBA Student at the Institute of Law and Business; distance MBA programs; Where did you do your MBA?

Mediation – the action of a third, neutral party, to settle an industrial dispute.

Meeting/ business meeting – an organized occasion when business people come together to discuss business-related issues, take decisions conclude deals and resolve conflicts.

Merger – the combining of two or more businesses that allows them to share costs, increase efficiency and competitiveness.

Middle class – social class usually comprising of white-collar (non-manual) workers, lower-level managers, and small business owners, often constituting about one-third of the employed population of a country.

The income of this class is higher than that of the working-class but lower that the of the upper-middle class (doctors, engineers, lawyers, middle-size business owners) and upper class.

Middle class is in the Economics, Politics, and society subject.

Motivation – a feeling of enthusiasm about something, or a feeling of determination to do something; a reason for doing something: Our real motivation is to make a profit.

Motivation is an inner state more than something that one person does to another. You cannot motivate people. You can only create the conditions in which people feel motivated. Films and books seem to tell us that motivation in management is something that people do to others. Sports coaches are seen as 'good motivators.' Unfortunately, this has often led to a simplistic view of what motivation is. As all the research and writing shows, motivation is a complex concept. How would you define it? In our view, it is best defined by describing a motivated person.

People are motivated to do things when they want to do them and will do them without further or constant prompting. Motivation can come and go. There are days when we feel highly motivated and days when we feel like staying in bed. In other words, motivation is almost an inner state rather than something that one person does to another.

N

National Association of Securities Dealers Automated Quotations (NASDAQ) – computerized system that provides brokers and dealers with price quotations for securities traded over the counter as well as for many New York Stock Exchange securities.

Nationalization – the act of bringing company assets or industries under the control and ownership of a government.

Negotiation:

- reaching an agreement through discussion;

- a meeting where this discussion takes place.

to negotiate:

- to discuss with another so as to arrive at a settlement or agreement;

- to transfer to another in return for something of equal value (negotiate a check).

Non profit organization (NPO) – associations, charities, cooperatives, and other voluntary organization formed to further cultural, educational, religious, professional, or public service objectives. Their startup funding is provided by their members, trustees, or others who do not expect repayment, and who do not share in the organization’s profits or losses which are retained or absorbed. Approved, incorporated, or registered NPOs are usually granted tax exemptions, and contributions to the mare often tax deductible.

Null and void – without legal force (about a document)

Nullify – make an agreement lose its legal force.

O

Offer:

- a proposal put forward to conclude a deal;

- an amount of money that you are willing to pay for a product or service.

Old Economy vs. New Economy – traditional economy as distinct from the economy that increasingly relies on information technology and electronic commerce.

Operating loss – loss relating to a company’s business operations.

Operating profit – the net profit made as the result of a company’s business operations.

Operating system – program that controls all the components of a computer system.

Organization –

1. an officially organized group of people who work together or have the same aims, for example, a company or a political party:

the human rights organization Amnesty International;

or She belongs to a number of political and charitable organizations.

2. The way in which the different parts of something are arranged – structure:

Scientists are investigating the organization of the human brain.

Organizational structure –

the framework, typically hierarchical, within which an organization arranges its lines of authority and communications, and allocates rights and duties. Organizational structure determines the manner and extent to which roles, power and responsibilities are delegated, controlled, and coordinated, and how information flows between levels of management.

The structure depends entirely in the organization’s objectives and the strategy chosen to achieve them. In a centralized structure, the decision making power is concentrated in the top layer of the management and tight control is exercised over departments and divisions. In a decentralized structure, the decision making power is distributed and the department and divisions have varying degrees of autonomy. An organizational chart illustrates the organizational structure.

Examples of organizational structure include the functional structure, divisional structure and matrix organization.

Organization and Leadership – leadership in organization

the activity of leading a group of people or an organization, or the ability to do this. In its essence, leadership in an organizational role involves:

1. establishing a clear vision;

2. sharing that vision with others so that they will follow willingly;

3. providing the information, knowledge and methods to realize that vision;

4. coordinating and balancing the conflicting interests of all members or stakeholders.

A leader comes to the forefront in case of crisis, and is able to think and act in creative ways in difficult situation.

Unlike management, leadership flows from the core of a personality and cannot be taught, although it many be learned and may be enhance through coaching or mentoring.

The individuals who are the leaders in an organization, regarded collectively.

Outcomes – results.

Output – the total value of all goods produced and services performed by a producer, an industry or a country.

Outsource – have a service or product supplied or manufactured by other manufacturers, wholesalers, agents, or brokers.

Outstanding – an unpaid amount.

Ownership –the legal state of owning something.

The United States is said to have a mixed economy because privately owned businesses and government both play important roles. Some of the most enduring debates of American economic history focus on the relative roles of the public and private sectors. The American free enterprise system emphasizes private ownership. Private businesses produce most goods and services, and almost two-thirds of the nation’s total economic output goes to individuals for personal use (the remaining one-third is bought by government and business). The consumer role is so great that the nation is sometimes characterized as having a «consumer economy»

P

Parent company / holding company – a company which owns the controlling interest in the subsidiary company.

Partnership – an unregistered association of two or more persons carrying on business together for the purpose of making a profit.

Perfect competition — a market for uniform products in which there are many buyers and sellers, no one of which is big enough to affect the price, and full knowledge of market condition.

Performance:

- the execution of an action;

- the fulfillment of a claim, promise, or request.

Personnel – the entire body of persons employed by an organization.

Personnel manager/ human resources manager / HR manager – a manger in charge of a company’s employees, their recruitment, training, terms of employment, working conditions, etc.

In many Western companies, talent development is still largely confined to the competence of the HR department. In Russia, where top executives are more often involved in the design and delivery of training programs, buy-in from participants is consequently increased and more responsibility for their learning outcomes is often taken. For example, one of the most successful corporate universities in Russia was created by Severstal – a leading steel and mining company with global ambitions – based on an M.B.A. thesis by Alex More, the company’s CEO.

Naturally, the lessons above are from companies that are leaders in people development in Russia, and many Russian organizations are at a stage of discovery with regards to the role of talent development and in creating successful and sustainable businesses.

Policy –

- a set of plans or actions that are agreed on by a government, political party, business, or other organization: the government economic policy;

- a contract between an insurance company and a person or organization.

Corporate policy - usually, a document set of broad guidelines, formulated after an analysis of all internal and external factors that can affect a firm’s objectives, operations, and plans. Formulated by the firm’s board of directors, corporate policy lays down the firm’s response to known and knowable situations and circumstances. It also determines the formulation and implementation of strategy, and directs and restricts the plans, decisions, and actions of the firm’s officers in achievement of its objectives. It is also called company policy.

Portable skills – the skills competent executives provide in an increasingly wide range of business settings as part of teams, nationally and internationally; technical expertise, the so-called «soft skills», emotional competencies, teamwork, etc.

Portfolio – a group of different investments held by an individual or institutional investor.

Portfolio management – managing a group of investments with the aim of making the best possible profit with the least possible risk.

Presentation – a talk or report by a company executive that introduces a new product or service to an audience of specialists in the field or potential investors.

A presentation is essentially a public performance and like all successful performers a presenter needs to be very well-prepared.

The mind map shows a presenter’s ideas on how to plan and structure an effective presentation.