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Definition
1.The activity of leading a group of people or an organization or the ability to do this.
Leadership 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, and
(4) coordinating and balancing the conflicting interests of all members and stakeholders.
A leader steps up in times of crisis, and is able to think and act creatively in difficult situations. Unlike management, leadership cannot be taught, although it may be learned and enhanced through coaching or mentoring. Someone with great leadership skills today is Bill Gates who, despite early failures, with continued passion and innovation has driven Microsoft and the software industry to success.
2.
The individuals who are the leaders in an organization, regarded collectively.
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Term
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Definition
A person, group or organization that has interest or concern in an organization.
Stakeholders can affect or be affected by the organization's actions, objectives and policies. Some examples of key stakeholders are creditors, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources.
Not all stakeholders are equal. A company's customers are entitled to fair trading practices but they are not entitled to the same consideration as the company's employees.
An example of a negative impact on stakeholders is when a company needs to cut costs and plans a round of layoffs. This negatively affects the community of workers in the area and therefore the local economy. Someone owning shares in an business such as Microsoft is positively affected, for example, when the company releases a new device and sees their profit and therefore stock price rise.
See also corporate governance.
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Term
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Definition
Definitions (2)
1.
The organization and coordination of the activities of a business in order to achieve defined objectives.
Management is often included as a factor of production along with‚ machines, materials, and money. According to the management guru Peter Drucker (1909-2005), the basic task of management includes both marketing and innovation. Practice of modern management originates from the 16th century study of low-efficiency and failures of certain enterprises, conducted by the English statesman Sir Thomas More (1478-1535). Management consists of the interlocking functions of creating corporate policy and organizing, planning, controlling, and directing an organization's resources in order to achieve the objectives of that policy.
2. The directors and managers who have the power and responsibility to make decisions and oversee an enterprise.
The size of management can range from one person in a small organization to hundreds or thousands of managers in multinational companies. In large organizations, the board of directors defines the policy which is then carried out by the chief executive officer, or CEO. Some people agree that in order to evaluate a company's current and future worth, the most important factors are the quality and experience of the managers.
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Definition
The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing:
(1) identification, selection and development of a product,
(2) determination of its price,
(3) selection of a distribution channel to reach the customer's place, and
(4) development and implementation of a promotional strategy.
For example, new Apple products are developed to include improved applications and systems, are set at different prices depending on how much capability the customer desires, and are sold in places where other Apple products are sold. In order to promote the device, the company featured its debut at tech events and is highly advertised on the web and on television.
Marketing is based on thinking about the business in terms of customer needs and their satisfaction. Marketing differs from selling because (in the words of Harvard Business School's retired professor of marketing Theodore C. Levitt) "Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. And it does not, as marketing invariable does, view the entire business process as consisting of a tightly integrated effort to discover, create, arouse and satisfy customer needs." In other words, marketing has less to do with getting customers to pay for your product as it does developing a demand for that product and fulfilling the customer's needs.
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Definition
objective
Definitions (2)Save to FavoritesSee Examples
1. A specific result that a person or system aims to achieve within a time frame and with available resources.
In general, objectives are more specific and easier to measure than goals. Objectives are basic tools that underlie all planning and strategic activities. They serve as the basis for creating policy and evaluating performance.
Some examples of business objectives include minimizing expenses, expanding internationally, or making a profit.
2. Neutral (bias free), relating to, or based on verifiable evidence or facts instead of on attitude, belief, or opinion. Opposite of subjective.
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