THE MAIN FUNCTIONS OF MANAGEMENT TERMS

Abstract

Management terms are industry - or company-specific terms that managers can use to assign meaning, set expectations or relate to their teams with a common language. These terms typically describe a work process, industry-specific skill, tool or expectation or define the company’s requirements. These terms are common in project management, personal management, business management and other leadership areas. Before we further discuss strategic management, we should define nine key terms: competitive advantage, strategists, vision and mission statements, external opportunities and threats, internal strengths and weaknesses, long-term objectives, strategies, annual objectives, and policies.