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Management Study Guide
Chapters 5-9
39
Management
04/11/2011

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Term
S.M.A.R.T.
Definition
Goals that are specific, measurable, attainable, realistic, and timely
Term
Goal Commitment
Definition
the determination to achieve a goal
Term
Option-Based Planning
Definition
maintaining flexibility by making small, simultaneous investments in many alternative plans
The purpose of this is to leave commitments open by maintaining slack resources (cushion of resources), and investing in promising options
Term
Tactical Plans
Definition
plans created and implemented by middle managers that specify how the company will use resources, budgets, and people over the next six months to two years to accomplish specific goals within its mission.
Term
Rational Decision Making
Definition
is a systematic process of defining problems, evaluating alternatives, and choosing optimal solutions
Term
Management by objectives
Definition
a four step process in which managers and employees discuss and select goals, develop tactical plans, and meet regularly to review progress toward goal accomplishment
Term
Purpose Statement
Definition
a statement of a company's purpose or reason for exist, often referred to as the organizational mission or vision. Part of strategic planning
Term
Steps in Rational Decision Making
Definition
Define the problem, Identify decision criteria, Weigh the criteria, Generate alternative courses of action, Evaluate each alternative, Compute the optimal decision
Term
Satisfice
Definition
choosing the 'good enough' alternative
Term
Groupthink
Definition

a barrier to good decision making caused by pressure within a group for members to agree with each other so that the group can approve a proposed solution

Group is insulted from others who might have different perspectives.

Group leader begins by expressing a strong preference for a particular decision.

No established procedure for systematically defining problems.

Similar backgrounds and experiences.

Term
Operational Plans
Definition
day to day plans for producing or delivering products and services over a period of 30 days to 6 months
single-use plans- plans that cover unique, one-time-only events
standing plans- plans used repeatedly to handle frequently recurring events. Three kinds: policies, procedures, rules and regulations
budgets-quantitative planning to decide how to allocate money to accomplish company goals
Term
Conflict
Definition
C-Type or Cognitive- focuses on problem and issue related differences of opinion

A-Type or Affective - focuses on individual or personal issues (emotional)
Term
Nominal Group Technique
Definition
Begins with quiet time when each of the group members write down as many problem definitions and alternative solutions as possible. After quiet time the group leader ask each member to share one idea at a time until all are read aloud and posted on the board for members to see. Then the group discusses the advantages and disadvantages of each idea. Second quiet time follows when each of the members ranks the ideas. Read rankings aloud, and the one with the highest average rank is selected.
Term
Sustainable Competitive Advantage
Definition
When other companies cannot duplicate the value a firm is providing to its customers. Not the same as long lasting com. advantage, instead com. advantage is sustained if competitors have tried unsuccessfully to duplicate the advantage.
Term
Situational Analysis
Definition
(SWOT) An assessment for strengths, weakness, opportunity, and threats. Strengths and weaknesses of the internal environment, and opportunities and threats of the external.
Helps a company determine how to increase internal strengths and decrease internal weaknesses, while maximizing external opportunities and minimizing external threats.
Term
Assessing the need for strategic change
Definition
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Term
Strategic Groups
Definition

Group of companies within an industry that top managers choose to compare, evaluate, and benchmark strategic threats and opportunities.

Core Firms- central companies in strategic groups

Secondary Firms- firms in a strategic group that follow strategies related to but somewhat different from those of the ore firms

Term
Strategic Alternatives
Definition
Managers have two basic alternative strategies, risk-avoiding (aiming to protect the company existing competitive advantage) and risk-seeking (extend or create a sustainable competitive advantage). Managers look at strategic reference points to measure whether their firms has developed the core competencies that it needs to achieve sustainable competitive advantage. Managers are not predestined to choose risk-averse or risk-seeking strategies for their companies depending solely on their current situation. Managers can influence the strategies by actively changing and adjusting the strategic reference points they use to judge strategic performance
Term
BCG Matrix
Definition
Term
Which portfolio strategy is best?
Definition
Related Diversification
Term
Adaptive Strategies
Definition
Defenders, Prospectors, Analyzers, Reactors
Term
Defenders
Definition
firms that adopt a strategy aimed at defending strategic positions by seeking moderate steady growth and by offering limited range of high quality products and services to a well defined set of customers
Term
Prospectors
Definition
firms that adopt an adaptive strategy that seeks fast growth by searching for new market opportunities, encouraging risk taking, and being the first to bring innovative new products to the market
Term
Analyzers
Definition
firms that seek to minimize risk and maximize profits by following or imitating the proven success of prospectors
Term
Reactors
Definition
not following a consistent strategy but instead reacting to changes in external environments after they occur
Term
Organizational Innovation
Definition
the successful implementation of creative ideas in organizations
Term
Innovation Streams
Definition
patterns of innovation over time that can create sustainable competitive advantage
Term
Organizational Decline
Definition
when companies do not anticipate, recognize, neutralize, or adapt to the internal or external pressures that threaten their survival
Term
Resistance To Change
Definition
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Term
GATT
Definition
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Term
Regional Trading Zones
Definition
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Term
Forms for Global Business
Definition
Exporting- selling domestically produced products to customers in foreign countries
Cooperative Contracts- agreement in which a foreign business owner pays a company a fee for the right to conduct that business in his or her own country
Licensing- a domestic company receives royalty payments for allowing another company to produce the licensor's product, sell its service, or use its brand name in a specified foreign market
Franchise- collection of networked firms in which the manufacturer or marketer of a product or service licenses the entire business to another person or organization
Term
political risk
Definition
two types: political uncertainty and policy uncertainty.
Avoidance Strategy, Active Strategy (control, cooperation)
Term
Cultural Dimensions
Definition
Power Distance- extent to which people in a country tolerate unequal distribution of power.
Individualism- degree to which societies believe that individuals should be self-sufficent
Masculinity and Femininity- differences between highly assertive and highly nurturing cultures
Uncertainty Avoidance- degree to which people in a country are uncomfortable with unstructured, ambiguous, unpredictable situations
Short term/ Long term orientation - whether cultures are oriented to the present and seek immediate gratification or to the future and defer gratification
Term
Job Redesign
Definition
combining task
forming natural work units
establishing client relationships
vertically loading the job
opening feedback channel
Term
Mechanistic/ Organic Environment
Definition
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Term

Definition
Term
Job Characteristics Model
Definition
A job redesign that seeks to increase employee motivation. Emphasizes internal motivation.
5 core job characteristics
skill variety
task identity
task significance
autonomy
feeback
Term
American Consumers
Definition
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