Shared Flashcard Set

Details

MGT 300
First test
107
Management
Undergraduate 3
02/06/2013

Additional Management Flashcards

 


 

Cards

Term
Management process
Definition
planning, organizing, leading, and controlling the use of resources to accomplish performance goals
Term
Planning
Definition
process of setting objectives and determining what should be done to accomplish them
Term
Organizing
Definition
process of assigning tasks, allocating resources, and coordinating work activities
Term
Leading
Definition
process of arousing enthusiasm and inspiring efforts to achieve goals
Term
Controlling
Definition
process of measuring performance and taking action to ensure desired results
Term
Interpersonal roles for managers
Definition
reflect interactions with people inside and outside the work unit (figurehead, leader, liaison)
Term
Informational roles for managers
Definition
focus on the giving, receiving, and analyzing of information (monitor, disseminator, spokesperson)
Term
Decisional roles for managers
Definition
involve using information to make decisions to solve problems or address opportunities (entrepreneur, negotiator, resource allocator, disturbance handler)
Term
Conceptual skills
Definition
ability to think analytically and achieve integrative problem solving
Term
technical skill
Definition
ability to use expertise to perform a task with proficiency
Term
human skill
Definition
ability to work well in cooperation with other people
Term
Must have management skills
Definition
1. teamwork
2. self management
3. leadership
4. critical thinking
5. professionalism
6. communication
Term
globalization
Definition
worldwide interdependence of resource flows, product markets, and business competition
Term
corporate governance
Definition
oversight of a company's management by board of directors
Term
free-agent economy
Definition
people change jobs more often, and many work on independent contracts with a shifting mix of employees
Term
shamrock organization
Definition
operates with a core group of full-time long-term workers supported by others who work on contracts and part-time
Term
intellectual capital
Definition
collective brainpower or shared knowledge of a workforce
Term
knowledge workers
Definition
use their minds and intellects as critical assets to employers
Term
self-management
Definition
ability to understand oneself, exercise initiative, accept responsibility, and learn from experience
Term
critical thinking
Definition
ability to perceive situations, gather and interpret relevant information, and make decisions
Term
strategy
Definition
comprehensive plan guiding resource allocation to achieve long term organizational goals
Term
strategic intent
Definition
focuses organizational energies on achieving a compelling goal
Term
corporate strategy
Definition
provides direction and guides resource allocation for the organization as a whole
Term
business strategy
Definition
focuses on the strategic intent for a single business unit or product line
Term
functional strategy
Definition
guides activities to within one specific area of operations
Term
growth strategies
Definition
focus on expansion
1. concentration
2. diversification
3. vertical integration
Term
concentration
Definition
expansion withing an existing business
Term
diversification
Definition
expansion by entering new or related business areas
Term
vertical integration
Definition
growth by acquiring suppliers (backward) or distributors (forward)
Term
retrenchment
Definition
changes operations to correct weaknesses
1. restructuring
2. liquidation
3. bankruptcy
4. downsizing
5. divestiture
Term
restructuring
Definition
reduces the scale or mix of operations
Term
liquidation
Definition
occurs when a business closes and sells its assets to pay creditors
Term
bankruptcy
Definition
protects an insolvent firm from creditors during a period of reorganization to restore profitability
Term
downsizing
Definition
decreases the size of operations
Term
divestiture
Definition
involves selling off parts of the organization to refocus attention on core business areas
Term
global strategies
Definition
adopts standardized products and advertizing for use worldwide
Term
transnational strategy
Definition
seeks balance between efficiencies in global operations and responsiveness to local markets. Tries to blend with the global economy without a strong national identity
Term
multidomestic strategy
Definition
customizes products and advertizing to fit local cultures and needs
Term
strategic alliance
Definition
organizations join together in partnership to pursue an area of mutual interest
Term
co-opetition
Definition
strategy of working with rivals on projects of mutual benefit
Term
web based advertising model
Definition
providing free information on services then generating revenues from paid advertising to viewers (google)
Term
web based brokerage model
Definition
bringing buyers and sellers together for online business transactions and taking a percentage from the sales (ebay)
Term
web based community model
Definition
providing a meeting point sold by subscription or supported by advertising (eharmony)
Term
web based freemium model
Definition
offering a free service and encouraging users to buy extras (skype)
Term
web based infomediary model
Definition
providing free service in exchange for collecting information on users and selling it to other businesses (yelp)
Term
web based merchant model
Definition
e-tailing or selling products direct to customers through the web (amazon)
Term
web based referral model
Definition
providing free listings and getting referral fees from online merchants for directing potential customers to them (shopzilla)
Term
web based subscription model
Definition
selling access to high-value content through a subscription web side (netflix)
Term
Strategic management
Definition
process of formulating and implementing strategies to accomplish long term goals and sustain a competitive advantage
Term
strategy formation
Definition
process of creating strategies,
Term
strategy implementation
Definition
process of putting strategies into action
Term
mission
Definition
the reason the organization exists in society
Term
operating objectives
Definition
specific results that organizations try to accomplish
Term
SWOT analysis
Definition
examines organizations:
Internal assessment: strengths, weaknesses
External assessment: opportunities, threats
Term
core competency
Definition
special strength that gives an organization a competitive advantage
Term
Porters 5 forces
Definition
tool used to understand the nature of competition within the industry based on:
1. competitors
2. new entrants
3. suppliers
4. customers
5. substitutes
Term
competitors
Definition
intensity of rivalry among firms in the industry
Term
new entrants
Definition
threats of new competitors entering the market
Term
suppliers
Definition
bargaining power of suppliers
Term
customers
Definition
bargaining power of buyers
Term
substitutes
Definition
threats of substitute products or services
Term
differential strategy
Definition
offers products that are unique and different from those of the competition. The objective is to attract loyal customers based on product quality and uniqueness
Term
cost leadership strategy
Definition
seeks to operate with lower costs than competitors. The objective is to improve operating efficiencies
Term
BCG matrix
Definition
analyzes business opportunities according to market growth rate and market share
Term
question mark strategic type
Definition
poor position in the market, but growing industry (do not generate much profit, has potential)
Term
star strategic type
Definition
dominant position in the market in a growing industry (high performance and offers future potential)
Term
dog strategic type
Definition
poor position in a low growth industry (little profit and low potential)
Term
cash cow strategic type
Definition
dominant position in low growth industry (large profits little potential for growth)
Term
strategic leadership
Definition
capability to inspire people to successfully engage in process of continuous change, performance enhancement, and implement organizational strategies
Term
strategic control
Definition
makes sure strategies are well implemented and that poor strategies are scrapped or changed
Term
chief strategist
Definition
guardian of trade-offs (resource allocation), creates a sense of urgency, makes sure everyone understands the strategy, and must be a teacher
Term
organizational culture
Definition
system of shared beliefs and values that guide behavior
Term
components of culture
Definition
1. core values
2. stories
3. heroes
4. rites and rituals
5. symbols
Term
core values
Definition
beliefs about the right ways to behave
Term
stories
Definition
tales about events conveying the core values
Term
heroes
Definition
people (past and present) who display the core values
Term
rites and rituals
Definition
celebration of heroes and events displaying core values
Term
symbols
Definition
language and other symbols conveying core values
Term
value-based management
Definition
managing with a commitment to actively help develop, communicate, and represent shared values
Term
How to read the culture
Definition
Structure
Change
Outcomes
Risk and innovation
Empowerment
Style
Term
Leadership
Definition
a process of influence
Term
Self leadership
Definition
process of influencing oneself
Term
social cognitive theory
Definition
recognizes the adoption and change of human behavior as a complex process with many parts
Term
intrinsic motivation or cognitive evaluation theory
Definition
importance of the "natural" rewards that we enjoy from doing activities or tasks that we like
Term
Shawshank Redemption
Definition
Andy is his own manager
Term
Trader Joes case
Definition
management process
Term
DEFINE model
Definition
Define mission and goals - what business are we in
Evaluate situation - internal (what are we good or bad at) external (environment)
Formulate a plan - review and solidify the mission
Implement the plan
Now, go do it
Evaluate the performance
Term
FB case
Definition
to illustrate the SWOT diagnosis
Term
CD exercise
Definition
to illustrate the perception we have of others and ourselves
Term
Tic tac toe exercise
Definition
to illustrate the strategic formation - mission (to win the game), evaluate (are we better in any category), plan (order of square to chose)
Term
opening an ice cream shop exercise (and Duncan Donuts case)
Definition
to illustrate Porters 5 forces
Term
Zappos video
Definition
to illustrate the culture or an organization
Term
GE clip
Definition
to illustrate the clues to a culture
Term
Lion King clip
Definition
to illustrate the rituals within a culture
Term
Mental self leadership
Definition
process of influencing oneself through the purposeful control of one's thoughts
Term
Obstacle thinker
Definition
uses challenging situations as reason to quit, blames setbacks on outside forces
Term
opportunity thinker
Definition
uses challenging situations as reasons to work harder
Term
Jake and the eye cancer video
Definition
opportunity thinker - new chapter of his life, happy he can move on
Term
Little engine that could
Definition
to illustrate self talk (what we tell ourselves)
Term
Dead poet society
Definition
student paralyzed by fear (negative self talk) until the teacher pushed him through
Term
Mental imagery
Definition
create symbolic experiences, imagined results of our behavior before we perform
Term
Brown M&M from Van Halen clip
Definition
to illustrate the ways to create processes to overcome obstacles
Term
Self goal setting
Definition
dream with a deadline
Term
Elements of goal attainment
Definition
1. write them down
2. break it down into short term goals
3. be specific
4. publicly announce (holds you accountable)
5. less is more (too much to handle with prevent success)
6. set meetings with yourself
7. prop your ladder against the right wall (should be your choice and not someone else's)
Term
Piano stairs video
Definition
to illustrate the importance of building natural rewards
Term
Building natural rewards
Definition
physically or mentally redesigning a task to make it more enjoyable - find the benefit
Term
Cool Runnings video
Definition
to illustrate mental self imagery
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