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MGT 471
Test 1
108
Management
Undergraduate 4
02/11/2013

Additional Management Flashcards

 


 

Cards

Term
Romantic View of Leadership
Definition
situations in which the leader is the key force determining the organizations succsee or lack thereof
Term

external control view of leadership

 

Definition
situations in which external forces where the leader has limited influence determine the organizations success
Term
strategic management
Definition
the analyses, decisions, and actions an organization unertakes in order to create and sustain competitive advantages
Term
strategy
Definition
the ideas, deccisions, and actions that enable a firm to succedd
Term
competitive advantage
Definition
firms resources and capabilities that enable it to overcome the competitive forces in its industry
Term
operational effectiveness
Definition
performing similar activities better than rivals
Term
stakeholders
Definition
individuals, groups, and organizations who have a stake in the success of the organization, including owners (shareholders in a publicly held corporation), employees, customers, suppliers, and the community at large
Term
effectiveness
Definition
tailoring actions to the needs of an organization rather than wasting effort
Term
efficiency
Definition
performing actions at a low cost relative to a benchmark
Term
ambidexterity
Definition
the challenge managers face of both aligning resources to take advantage of existing product markets as well as proactiviely exploring new opportunities
Term
strategic management process
Definition
strategy analysis, stategy formulation, and stratgey implementation
Term
intended strategy
Definition
strategy in which orginizational decisions are determined only by analysis
Term
realized strategy
Definition
strategy in which organizational decisions are determined by both analysis and unforeseen enviromental developments, unanticipated resource constraints, and or changes in managerial preferences
Term
strategy analysis
Definition
study of firms external and internal enviroments, and their fit with organizational vision and goals
Term
strategy formulation
Definition
decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain competitive advantage
Term
strategy implemtation
Definition
actions made by firms that carry out the formulated strategy, including strategic controls, organizational design, and leadership
Term
corporate governance
Definition
the relationship among various participants in determining the direction and performance of corporations. The primary participants are the shareholders, the management (led by the chief executive officer), and the board of directors
Term
stakeholder management
Definition
a firms strategy for recognizing and responding to the interests of all its salient stakeholders
Term
crowdsourcing
Definition
practice wherein the internet is used to tap a broad range of individuals and groups to generate ideas and solve problems
Term
social responsibility
Definition
the expectation that businesses or individuals will strive to improve the overall welfare of society
Term
triple bottom line
Definition
assessment of a firms financial, social, and enviromental, performance
Term
hierarchy of goals
Definition
organizational goals ranging from, at the top, those that are less specific yet able to evoke powerful and compelling mental images, to, at the bottom, those that are more specific and measurable
Term
vision
Definition
organizational goals that evokes powerful and compelling mental images
Term
mission statement
Definition
a set of organizational goals that include both the purpose of the organization, its scope of operations, and the basis of its competitive advantage
Term
strategic objectives
Definition
a set of organizational goals that are used to operationalize the mission statement and that are specific and cover a well defined time frame
Term
enviromental scanning
Definition
surveillance of a firms external enviroment to predict enviromental changes and detect changes already under way
Term
enviromental monitoring
Definition
firms analysis of the external enviroment that tracks the evolution of enviromental trends, sequences of events, or streams of activities
Term
competitive intelligence
Definition
a firms activities of collecting and interpreting data on competitors, defining and understanding the industry, and identifying competitors strengths and weaknesses
Term
enviromental forecasting
Definition
the development of plausivle projections about the direction, scope, speed, and intensity of enviromental change
Term
scenarion analysis
Definition
an in depth approach to enviromental forecasting that involves experts detailed assessments of societal trends, economics, politics, technology, or other dimensions of the external enviroment
Term
SWOT Analysis
Definition
a framework for analyzing a companys internal and external environment and that stands for strengths, weaknesses, opportunities, and threats
Term
general environment
Definition
factors external to an industry, and usually beyond a firms control, that affect a firms strategy
Term
demographic segment of the general environment
Definition
genetic and observable characteristics of a population, including the levels and growth of age, density, sex, race, ethnicity, education, geographic region, and income
Term
sociocultural segment of the general environment
Definition
the values, beliefs, and lifestyles of a society
Term
political/legal segment of the general environment
Definition
how a society creates and exercises power, including rules, laws, and taxation policies
Term
technological segment of the general environment
Definition
innovation and state of knowledge in industrial arts, engineering, applied sciences, and pure science; and their interaction with society
Term
economic segment of the general environment
Definition
characteristics of the economy, including national income and monetary conditions
Term
global segment of the general  environment
Definition
influences from foreign countries, including foreign market opportunities, foregin-based competition, and expanded capital markets
Term
industry
Definition
a group of firms that produce similar goods or services
Term
competitive environment
Definition
factors that pertain to an industry and affect a firms strategies
Term
porters five forces model of industry competition
Definition
a tool for examining the industry level competitive environment, especially the ability of firms in that industry to set prices and minimze costs
Term
threat of new entrants
Definition
the possivility that the profits of established firms in the industry may be eroded by new competitors
Term
economies of scale
Definition
decreases in cost per unit as absolute output per period increases
Term
product differentiation
Definition
the degree that a strong brand loyalty or customer loyalty
Term
switching cost
Definition
one time costs that a buyer supplier faces when switching from one supplers buyer to another
Term
bargaining power of buyers
Definition
the threat that buyers may force down prices, bargain for higher quality or more services, and play competitors against each other
Term
bargaining power of suppliers
Definition
the threat that suppliers may raise prices or reduce the quality of purchased goods and services
Term
threats of substitute products and services
Definition
the threat of limiting the potential returns of an industry by palcing a ceiling on the prices that the firms in that industry can profitably charge without losing too many customers to substitute products
Term
substitute products and services
Definition
products and services outside the industry that serve the same customer needs as the industrys products and services
Term
intensity of rivalry among competitors in an industry
Definition
the threat that customers will switch their business ot competitors within the industry
Term
internet
Definition
a global network of linked computers that use a common transmission format, exchange information and store data
Term
zero-sum game
Definition
a situation in which multiple players interact, and winners win only by taking form other players
Term
complements
Definition
products or services that have an impact on the value of a firms products or services
Term
strategic groups
Definition
cluster of firms that share similar strategies
Term
Value chain analysis
Definition
a strategic analysis of an organization that uses value creating activities
Term
primarary activities
Definition
sequential activities of the value chain that refer to the physical creation of the product or sercice, its sale and transfer ot the buyer, and its service after sale, including inbouond logistics, operations, outbound logistics, marketing and sales, and service
Term
support activities
Definition
activities of the value chain that either add value by themselves or add value through importatn relationships with both primary activities and other support activities; including procurement, technology development, human resource management, and general administration
Term
inbound logistics
Definition
recieving, storing, and distributing inputs of a product
Term
operations
Definition
all activities associated with transforming inputs into the final product form
Term
outbound logistics
Definition

collecting, storing, and distributing the product or service to buyers

 

Term
marketing and sales
Definition
activitites associated wit hpurchases of products and services by end users and the inducements used to get them to make purchases
Term
service
Definition
actions associated wit hproviding servcice to enhance or maintain the value of the product
Term
procurement
Definition
the function of purchasing inputs used in the firms value chain, including raw materials, supplies, and other consumable items as well as assets such as machinery, laboratory equipment, offive equipment, and buildings
Term
technology development
Definition
activities associated with the development of new knowledge that is applied to the firms operations
Term
human resource management
Definition
activities involved i nthe recruiting, hiring, training, develoopment and compensation of all types of personnel
Term
general administration
Definition
general management, planning, finance, accounting, legal and government affairs, quality management, and information systems; activities that support the entire value chain and not individual activities
Term
interrelationships
Definition
collaborative and strategic exchange relationships between value-chain activities eith (A) within firms or (B) between firms. Strategic exchange relationships involve exchange of resources such as information, people,  technology, or money that contribute to the success of the firm
Term
resource base view of the firm
Definition
perspective that firms competitive advantages are due to their endowment of strategic resources that are valuable, rare, costly to imitate, and costly to substitute.
Term
intangible resources
Definition
organizational assets that are difficult ot identify and account for and are typically embedded in unique routines and practices, including human resources, innovation resources, and reputation resources
Term
orginizational capabilities
Definition
the compentencies and skills that a firm employs to transform inputs into outputs
Term
strategic resources (also firm resources or organizationl resources)
Definition
firms capabilities that are valuable, rare, costly to imitate, and costly to substitue
Term
path dependency
Definition
a characteristic of resources that is developed and or accumulated through a unique series of events
Term
casual ambiguity
Definition
a characteristic of a firms resources that is costly to imitate because a competitor cannot determine what the resource is and or how it can be re created
Term
social complexity
Definition
a characteristic of a firms resources that is costly to imitate because the social engineering required is beyond the capability of competitors, including interpersonal relations among manager, organizational culture, and reputation with suppliers and customers
Term
financial ration analysis
Definition
a technique for measuring the performance of a firm according to its balance sheet, uncome statement, and market valuation.
Term
blanaced scorecard
Definition
a methiod of evaluating a firms performance using performance measure from the customers internal, innovation and learning, and financial perspectives
Term
customer perspective
Definition
measures of firm performance that indicate how well firms are satisfying customers expectations
Term
internal business perspective
Definition
measures of firm performance that indicate how well firms internal processes, decisions and actions are contributing to customer satisfaction
Term
innovation and learning perspective
Definition
measures of firm performance that indicate how well firms are changing their product nad service offerings to adapt ot changes in the internal and external environments
Term
financial perspective
Definition
measures of firms financial performance that indicate how well strategy, implementation and execution are contributing bottom line improvement
Term
search activities
Definition
a way that digital technologies and the internet have added value to firms operations by enhancing the gathering of information and identifying purchase options
Term
evaluation activities
Definition
a way that digital technologies and the internet have added value to firms operations by facilitating the comparison of the costs and benifits of various options
Term
problem solving activities
Definition
a way that digital technologies and the internet have added value to firms operations by identifying problems or needs and generating ideas and action plans to address thos needs
Term
transaction activities
Definition
a way that digital technologies and the internet have added value to firms operations by completing sales efficiently, including negotiating and agreeing contractually, making payments, and taking delivery
Term
business model
Definition
a method and a set of assumptions that explain how a business creates value and earns profits in a competitive environment
Term
knowledge economy
Definition
an economy where wealth is created through the effective management of knowledge workers instead of by the efficient control of physical and financial assets
Term
intellectual capital
Definition
dieffference between the market value of the firm and the book value of the firm, including assets such as reputation, employee loyalty and commitment, customer relationships, company values, brand names, and the experience and skills of employees.
Term
human capital
Definition
the individual capabilities, knowledge, skills, and experience of a companys employees and managers
Term
social capital
Definition
the network of friendships and working relationships between talented people both inside and outside the organization
Term
explicit knowledge
Definition
knowledge that is codified, documented, easily reproduce, and widely distributed
Term
tacit knowledge
Definition
knowledge that is in the minds of employees and is based on their experiences and backgrounds
Term
360-degree evaluation and feedback systems
Definition
superiors, direct reports, colleagues, and even external and internal cusotmers rate a persons perfomance
Term
social network analysis
Definition
analysis of the pattern of social interactions among individuals
Term

closure

 

Definition
the degree to which all members of a social network have relationships with other group members
Term
bridging relationships
Definition
relationships in a social network that connect otherwise disconnected people
Term
structural holes
Definition
social gaps between groups in a social network where there are few relationships bridging the groups
Term
unification lever
Definition
method for making people more willing to collaborate by crafting compelling common goals articulating a strong value of cross-company teamwork, and encouraging collaboration in order to send strong signals to lift peoples sights beyond their narrow interests towards a common goal
Term

network lever

Definition
method for making people more willing to collaborate by building nimble interpersonal networks across the company
Term
T-shaped management
Definition
peoples dual focus on ther performance of their unit (the verticle part of the T) and across boundaries (the horizontal part of the T)
Term
people lever
Definition
method for making people more willing to collaborate by getting the right people to work on the right projects
Term
private information
Definition
information that is not available form public souces, and is usually communicated in the context of personal relationships
Term
public information
Definition
information that is available from public sources such as the internet
Term
groupthink
Definition
a tendency in an organization for individuals not to question shared beliefs
Term
electronic teams
Definition
team of individuals that completes tasks primarily through e-mail communication
Term
intellectual property rights
Definition
intangible property ownded by a firm in the forms of patents, copyrights, trademarks, or trade secrets
Term
dynamic capabilities
Definition
a firms capactiy to build and protect a competitive advantage, which rests on knowledge, assets, competencies, complementary assets, and technologies. Dynamic capabilities include the ability to senseand seize new opportunities, generate new knowledge, and reconfigure existing assets and capabilities.
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