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MIS FINAL
Chapter 1
30
Management
Undergraduate 4
05/06/2014

Additional Management Flashcards

 


 

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Term
Romantic view of leadership
Definition
situations is which the leader is the key for determining the organization's success of lack of
Term
External control view of leadership
Definition
situations in which external forces -- where the leader has limited influence -- determine the organization's success
Term
Strategic Management
Definition
the analysis, decisions and actions an organization undertakes in order to create and sustain competitive advantage
Term
Strategic Management
Definition
Must become both a process and a way of thinking throughout the organization
> Directs the organization toward overall goals and obj
> Includes multiple stakeholders in decision making
> Needs to incorportae short-term & long term perspectives
> Recognized trade-offs btwn efficiency & effectiveness
Term
Strategy
Definition
the idea, decisions, and action that enable a firm to succeed
Term
Competitive Advantage
Definition
a firm's resources and capabilities that enable a firm to succeed
Term
Operational Effectiveness
Definition
performing similar activities better than rivals
Term
Stakeholders
Definition
individual, groups and organizations who have a stake in the success of the organizations, including owners (shareholders in a publicly held corp,) employees, customers, suppliers, and the community at large.
Term
Effectiveness
Definition
tailoring actions to the needs of an organization rather than wasting effort or "DOING THE RIGHT THING"
Term
Efficiency
Definition
performing actions at a low cost relative to a benchmark, or "DOING THINGS RIGHT"
Term
Ambidexterity
Definition
the challenge managers face of both aligning resources to take advantage of existing product markets as well as proactively exploring new opportunities (multi-tasker)
Term
Strategic Management process
Definition
strategy analysis, strategy formulation, and strategy implementation
Term
Intended Strategy
Definition
strategy in which organizational decisions are determined only by analysis
Term
Realized Strategy
Definition
Strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments, unanticipated resource constraints, and/or changes in managerial preferences
Term
Strategy Analysis
Definition
study of firms external and internal environments and their fit with organizational vision and goals
Term
Strategy Analysis
Definition
> Consists of "advance work" that must be done in order to effectively formulate and implement strategies
> Starting point
Term
Strategy Formulation
Definition
Decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain competitive advantage
Term
Strategy Formulation
Definition
> a firm's strategy formulation is developed at several levels
> Business-level, corporate-level, international, entrepreneurial
Term
Strategy Implementation
Definition
actions made by firms that carry out the formulated strategy, including strategic controls, organizational design, and leadership
Term
Strategy Implementation
Definition
> ensuring proper strategic controls and organizational designs
> establishing effective means to coordinate and integrate activities within the firm as well as with suppliers, customers, and alliance partners
Term
Corporate Governance
Definition
the relationship among various participants in determining the direction and performance of corporation
Term
Stakeholder Management
Definition
a firm's strategy for recognizing and responding to the interest of all its salient stakeholders
Term
Internal Stakeholders
Definition
Employees, Manager, Owner
Term
External Stakeholders
Definition
suppliers, society, gov't, creditors, shareholder, customers
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 firm's financial, social, and environmental performance
Term
Hierarch of Goals
Definition
organizational goals ranging from at the top (less specific, but powerful & compelling) -- VISION to at the bottom (more specific, measurable)-- MISSION, STRATEGIC OBJECTIVES
Term
Vision Statement
Definition
what the organization's WANTS to be
> future directed
> to inspire and focus employees & leaders
Term
Mission Statement
Definition
the organization's REASON for existing
> present
> directed internally to define key success measures to employees, leaders, and stock holders
Term
Crowdsourcing
Definition
practice wherein the internet is used to tap a broad range of individuals and groups to generate ideas & solve problems
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