Shared Flashcard Set


108 essay exam questions
massey uni 115.108 2014 sem 2 final exam prep
Undergraduate 1

Additional Business Flashcards




Planning & decision making

Planning – Planning types and models management by objectives, single use, standing (ongoing) &Contingencyspecific situation - uncontrollable/ scenario anticipate situation/ crisis plans prevention, preparation, containment


Decision making– Types of decisions: programmed & non-programmed, Conditions: certainty, risk, uncertainty, ambiguity & Decision making models classical - rational (logical), administrative (nonprogrammed, ambiguous, uncertainty), political (inconsistent viewpoints)/ Personal decision-making framework directive, analytical, conceptual, behavioural


The external environment




General - outer most layer of external enviro, affects org indirectly

  • sociological, political/legal, economic, technological, international & sometimes natural
  • INTERNATIONAL - represents events originating in foreign countries & opportunities for local organisations in other countries
  • TECHNOLOGICAL - includes scientific and technological advancements in industry and society at large
  • SOCIOCULTURAL - represents the demographic characteristics, norms, customs & values of population, relevant to the org's area of operation
  • ECONOMIC - represents overall health of country or region in which the org functions
  • LEGAL/POLITICAL - includes federal, state & local govt regulations / political activities designed to control org behaviour
  • NATURAL - the natural enviro i.e. plants, animals, rocks, natural resources (air, water,climate) and natural disaster

Task - next layer of external, affects org directly

  • includes: customers, competitors, suppliers & labour market
  • CUSTOMERS - people & organisations in the enviro who acquire goods/services from the org
  • COMPETITORS - other orgs in the same industry / type of business that provide goods/ services to the same set of customers
  • SUPPLIERS - provide the raw materials the org uses to produce its outputs
  • LABOUR MARKET - the people available for hire by the org
Adapting to the enviro

  • high vs low uncertainty
  • forecasting & planning
  • interorganisational partnerships
  • mergers & joint ventures

The internal environment

Corporate culture

  • shared knowledge, beliefs, values and ways of thinking that develop within the org and guides behaviour of members
  • artefacts (visible), values (invis) and underlying assumptions (invis)
  • symbols, stories, heroes, slogans and ceremonies
  • must adapt accordingly to external enviro - match strategic focus to needs for enviro i.e. external/internal & flexibillty/stability
Entrepreneurship / Intrapreneurship 

Definitions the process of initiating a business venture, organising necessary resources and assuming associated risks and rewards 

process of recognising the need for innovation & promoting it within an organisation Why / Benefits job creation, organisational innovation & diversityGuidelines for success an individual, market opp, adequate resources, business org, favourable enviro

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