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| Four Key Elements that make the current business landscape different fro the past |
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Definition
1. Globalization
2. Technological Change
3. The Importance of knowledge and ideas
4. Collaboration across organizational boundaries |
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| The process of working with people and resources to accomplish organizational goals. |
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| The management function of systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue. |
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| The monetary amount associated with how well a job, task, good, or service meets users' needs. |
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| The management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals. |
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| The management function that involves the managers efforts to stimulate high performance by employees. |
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| The management function of monitoring performance and making needed changes. |
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| Senior executives responsible for the overall management and effectiveness of the organization. |
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| Managers located in the middle layers of the organizational hierarchy, reporting to top-level executives. |
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| Lower-level managers who supervise the operational activities of the organization. |
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| The ability to perform a specialized task involving a particular method or process. |
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| Cinceptual and Decision Skills |
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Definition
| Skills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members |
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| Interpersonal and Communication Skills |
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| People skills; the ability to lead, motivate, and communicate effectively with others. |
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| The skills of understanding yourself, managing yourself, and dealing effectively with others. |
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| Goodwill stemming from your social relationships |
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| Organizations that are affected by, and that affect their environment. |
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Definition
| All relevant forces outside a firm's boundaries, such as competitors, customers, the government, and the economy. |
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| The immediate environment surrounding a firm; includes suppliers, customers, rivals, and the like. |
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| The general environment; includes governments, economic conditions, and other fundamental factors that generally affect all organizations. |
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| Conditions that prevent new companies from entering an industry |
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Definition
1. The threat of entry of new competitors
2. The threat of substitue products or services
3. The bargaining power of customers
4. The bargaining power of suppliers
5. The intensity of competitive rivalry |
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Definition
| Fixed Costs buyers face when they change suppliers |
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| The managing of the network of facilities and people that obtain materials from outside the organization, transform them into products, and distribute them to customers. |
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| A customer who purchases products in their finished form. |
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| A customer who purchases raw materials or wholesale products before selling them to final customers |
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Term
| Environmental Uncertainty |
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Definition
| Lack of information needed to understand or predict the future. |
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Definition
| Searching for and sorting through information about the environment |
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| Information that helps managers determine how to compete better. |
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| Method for predicting how variable will change the future |
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| The process of comparing an organizations practices and technologies with those of other companies |
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| The process of shaing power with employees, therby enhancing their confidence in their ability to perform their jobs and their belief that they are influential contributors to the organization. |
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| Creating supplies of excess resources in case of unpredictable needs |
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| Leveling normal fluctuations at the boundaries of the environment. |
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| Methods for adapting the technical core to changes in the environment. |
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Definition
| Strategies that an organization acting on its own uses to change some aspect of its current environment. |
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| Strategies used by two or more organizations working together to manage the external environment. |
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| An organization's conscious efforts to change the boundaries of its task environment. |
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Definition
| Entering a new market or industry with an existing expertise. |
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| A firm's investment in a different product, business, or geographic area. |
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| One or more companies combining with another. |
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| A firm selling one or more businesses. |
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| Companies that continuously change the boundaries for their task environments by seeking new products and markets, diversifying and merging, or acquiring new enterprises. |
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| Companies that stay within a stable product domain as a strategic maneuver. |
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| The set of important assumptions about the organization and its goals and practices that members of the company share. |
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Term
| Clues to Organizational Culture |
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Definition
-Corparate Mission Statements
-Business Practices
-Symbols, rites, and ceremonies
-The stories people Tell |
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Definition
Internally oriented and flexible.
-Tends to be based on the values and norms associated with affiliation.
-Tends to emphasize member development and values participation in decision making |
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Definition
-Internally oriented by more focus on control and stabability.
-Has values and norms associated with bureaucracy
-Values stability and assumes individuals will comply with organizational mandates when roles are stated formally and enforced through rules and procedures. |
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Definition
-Externally oriented and focused on control.
-Primary objectives are are productivity, planning, and efficiency
-members are motivated by belief that performance that leads to desired objectives will be rewarded |
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Definition
-Externally oriented and flexible
-Emphasizes change in which growth, resource acquisition, and innovation are stressed
-members are motivated by the importance or ideological appeal of the task
-Risk takers |
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Term
| Corparate Social Responsibility |
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Definition
| Obligation toward society assumed by business. |
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Definition
| To produce goods and services that society wants at a price that perpetuates the business and satisfies its obligations to investors. |
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Definition
| To obey local, state, federal, and relevant international laws. |
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Definition
| Meeting other social exoectations, not written as law. |
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| Philanthropic Responsibilities |
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Definition
| Additional behaviors and activities that society finds desirable and that the values of the business support. |
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Definition
People-Fair and beneficial business practices toward labor and the community and region in which a organization conducts its business.
Planet-Sustainable environmental practices
Profit- the bottom line, profit will help empower and sustain the community as a whole. |
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Definition
| Its goal is the creation of sustainable economic development and improvement of quality of life worldwide for all organizational stakeholders. |
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| Economic growth and development that meets present needs without harming the needs of future generations. |
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| A process of analyzing all inputs and outputs, through the entire "cradle-to-grave" life of a product, to determine total environmental impact. |
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| A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration. |
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Definition
Aconym for the Certain qualities Goals should have:
-Specific
-Measurable
-Attainable(but challenging)
-Relevant
-TimeBound |
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Definition
| Designed to achieve a set of goals that are not likely to be repeated in the future |
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| Focus on ongoing activities designed to achieve an enduring set of goals. |
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Definition
| Specify actions to take when a company's initial plans have not worked well or events in the external environment require a sudden change. |
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Definition
| A set of procedures for making decisions about the organizations long-term goals and strategies. |
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| Major targets or end results relating to the organizations long-term survival, value, and growth. |
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Definition
A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant t a particular portion of the organization, such as a functional area like marketing.
-Middle mangerial level |
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Definition
The process of identifying the specific procedures and processes required at lower levels of the organization.
-Frontline mangerial level |
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Definition
| A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies. |
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Term
| To be fully effectve, the organizations strategic, tactical, and operational goals and plans must be _______ |
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Definition
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Term
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Definition
| An organizations basic purpose and scope of operations. |
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Term
| Six Steps of Strategic Management Process |
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Definition
1. Establishment of mission, vision, and goals
2. Analysis of external opportunities and threats
3. Analysis of internal strengths and weaknesses
4. SWOT Analysis and strategy formulation
5. Strategy Implementation
6. Strategic control |
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Definition
| The long-term direction and strategic intent of a company. |
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Definition
| A unique skill and/or knowledge an organization possesses that gives it an edge over competitors. |
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Term
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Definition
S-stengths
W-weaknesses
O-opportunities
T-threats
-Helps executives formulate strategy |
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Definition
| The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities. |
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Definition
| A corporate strategy employed for an organization that operates a single business and competes in a single industry. |
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Definition
| Corparate Strategy by acquiring or developing of new businesses that produce parts or components of the organizations product. |
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Term
| Concentric Diversification |
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Definition
| Corporate strategy used to add new businesses that produce RELATED products or are involved in RELATED markets and activities. |
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Term
| Conglomerate Diversification |
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Definition
| A corporate strategy used to add new businesses that produce UNRELATED products or are involved in UNRELATED markets and activities. |
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Definition
| The major actions by which an organization competes in a particular industry or market. |
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Definition
| A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product. |
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Definition
| A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions. |
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Definition
| Strategies implemented by each functional area of the organization to support the organizations business strategy. |
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Definition
| A system designed to support managers in evaluating the organizations progress regarding its strategy and, when discrepancies exist, taking corrective action. |
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| The state that exists when decision makers have accurate and comprehensive information. |
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| The state that exists when decision makers have insufficient information. |
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Definition
| The state that exists when the probability of success is less 100 percent and losses may occur. |
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| Ideas that have been seen or tried before. |
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Definition
| New, creative solutions designed specifically for the problem. |
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| Choosing an option that us acceptable, although not necessarily the best or perfect. |
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| Achieving the best possible balance among several goals. |
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Definition
| Peoples beliefs that they can influence events, even when they have no control over what will happen. |
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| A decision bias influenced by the way in which a problem or decision alternative is phased or presented. |
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| A decision realizing the best possible outcome. |
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| A bias weighting short-term costs and benefits more heavily than longer-term costs and benefits. |
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| A phenomenon that occurs in decision making when group members avoid disagreement as they strive for consesus. |
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| A condition that occurs when a decision-making group loses sight of its original goal and a new, less important goal emerges. |
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