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Exam 2
Definitions/Concepts/In Class Notes
135
Management
Undergraduate 4
10/14/2014

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Term
entrepreneurship
Definition
the process by which enterprising individuals intitate, manage, and assume the risks and rewards associated with a business venture
Term
small business
Definition
a business having fewer than 100 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative practices
Term
entrepreneurial venture
Definition
a new business having growth & high profitability as primary objectives
Term
entrepreneur
Definition
an individual who establishes a new organization without the benefit of corporate sponsorship
Term
intrepreneurs
Definition
new venture creators working inside big companies
Term
franchising
Definition
an entrepreneurial alliance between a franchisor (an innovator who has created at least one successful store and wants to grow) and a franchisee (a partner who manages a new store of the same type in a new location)
Term
transaction fee model
Definition
charging fees for goods & services
Term
advertising support model
Definition
charging fees to advertise on a site
Term
intermediary model
Definition
charging fees to bring buyers & sellers together
Term
affiliate model
Definition
charging fees to direct site visitors to other companies' sites
Term
subscription model
Definition
charging fees for site visits
Term
side street effect
Definition
as you head down a road, unexpected opportunities begin to appear
Term
business incubators
Definition
protected environments for new small businesses
Term
initial public offering (ipo)
Definition
sale to the public, for the first time, of federally registered and underwritten shares of stock in the company
Term
opportunity analysis
Definition
a description of the good or service, an assessment of the opportunity, an assessment of the entrepreneur, and specification of activities and resources needed to translate your idea into a viable business & your source(s) of capital
Term
business plan
Definition
a formal planning step that focuses on the entire venture and describes all the elements involved in starting it
Term
legitimacy
Definition
people's judgment of a company's acceptance, appropriateness, and desirability, generally stemming from company goals and methods that are consistent with societal values
Term
social capital
Definition
a competitive advantage from relationships with other people and the image other people have of you
Term
skunkworks
Definition
a project team designated to produce a new, innovative project
Term
bootlegging
Definition
informal work on projects, other than those offiically assigned, of employees' own choosing & initiative
Term
entrepreneurial orientation
Definition
the tendency of an organization to identityf and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new or existing goods or services
Term
organization chart
Definition
the reporting structure and division of labor in an organization
Term
mechanistic organization
Definition
a form of organization that seeks to maximize internal efficiency
Term
organic structure
Definition
an organizational form that emphasizes flexibility
Term
differentiation
Definition
an aspect of the organization's internal environment created by job specialization and the division of labor
Term
integration
Definition
the degree to which differentiated work units work together and coordinate their efforts
Term
division of labor
Definition
the assignment of different tasks to different people or groups
Term
specialization
Definition
a process in which different individuals and units perform different tasks
Term
coordination
Definition
the procedures that link the various parts of an organization to achieve the organization's overall mission
Term
authority
Definition
the legitimate right to make decisions and to tell other people what to do
Term
span of control
Definition
the number of subordinates who report directly to an executive or supervisor
Term
delegation
Definition
the assignment of new or additional responsibilities to a subordinate
Term
accountability
Definition
the expectation that employees will perform a job, take corrective action when necessary, and report upward on the status and quality of their performance
Term
centralized organization
Definition
an organization in which high-level executives make most decisions and pass them to lower levels for implementation
Term
decentralized organization
Definition
an organization in which lower-level managers make important decisions
Term
line departments
Definition
units that deal directly with the organization's primary good and services
Term
staff departments
Definition
units that support line departments
Term
departmentalization
Definition
subdividing an organization into smaller subunits
Term
functional organization
Definition
departmentalization around specialized activities such as production, marketing, and human resources
Term
divisional organization
Definition
departmentalization that groups units around products, customers, and geographic regions
Term
matrix organization
Definition
an organization composed of dual reporting relationships in which some managers report to two superiors - a functional manager and a divisional manager
Term
unity-of-command principle
Definition
a structure in which each worker reports to one boss, who in turn reports to one boss
Term
network organization
Definition
a collection of independent, mostly single-function firms that collaborate on a good or service
Term
modular network
Definition
temporary arrangements among partners that can be assembled and reassembled to adapt to the environment; also called virtual network
Term
broker
Definition
a person who assembles and coordinates participants in a network
Term
standardization
Definition
establishing common routines and procedures that apply uniformly to everyone
Term
formalization
Definition
the presence of rules and regulations governing how people in the organization interact
Term
coordination by plan
Definition
interdependent units are required to meet deadlines and objectives that contribute to a common goal
Term
coordination by mutual adjustment
Definition
units interact with one another to make accommodations in order to achieve flexible coordination
Term
strategic alliance
Definition
a formal relationship created among independent organizations with the purpose of joint pursuit of mutual goals
Term
learning organization
Definition
an organization skilled at creating, acquiring, and transferring knowledge, and at modifying its behavior to reflect new knowledge and insights
Term
high-involvement organization
Definition
an organization in which top management ensures that there is consensus about the direction in which the business is heading
Term
total quality management (TQM)
Definition
an integrative approach to management that supports the attainment of customer satisfaction through a wide variety of tools and techniques that result in high-quality goods & services
Term
ISO 9001
Definition
a series of quality standards developed by a committee working under the international organization for standardization to improve total quality in all businesses for the benefit of producers and consumers
Term
technology
Definition
the systematic application of scientific knowledge to a new product, process, or service
Term
small batch
Definition
technologies that produce goods & services in low volume
Term
large batch
Definition
technologies that produce goods & services in high volume
Term
continuous process
Definition
a process that is highly automated and has a continuous production flow
Term
mass customization
Definition
the production of varied, individually customized products at the low cost of standardized, mass-produced products
Term
lean manufacturing
Definition
an operation that strives to achieve the highest possible productivity and total quality, cost-efficiently, by eliminating unnecessary steps in the production process & continually striving for improvement
Term
just-in-time (JIT)
Definition
a system that calls for subassemblies and components to be manufactured in very small lots & delivered to the next stage of the production process just as they are needed
Term
human resources management (HRM)
Definition
system of organizational activities to attract, develop, and motivate an effective and qualified workforce. Also known as talent, human capital, or personnel management
Term
job analysis
Definition
a tool for determining what is done on a given job and what should be done on that job
Term
recruitment
Definition
the development of a pool of appliants for jobs in an organization
Term
selection
Definition
choosing from among qualified applicants to hire into an organization
Term
structured interview
Definition
selection technique that involves asking all applicants the same questions & comparing their responses to a standardized set of answers
Term
assessment center
Definition
a managerial performance test in which candidates participate in a variety of exercises & situations
Term
reliability
Definition
the consistency of test scores over time and across alternative measurements
Term
validity
Definition
the degree to which a selection test predicts or correlates with job performance
Term
outplacement
Definition
the process of helping people who have been dismissed from the company to regain employment elsewhere
Term
employment-at-will
Definition
the legal concept that an employee may be terminated for any reason
Term
termination interview
Definition
a discussion between a manager and an employee about the employee's dismissal
Term
adverse impact
Definition
when a seemingly neutral employment practice has a disproportionately negative effect on a protected group
Term
training
Definition
teaching lower-level employees how to perform their present jobs
Term
development
Definition
teaching managers & professional employees broad skills needed for their present & future jobs
Term
needs assessment
Definition
an analysis identifying the jobs, people, and departments for which training is necessary
Term
orientation training
Definition
training designed to introduce new employees to the company & familiarize them with policies, procedures, cultures, and the like
Term
team training
Definition
training that provides employees with the skills & perspectives they need to collaborate with others
Term
diversity training
Definition
programs that focus on identifying and reducing hidden biases against people with differences & developing the skills needed to manage a diversified workforce
Term
performance appraisal (PA)
Definition
assessment of an employee's job performance
Term
management by objectives (MBO)
Definition
a process in which objectives set by a subordinate and a supervisor must be reached within a given time period
Term
360-degree appraisal
Definition
process of using multiple sources of appraisal to gain a comprehensive perspective on one's performance
Term
cafeteria benefit program
Definition
an employee benefit program in which employees choose from a menu of options to create benefit packages tailored to their needs
Term
flexible benefit programs
Definition
benefit programs in which employees are given credits to spend on benefits that fit their unique needs
Term
comparable worth
Definition
principle of equal pay for different jobs of equal worth
Term
labor relations
Definition
the system of relations between workers & management
Term
arbitration
Definition
the use of a neutral third party to resolve a labor dispute
Term
union shop
Definition
an organization with a unio & a union security clause specifying that workers must join the union after a set period of time
Term
right-to-work
Definition
legislation that allows employees to work without having to join a union
Term
managing diversity
Definition
managing a culturally diverse workforce by recognizing the characteristics common to specific groups of employees while dealing with such employees as individuals and supporting, nurturing, and utilizing their differences to be the organization's advantage
Term
affirmation action
Definition
special efforts to recruit and hire qualified members of groups that have been discriminated against in the past
Term
glass ceiling
Definition
metaphor for an invisible barrier that makes it difficult for women and minorities to rise above a certain level in the organization
Term
sexual harassment
Definition
conduct of a sexual nature that has negative consequences for employment
Term
monolithic organization
Definition
an organization that has a low degree of structural integration - employing few women, minorities, or other groups that differ from the majority - and thus has a highly homogeneous employee population
Term
pluralistic organization
Definition
an organization that has a relatively diverse employee population and makes an effort to involve employees from different gender, racial, or cultural backgrounds
Term
multicultural organization
Definition
an organization that values cultural diversity and seeks to utilize and encourage it
Term
mentors
Definition
higher-level managers who help ensure that high-potential people are introduced to top management and socialized into the norms and values of the organization
Term
expatriates
Definition
parent-company nationals who are sent to work at a foreign subsidiary
Term
host-country nationals
Definition
individuals from the country where an overseas subsidiary is located
Term
third-country nationals
Definition
individuals from a country other than the home country or the host country of an overseas subsidiary
Term
inpatriates
Definition
foreign nationals transferred to work at the parent company
Term
ethnocentrism
Definition
the tendency to judge others by the standards of one's group or culture, which are seen as superior
Term
culture shock
Definition
the disorientation and stress associated with being in a foreign environment
Term
vision
Definition
a mental image of a possible and desirable future state of the organization
Term
supervisory leadership
Definition
behavior that provides guidance, support, and corrective feedback for day-to-day activities
Term
strategic leadership
Definition
behavior that gives purpose and meaning to organizations, envisioning and creating a positive future
Term
power
Definition
the ability to influence others
Term
trait approach
Definition
a leadership perspective that attempts to determine the personal characteristics that great leaders share
Term
behavioral approach
Definition
a leadership perspective that attempts to identify what good leaders do - that is, what behaviors they exhibit
Term
task performance behaviors
Definition
actions taken to ensure that the work group or organization reaches its goals
Term
group maintenance behaviors
Definition
actions taken to ensure the satisfaction of group members, develop and maintain harmonious work relationships, and preserve the social stability of the group
Term
leader-member exchange (LMX) theory
Definition
highlights the importance of leader behaviors not just toward the group as a whole but toward individuals on a personal basis
Term
autocratic leadership
Definition
a form of leadership in which the leader makes decisions on his or her own and then announces those decisions to the group
Term
democratic leadership
Definition
a form of leadership in which the leader solicits input from subordinates
Term
laissez-faire
Definition
a leadership philosophy characterized by an absence of managerial decision making
Term
situational approach
Definition
leadership perspective proposing that universally important traits and behaviors do not exist, and that effective leadership behavior varies from situation to situation
Term
Vroom model
Definition
a situational model that focuses on the participative dimension of leadership
Term
Fiedler's contingency model of leadership effective
Definition
a situational approach to leadership postulating that effectiveness depends on the personal style of the leader and the degree to which the situation gives the leader power, control, and influence over the situation
Term
task-motivated leadership
Definition
leadership that places primary emphasis on completing a task
Term
relationship-motivated leadership
Definition
leadership that places primary emphasis on maintaining good interpersonal relationships
Term
Hersey and Blanchard's situational theory
Definition
a life cycle theory of leadership postulating that a manager should consider an employee's psychological and job maturity before deciding whether task performance or maintenance behaviors are more important
Term
job maturity
Definition
the level of the employee's skills and technical knowledge relative to the task being performed
Term
psychological maturity
Definition
an employee's self-confidence and self-respect
Term
path-goal theory
Definition
a theory that concerns how leaders influence subordinates' perceptions of their work goals and the paths they follow toward attainment of those goals
Term
substitutes for leadership
Definition
factors in the workplace that can exert the same influence on employees as leaders would provide
Term
charismatic leader
Definition
a person dwho is dominant, self-confident, convinced of the moral righteousness of his or her beliefs, and able to arouse a sense of excitement and adventure in followers
Term
transformational leaders
Definition
leaders who motivate people to transcend their personal interests for the good of the group
Term
transactional leaders
Definition
leaders who manage through transactions, using their legitimate, reward, and coercive powers to give commands and exchange rewards for services rendered
Term
level 5 leadership
Definition
a combination of strong professional will (determination) and humility that builds enduring greatness
Term
authentic leadership
Definition
a style in which the leader is true to himself or herself while leading
Term
pseudo-transformational leaders
Definition
leaders who talk about positive change but allow their self-interest to take precendence over followers' needs
Term
servant-leader
Definition
a leader who serves others' needs while strengthening the organization
Term
bridge leaders
Definition
leaders who bridge conflicting value systems or different cultures
Term
shared leadership
Definition
rotating leadership, in which people rotate through the leadership role based on which person has the most relevant skills at a particular time
Term
lateral leadership
Definition
style in which colleagues at the same hierarchical level are invited to collaborate and facilitate joint problem solving
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