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Management Test 2
Chapters 4, 6-8
69
Management
Undergraduate 3
02/23/2014

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Term
Global Organization
Definition
an organization that operates and competes in more than one country
Term
Global Environment
Definition
the set of global forces and conditions that operate beyond an organization's boundaries but affect a manager's ability to acquire and utilize resources
Term
Task Environment
Definition
the set of forces and conditions that originate with suppliers, distributors, customers, and competitors and affect an organization's ability to obtain inputs and dispose of its outputs because they influence managers on a daily basis
Term
General Environment
Definition
the wide-ranging global, economic, technological, sociocultural, demographic, political, and legal forces that affect an organization and its task environment
Term
Suppliers
Definition
individuals and organizations that provide an organization with the input resources that it needs to produce goods and services
Term
Global Outsourcing
Definition
the purchase of inputs from overseas suppliers or the production of inputs abroad to lower production costs and improve product quality or design
Term
Distributors
Definition
organizations that help other organizations sell their goods or services to customers
Term
Customers
Definition
individuals and groups that buy the goods and services that an organization produces
Term
Competitors
Definition
organizations that produce goods and services that are similar to a particular organization's goods and services
Term
Potential Competitors
Definition
organizations that presently are not in a task environment but could enter if they so choose
Term
Barriers to Entry
Definition
factors that make it difficult and costly for an organization to enter a particular task environment or industry
Term
Economies of Scale
Definition
cost advantages associated with large operations
Term
Brand Loyalty
Definition
customers' preference for the products of organizations currently existing in the task environment
Term
Economic Forces
Definition
interest rates, inflation, unemployment, economic growth, and other factors that affect the general health and well-being of a nation or the regional economy of an organization
Term
Technology
Definition
the combination of skills and equipment that managers use in the design, production, and distribution of goods and services
Term
Technological Forces
Definition
outcomes of changes in the technology that managers use to design, produce, or distribute goods and services
Term
Sociocultural Forces
Definition
pressures emanating from the social structure of a country or society or from the national culture
Term
Social Structure
Definition
the arrangement of relationships between individuals and groups in a society
Term
National Culture
Definition
the set of values that a society considers important and the norms of behavior that are approved or sanctioned in that society
Term
Demographic Forces
Definition
outcomes of changes in, or changing attitudes toward, the characteristics of a population, such as age, gender, ethnic, origin, race, sexual orientation, and social class
Term
Political and Legal Forces
Definition
outcomes of changes in laws and regulations, such as the deregulation of industries, the privatization of organizations, and the increased emphasis on environmental protection
Term
Globalization
Definition
the set of specific and general forces that work together to integrate and connect economic, political, and social systems across countries, cultures, or geographical regions so that nations become increasingly interdependent and similar
Term
Tariff
Definition
a tax that a government imposes on imported or, occasionally, exported goods
Term
Tree-Trade Doctrine
Definition
the idea that if each country specializes in the production of the goods and services that it can produce most efficiently, this will make the best use of global resources
Term
Values
Definition
ideas about what a society believes to be good, right, desirable, or beautiful
Term
Norms
Definition
unwritten, informal codes of conduct that prescribe how people should act in particular situations and are considered important by most members of a group or organization
Term
Folkways
Definition
the routine social conventions of everyday life
Term
Mores
Definition
norms that are considered to be central to the functioning of society and to social life
Term
Individualism
Definition
a worldview that values individual freedom and self-expression and adherence to the principle that people should be judged by their individual achievements rather than by their social background
Term
Collectivism
Definition
a worldview that values subordination of the individual to the goals of the group and adherence to the principle that people should be judged by their contribution to the group
Term
Power Distance
Definition
the degree to which societies accept the idea that inequalities in the power and well-being of their citizens are due to differences in individuals' physical and intellectual capabilities and heritage
Term
Achievement Orientation
Definition
a worldview that values assertiveness, performance, success, and competition
Term
Nurturing Orientation
Definition
a worldview that values the quality of life, warm personal friendships, and services and care for the weak
Term
Uncertainty Avidance
Definition
the degree to which societies are willing to tolerate uncertainty and risk
Term
Long-Term Orientation
Definition
a worldview that values thrift and persistence in achieving goals
Term
Short-Term Orienation
Definition
a worldview that values personal stability or happiness and living for the present
Term
Planning
Definition
identifying and selecting appropriate goals and courses of action; one of the four principal tasks of management
Term
Strategy
Definition
a cluster of decisions about what goals to pursue, what actions to take, and how to use resources to achieve goals
Term
Mission Statement
Definition
a broad declaration of an organization's purpose that identifies the organization's products and customers and distinguishes the organization from its competitors
Term
Corporate-Level Plan
Definition
top management's decisions pertaining to the organization's mission, overall strategy, and structure
Term
Corporate-Level Strategy
Definition
a plan that indicates in which industries and national markets an organization intends to compete
Term
Business-Level Plan
Definition
divisional managers' decisions pertaining to divisions' long-term goals, overall strategy, and structure
Term
Business-Level Strategy
Definition
a plan that indicates how a division intends to compete against its rivals in an industry
Term
Functional-Level Plan
Definition
functional managers' decisions pertaining to the goals that they propose to pursue to help the division attain its business-level goals
Term
Functional-Level Strategy
Definition
a plan of action to improve the ability of each of an organization's functions to perform its task-specific activities in ways that add value to an organization's goods and services
Term
Time Horizon
Definition
the intended duration of a plan
Term
Strategic Leadership
Definition
the ability of the CEO and top managers to convey a compelling vision of what they want the organization to achieve to their subordinates
Term
Strategy Formulation
Definition
the development of a set of corporate-, business-, and functional-level strategies that allow an organization to accomplish its mission and achieve its goals
Term
SWOT Analysis
Definition
a planning exercise in which managers identify organizational strengths (S) and weaknesses (W) and environmental opportunities (O) and threats (T)
Term
Hypercompetition
Definition
permanent, ongoing, intense competition brought about in an industry by advancing technology or changing customer tastes
Term
Low-Cost Strategy
Definition
driving the organization's cost down below the costs of its rivals
Term
Differentiation Strategy
Definition
distinguishing an organization's products from the products of competitors on dimensions such as product design, quality, or after-sales service
Term
Focused Low-Cost Strategy
Definition
serving only one segment of the overall market and trying to be the lowest-cost organization serving that segment
Term
Focused Differentiation Straegy
Definition
serving only one segment of the overall market and trying to be the most differentiated organization serving that segment
Term
Concentration on a Single Industry
Definition
reinvesting a company's profits to strengthen its competitive position in its current industry
Term
Vertical Integration
Definition
expanding a company's operations either backward into an industry that produces inputs for its products or forward into an industry that uses, distributes, or sells its products
Term
Diversification
Definition
expanding a company's business operations into a new industry in order to produce new kinds of valuable goods or services
Term
Related Diversification
Definition
entering a new business or industry to create a competitive advantage in one or more of an organization's existing divisions or businesses
Term
Synergy
Definition
performance gains that result when individuals and departments coordinate their actions
Term
Unrelated Diversification
Definition
entering a new industry or buying a company in a new industry that is not related in any way to an organization's current businesses or industries
Term
Global Strategy
Definition
selling the same standardized product and using the same basic marketing approach in each national market
Term
Multidomestic Strategy
Definition
customizing products and marketing strategies to specific national conditions
Term
Exporing
Definition
making products at home and selling them abroad
Term
Importing
Definition
selling products at home that are made abroad
Term
Licensing
Definition
allowing a foreign organization to take charge of manufacturing and distributing a product in its country or world region in return for a negotiated fee
Term
Franchising
Definition
selling to a foreign organization the rights to use a brand name and operating know-how in return for a lump-sum payment and a share of the profits
Term
Strategic Alliance
Definition
an agreement in which managers pool or share their organization's resources and know-how with a foreign company, and the two organizations share the rewards and risks of starting a new venture
Term
Joint Venture
Definition
a strategic alliance among two or more companies that agree to jointly establish and share the ownership of a new business
Term
Wholly Owned Foreign Subsidary
Definition
production operations established in a foreign country independent of any local direct involvement
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