Cards

Term

Definition

Four Key Elements that make the current

business landscape different from the past

1. Globalization
2. Technological Change
3. The Importance of knowledge and ideas
4. Collaboration across organizational boundaries

Term

Definition

Management

Term

The process of working with people and resources

to accomplish organizational goals.
Definition

Planning

Term

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.
Definition

Value

Term

The monetary amount associated with how well a

job, task, good, or service meets users' needs.
Definition

Organizing

Term

The management function of assembling and

coordinating human, financial, physical,
informational, and other resources needed to
achieve goals.
Definition

Leading

Term

The management function that involves the

managers efforts to stimulate high performance
by employees.
Definition

Controlling

Term

The management function of monitoring

performance and making needed changes.
Definition

Top-Level managers

Senior executives responsible for the overall

management and effectiveness of the
organization.

Term

Definition

Mid-Level Managers

Term

Managers located in the middle layers of the

organizational hierarchy, reporting to top-level
executives.
Definition

Frontline Managers

Term

Lower-level managers who supervise the

operational activities of the organization.
Definition

Technical Skill

Term

The ability to perform a specialized task involving

a particular method or process.
Definition

Cinceptual and Decision Skills

Term

Skills pertaining to the ability to identify and

resolve problems for the benefit of the
organization and its members
Definition

Interpersonal and Communication Skills

Term

People skills; the ability to lead, motivate, and

communicate effectively with others.
Definition

Emotional Intelligence

Term

The skills of understanding yourself, managing

yourself, and dealing effectively with others.
Definition

Social Capital
Term

Goodwill stemming from your social relationships

Definition

Open Systems

Term

Organizations that are affected by, and that affect

their environment.
Definition

External Environment

Term

All relevant forces outside a firm's boundaries,

such as competitors, customers, the government,
and the economy.
Definition

Competitive Environment

The immediate environment surrounding a firm;

includes suppliers, customers, rivals, and the like.

Term

Definition

Macroenvironment

Term

The general environment; includes governments,

economic conditions, and other fundamental
factors that generally affect all organizations.
Definition

Barriers to Entry

Term

Conditions that prevent new companies from

entering an industry
Definition

Porters 5 forces

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

Term

Definition

Switching Costs

Term

Fixed Costs buyers face when they change

suppliers
Definition

Supply Chain Management

Term

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.
Definition

Final consumer

Term

A customer who purchases products in their

finished form.
Definition

Intermediate Consumer

Term

A customer who purchases raw materials or

wholesale products before selling them to final
customers
Definition

Environmental Uncertainty

Lack of information needed to understand or

predict the future.

Term

Definition

Environmental Scanning

Term

Searching for and sorting through information

about the environment
Definition

Competitive Intelligence

Term

Information that helps managers determine how

to compete better.
Definition

Forecasting

Term

Method for predicting how variable will change

the future
Definition

Benchmarking

Term

The process of comparing an organizations

practices and technologies with those of other
companies
Definition

Empowerment

Term

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.
Definition

Buffering

Term

Creating supplies of excess resources in case of

unpredictable needs
Definition

Smoothing

Term

Leveling normal fluctuations at the boundaries of

the environment.
Definition

Flexible Processes

Term

Methods for adapting the technical core to

changes in the environment.
Definition

Independent Strategies

Term

Strategies that an organization acting on its own

uses to change some aspect of its current
environment.
Definition

Cooperative Strategies

Strategies used by two or more organizations

working together to manage the external

environment.
Term

Definition

Strategic Maneuvering

Term

An organization's conscious efforts to change the

boundaries of its task environment.
Definition

Domain Selection

Term

Entering a new market or industry with an

existing expertise.
Definition

Diversification

Term

A firm's investment in a different product,

business, or geographic area.
Definition

Merger
Term

One or more companies combining with another.

Definition

Acquisition
Term

One firm buying another.

Definition

Divestiture
Term

A firm selling one or more businesses.

Definition

Prospectors

Term

Companies that continuously change the

boundaries for their task environments by
seeking new products and markets, diversifying
and merging, or acquiring new enterprises.
Definition

Defenders

Term

Companies that stay within a stable product

domain as a strategic maneuver.
Definition

Organizational Culture

Term

The set of important assumptions about the

organization and its goals and practices that
members of the company share.
Definition

Clues to Organizational Culture

-Corparate Mission Statements

-Business Practices
-Symbols, rites, and ceremonies
-The stories people Tell

Term

Definition

Group Culture

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

Term

Definition

Hierarchial Culture

-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.

Term

Definition

Rational Culture

-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

Term

Definition

Adhocracy

-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

Term

Definition

Corparate Social Responsibility

Term

Obligation toward society assumed by business.

Definition

Economic Responsibility

Term

To produce goods and services that society wants

at a price that perpetuates the business and
satisfies its obligations to investors.
Definition

Legal Responsibilities

Term

To obey local, state, federal, and relevant

international laws.
Definition

Ethical Responsibilities

Term

Meeting other social exoectations, not written as

law.
Definition

Philanthropic Responsibilities

Term

Additional behaviors and activities that society

finds desirable and that the values of the business
support.
Definition

Tripple Bottom Line

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.

Term

Definition

Ecocentric Management

Term

Its goal is the creation of sustainable economic

development and improvement of quality of life
worldwide for all organizational stakeholders.
Definition

Sustainable Growth

Term

Economic growth and development that meets

present needs without harming the needs of
future generations.
Definition

Life Cycle Analysis

Term

A process of analyzing all inputs and outputs,

through the entire "cradle-to-grave" life of a
product, to determine total environmental
impact.
Definition

Situational Analysis

Term

A process planners use, within time and resource

constraints, to gather, interpret, and summarize
all information relevant to the planning issue
under consideration.
Definition

SMART

Aconym for the Certain qualities Goals should

have:
-Specific
-Measurable
-Attainable(but challenging)
-Relevant
-TimeBound

Term

Definition

Single Use Plans

Term

Definition

Standing Plans

Term

Focus on ongoing activities designed to achieve an

enduring set of goals.
Definition

Contingency Plans

Term

Designed to achieve a set of goals that are not

likely to be repeated in the future

Specify actions to take when a company's initial

plans have not worked well or events in the
external environment require a sudden change.
Definition

Strategic Planning

Term

A set of procedures for making decisions about

the organizations long-term goals and strategies.
Definition

Strategic Goals

Term

Major targets or end results relating to the

organizations long-term survival, value, and
growth.
Definition

Tactical Planning

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

Term

Definition

Operational Planning

The process of identifying the specific procedures

and processes required at lower levels of the
organization.
-Frontline mangerial level

Term

Definition

Strategic Management

Term

A process that involves managers from all parts of

the organization in the formulation and
implementation of strategic goals and strategies.
Definition

To be fully effectve, the organizations strategic,

tactical, and operational goals and plans must be
_______
Term

alligned

Definition

Mission

Term

An organizations basic purpose and scope of

operations.
Definition

Six Steps of Strategic Management Process

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

Term

Definition

Strategic Vision

Term

The long-term direction and strategic intent of a

company.
Definition

Core Competence

Term

A unique skill and/or knowledge an organization

possesses that gives it an edge over competitors.
Definition

SWOT Analysis

S-stengths
W-weaknesses
O-opportunities
T-threats
-Helps executives formulate strategy

Term

Definition

Corporate Strategy

Term

The set of businesses, markets, or industries in

which an organization competes and the
distribution of resources among those entities.
Definition

Concentration

Term

A corporate strategy employed for an

organization that operates a single business and
competes in a single industry.
Definition

Vertical Intergration

Term

Corparate Strategy by acquiring or developing of

new businesses that produce parts or components
of the organizations product.
Definition

Concentric Diversification

Corporate strategy used to add new businesses

that produce RELATED products or are involved

in RELATED markets and activities.
Term

Definition

Conglomerate Diversification

Term

Definition

Business Strategy

Term

The major actions by which an organization

competes in a particular industry or market.
Definition

Low Cost Strategy

Term

A strategy an organization uses to build

competitive advantage by being efficient and
offering a standard, no-frills product.
Definition

Differentiation Strategy

Term

A strategy an organization uses to build

competitive advantage by being unique in its
industry or market segment along one or more
dimensions.
Definition

Functional Stategies

Term

Strategies implemented by each functional area of

the organization to support the organizations
business strategy.
Definition

Strategic Control System

Term

A system designed to support managers in

evaluating the organizations progress regarding
its strategy and, when discrepancies exist, taking
corrective action.
Definition

Certainty

Term

The state that exists when decision makers have

accurate and comprehensive information.
Definition

Uncertainty

Term

A corporate strategy used to add new businesses

that produce UNRELATED products or are
involved in UNRELATED markets and activities.

The state that exists when decision makers have

insufficient information.
Definition

Risk

Term

The state that exists when the probability of

success is less 100 percent and losses may occur.
Definition

Ready-made Solutions
Term

Ideas that have been seen or tried before.

Definition

Custom-made solutions

Term

New, creative solutions designed specifically for

the problem.
Definition

Satisficing

Term

Choosing an option that us acceptable, although

not necessarily the best or perfect.
Definition

Optimizing

Term

Achieving the best possible balance among

several goals.
Definition

Illusion of Control

Term

Peoples beliefs that they can influence events,

even when they have no control over what will
happen.
Definition

Framing Effects

Term

A decision bias influenced by the way in which a

problem or decision alternative is phased or
presented.
Definition

Maximizing
Term

A decision realizing the best possible outcome.

Definition

Discounting the Future

Term

A bias weighting short-term costs and benefits

more heavily than longer-term costs and benefits.
Definition

Groupthink

Term

A phenomenon that occurs in decision making

when group members avoid disagreement as they
strive for consesus.
Definition

Goal Displacement

A condition that occurs when a decision-making

group loses sight of its original goal and a new,

less important goal emerges.