Business Management Chapters 5-8

Front 1

Planning pros and cons:

Back 1

Pros:
-intensify effort
-increase persistence
-provide direction
-creasting task strategies
Cons:
-impeding change
-creating false sense of certainty
-allowing planners to plan things they don't understand how to accomplish

Front 2

S.M.A.R.T goals

Back 2

goals that are specific, measurable, attainable, realisitic and timely

Front 3

Goal commitment

Back 3

the determination to achieve a goal

Front 4

Vision

Back 4

a statement of a company's purpose or reason for existing

Front 5

Mission

Back 5

a statement of a company's overall goal that unifies company wide efforts towards its vision, stretches and challenges the organization and possess a finish line and time frame

Front 6

Tactical plans

Back 6

plans create and implemented by middle managers that specify how the company will use resources, budgets and people over the next 6 months to 2 years to accomplish specific goals within its mission

Front 7

Management by objectives

Back 7

a 4-step process in which managers and employees discuss and select goals, develop tactical plans, and meet regularly to review progress toward goal accomplishment

Front 8

Operational plans

Back 8

day to day plans, developed and implemented for producing or delivering the organization's products and services over a 30-day to 6 month period

Front 9

Single use plans

Back 9

plans that cover unique one time only events

Front 10

Standing plans

Back 10

plans used repeatedly to handle frequently occuring events

Front 11

Policy

Back 11

standing plan that indicated the general course of action that should be taken in response to a particular event or situation

Front 12

Procedure

Back 12

standing plan that indicated the specific steps that should be taken in response to a particular event

Front 13

Rules and regulations

Back 13

standing plans that describe how a particular action should be performed or what must happen or not happen in response to a particular event

Front 14

Problem

Back 14

a gap between a desired state and an existing state

Front 15

Absolute Comparison

Back 15

a process in which each criterion is compared to a standard or ranked on its own merits

Front 16

Relative Comparisons

Back 16

a process in which each criterion is compared directly to every other

Front 17

Groupthink

Back 17

a barrier to good decision making caused by pressure within a group for members to agree with with each other

Front 18

C-type conflict

Back 18

disagreement that focuses on problem and issue related differences of opinion

Front 19

A-type conflict

Back 19

disagreement that focuses on individual or personal issues

Front 20

Devil's Advocacy

Back 20

a decision making method in which an individual or subgroup is assigned the role of critic

Front 21

Nominal Group Technique

Back 21

a deicision making method that begins and ends by having groub members quietly write down and evaluate ideas to be shared with the group

Front 22

Rules of Brainstorming

Back 22

1. The more ideas the better
2. All ideas are acceptable
3. Other group members ideas should be used to come up with even more ideas
4. Criticism or evaluation of ideas is not allowed

Front 23

Delphi Technique

Back 23

a decision making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue

Front 24

Brainstorming

Back 24

decision making method in which group members build on each others ideas to generate as many alternative solutions as possible

Front 25

Competitive Inertia

Back 25

reluctance to change strategies or competitive practices that have been susccessful in the past

Front 26

Situational Analysis (SWOT)

Back 26

an assessment of the strengths and weaknesses in an organizations internal environment and the opportunities and threats in its external environment

Front 27

Distinctive competence

Back 27

what a company can make, do , or perform better than its competitors

Front 28

Core Capabilites

Back 28

the internal decision making routines, problem solving processes and organizational cultures that determine how efficiently inputs can be turned into outputs

Front 29

Strategic Group

Back 29

group of companies within an industry that top managers choose to compare evaluate and benchmark strategic threats and opportunities

Front 30

Core firms

Back 30

the central companies in a strategic group

Front 31

Nominal Group Technique

Back 31

a deicision making method that begins and ends by having groub members quietly write down and evaluate ideas to be shared with the group

Front 32

Rules of Brainstorming

Back 32

1. The more ideas the better
2. All ideas are acceptable
3. Other group members ideas should be used to come up with even more ideas
4. Criticism or evaluation of ideas is not allowed

Front 33

Delphi Technique

Back 33

a decision making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue

Front 34

Brainstorming

Back 34

decision making method in which group members build on each others ideas to generate as many alternative solutions as possible

Front 35

Competitive Inertia

Back 35

reluctance to change strategies or competitive practives that have been susccessful in the past

Front 36

Situational Analysis (SWOT)

Back 36

an assessment of the strengths and weaknesses in an organizations internal environment and the opportunities and threats in its external environment

Front 37

Distinctive competence

Back 37

what a company can make, do , or perform better than its competitors

Front 38

Core Capabilites

Back 38

the internal decision making routines, problem solving processes and organizational cultures that determine how efficiently inputs can be turned into outputs

Front 39

Strategic Group

Back 39

group of compies within an industry that top managers choose to compare evaluate and benchmark strategic threats and opportunities

Front 40

Core firms

Back 40

the central companies in a strategic group

Front 41

Diversification

Back 41

a strategy for reducing risk by owning a variety of items so that the failure of one stock or one business does not doom the entire portfolio

Front 42

Portfolio Strategy

Back 42

a coporate level strategy that minimizes risk by diversifying investment among various business or product lines

Front 43

Unrelated Diversification

Back 43

creating or acquiring companies in completely unrelated businesses

Front 44

BCG matrix

Back 44

portfolio strategy developed by the Boston consulting Group that categorizes a coporations businesses by growth rate and relative market share and help managers decides how to invest corporate funds

Front 45

Related Diversification

Back 45

creating or acquiring companies that share similar products, manufacturing, marketing, technology or cultures

Front 46

Grand Strategy

Back 46

used to achieve strategic goals and guide the strategic altermatives that managers of individual businesses or subunits may use

Front 47

Growth Strategy

Back 47

focuses on increasing profits, revenues, market share, or the number of places in which the company does business

Front 48

Stability Strategy

Back 48

focuses on improving the way in which the company selss the same products or services to the same customers

Front 49

Retrenchment strategy

Back 49

a strategy that focuses on turning around very poor company performance by shrinking the size or scope of the business

Front 50

Cost Leadership

Back 50

positioning strategy of producing a product or service of acceptable quality at consistently lower production costs that competitors can so that the firm can offer the product or service at the lowest price in teh industry

Front 51

Differentiation

Back 51

the positioning strategy of providing a product and service that is sufficiently different from competitors offerings that customers are willing to pay a premium price for it

Front 52

Focus Strategy

Back 52

positioning strategy of using cost leadership or differentiation to produce a specialized product or service for a limited, specially targeted group of customers in a particular geographic region or market segment

Front 53

Organizational Change

Back 53

a difference in the form, quality, or condition of an organization over time

Front 54

Organizational innovation

Back 54

successful implementation of creative ideas in organization

Front 55

Creativity

Back 55

production of novel and useful ideas

Front 56

Technology cycle

Back 56

cycle that begins with the birth of a new technology and ends when that technology reaches its limits and is replaced by a newer substantally better technology

Front 57

Generational Change

Back 57

change based on incremental improvements to a dominant technological design such that the improved technology is fully backward compatible with the older technology

Front 58

Organizational decline

Back 58

large decrease in organizational performance that occurs when companies don't anticipate, recogonize, nuetralize, or adapt to the internal or external pressures tha threaten their survival

Front 59

5 stages of Organizational Decline

Back 59

1. blinded stage
2. inaction stage
3. faulty action stage
4. crisis stage
5. dissolution stage

Front 60

Resistance to change

Back 60

opposition to change resulting from self intrest, misunderstanding, and distrust and a general intolerance for change

Front 61

Kurt Lewin: managing organizational change

Back 61

unfreezing
change intervention
refreezing

Front 62

Unfreezing

Back 62

getting the people affected by change to beleive that change is needed

Front 63

Change Intervention

Back 63

the process used to get workers and managers to change their behavior and work practices

Front 64

Refreezing

Back 64

supporting and reinforcing new changes so that they stick

Front 65

Coercion

Back 65

using formal power and authority to force others to change

Front 66

Results-driven change

Back 66

change created quickly by focusing on the measurement and improvement of results

Front 67

General Electric workout

Back 67

3 day meeting in which managers and employees from different levels and parts of an organization quickly generate and act on solutions to specific business problems

Front 68

Organizational development

Back 68

philosophy and collection of planned change interventions designed to improve an organizations long terms health and performance

Front 69

Change agent

Back 69

the person formally in charge of guiding a change effort

Front 70

Trade barriers

Back 70

government imjposed regulations that increase the cost and restrict the number of imported goods

Front 71

Tarriff

Back 71

a direct tax on imported goods

Front 72

Nontariff barriers

Back 72

nontax method of increasing the cost or reducing the volume of imported goods

Front 73

Quota

Back 73

limit on the number or volume of products exported to a particular country

Front 74

Voluntary export restraints

Back 74

voluntarily imposed limits on the number or volume of producs exported to a particular country

Front 75

Government import standard

Back 75

established to protect the health and safety of citizens but inreality often used to restrict imports

Front 76

Customs classifications

Back 76

classification assigned to imported products by govenment officials that affects the size of the tariff and imposition of import quotas

Front 77

General Agreement on Tariffs and Trade (GATT)

Back 77

worldwide trades agreement that reduced and eliminated tariffs limited gov. subsidies and established protections for intellectual property

Front 78

NAFTA

Back 78

regional trade agreement between the US, Canada, and Mexico

Front 79

Exporting

Back 79

selling domestically produced products to customers in foreign countries

Front 80

Licensings

Back 80

an agreement in which a domestic company the licensor, receives royalty payments for allowing another company the lifensee to produce the licensors products, sell its service, or use its brand name in a specified foreign market

Front 81

Political uncertainty

Back 81

risk of major changes in political regimes that can result from war, revolution, death of political leaders social unrest or other influential events

Front 82

Policy Uncertainty

Back 82

risk associated with changs in laws and government policies that directly affect the way foreign companies conduct business.

Front 83

Geert Hoftstede 5 consistent cultural dimensions

Back 83

1. power distance
2. individualism
3. masculinity
4. uncertainty avoidance
5. short/long term orientation

Front 84

Expatriate

Back 84

someone who lives and works outisde his or her native country

Front 85

Language and Cross Cultural training

Back 85

documentary training, cultural simulation, field simulation, adaptability screening