Business Management Test 2

Front 1

Innovation

Back 1

the successful implementation of creative ideas in organizations

Front 2

technology cycle

Back 2

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

Front 3

S-curve pattern of innovation

Back 3

a pattern of technologies innovation characterized by slow initial progress then rapid progress and then slow progress again as a technology matures and reaches its limits.

Front 4

Innovation streams-

Back 4

patterns of innovation over time that can create sustainable competitive advantage

Front 5

technological discontinuity

Back 5

the phase of an innovation stream in which a scientific advance or unique combination of existing technologies creates a significant breakthrough in performance or function

Front 6

Discontinuous chang

Back 6

the phase of a technology cycle characterized by technological substitution and design competition.

Front 7

Technological substitution

Back 7

the purchase of new technologies to replace older ones

Front 8

Design competition

Back 8

competition between old and new technologies to establish a new technological standard or dominant design

Front 9

Dominant design

Back 9

a new technological design or process that becomes the accepted market standard. Can become a dominant design when there is critical mass (most people want it) , if it solves a problem, independent standards.

Front 10

technological lockou

Back 10

the inability of a company to competitively sell it products because it relies on old technology or nondominant design

Front 11

Incremental change

Back 11

he phase of a technology cycle in which companies innovate by lowering cost and improving the functioning and performance of the dominant technological

Front 12

Creative work environment

Back 12

workplace cultures in which workers perceive that new ideas are welcomed, valued and encouraged. 6 parts challenging work,organizational encouragement, supervisory encouragement, work group encouragement, Freedom, lack of organizational impediments

Front 13

Flow

Back 13

a psychological state of effortlessness in which you become completely absorbed in what you’re doing and time seems to pass quick

Front 14

experiential approach to innovation

Back 14

an approach to innovation that assumes a highly uncertain environment and uses intuition, flexible options and hands-on experience to reduce uncertainty and accelerate learning and understanding. 5 aspects design iterations, testing , milestones, multifunctional teams, and powerful leaders.

Front 15

Design iterations

Back 15

a cycle of repetition in which a company test a prototype a new product or service improves on that design and then builds and test the improved prototype.

Front 16

Prototype

Back 16

a full-scale working model that is being tested for design function and reliability testing - the systematic comparison of different products designs or design iterations.

Front 17

milestone

Back 17

formal project review points used to assess progress and performance.

Front 18

multifunctional teams

Back 18

work teams composed of people from different departments

Front 19

Compression approach to innovation

Back 19

an approach to innovation that assumes that incremental innovation can be planned using a series of steps and that compressing those steps can speed innovation. 5 aspects: planning, supplier involvement, shortening the time of individual steps, overlapping steps and multifunctional teams.

Front 20

generational change

Back 20

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

Front 21

organizational decline

Back 21

a large decrease in organizational performance that occurs when companies don’t anticipate recognize neutralize or adapt to the internal or external pressures that threaten their survival. 5 stages are blinded (they do not notice the change), inaction ( they notice the change but refuse to do something), faulty (they blame the failure on something else, so they run a tighter ship), crisis (bankruptcy, they lack the funds to make a change) and dissolution (sells the organization to pay suppliers, banks and creditors) .

Front 22

Change forces

Back 22

forces that produce differences in the form quality or condition of an organization over time

Front 23

resistance forces

Back 23

forces that support the existing conditions in organizations

Front 24

resistance to change

Back 24

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

Front 25

unfreezing

Back 25

getting the people affected by change to believe change is needed

Front 26

change intervention

Back 26

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

Front 27

refreezing

Back 27

supporting and reinforcing new changes so that they stick

Front 28

coercion

Back 28

the use of formal power and authority to force others to change

Front 29

results- driven change

Back 29

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

Front 30

general electric workout

Back 30

a special kind of results driven change, a three 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 31

Organizational development

Back 31

a philosophy and collection of planned change interventions designed to improve and organizations long-term health and performance.

Front 32

Change agent

Back 32

the person formally in charge of guiding a change effort

Front 33

Global business

Back 33

the buying and selling of goods and services by people from different countries

Front 34

Multinational corporation

Back 34

a corporation that owns businesses in two or more countries

Front 35

Direct Foreign Investment

Back 35

a method of investment in which a company builds a new business or buys an existing business in a foreign country.

Front 36

Trade barriers

Back 36

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

Front 37

Protectionism

Back 37

a government's use of trade barriers to shield domestic companies and their workers from foreign competition.

Front 38

Tariffs

Back 38

a direct tax on imported goods.

Front 39

Nontariff barriers

Back 39

nontax methods of increasing the cost or reducing the volume of imported goods.

Front 40

quotas

Back 40

a limit on the number or volume of imported products

Front 41

voluntary export restraints

Back 41

voluntarily imposed limits on the number or volume of products exported to a particular country (illegal)

Front 42

government import standards

Back 42

a standard ostensibly established to protect the health and safety of citizens but in reality is often used to restrict imports

Front 43

subsidies

Back 43

government loans grants and tax deferments given to domestic companies to protect them from foreign competition

Front 44

customs classification

Back 44

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

Front 45

GATT - general agreement on tariffs and trade

Back 45

a worldwide trade agreement that reduced and eliminated tariffs, limited government subsides and established for intellectual property. 1947 to 1995

Front 46

WTO - World trade organization

Back 46

the successor to GATT the only international organization dealing with the global rules of trade between nations its main functions is to ensure that trade flows as smoothly predictably and freely as possible. headquarters are in Geneva switzerland. 159 countries

Front 47

regional trading zones-

Back 47

areas in which tariff and nontariff barriers on trade between countries are reduced or eliminated.

Front 48

Maastricht Treaty

Back 48

a regional trade agreement between most european countries made to transform 12 countries into one common economic market called the european Union (euro)

Front 49

NAFTA - North american Free Trade Agreement,

Back 49

a regional trade agreement between the US, Canada, and mexico. Jan 1 1994. Stopped the areas from introducing new tariffs or from increasing them .

Front 50

CAFTA-DR - dominican republic - central america free trade agreement,

Back 50

a regional trade agreement between the US, DR, and Central American countries

Front 51

Global consistency

Back 51

when a multinational company has offices manufacturing plants and distribution facilities in different countries and runs them all using the same rules guidelines policies and procedures.

Front 52

Local adaptation

Back 52

modifying rules guidelines policies and procedures to adapt to differences in foreign customers governments and regulatory agencies.

Front 53

Exporting

Back 53

selling domestically produced products to customers in foreign countries

Front 54

Cooperative contract

Back 54

an agreement in which a foreign business owner pays a company a fee for the right to conduct that business in his or her country two types of this are licensing and franchisee

Front 55

Licensing

Back 55

an agreement in which a domestic company the licensor receives royalty payments for allowing another company the licensee to produce the licensors product sell it services or use its brand name in a specified foreign market.

Front 56

Franchisee

Back 56

a collection of networked firms in which the Maufacturers or marketer of a product or service the franchiser license the entire business to another person or organization the franchisee

Front 57

Strategic alliance

Back 57

an agreement in which companies combine key resources costs risks technology and people

Front 58

joint venture

Back 58

a strategic alliance in which two existing companies collaborate to form a third independent company

Front 59

Wholly owned affiliates

Back 59

foreign offices, facilities, and manufacturing plants that are 100 percent owned by the parent company

Front 60

global new ventures

Back 60

new companies that are founded with an active global strategy and have sales employees and financing in different countries.

Front 61

purchasing power

Back 61

the relative cost of a standard set of goods and services in different countries

Front 62

expatriate

Back 62

someone who lives and works outside his or her native country