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136 Cards in this Set
- Front
- Back
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Leading |
Stimulating people to be higher performers. |
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Management |
The process of working with people and resources to accomplish organizational goals. |
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Planning |
The management function of systematically making decisions about the goals and activities that an individual, a group, a work unit, or the officers in an organization will pursue. |
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Organizing |
The management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals. |
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Leading |
Management function that involves the managers efforts to stimulate both performance by employees. |
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Controlling |
The management function of monitoring performance and making needed change. |
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Top-level manager |
Senior executives responsible for the overall management and effectiveness of the organization. |
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Middle-level manager |
Managers located in the middle layers of the organizational hierarchy, reporting to top-level executives. |
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Frontline managers |
Lower level managers who supervise the operational activities of the organization. |
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Team leaders |
Employees who are responsible for facilitating successful team performance. |
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Technical Skills |
The ability to perform a specialized task involving a particular method or process |
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Conceptual and decision skills |
Skills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members |
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Interpersonal and communication skills |
People skills the ability to lead motivate and communicate effectively with others |
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Emotional intelligence |
The skills of understanding yourself managing yourself and dealing effectively with others Understanding yourself including your strengths and limitations as a manager. Managing yourself dealing with emotions making good decisions seeking feedback and exercising self-control. Working effectively with others listening showing empathy motivating and leading |
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Major challenges facing managers today |
Globalization technological change the importance of knowledge and ideas collaboration across organizational boundaries and increasing diverse labor force |
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Why is the internet so important to business |
It enables managers to be mobile and connected 24/7 if the Phils mini but business functions it is a virtual Marketplace a means to sell goods and services a distribution Channel and information service and more. It speeds up globalization managers can see what competitors suppliers and customers are doing on the other side of the world. It provides access to information allows better informed decisions and improve the efficiency of decision-making it facilitates design of new products and services from smartphones to online banking services. |
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Social capital |
Goodwill stemming from your social relationships |
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Knowledge Management |
Practices aimed at discovering and harnessing an organization's intellectual resources knowledge is a critical resource. Knowledge Management is a set of practices aimed at discovering and harnessing an organization's intellectual resources fully utilizing the intellects of the organization's people Knowledge Management is about finding unlocking sharing and capitalizing on the most precious resources of an organization people's expertise skills wisdom and relationships |
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Innovation |
Innovation is the introduction of new goods and services your firm must adapt to changes in consumer demand and the new competitors products don't sell forever in fact they don't sell for nearly as long as they used to because so many competitors or do something introducing somebody products all the time Innovation the introduction of new goods and services |
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Quality |
The Excellence of your products goods or services |
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Service |
The speed and dependability with which an organization delivers what customers want |
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Speed |
Fast And Timely execution response and delivery of results |
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Cost competitiveness |
Keeping costs low to achieve profits and to be able to offer prices that are attractive to Consumers |
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Empowerment |
When dealing with environmental uncertainty organizations may engage in empowerment. This means that they share power with employees to enhance their confidence to perform their jobs and contribute to the organization. |
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Buffering |
When dealing with environmental uncertainty organizations may engage in Buffering. This means that they create a supply of excess resources that can meet unpredictable needs.
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Smoothing |
When dealing with environmental uncertainty organizations may engage in smoothing. Smoothing is leveling normal fluctuations at the boundaries of the environment.
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Flexible Processes |
When dealing with environmental uncertainty organizations may need to use flexible processes. Flexible processes are methods that adapt the technical core of the business to changes in the environment.
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Independent Strategies |
These are strategies that an organization acting on its own uses to change some aspect of its current environment. These strategies are competitive aggression, competitive pacification, public relations, voluntary action, legal action and political action. |
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Cooperative Strategies |
These are strategies used by two or more organizations working together to manage the external environment. These strategies are contracts, cooperation and coalition. |
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Strategic Maneuvering |
Boundaries of the environment can change. These usually require strategic maneuvering to manage. This is an organizations conscious effort to change the boundaries of its task environment. Strategic Maneuvers include: Domain selection Diversification Merger of Acquisition Divestiture |
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Responding to the Environment: Three criteria that can help managers choose the best approach to respond to the environment. |
Managers need to change what can be changed. Managers should use the appropriate response. Mangers should choose responses that offer the most benefit at the lowest cost. |
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Bench-marking |
Identify the best in class performance by a company in any given area. Then, you compare those processes with the processes in your business. |
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Responding to the Environment |
To respond to the environment there are three categories that must be considered: 1. Adapting to the environment 2. Influencing the environment 3. Selecting a new environment |
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Open Systems |
Organizations that are affected by, and that effect, their environment. |
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External Environment |
All relevant forces outside a firms boundaries, such as competitors, customers, the government and the economy. |
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Macroenvironment |
The general environment; includes governments, economic conditions, and other fundamental factors that generally affect all organizations.
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Competitive environment |
the immediate environment surrounding a firm; includes suppliers, rivals, customers and the like. |
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Demographics |
Statistical Characteristics of a group or population such as age, gender and educational level. |
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Barriers to entry
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conditions that prevent new companies from entering an industry. Might include Capital Requirements (cost might be too high) Brand Identification - Customer loyalty might be super high to a known brand. Cost Disadvantages - Larger companies have more buying and spending power. Distribution Channels - Existing competitors may have tight distribution channels that would be hard to over come. Government policy - Like drug patents. |
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Final Consumer |
A customer who purchases products in their finished form. |
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Intermediate consumer |
A customer who purchases raw materials or wholesale products before selling them to final customers. |
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Switching Costs |
fixed costs that buyers face when they change suppliers |
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Supply Chain Management |
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 |
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Suppliers provide resources in many forms |
People - Universitys and trade schools supply educated people. Raw Materials - from producers, wholesalers and distributors. Information - supplied by researchers and consulting firms. Financial Capital - from banks and other resources/investors. |
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Environmental Uncertainty |
lack of information needed to understand or predict the future. |
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Environmental Scanning |
Searching for and sorting through information about the environment. |
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Competitive Intelligence |
Information that helps managers determine how to compete better. |
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Scenario |
a narrative that describes a particular set of future conditions. |
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Forecasting |
method for predicting how variables will change in the future. |
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Benchmarking |
the process of comparing an organizations practices and technologies with those of other companies. |
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Empowerment |
The process of sharing power with employees to enhance their confidence in their ability to perform their jobs and contribute to the organization. |
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Buffering |
creating supplies of excess resources in case of unpredictable needs. |
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Smoothing |
Leveling normal fluctuations at the boundaries of the environment.
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Flexible Processes |
methods for adapting the technical core to changes in the environment. |
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Independent Strategies |
strategies that an organization acting on its own uses to change some aspect of its current environment. |
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Strategic Maneuvering |
an organizations conscious efforts to change the boundaries of its task environment. |
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Domain Selection |
entering a new market or industry with existing expertise. |
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Cooperative Strategies |
Strategies used by two or more organizations working together to manager the external environment. |
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Diversification |
a firms investment in a different product, business or geographic area. |
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Merger |
One or more companies combining with another. |
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Acquisition |
one firm buying another |
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Divestiture |
A firm selling one or more businesses. |
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Prospectors |
Companies that continually change the boundaries of their task environment by seeking new products and markets, diversifying and merging, or acquiring new enterprises. |
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Defenders |
companies that stay within a stable product domain as a strategic maneuver. |
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Internal Environment |
All relevant forces inside a firms boundaries, such as its managers, employees, resources, and organization culture. |
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Organizational culture |
the set of assumptions that members of an organization share to create internal cohesion and adapt to the external environment. |
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Visible Artifacts |
The components of an organization that can be seen and heard, such as office layout, dress, orientation, stories and written material.
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Values |
the underlying qualities and desirable behaviors that are important to the organization. |
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Unconscious assumptions |
The strongly held and taken for granted beliefs that guide behavior in the firm. "We have to be profitable" |
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Clan Culture |
Implementation through consensus building. Collaborate Dominate Attributes: Cohesiveness, participation, teamwork, sense of family. Leadership Style: Mentor, facilitator, parent figure. Bonding: Loyalty, Tradition, Interpersonal Cohesion Strategic Emphasis: Toward developing human resources, commitment, and morale. |
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Hierarchy (Control) |
Control Dominate Attributes: Order, rules, regulations. uniformity, efficiency. Leadership Style: Coordinator, organizer, administrator. Bonding: Rules, policies and procedures, clear expectations. Strategic Emphasis: Toward stability, predictability, smooth |
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Adhocracy (Create) |
Create Dominate Attributes: Entrepreneurship, adaptability, dynamism Leadership Style: innovator, entrepreneur, risk taker Bonding: Flexibility, risk, entrepreneur Strategic Emphasis: Toward innovation, growth, new resources |
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Market (Compete) |
Compete Dominate Attributes: Goal Achievement, environmental exchange, competitiveness. Leadership Style: Production- and achievement oriented, decisive Bonding: Goal orientation, production, competition Strategic Emphasis: toward competitive advantage and market superiority. |
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Ecocentric management |
Its goal is the creation of sustainable economic development and improvement of quality of life worldwide for all organizational stakeholders. |
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Sustainable growth |
Economic growth and development that meet present needs without harming the needs of future generations. |
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LCA life cycle analysis |
A process of analyzing all inputs and outputs through the entire "cradle-to-grave" life of a product to determine total environmental impact. |
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Contingencies |
1 circumstances in the organization's external environment. 2 the internal strengths and weaknesses of the organization 3 the values goals skills and attitudes of managers and workers in the organization 4 the types of tasks resources & Technologies the organization uses |
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Situational Analysis |
is the process used along with time and resource limits to gather, interpret, and summarize all information relevant to the planning issue under consideration. |
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Goals |
The targets or ends that a manager wants to reach. |
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SMART |
S-Specific M - Measurable A - Achieve R - Relevant T - Time |
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Plan |
An action or means the manager will use to achieve goals. |
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Planning in Six Steps |
1. Analyze the situation 2. Generate Alternative goals and plans (SMART) 3. Evaluate goals and plans 4. Select Goals and plans 5. Implement goals and plans 6. Monitor and control performance |
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Elevate Goals and Plans |
This is when managers look at the advantages, disadvantages, and overall effects of each alternative goal and plan. |
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Select Goals and Plans |
After the goals and plans are assessed, the manager chooses the one or ones most appropriate and the feasible alternatives. |
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Implement goals and plans |
Proper implementation is the key to meeting goals. |
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Monitor and control performance
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This step is often ignored in the decision making process, but its essential. When its not used, managers have no way of knowing if their plan works. |
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Strategic goals |
are major targets or the end results related to the organizations long-term survival, value and growth. The job of a strategic manager is to establish goals aimed at effectiveness and efficiency. |
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Strategic Goals Usually include |
Growth Increasing market share improving profitability improving the return on investment ROI Improving the quantity and quality of outputs Increasing productivity Improving customer service Contributing to society |
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Strategy |
A patterns of actions and resource allocations designed to achieve the organizations goals. |
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Tactical planning |
is a set of procedures to take broad strategic goals and plans that are for a particular portion of the organization and make them into specific goals and plans. |
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Operational planning |
Is the process of identifying the specific procedures and processes required at lower levels of the organization. |
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Strategic Management |
Involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies |
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Strategic Management Steps |
1. Establish a mission, vision and goals. 2. Analyze external opportunities and threats 3. Analyze internal strengths and weaknesses. 4. Conduct a SWOT analysis and formulate strategy (Strengths, weaknesses, opportunities and threats). |
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Business Strategy
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defines the major actions by which an organization builds and strengthens its competitive position in the marketplace. |
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Low-cost strategy |
Standard product wtih no-frills. |
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Differentiation Strategy |
Unique in their industry in one or more areas |
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Functional Strategy |
Strategy that is implemented in each functional area of the organization to support the overall business strategy. |
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4 Steps to implement a strategy |
1. Define Strategic Tasks 2. Assess organization capabilities 3. Develop an implementation agenda 4. Create an implementation plan |
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Programmed decisions |
Decisions involving routine factors |
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Non-programmed decisions |
decisions involving novel and unstructured factors such as certainty and uncertainty |
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Decision making process |
1. Identify and diagnose the problem 2. Generate alternative solutions 3. Evaluate alternatives. 4. Make the choice Maximizing -looking to ensure best possible outcome satisfying - choosing an option that is acceptable although it isn't perfect. Optimizing - achieving the best possible balance among several goals. 5. Implementing the decision 6. Evaluating the decision |
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Maximizing |
Maximizing -looking to ensure best possible outcome satisfying - choosing an option that is acceptable although it isn't perfect. Optimizing - achieving the best possible balance among several goals.
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Implementing the decision |
1. Determine how things will look when the decision is fully operational. 2. chronologically order the steps necessary to achieve a fully operational decision 3. List the resources and activities required to implement each step. 4. Estimate the time need for each step. 5. Assign responsibilities for each step to specific individuals. |
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Psychological biases
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. The first psychological bias is the illusion of control. This is the belief that you can influence events even when you have no control over what will happen. The second is framing effects. This is the phrasing or presenting of problems or decision alternatives in a way that lets subjective influences override objective facts. The third is discounting the future. This is a bias that looks at short-term costs and benefits instead of looking at long-term costs and benefits.
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Group decisions |
several individuals act together to evaluate a problem or concern and come up with a conclusion. |
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Planning |
Conscious, systematic process of making decisions about goals and activities that an individual, group, work unit, or organization will pursue in the future. Planning is not an informal or haphazard response to crisis. |
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Situational Analysis |
a process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issued under consideration. |
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Goal |
A target or end that management desired to reach |
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Formal Planning Steps |
1. Situational Analysis 2. Alternative goals and plans 3. Goal and plan evaluation 4. goal and plan selection 5. Implementation 6. Monitor and Control |
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Plans |
The actions or means amangers intend to use to acheive organizational goals. |
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Single use plan |
Focuses on achieving non-repeating goals. |
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Standing Plan |
Is designed to accomplish an enduring set of goals. |
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Contingency Plan |
Specifies actions when initial plans fail or events in the external environment create sudden change. |
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scenarios |
A narrative that describes a particular set of future conditions. |
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Strategic Tactical Operational Who develops the plan |
Strategic - Top Level Managers Tactical - Middle Managers Operational - Front line Managers |
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Strategic Planning |
A set of procedures for making decisions about the organizations long-term goals and strategies |
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Strategic Goals |
Major targets or end results relation to the organizations long-term survival, value and growth |
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Strategy |
a pattern of actions and resource allocations designed to achieve the organizations goals. |
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Tactical Planning |
A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a particular portion of the organization, such as a functional area like marketing |
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Operational Planning |
The process of identifying the specific procedures and processes required at lower levels of the organization. |
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Strategic Management |
A process that involves managers from all parts of the organization into the formulation and implementation of strategic goals and strategies. |
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Mission |
An organizations basic purpose and scope of operations |
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Strategic Viseion |
The long-term direction and strategic intent of a company. |
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Strategic Management Process |
1. Establish mission, vision and goals. 2. Analysis of internal strengths and weaknesses and analysis of external opportunities and threats. 3. SWOT Analysis and strategy formulation 4. Strategy Implementation 5. Strategic Control |
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Stakeholders |
Groups and individuals who affect and are affected by the achievement of the organizations mission, goals, and strategies. |
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Resources |
Inputs to a system that can enhance performance |
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core capability |
a unique skill and/or knowledge an organization possesses that gives it an edge over competitors. |
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SWOT Analysis |
A comparison of strengths, weaknesses, opportunities and threats that helps executives formulate strategy. |
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Corporate Strategy |
The set of businesses, markets or industries in which an organization competes and the distribution of resources among those entities. |
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Concentration |
a strategy employed for an organization that operates a single business and competes in single industry |
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Vertical Integration |
The acquisition or development of new businesses that produce parts or components of the organizations product. |
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Related diversification |
A strategy used to add new businesses that produce related products or are involved in related markets and activities |
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Unrelated diversification |
a strategy used to add new businesses that product unrelated products or are involved in unrelated markets and activities |
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Business Strategy |
The major actions by which an organization completes in a particular industry or market. |
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Low-cost Strategy |
a strategy an organization used to build competitive advantage by being unique in its industry or market segment along one or more dimensions. |
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Think small and act small, and we'll get bigger. Think big and act big and we'll get smaller. |
Herb Kelleher - Southwest Airlines |
