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113 Cards in this Set
- Front
- Back
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Organization
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group of ppl working together in a structured and organized fashion to achieve a set of goals
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Management
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set of activities (planning, decisions making, organizing, leading, controlling) that uses a businesses resources to achieve organizational goals
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Efficient
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using resources wisely and in cost-effective way
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Effective
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making right decisions AND implementing them
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Top managers
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small group of executives who manage organziation
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Middle managers
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responsible for implementing policies and plans developed by top managers and supervising lower level managers
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First-line managers
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supervise operating employees
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External environment
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things outside business that may affect it
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General environment
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broad dimensions and forces in surroundings that determine overall environment
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Task environment
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organizations that affect the business
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Organization
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group of ppl working together in a structured and organized fashion to achieve a set of goals
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Management
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set of activities (planning, decisions making, organizing, leading, controlling) that uses a businesses resources to achieve organizational goals
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Efficient
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using resources wisely and in cost-effective way
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Effective
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making right decisions AND implementing them
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Top managers
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small group of executives who manage organziation
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Competitor
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other organizations competing for resources
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Customer
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whoever pays money to get product/ service
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Supplier
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provides resources for other organizations
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Regulator
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can control, regulate, influence the organizations policies and practice
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Regulatory agency
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created by government to regulate business activities
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Interest group
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group organized by members of the business in order to influence organization
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2 types of regulators
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regulatory agency and interest group
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Strategic partner (or strategic ally)
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2 organizations working together in a joint venture- help each other get expertise they lack
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Owners
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claims property rights to organization
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Board of directors
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governing body elected by stockholders to oversee firm and ensure business is being run in a way that best serves stockholders
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Ethical behavior
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behavior that conforms with accepted social norms
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Unethical behavior
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behavior not conforming to accepted social norms
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Social responsibility
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set of obligations that protect and enhance societal context in which it funstions
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Legal compliance
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extent to which business follows local, state, federal and national laws
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Ethical compliance
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extent to which organization follow ethical standards of behavior
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Philanthropic giving
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awarding funds/ charity to worthy causes
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Licensing
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one company lets another borrow some part of its identity (name, trademark, copyright etc) in exchange for a royalty based on sales
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Strategic alliance
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2 or more firms jointly cooperate for MUTUAL gain
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Joint venture
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partners share ownership of a new enterprise (plan/project)
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Mission
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statement of fundamental purpose
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Strategic goal
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goal set by and for top management. broad general issues ex-double sales revenue
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Tactical goal
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goal set by/ for middle management. operationalize actions to acheive strategic goals- ex- revise which new products to launch/ revise
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Operational goal
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goal set by and for lower-level managers- shorter term. target number of new products to launch each of next 5 yrs
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Strategic plan
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outline of steps necessary to achieve goal
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Strategy
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plan for accomplishing goals
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Distinctive competence
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strength possessed by a small number of competing firms
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Scope
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range of markets in which an organization will compete
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Strategic alliance
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2 or more firms jointly cooperate for MUTUAL gain
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Joint venture
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partners share ownership of a new enterprise (plan/project)
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Mission
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statement of fundamental purpose
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Strategic goal
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goal set by and for top management. broad general issues ex-double sales revenue
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Tactical goal
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goal set by/ for middle management. operationalize actions to acheive strategic goals- ex- revise which new products to launch/ revise
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Operational goal
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goal set by and for lower-level managers- shorter term. target number of new products to launch each of next 5 yrs
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Strategic plan
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outline of steps necessary to achieve goal
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Strategy
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plan for accomplishing goals
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Distinctive competence
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strength possessed by a small number of competing firms
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Scope
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range of markets in which an organization will compete
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Resource deployment
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how an organization distributes resources across areas in which it competes
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Business-level strategy
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strategic alternatives from which an organization chooses as it conducts business in a particular industry or market
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Corporate-level strategy
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strategic alternatives from which an organization chooses as it manages operations across several industries and markets
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Strategy formulation
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creating strategies of the organization based on content
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Strategy implementation
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how strategies are operated or executed- focuses on process of how products are achieved
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SWOT
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Strengths, weaknesses, opportunities, threats- starting point for creating strategy begins with SWOT analysis
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Organizational strength
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skill that aids in the implementation of strategy
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Organizational weaknesses
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deficit that prevents from implementing strategy
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Organizational opportunity
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area that may generate high performance if exploited
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what is the starting point in formulating and what does it do
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SWOT analysis- evaluation of internal strengths and weaknesses as well as environmental opportunities and threats
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Organizational threat
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area that makes it harder to achieve high performance
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Differentiation strategy
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seeks to distinguish business through quality of produce
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Overall cost leadership strategy
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hopes to gain competitive advantage by dropping prices lower than competitors
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Focus strategy
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focus on a specific regional market, product line or group of buyers
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Product Life Cycle (fig 3.3) pg 84
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portrays how sales volume for products changes over the life of products- introduction, growth, maturity, decline
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Diversification
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number of different businesses an organization is engages in and extent to which the businesses are related
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Single-product strategy
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focuses on selling only one product to a single geographic market
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Related diversification
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operates in several businesses that are somehow related
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Unrelated diversification
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operates in several businesses that are not related
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Portfolio management
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method that diversified companies use to determine which businesses to engage in and how to maximize performance
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BCG matrix
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Boston Consulting Group- evaluates businesses relative to growth rate of their market and the organizations share of the market
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Contingency planning
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set of alternate courses to be taken if a plan is disrupted or rendered inappropriate
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Entrepreneurship
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process of planning, organizing, operating and assuming the risk of a business venture.
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Entrepreneur
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someone who engages in entrepreneurship
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Small business
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owned by 1 person or small group- sales and assets not large enough to influence environment
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Economies of Scale in Small-business
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graph pg. 150- small firms sometimes find it hard to compete in manufacturing business b/c of economics scale associated with plant, equipment and technology. LOOK AT GRAPH
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Established market
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market in which several large firms compete according to well-defined criteria
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Niche
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segment of a market not currently being exposed
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First-mover advantage
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advantage that comes to a firm because it exploits an opportunity before any other firm
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Business plan
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document that sumarizes business strategy and structure
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Franchising agreement
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contract between entrepreneur (franchisee) and parent company (franchiser)- entrepreneur pays parent company for the use of its trademarks, products, formulas and business plans
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Organization structure and design
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set of elements that can be used to configure an organization
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Job specialization
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degree to which task is broken down into smaller component parts
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Job rotation
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moves employees from one job to another
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Job enlargement
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giving employee more tasks to perform
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Job enrichment
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increasing number of tasks a worker does and control worker has over the job
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Job characteristics approach
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5 core job dimensions that may result in critical psychological states that may enhance motivation, performance and satisfaction while also reducing absenteeism and turnover
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Work team
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allows entire group to design the work system it will use to perform tasks
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Functional departmentalization
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grouping jobs that involve similar activities
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Product departmentalization
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grouping activities around products
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Customer departmentalization
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grouping activities to respond to customers
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Location departmentalization
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grouping jobs based on geographic sites
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Chain of command
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clear line of authority among the positions in an organization
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Span of management
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number of people who report to a particular manager
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Authority
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power legitimized by the organization
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Delegation
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process by which manager assigns portion of his workload to others
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Decentralization
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system of delegating power through out the organization to middle and lower level managers
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Centralization
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retaining power in the hands of higher-level managers
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Coordination
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links activities to departments of organization
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Bureaucracy
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a way to organize a business based on a formal system of authority
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Mechanistic organization
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similar to bureaucratic model but found in stable environments
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Organic organization
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flexible, informal model of organization- most often found in unstable and unpredictable environments
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Differentiation
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organization broken down into subunits
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Integration
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degree to which the various subunits in an organization must work together in a coordinated fashion
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Organizational life cycle
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progression through which organizations evolve as they grow and mature
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Functional (U-form) design
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organizational design based on the functional approach to departmentalization
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Conglomerate (H-form) design
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used by organization made up of unrelated businesses
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Divisional (M-form) design
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organizational design based on multiple businesses is related areas operating within a larger organizational framework
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Matrix design
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organization design based on two overlapping bases of departmentalization-
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Team organization
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organization that almost solely relies on project-type teams, with little functional hierarchy
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Virtual organization
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organization with little or no formal structure
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