Mgmt 326 Test 2 1 Of 4

Front 1

Entrepreneurship

Back 1

The process of planning, organizing, operating and assuming the risk of a business venture.

Front 2

Small business

Back 2

A business that is privately owned by one individual or a small group of individuals and has sales and assets that are not large enough to influence the environment.

Front 3

Established Market

Back 3

A market in which several large firms compete according to relatively well defined criteria.

Front 4

Niche

Back 4

A segment of a market not currently being exploited.

Front 5

First-mover advantage

Back 5

Any advantage that comes to a firm because it exploits an opportunity before any other firm does.

Front 6

Business plan

Back 6

A document that summarizes the business strategy and structure.

Front 7

Venture Capital Company

Back 7

A group of small investors seeking to make profits on companies with rapid growth potential.

Front 8

Franchising Agreement

Back 8

A contract between an entrepreneur (the franchisee) and a parent company (franchiser); the entrepreneur pays the parent company for the use of its trademarks, products, formulas and business plans.

Front 9

Organizing

Back 9

Deciding how best to group organizational activities and resources.

Front 10

Organization structure

Back 10

The set of elements that can be used to configure an organization.

Front 11

Job design

Back 11

The determination of an individual's work related responsibilities.

Front 12

Job Specificalization

Back 12

The degree to which the overall task of the organization is broken down and divided into smaller component parts.

Front 13

Job Rotation

Back 13

An alternative to job specialization that involves systematically moving employees from one job to another.

Front 14

Job enlargement

Back 14

An alternative to job specialization that involves giving the employee more tasks to perform.

Front 15

Job Enrichment

Back 15

An alternative to job specialization that involves increasing both the number of tasks the worker does and the control the worker has over the job.

Front 16

Job Characteristics approach

Back 16

An alternative to job specialization that suggests that jobs should be diagnosed and improved along five core dimensions, taking into account both the work system and employee preferences.

Front 17

Work Team

Back 17

An alternative to job specialization that allows an entire group to design the work system it will use to perform an interrelated set of tasks

Front 18

Departmentalization

Back 18

The process of grouping jobs according to some logical arrangement.

Front 19

Functional Departmentalization

Back 19

Grouping jobs involving the same or similar activities.

Front 20

Product Departmentalization

Back 20

Grouping activities around products or product groups.

Front 21

Customer departmentalization

Back 21

Grouping activities to respond to and interact with specific customers or customer groups.

Front 22

Location departmentalization

Back 22

Grouping jobs on the basis of geographic sites or areas.

Front 23

Chain of Command

Back 23

A clear and distinct line of authority among the positions in an organization.

Front 24

Span of management

Back 24

The number of people who report to a particular manager.

Front 25

Authority

Back 25

Power that has been legitimized by the organization.

Front 26

Delegation

Back 26

The process by which managers assign work to subordinations.

Front 27

Decentralization

Back 27

The process of systematically delegating power and authority throughout the organization to middle and lower level managers.

Front 28

Centralization

Back 28

The process of systematically retaining power and authority in the hands of higher-level managers.

Front 29

Coordination

Back 29

The process of linking activities of the various departments of the organization.

Front 30

Pooled interdependence

Back 30

When units operate with little interaction; their output is simply pooled.

Front 31

Sequential interdependence

Back 31

When the output of one unit becomes the input for another in sequential fashion.

Front 32

Reciprocal Interdependence

Back 32

When activities flow both ways between units

Front 33

Line position

Back 33

A position in the direct chain of command that is responsible for the achievement of an organization's goals.

Front 34

Staff position

Back 34

A position intended to provide expertise, advise and support for line positions.

Front 35

Administrative Intensity

Back 35

The degree to which managerial positions are concentrated in staff positions.