Mgt300

Front 1

What management is?

Back 1

the planning, organizing, leading, and controlling of human and other resources to achieve organizational goals efficiently and effectively.

Front 2

organizations

Back 2

collections of people who work together and coordinate their actions to achieve a wide variety of goals, or desired future outcomes

Front 3

managers

Back 3

the people responsible for supervising the use of an organizations resources to meet its goals

Front 4

resources

Back 4

include people, skill, know how, machinery, raw materials, computers and IT, and financial capital

Front 5

efficiency

Back 5

a measure of how well or how productively resources are used to achieve a goal

Front 6

effectiveness

Back 6

a measure of the appropriateness of the goals an organization is pursuing and of the degree to which the organization achieves those goals

Front 7

low efficiency/high effectiveness

Back 7

manager chooses the right goals to pursue but does a poor job of using resources to achieve these goals. Result: A product that customers want, but that is too expensive for them to buy

Front 8

low efficiency/low effectiveness

Back 8

manager chooses wrong goals to pursue and makes poor use of resources. Result: A low quality product that customers do not want

Front 9

high efficiency/high effectiveness

Back 9

manager chooses the right goals to pursue and makes good use of resources to achieve these goals. Result: A product that customers want at a quality and price that they can afford

Front 10

high efficiency/low effectiveness

Back 10

manager chooses innapropriate goals, but makes good use of resources to pursue these goals. Result: A high quality product that customers don't want

Front 11

competitive intelligence gathering

Back 11

collecting and interpreting data on competitors, defining and u nderstanding the industry, and identifying competitors' strengths and weaknesses

Front 12

competitive intelligence is

Back 12

1.Information that has been analyzed to the point where you can make a decision

2. A tool to alert management to early recognition of both threats and opportunities.

3.A means to deliver reasonable assessments.

4.A way of life, a process.

Front 13

competitive intelligence is not...

Back 13

1.Spying. Spying implies illegal or unethical activities. It is a rare activity.

2.A crystal ball. CI gives firms approximations of reality. It does not predict the future.

3.Database Search.Data by itself is not good intelligence.

4.The job for one smart person.

Front 14

forecasting

Back 14

the development of plausible projections about the direction, scope, speed, and intensity of environmental change.

Front 15

general environment

Back 15

factors external to an industry, and usually beyond a firms control, that affect a firms strategy.

Front 16

general environment component parts

Back 16

demographic, sociocultural, political/legal, technological, economic, global

Front 17

sociocultural

Back 17

values, beliefs, lifestyles.
i.e. higher percentage of women in the workforce

Front 18

the competitive environment

Back 18

factors that pertain to an industry and affect a firms strategies

Front 19

general environment trends and events

Back 19

little ability to predict them

even less ability to control them

can vary across industries

Front 20

segments of the competitive environment

Back 20

1. competitors

2.Customers

3.Suppliers

Front 21

porters 5 forces model

Back 21

tool for examining the competitive environment

1.The threat of new entrants
2.The bargaining power of buyers
3.The bargaining power of suppliers
4.The threat of substitute products and services
5.The intensity of rivalry among competitors in an industry

Front 22

The threat of new entrants

Back 22

refers to the possibility that the profits of established firms in the industry may be eroded by new competitors
6 barriers tro entry
1.Economies of scale
2.Product differentiation
3.capital requirements
4.switching costs
5.access to distribution channel
6.cost disadvantage independent of scale

Front 23

strategic groups

Back 23

clusters of firms that share similar strategies. Firms are more concerned about members of their strategic group. I.E. Mercedes is more concerned with BMW than hyundai.

Front 24

value chain analysis

Back 24

a strategic analysis of an organization that uses value-creating activities
Sequential process of value-creating activities
The amount that buyers are willing to pay for what a firm provides them
Value is measured by total revenue
Firm is profitable to the extent the value it receives exceeds the total costs involved in creating its product or service

Front 25

Primary Activities

Back 25

sequential activities of the value chain that refer to the physical creation of the product or service, its sale and transfer to the buyer, and its service after sale, including inbound logistics,operations,outbound logistics,marketing and sales, and service.

Front 26

support activities

Back 26

activities of the value chain that either add value through important relationships with both primary activities; including procurement, technology development, human resource management, and general administration.

Front 27

interrelationships across the value chain

Back 27

interrelationshop among activities withing the firm

Front 28

planning

Back 28

1. deciding which goals the organization will pursue

2.Deciding what courses of action to adopt to attain those goals

3.deciding how to allocate organizational resources to attain those goals

Front 29

resource based view of a firm

Back 29

perspective that firms competitive advantages are due to their endowment of strategic resources that are valuable, rare, costly to imitate, and costly to substitute

Front 30

tangible resources

Back 30

organizational assets that are relatively easy to identify, including physical assets, financial resources, organizational resources, and technological resources.

Front 31

intangible resources

Back 31

organizational assets that are difficult to identify and account for and are typically embedded in unique routines and practices, including human resources, innovation resources, and reputation resources

Front 32

organizational capabilities

Back 32

the competencies and skills that a firm employs to transform inputs into outputs

Front 33

Criteria for evaluating resources as a source of sustainable competitive advantage (4 attributes)

Back 33

1. Must be valuabe in the sense that it exploits opportunities and/or neutralizes threats in the firms environment

2.It must be rare among the firms current and potential competitors.

3.Difficult for competitors to imitate

4.The resource must have no strategically equivalent substitutes.

Front 34

knowledge economy

Back 34

an economy where wealth is created through the effective management of knowledge workers instead of by the efficient control of physical and financial assets.

Front 35

human capital

Back 35

the individual capabilities, knowledge, skills, and experience of a companys employees and managers

Front 36

Social Capital

Back 36

the network of relationships that individuals have both inside and outside the organization

Front 37

explicit knowledge

Back 37

knowledge that is codified, documented, easily reproduced, and widely distributed

Front 38

tacit knowledge

Back 38

knowledge that is in the minds of employees and is based on their experiences and backgrounds

Front 39

attracting human capital

Back 39

hire for attitude, train for skill.

emphasis on general knowledge and experience, social skills, values, beliefs, attitudes

Sound recruiting approaches
Scanning pools of available candidates
Challenge becomes having the right job candidates, not the greatest number of them
Networking
Current employees may be best source of new ones
Incentives for referrals

Front 40

developing human capital

Back 40

train and develop at all levels, encourage widespread involvement, transfer knowledge, monitor progress and track development,evaluate human capital

Front 41

retaining human capital

Back 41

provide mechanisms that prevent sensitive information from leaving the organization, financial and nonfinancial rewards and incentives, identify with an organizations mission and values, challenging work and a stimulating environment

Front 42

diversity

Back 42

Cost argument
Resource acquisition argument
Marketing argument
Creativity argument
Problem-solving argument
System flexibility argument