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171 Cards in this Set

  • Front
  • Back
business plan
is a document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success
is a large scale action plan that sets the direction for an organization
strategic management
is a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals
strategic planning
determine what the organization's long term goals should be for the next 1-5 years with the resources they expect to have available
3 reasons why strategic management and strategic planning should be adopted
1. provide direction and momentum
2. encourage new ideas
3. develop a sustainable competitive advantage
Michael Porter
Harvard Business School professor; "most important strategist working today"
strategic positioning
attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company
9 traits that make great employees outstanding
1. a little bit "off"
2. know when to reel it in
3. ignore job descriptions
4. eager to prove others wrong
5. praise in public
6. complain in private
7. start work on time
8. tinker
9. ask questions for others
a little bit "off" (9 traits that make great employees outstanding)
bring some variety into your organization
stretch boundaries
know when to reel it in (9 traits that make great employees outstanding)
finding balance;
there's a time and place for everything
ignore job descriptions (9 traits that make great employees outstanding)
avoid the "not my department" mentality
*Neck working at Walmart example
eager to prove others wrong (9 traits that make great employees outstanding)
Education, intelligence, talent, skill may not beat out drive
praise in public (9 traits that make great employees outstanding)
the power of recognition
complain in private (9 traits that make great employees outstanding)
bringing a sensitive issue to you in private may avoid a firestorm;
have a unified front
**Saving Private Ryan example**
start work on time (9 traits that make great employees outstanding)
start working when the workday starts
tinker (9 traits that make great employees outstanding)
great employees follow processes;
hire someone that's smarter than you
ask questions for others (9 traits that make great employees outstanding)
if someone's hesitant and have concerns but too afraid to ask, ask for them
Dave Vogt
Southwest airlines recruiter/interviewer
Sears example
mom scheduled portrait; checked appt to confirm; got to store and had employee tell her it was canceled; told police would be called
Dominos video example
video of workers putting food up their nose etc; know who you're hiring
Auto Body World example
car steering wasn’t working right so they took it back and a person from auto body world called for a survey and was just trying to ask the questions even though she was just dropping the car back off again
Chef Chiang
restaurant in Chandler; waitress told the group "these are big portions" and "i dont think you will finish that"; very nice and playful
Van Halen example
known as premodanas because they had in their contract that there had to be a bowl of M&Ms and absolutely no green ones; did this because if the venue didn't get that right, the sound, lighting, etc was probably off too
Jean Brooks
Don't live your life based on what other people might think. You'll never make them or yourself happy
The ability to influence decisions;
the ability to get things done the way one wants them to be done;
9 sources of power
9 sources of power
reward power
coercive power
legitimate power
referent power
expert power
uncertainty reduction
resource/info control
reward power (9 sources of power)
as is
coercive power (9 sources of power)
only effective for a short period of time
legitimate power (9 sources of power)
position of power
example: cop, CEO, etc
referent power (9 sources of power)
respective power
example: mentors
expert power (9 sources of power)
if you're really good at something
very important;
can only earn it
example: i put full faith in Danilo cuz hair is what he does and is great at
uncertainty reduction (9 sources of power)
as is
resource/info control (9 sources of power)
Neck's coworker that knew a lot about computers kept a lot of knowledge to himself because he has the knowledge power
substitutability (9 sources of power)
not easily replaceable
centrality (9 sources of power)
as is
Shawshank redemption example
Morgan Freeman's character had a lot of power
What is a group?
2 or more people who interact with each other to accomplish certain goals or fulfill certain needs
What is a team?
a group whose members work intensely with one another to achieve a shared goal or objective;
**biggest difference is INTENSITY
Positives of groups
enhance performance;
improved creativity;
enhanced diversity
Scent of a Woman example
objective was to teach girl how to tango;
Frank (blind), donna, charlie, and the band are all members of the group
Apollo 13 example
had to fix CO2 filter with random gear; showed teamwork
Village of 100 3rd edition example
shown to emphasize how diverse we are;
studies show that the more diverse a group is, the better the outcome
Negatives of groups
pressures to conform
pressures to perform at group mean level
Dead Poets Society example
everyone walking/striding; person didn't want to participate;
displayed the pressure to conform
balancing the "me" with the "we";
putting your ideas out there but being able to compromise to collaborate (my words)
Mr 3000 example
Bernie Mac is baseball player;
balanced 'me' with 'we' because he bunted for the team instead of going for this 3000th base hit
the transferring and understanding of meaning;
number 2 on importance of good marriages
Short Snout Organization
purpose: pig awareness
founded by Jack Tate
founded in South Carolina in 1984
350 members
$50 to join
$25,000 raised on the chamber of commerce
founder of club owns infant apparel store
5 levels of listening
pretending to listen
selective listening
attentive listening
active listening
selective listening
only listen to some of what is said
attentive listening
listening and there the whole time
active listening
completely there but also trying to understand where the person is coming from
Father of the Bride example
Steve Martin played dad to newly engaged daughter;
Steve martin was selective listening because the man's hand on his daughter's knee was distracting him
Slumdog Millionare example
didn't actually show, but it was shown to show teamwork/groupwork
Grand Strategy 171
after an assessment of current organizational performance, then explains how the organization's mission is to be accomplished. Three common grand strategies are: growth, stability, and defensive.
The Growth Strategy 172
is a grand strategy that involves expansion -- as in sales revenues, market share, number of employees, or number of customers or (for nonprofits) clients served
The Stability Strategy 172
is a grand strategy that involves little or no significant change
The Defensive Strategy 172
AKA a retrenchment strategy;
is a grand strategy that involves reduction in the organization's efforts
Strategy formulation 173
is the process of choosing among different strategies and altering them to best fit the organization's needs
Strategy implementation 173
putting strategic plans into effect
Strategic control 173
consists of monitoring the execution of strategy and making adjustments, if necessary
Competitive intelligence 174
means gaining information about one's competitors' activities so that you can anticipate their moves and react appropriately
Environmental scanning 174
careful monitoring of an organization's internal and external environments to detect early signs of opportunities and threats that may influence the firm's plans
SWOT analysis 174
AKA situational analysis
which is a search for the Strengths, Weaknesses, Opportunities, and Threats affecting the organization
Organizational strengths 175
the skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its mission
Organizational weaknesses 176
the drawbacks that hinder and organization in executing strategies in pursuit of its mission
Organizational opportunities 176
environmental factors that the organization may exploit for competitive advantage
Organizational threats 176
environmental factors that hinder an organization's achieving a competitive advantage
Forecast 177
is a vision or projection of the future
Trend analysis 177
is a hypothetical extension of a past series of events into the future
Contingency planning 177
AKA scenario planning and scenario analysis
is the creation of alternative hypothetical but equally likely future conditions
Porter's model for industry analysis 179
business-level strategies originate in 5 primary competitive forces in the firm's environment:
1. threats of new entrants
2. bargaining power of suppliers
3. bargaining power of buyers
4. threats of substitute products of services
5. rivalry among competitors
Porter's 4 competitive strategies 180
AKA 4 generic strategies
1. cost-leadership
2. differentiation
3. cost-focus
4. focused-differentiation
Cost-leadership strategy 180
is to keep the costs, and hence prices, of a product or service below those of competitors and to target a wide market
Differentiation strategy 181
is to offer products or services that are of unique and superior value compared with those of competitors but to target a wide market
Cost-focus strategy 181
is to keep the costs, and hence prices, of a product or service below those of competitors and to target a narrow market
Focused-differentiation strategy 181
is to offer products or services that are of unique and superior value compared to those of competitors and to target a narrow market
Single-product strategy 181
where a company makes and sells only one product within its market
Diversification 182
operating several businesses in order to spread the risk
Unrelated diversification 182
operating several businesses under one ownership that are not related to one another
related diversification 182
an organization under one ownership operates separate businesses that are related to one another
Synergy 183
the economic value of separate, related businesses under one ownership and management is greater together than the businesses are worth separately
BCG matrix 183
is a means of evaluating strategic business units on the basis of:
1. their business growth rates
2. their share of the market
Execution 184
is not simply tactics, it is a central part of any company's strategy. It consists of using questioning, analysis, and follow-through to mesh strategy with reality, align people with goals, and achieve results promised
Reactive change 310
making changes in response to problems or opportunities as they arise
Proactive change 311
AKA planned change
involves making carefully thought-out changes in anticipation of possible or expected problems or opportunities
Technology 313
isn't just computer technology; it is any machine or process that enables an organization to gain a competitive advantage in changing materials used to produce a finished product
Organizational development (OD) 315
is a set of techniques for implementing planned change to make people and organizations more effective
Change agent 315
a consultant with a background in behavioral sciences who can be a catalyst in helping organizations deal with old problems in new ways
Intervention 316
is the attempt to correct the diagnosed problems
Creativity 318
the process of developing something new or unique
Seeds of innovation 319
the starting point for organizational innovation
Product innovation 320
is a change in the appearance or the performance of a product or a service or the creation of a new one
Process innovation 320
is a change in the way a product or service is conceived, manufactured, or disseminated
incremental innovations 320
the creation of products, services, or technologies that modify existing ones
Radical innovations 320
the creation of products, services, or technologies that replace existing ones
Resistance to change 325
is an emotional/behavioral response to real or imagined threats to an established work routine
Adaptive change 326
is reintroduction of a familiar practice
Innovative change 326
is the introduction of a practice that is new to the organization
Radically innovative change 326
involves introducing a practice that is new to the industry
Benchmarking 328
a process by which a company compares its performance with that of high-performing organizations
John Kotter
expert in leadership and change management; 8 steps to avoid the 8 common errors senior management usually commits
Group 409
2 or more freely interacting individuals who share collective norms, share collective goals, and have a common identity
Team 409
a small group of people with complementary skills who are committed to a common purpose, performance goals, and approach for which they hold themselves mutually accountable
Formal group 409
a group established to do something productive for the organization and is headed by a leader
Informal group 409
a group formed by people seeking friendship and has no officially appointed leader, although a leader may emerge from the membership
Advice teams 411
are created to broaden the info base for managerial decisions.
Examples: committees, review panels, continuous improvement teams, etc
Production teams 411
are responsible for performing day-to-day operations.
Examples: mining teams, flight-attendant crews, maintenance crews, assembly teams, etc
Project teams 411
work to do creative problem solving, often by applying the specialized knowledge of members of a cross-functional team, which is staffed with specialists pursuing a common objective
Examples: task forces, research groups, planning teams, etc
Action teams 411
work to accomplish tasks that require people with
1. specialized training and
2. a high degree of coordination, as on a baseball team, with specialized athletes acting in coordination
Examples: hospital surgery teams, airline cockpit crews, police SWAT teams, etc
Cross-functional team 411
a team staffed with specialists pursuing a common objective
Self-managed teams 412
groups of workers who are given administrative oversight for their task domains
Forming (stages of group/team development) 414
the process of getting oriented and getting acquainted
Storming (stages of group/team development) 414
characterized by the emergence of individual personalities and roles and conflicts within the group
Norming (stages of group/team development) 414
conflicts are resolved, close relationships develop, and unity and harmony emerge
Group cohesiveness 414
a "we" feeling binding group members together
Performing (stages of group/team development) 414
members concentrate on solving problems and completing the assigned task
Adjourning (stages of group/team development) 414
members prepare for disbandment
Division of labor 416
work is divided into particular tasks that are assigned to particular workers
Social loafing 417
the tendency of people to exert less effort when working in groups than when working alone
Task role 417
AKA task-oriented role
consists of behavior that concentrates on getting the team's tasks done
Maintenance role 418
AKA relationship-oriented role
consists of behavior that fosters constructive relationships among team members
Norms 418
are general guidelines or rules of behavior that most group or team members follow
Cohesiveness 419
the tendency of a group or team to stick together
Groupthink 420
a cohesive group's blind unwillingness to consider alternatives
Conflict 423
is a process in which one party perceives that its interests are being opposed or negatively affected by another party
Negative conflict 423
is conflict that hinders the organization's performance or threatens its interests
Constructive conflict 423
good for organizations;
benefits the main purposes of the organization and serves its interests
Personality conflict 425
interpersonal opposition based on personal dislike, disagreement, or differing styles
Programmed conflict 429
designed to elicit different opinions without inciting people's personal feelings
Devil's advocacy 429
the process of assigning someone to play the role of critic;
role-playing criticism to test whether a proposal is workable
Dialectic method 429
role-playing 2 sides of a proposal to test whether it is workable;
the process of having 2 people or groups play opposing roles in a debate in order to better understand a proposal
Leadership 438
the ability to influence employees to voluntarily pursue organizational goals
Personalized power 440
power directed at helping oneself
Socialized power 440
power directed at helping others
Legitimate power 440
power that results from managers' formal positions within the org
Reward power 440
power that results from managers' authority to reward their subordinates
Trait approaches to leadership 444
attempt to identify distinctive characteristics that account for the effectiveness of leaders
Behavioral leadership approaches 448
attempt to determine the distinctive styles used by effective leaders
Contingency approach to leadership 450
believe that effective leadership behavior depends on the situation at hand
Contingency leadership model 450
determines if a leader's style is:
1. task-oriented or
2. relationship-oriented
and if that style is effective for the situation at hand
Path-goal leadership model 452
states that the effective leader makes available to followers desirable rewards in the workplace and increases their motivation by clarifying the paths, or behavior, that will help them achieve those goals and providing them with support
Situational leadership theory 455
leadership behavior reflects how leaders should adjust their leadership style according to the readiness of the followers
Readiness 455
the extent to which a follower possesses the ability and willingness to complete a task
Full-range leadership 458
suggests that leadership behavior varies along a full range of leadership styles, from take-no-responsibility (laissez-faire) "leadership" at one extreme, through transactional leadership, to transformational leadership at the other extreme
Transactional leadership 458
focusing on clarifying employees' roles and tasks requirements and providing rewards and punishments contingent on performance
Transformational leadership 459
transforms employees to pursue organizational goals over self-interests
Charisma 460
a form of interpersonal attraction that inspires acceptance and support
Leader-member exchange (LMX) model of leadership 462
emphasizes that leaders have different sorts of relationships with different subordinates
Shared leadership 463
is a simultaneous, ongoing, mutual influence process in which people share responsibility for leading
Servant leaders 463
focus on providing increased service to others -- meeting the goals of both followers and the organization -- rather than to themselves
e-leadership 464
can involve one-to-one, one-to-many, within-group and between-group and collective interactions via information technology
Communication 474
the transfer of info and understanding from one person to another
Encoding 475
translating a message into understandable symbols or language
Decoding 475
interpreting and trying to make sense of the message
Feedback 475
the receiver expresses his or her reaction to the sender's message
Noise 475
any disturbance that interferes with the transmission of a message
Media richness 477
indicates how well a particular medium conveys info and promotes learning
Semantics 479
the study of the meaning of words
Jargon 479
terminology specific to a particular profession or group
Stereotype 481
consists of oversimplified beliefs about a certain group of people
Nonverbal communication 481
consists of messages sent outside of the written or spoken word
Formal communication channels 486
follow the chain of command and are recognized as official
Downward communication 487
from top to bottom; flows from a higher level to a lower level
Horizontal communication 487
flows within and between work units; its main purpose is coordination
External communication 488
flows between people inside and outside the org
Informal communication channels 488
develop outside the formal structure and do not follow the chain of command
Grapevine 488
the unofficial communication system off the informal organization
Management by wandering around (MBWA) 488
the term used to describe a manager's literally wandering around his/her organization and talking with people across all lines of authority
Multicommunicating 489
represents "the use of technology to participate in several interactions at the same time"
Telepresence technology 491
high-definition videoconference systems that simulate face-to-face meetings between users