Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
MGT 210: Widener
Foundations of Management
| Question | Answer |
|---|---|
| Globalization | offices and production facilities all over; the only way a business can really grow by tapping into international markets; competition can come from anywhere |
| Technological Change | online customer engagement, artificial intelligence; good managers anticipate and response to changing customer wants/needs; accelerates globalization |
| What is Knowledge Management | the set of practices aimed at discovering and harnessing an organizations intellectual resource-fully using the intellects of the organizations people; capitalizing on the most precious recourse, peoples expertise, skill, relationships, and wisdom |
| Collaboration Across Organizational Boundaries | leveraging knowledge for maximum impact requires people in different departments, divisions, or subunits of the organization to collaborate and communicate effectively |
| Centralized vs. Decentralized Management | highly hierarchical and rigid; flatter structure with fewer management layers |
| Innovation | the introduction of new goods and services |
| Quality | the excellence of your product; customers expect high-quality goods and services, and often they will accept nothing less |
| Management | the process of working with people and resources to accomplish organization goals |
| Cost Competitiveness | keeping cost low enough that the company can realize profits and price its products at levels that are attractive to consumers |
| Sustainability | protecting our options and done properly, allows people to live and work in ways that can be maintained over long term without depleting or harming our environment, social, and economic resources |
| Service | giving customers what they want or need, when they want it |
| Intangible vs. Tangible | not a physical product; a physical product |
| Emotional Intelligence (EQ) | the skill of understanding yourself, managing yourself, and dealing effectively with others |
| Why is Speed an Important Factor for Companies to Have | you are far better off if you are faster than the competition and if you can respond quickly to your competitors' actions |
| What are the Four Traditional Functions of Management | planning, organizing, leading, controlling |
| Planning | specifying the goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals |
| Value | an important concept; fundamentally, it describes the monetary amount associated with how well a job, task, good or service meets users' needs |
| Organizing | assembling and coordinating the human, financial, physical, information, and other resources needed to achieve goals |
| Leading | simulating people to be high performers |
| Controlling | managers make sure the organization's resources are being used properly and that the organization is meeting its goals such as quality and worker safety |
| Which of the Four Traditional Functions of Management guarantees success | controlling |
| Top Level Managers | the senior executives of an organization and are responsible for its overall management |
| Middle Level Managers | located in the organizational hierarchy below top-level managers and above frontline managers; responsible for translating the general goals and plans developed by strategic managers into more specific objectives and activities |
| Frontline Managers | lower-level managers who supervise the operations of the organization; titles like team leader or assistant manager |
| Open Systems | they are affected by and in turn affect their external environments |
| Inputs | such as human resources and investment capital from their environment |
| External Environment | more than an organization's clients or customers; includes all relevant forces outside the organization's boundaries |
| The Competitive Environment Model | Michael Porter finds that successful managers do more than simply react to the environment; they act in ways that actually shape or change the organizations environment |
| Macroenvironment | elements in the external environment can influence strategic decisions |
| Substitute | a potential threat; customers use it as an alternative, buying less of one kind of product but more of another |
| Complement | a potential opportunity because customers buy more of a given product if they also demand more of the complementary items |
| Complementary Goods | a good whose use is related to the use of an associated or paired good |
| Suppliers | important beyond the mere provision of resources; can raise their prices |
| Switching Costs | the fixed costs buyers face if they change suppliers |
| Supply Chain Management | aka. extended enterprise, is the managing of the entire network of facilities and people that obtain raw material from outside the organization, transform them into products, and distribute them to customers |
| Customers | without them to purchase its goods or services, a company won't service |
| Intermediate Customers | buy raw materials or wholesale products and then sell to final consumers |
| Final Customers | who you are when you upgrade to a new iPhone or eat lunch at panera bread |
| Environmental Uncertainty | managers do not have enough information about the environment to understand it or predict the future |
| Environmental Scanning | both searching for useful information and interpreting what is important and what is not |
| Forecast | a single prediction about the future |
| Benchmarking | identifying the best-in-class performance by a company in a given area, say product-development or customer service, and then comparing your processes to theirs |
| Strategic Maneuvering | organizations need not be stuck within a particular environment; they have options for determining where they operate |
| Domain Selection | the entrance by a company into another suitable market or industry |
| Diversification | occurs when a firm invests in different types of businesses or products or when it expands geographically to reduce its dependence on a single technology or market |
| Merger or Aquisition | takes place when two or more firms combine or one firm buys another to form a single company |
| Divestiture | occurs when a company sells one or more businesses |
| Organizational Culture | important to understand in order to see if you would be a good fit for a company or if you are working for a company and want to develop a better understanding on how they operate and what they expect of you |
| Moment of Truth | a time when a person or thing is tested, a decision has to be made, or a crisis has to be faced |
| Organizational Climate | consists of the patterns of attitudes and behaviors that shape people's perceptions of an organization |
| Economy | when this is in poor shape and jobs are scarce, the unemployment rate can be expected to rise |
| Technology | these advances create new products and services, more efficient productions and delivery techniques, and better ways of managing and communicating |
| Laws and Regulations | us government policies impose constraints on organizations but also may provide some opportunities |
| Competitive Advantage | a condition or circumstance that puts a company in a favorable or superior business position |
| Demographics | measures of various characteristics of the people who make up groups or other social units |
| Social Issues | these have major implications for management of labor force, corporate social actions, and strategic decisions about products and markers |
| Sustainability and the Natural Environment | organizations depend on the natural environment to provide them with resources; when the quantity is depleted or the quantity is damaged, costs for resources skyrocket |
| New Entrants Barriers | government policy, capital requirements, brand identification, cost advantages, distribution channels |
| Captial Requirements | may be so high that some companies won't risk such large amounts of money to enter the market |
| Brand Identification | forces new entrants to spend heavily to overcome customer loyalty |
| Cost Advantages | something established companies hold-due to large size, favorable locations, existing assets, and so forth |
| Existing Competitors | they may have such tight distribution channels that new entrants have difficulty getting their goods and services to customers |
| Distribution Channels | included wholesalers, retailers, distributors, and the internet |
Created by:
sdavis801
Popular Management sets