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#2 Management Terms
TERMS TO KNOW FOR TEST 10/28 !!!
| Term | Definition |
|---|---|
| ORGANIZATIONAL CULTURE | The system of shared beliefs and values that guide behaviors in an organization |
| CULTURE FIT | A match between the individual and the values and expectations of the organizational culture |
| FOUR ORGANIZATIONAL CULTURE TYPES | Team Culture, Hierarchical Culture, Entrepreneural Culture, Rational Culture |
| STRONG ORGANIZATIONAL CULTURES | The culture is clear, well-defined, and widely shared by members |
| SOCIALIZATION | The onboarding process through which new members learn the culture of an organization |
| OBSERVABLE CULTURE | The visible way in which members behave, and in the stories, heroes, rituals, and symbols that are part of daily organizational life |
| CORE CULTURE | Consists of core values, or underlying assumptions and beliefs that shape and guide people’s behaviors in an organization |
| CORE VALUES | Beliefs and values shared by organization member |
| VALUE BASED MANAGEMENT | Actively develops, communicates, and enacts shared values |
| SYMBOLIC LEADER | Use language to communicate core values, and their actions are consistent with core values and the organizational culture |
| WORKPLACE SPIRITUALITY | Create meaning and shared community among organizational members |
| DIVERSITY | Refers to demographic differences among people within a culture (age distribution, gender, ethnicity) |
| MULTICULTURALISM | In organizations involves inclusiveness, pluralism, and respect for diversity |
| MULTICULTURAL ORGANIZATION | A culture with core values that respect diversity and support multiculturalism |
| ORGANIZATIONAL SUBCULTURES | Consists of members who share similar beliefs and values based on their work, personal characteristics, share experiences, or social identity |
| CHANGE LEADER | Takes initiative in trying to change the behavior of another person or within a social system |
| TOP-DOWN CHANGE | The change initiatives come from senior management |
| BOTTOM-UP CHANGE | Change initiatives come from all levels in the organization |
| TRANSFORMATIONAL CHANGE | Results in a major and comprehensive redirection |
| INCREMENTAL CHANGE | Bends and adjusts existing ways to improve performance |
| UNFREEZING | The phase during which a situation is prepared for change |
| CHANGING | The phase where a planned change actually takes place |
| REFREEZING | The phase at which change is stabilized |
| IMPROVISATATIONAL | Makes continual adjustments as changes are being implemented |
| STRATEGY | A comprehensive plan guiding resource allocation to achieve long-term organization goals |
| STRATEGIC INTENT | Focuses and applies organizational energies on a unifying and compelling goal |
| CORPORATE STRATEGY | Sets long-term direction as a whole toward sustainable competitive advantage |
| BUSINESS STRATEGY | Identifies how a division or strategic business unit will compete in its service or product domain |
| FUNCTIONAL STRATEGY | Guides the use of organizational resources within a specific area |
| STRATEGIC MANAGEMENT | The process of formulating and implementing strategies |
| STRATEGIC ANALYSIS | The process of analyzing the organization, the environment, and the organization’s competitive position and current strategies |
| STRATEGY FORMATION | The process of crafting strategies to guide the allocation of resources |
| STRATEGY IMPLEMENTATION | The process of putting strategies into action |
| MISSION | Statement expresses the organization’s reason for existence in society |
| OPERATING OBJECTIVES | Specific results or goals that the organization is trying to accomplish |
| SWOT ANALYSIS | Examines organizational strengths, weaknesses, environmental opportunities, and threats |
| OLIGOPOLY | Facing just a few competitors |
| HYPERCOMPETITION | Facing several direct competitors |
| MONOPOLY | Complete control of an industry – often highly regulated and heavily discouraged |
| PORTERS 5 FORCES | Taking a broader look at an organization as a whole |
| STARS | Business or products with high market shares in high-growth markets |
| CASH COWS | Business or products in high- market shares in low-growth markets |
| QUESTION MARKS | Business or products with low-market shares in high growth markets |
| DOGS | Businesses or products with low-market shares in low-growth markets |
| RELATED DIVERSIFICATION | When an organization purses growth by acquiring new business or entering business areas similar to what they already do |
| UNRELATED DIVERSIFICATION | When an organization operates several businesses that are not associated or different from what they already do |
| BUSINESS TO CONSUMER STRATEGY (B2C) | A company you can directly buy from. The business is linked to the consumer |
| BUSINESS TO BUSINESS STRATEGY (B2B) | One business sells to another business |
| DIFFERENTIATION | Offers products that are unique and different from the competition |
| COST LEADERSHIP | Operate with low cost so that the products can be sold at low prices |
| STRATEGIC LEADERSHIP | The ability to inspire people to successfully engage in a process of continuous change, performance enhancement, and implementation of organization strategies |
| TECHNOLOGICAL COMPETENCY | The ability to understand new technologies and to use them to their best advantage |
| INFORMATION COMPETENCY | The ability to locate, gather, and organize for use in decision making |
| ANALYTICAL COMPETENCY | The ability to evaluate and analyze information to make actual decisions and solve real problems |
| DATA | Raw facts and observations |
| INFORMATION | Data made useful for a decision |
| MANAGEMENT INFORMATION SYSTEMS (MIS) | Collect, organize, and distribute data for use in decision making |
Created by:
lola.dumler