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Business MGMT


4 MGMT Functions Organizing, Planning, Leading, Controlling
Maganager Executive function of organization responsible for building and coordinating an entire system
MGMT Skills Conceptual Organize company as a whole and relationship among its parts
MGMT Skills Human Ability to work with and through people and effectively as a group member
MGMT Skills Technical Understanding of the proficiency in the performance of specific tasks
Top Manager Uses conceptual skills
Middle Manager Uses coceptual but also a lot of human skills
First line manager Uses technical skills
Stresses of being manager Increased workload, supervising peers, headache of responsibility for other people, being caught in the middle
Classical MGMT Perspective Scientific, rational study, effective machines,
Frederick Taylor Scientific MGMT, pay for performance
Unity of command each worker receives orders from one and only 1 superior
Division of Work Manager work and technical work are open to suggestion to produce more work with same effort level
Unity of Direction Similar activities should be grouped together under one manager
Scalar Chain Chain of command goes from top to bottom, including everyone
Humanistic MGMT perspective Understanding human needs, behavior and attitudes in the workplace
Type X manager Strict, scientific, done by the book
Type Y Manager Very humanistic, people have special needs
Orginizational Enviorment All the elements existing outside the organization that have effects on organization
General Enviorment Layer of external enviorment that affects orginization indirectly
General Environment- Technological Scientific and technical advances in industry
General Environment-Natural Elements that occur naturally such as nature, wildlife, air, water, climate etc/
General Environment-Sociocultural Represents the demographic characteristics norms and customs are the population where the orginization operates
General Environment-Economics Economic health of area where organization operates
General Environment-Legal/Political Federal,state and local government regulations and activities designed to influence company behavior
General Environment-Intl Represents events originating in foreign countries as well as opportunities for U.S. companies in other countires
Task Environment-Customers People and organizations in environment that acquire goods and services from the oprginization
Task Environment-Competitors other organizations in same industry that provide goods and services to same customer base
Task Environment-Suppliers People and organizations that produce the raw materials the organization uses to produce its output
Task Environment-Labor Market People available for hire
Internal Environment-Culture Set of key values, understandings and norms that members of an organization share
Internal Environment-Management The attainment of organizational goals in an effective and efficient manner through plannijng, organizing, leading and controlling resources
Corporate Culture Should match needs of external environment, importance is growing
Corporate culture-visible Dress code, symbols slogans and ceremonies
Corporate Culture-Invisible Deeper values and shared understandings held by organizational memebers
Adaptability Culture A culture characterized by values that support the company's ability to interpret and translate signals from the environment into new behavior responses
Achievement Culture result oriented culture
Involvement Culture Culture that places high value on meeting the needs of employees and values cooperation and equality
Consistency Culture Values and rewards a methodical, rational, orderly way of doing things
Managerial Success Global mindset and international experience
Global Economy Borderless world means consumers can no longer tell you which country they are buying from
Intl marketing-Exporting manufacture products in home country and and transfers products to foreign countries
Intl Marketing-Outsourcing international division of labor to attain cheapest sources of labor and supplies
Intl marketing-Licensing Entry strategy in which organization in one country makes certain resources available to company in another to participate in the production and sale of its products abroad
Intl marketing-Franchising Form of licensing-Organization provides its foreign franchises with complete package of materials and services
intl marketing-Joint Venture variation of direct investment in which an organization shares costs and risks with another firm to build a manufacturing facility, develop new products, or setup sales and distribution network
intl Marketing- Acquisition Acquiring another organization already in business
Intl Marketing-greenfield Venture Building a subsidiary in foreign country from scratch
Exchange rates Values between currencies and can have a huge impact on international transactions
US Managers Dont understand that values and behaviors done in US do not always translate to other parts of the world
High context Culture Communication enhances personal relationships-Asian cultures
low context Culture Communication is used to exchange facts and information-germany, sweden
Intl Trade Alliances Gatt-General Agreement on trades and Tariffs European Union-27 member states, uses euro North America Free Trade Agreement-Free exchange between US, Canada, and Mexico WTO-World Trade Organization-monitors all trading Southeast Asia Trade Agreement
European Union Euro used by 15 states, some European countries felt economy was too strong to join
Ethics Utilitalarian Approach Moral behaviors should produce the greatest good for greatest number
Ethics Individualism Acts are moral when they promote individuals best long term interests
Ethics Moral rights Moral decisions are those that best maintain the rights of those affected
Ethics Justice Decisions must be based on standards of equity, fairness, and impartiality
Ethics Distributive Different treatment of people should not be based on arbitrary characteristics
Ethics Procedural Justice Requires rules be administered fairly
Ethics The code of moral principles and values that govern the behaviors of a person or group with respect to what is right or wrong
Ethics Managers and Employees Often benefit from norms and values to guide decision making
Stakeholders Any group within or outside the organization that has a stake in the organizations performance
Code of Ethics Formal Statement of the organizations values regarding ethics and social issues
Mission Statement Broad stated definition of the organizations basic business scope and operations that distinguishes it from similar types of organizations
Goal Desired future state the organization attempts to realize
Strategic goals and plans Big picture, long term. Often made by senior and top management
Tactical Goals/plans Made by middle management-goals that define major divisions and departments of company to reach overall organizational goal-and plans to accomplish specific part of company strategy
Operational goals/planning First line managers/supervisors-plans and goals that support tactial procedures-day to day operations-achieving operational goals
Single use plans One time use-on the fly planning
Standing plans Plans used over and over
Contingency Planning Define company's response to be taken in case of emergency, setbacks, or unexpected conditions
Crisis Planning Plans that enable company to cope with unexpected events that are so devastating that they have the potential to destroy the organization if not prepared
Strategy Should..... Exploit Core Competence, Build Synergy (defined as two or more agents working together to achieve a goal that is unattainable by agents working independently) Deliver Value
Decision Choice made from available alternatives
Decision Making Process of identifying problems and opportunities and resolving them
Programmed Decisions Situations that occur often to enable or enact rules
NonProgrammed Decisions Situations that are unique or poorly defined and unstructured-dealt with on the fly
Decisions Differ Because Certainty: The necessary information needed is available Risk: The future outcome is subject to change regardless of information available Uncertainty: Information about future events are incomplete Ambiguity and Conflict: The goals and problem uncle
Organizing The deployment of organizational resources to achieve strategic goals
Line Departments Perform tasks that reflect the organization's primary goal-work directly with customers
Staff departments Departments that provide specialized skills in support of line departments
Chain of Command Illustrates authority and responsibility
Authority Formal and legitimate right to make decisions and issue orders assigned to positions- not people accepted by subordinates flows down vertical hierarchy
Responsibility The duty to perform the task or activity assigned
Delegation The process managers use to transfer authority and responsibility to others
3 Critical Inovation Strategies for Changing Products and Technologies Exploration-Ideas for products and technology are born Cooperation-Guides internal and external cooperation Entrepreneurship-generating and pushing forward new ideas
4 Roles in organizational change-Inventor Develops and understand technical aspects for idea-does not know how to gain support or make business of idea
4 Roles in organizational change-Champion Believes in idea, visualizes benefits, obtains financial and political support, overcomes obstacles, weighs costs and benefits
4 Roles in organizational change-Sponsor High level manager who removes organizational barriers-approves and protects idea within organization
4 roles in organizational change-Critic Provides reality test, looks for shortcomings, provides hard nosed criteria that idea must pass
3 challenges requiring OD-Mergers/Acquisitions Same ideas but two organizations do not share overall values, practices, and beliefs.
3 challenges requiring OD-Organizational decline/revitalization Low levels of trust, high turnover, low innovation. Must confront stress, and have open communication to resolve
3 challenges requiring OD-Conflict management Resolving conflict within company
OD Steps-Unfreezing Expose the problem and the need for change
OD Steps-Changing Experiment with new behaviors and learn new skills
Od Steps-Refreezing Acquire new attitudes and values with organizational reward
Created by: KeeganKidder
Popular Management sets




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