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Exam 4 management

Principles of Management

QuestionAnswer
A strategy used to add new businesses that produce unrelatd products or are involved in unreleated markets and activities Conglomerate diversification
A unique skill and/or knowledge an organization possesses that gives it an edge over competitors. Core competence
The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities. Corporate strategy
A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions. Differentiation strategy
Strategies implemented by each functional area of the organization to support the organization's business strategy. Functional strategy
A target or end that management desires to reach. Goal
A strategy an organization uses to build competitive advantage by being efficient and offering a standard, no-frills product. Low-cost strategy
An organization's basic purpose and scope of operations. Mission
The process of identifiying the specific procedures and processes required at lower levels of the organization. Operational planning
The actions or means managers intend to use to achieve organizational goals. Plans
Inputs to a system that can enhance performance. Resources
A narrative that describes a particular set of future conditions. Scenario
A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration. Situational analysis
Groups and individuals who affect and are affected by the achievement of the organization's mission, goals, and strategies. Stakeholders
A system designed to support managers in evaluating the organization's progress regarding its strategy and, when discrepancies exist, taking corrective action. Strategic control system
Major targets or end results relating to the organization's long term survival, value, and growth. Strategic goals
A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies. Strategic management
A set of procedures for making decisions about the organization's long-term goals and strategies. Strategic planning
The long-term direction and strategic intent of a company. Strategic vision
A pattern of actions and resource allocations designed to achieve the organization's goals. Strategy
A comparision of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy. SWOT analysis
A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing. Tactical planning
The aquisition or development of new businesses that produce parts or components of the organization's product. Vertical integration
The major actions by which a business competes in a particular industry or market. Business strategy
A strategy employed for an organization that operates a single business and competes in a single industry. Concentration
A strategy used to add new businesses that produce related products or are involved in related markets and activities. Concentric diversification
The use of computer-aided design and computer-aided manufacturing to sequence and optimize a number of production processes. Computer-integrated manufacturing (CIM)
A process that is highly automated and has a continuous production flow. Continuous process
A multifaceted process focusing on creating two-way exchanges with customers to foster intimate knowledge of their needs,wants, and buying patterns. Customer relationship management (CRM)
The planned elimination of positions or jobs. Downsizing
Economies in which materials and processes employed in one product can be used ot make other, related products. Economies of scope
Manufacturing plants that have short production runs, are organized around products, and use decentralized scheduling. Flexible factories
A type of organization in which top management ensures that there is consensus about the direction in which the business is heading. High-involvment organization
A series of quality standards developed by a committee working under the International Organization for Standardization to improve quality in all businesses for the beneffit of producers and consumers. ISO 9001
A system that calls for subassemblies and components to be manufactured in very small lots and delivered to the next stage of the production process just as they are needed. Just-in-time (JIT)
Technologies that produce goods and services in high volume. Large batch
An operation that strives to achieve the highest possible productivity and total quality, cost effectively, by eliminating unnecessary steps in the production process and continually striving for improvement. Lean manufacturing
An organization skilled at creating, acquiring, and transferring knowledge, and at modifiying its behavior to reflect new knowledge and insights. Learning organization
The movement of the right goods in the right amount to the right place at the right time. Logistics
The production of varied, individually customized products at the low cost of standardized, mass-produced products. Mass customization
A form of organization that seeks to maximize internal efficiency. Mechanistic organization
An organizational form that emphasizes flexibility. Organic structure
A successful effort to achieve an appropriate size at which the company performs most effectively. Rightsizing
A design approach in which all relevant functions cooperate jointly and continually in a maximum effort aimed at producing high-quality products that meet customers' needs. Simultaneous engineering
Technologies that produce goods and services in low volume. Small batch
A formal relationship created amoung independent organizations with the purpose of joint pursuit of mutual goals. Strategic alliance
Loss of productivity and morale in employees who remain after a downsizing. Survivor's syndrome
The systematic application of scientific knowledge to a new product, process, or service. Technology
Strategies aimed at reducing the total time it takes to deliver a good or service. Time-based competition (TBC)
An integrative approach to management that supports the attainment of customer satisfaction through a wide variety of tools and techniques that reslut in high-quality goods and services. Total quality management (TQM)
The sequence of activities that flow from raw materials to the delivery of a good or service, with additional value created at each step. Value chain
Charging fees to advertise on a site. Advertising support model
Charging fees to direct site visitors to other companies' sites. Affiliate model
Informal work on projects, other than those officially assigned, of employees' own choosing and initiative. Bootlegging
Protected environments for new, small businesses. Business incubators
A formal planning step that focuses on the entire venture and describes all the elements involved in starting it. Business plan
Individuals who establish a new organization without the benefit of corporate sponsorship. Entrepreneur
The tendency of an organization to identify and capitalize successfully on opportunities to launchnew ventures by entering new or established markets with new or existing goods or services. Entrepreneurial orientation
A new business having growth and high profitability as primary objectives. Entrepreneurial venture
The pursuit of lucrative opportunities by enterprising individuals. Entreprenuership
An entrepreneurial alliance between a franchisor (an innovator who has created at least one successful store and wants to grow) and a frachisee (a partner who manages a new store of the same type in a new location). Franchising
Sale to the public, for the first time, of federally registered and underwritten shares of stock in the company. Initial public offering (IPO)
Charging fees to bring buyers and sellers together. Intermediary model
New-venture creators working inside big companies. Intrapreneurs
People's judgment of a company's acceptance, appropriateness, and desirability, generally stemming from company goals and methods that are consistent with societal values. Legitimacy
A description of the good or service, an assessment of the opportunity, an assessment of the entrepreneur, specification of activities and resources needed to translate your idea into a viable business, and your source(s) of capital. Opportunity analysis
As you head down a road, unexpected opportunities begin to appear. Side street effect
A project team designated to produce a new, innovative product. Skunkworks
A business having fewer than 100 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative pratices. Small business
A competitive advantage in the form of relationships with other people and the image other people have of you. Social capital
Charging fees for site visits. Subscription model
Charging fees for goods and services. Transaction fee model
Created by: 1505875872
 

 



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