Study sets matching "management chapter 6"

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Study sets matching "management chapter 6"

46 terms
Management Chapter 6 Terms
plan (ning)
Benefits of Planning
mission
Steps in Planning
A set of activities intended to achieve goals,... whether for an…
- Focus... - Coordination... - Motivation
A definition of an organization's fundamental... purpose and its…
1. Create Mission Statement ... 2. Assess the Current Situation…
plan (ning)
A set of activities intended to achieve goals,... whether for an…
Benefits of Planning
- Focus... - Coordination... - Motivation
22 terms
Business Management: Chapter 6
Sole Proprietorship
Unlimited Liability
Partnership
Corporation
A business owned and operated by one person.
The owner is responsible for the business's debts; this liabi…
A business owned and operated by two or more people who share…
A company that is registered by a state and operates apart fr…
Sole Proprietorship
A business owned and operated by one person.
Unlimited Liability
The owner is responsible for the business's debts; this liabi…
32 terms
Chapter 6- Management
Controlling
After-action review
Four Steps in Control Process
Output standard
the process of measuring performance and taking action to ens…
a structured review of lessons learned and results accomplish…
Step 1: Establish performance objectives and standards... Step 2…
Measures performance results in terms of quantity, quality, c…
Controlling
the process of measuring performance and taking action to ens…
After-action review
a structured review of lessons learned and results accomplish…
Management Chapter 6
Achievement orientation
Barriers to entry
Brand loyalty
Collectivism
A worldview that values assertiveness, performance, success,…
Factors that make it difficult and costly for an organization…
Customers' preference for the products of organizations curre…
A worldview that values subordination of the individual to th…
Achievement orientation
A worldview that values assertiveness, performance, success,…
Barriers to entry
Factors that make it difficult and costly for an organization…
38 terms
Management: Chapter 6
Strategic Positioning
Three Key Principles Underlie Strategi…
Strategy is the creation of a unique a…
The Five Steps of the Strategic-Manage…
Strategy that attempts to achieve sustainable competitive adv…
1) Strategy is the creation of a unique and valueable positio…
1) Few needs, many customers... 2) Broad needs, few customers... 3)…
1) Establish the mission and the vision... 2) Assess the current…
Strategic Positioning
Strategy that attempts to achieve sustainable competitive adv…
Three Key Principles Underlie Strategi…
1) Strategy is the creation of a unique and valueable positio…
Management Chapter 6
Strategic Positioning
Core Competency
Strategic positioning and its principles
Step 1 in the Strategic Management Pro…
- attempts to achieve sustainable competitive advantage by pr…
activity that an organization does best that is leveraged for…
1. strategy is the creation of a unique and valuable position…
1. establish the mission and the vision... - original idea/revis…
Strategic Positioning
- attempts to achieve sustainable competitive advantage by pr…
Core Competency
activity that an organization does best that is leveraged for…
23 terms
Chapter 6 Business Management
Business
Production
Marketing
Finance
An organization that produces or distributes a good or servic…
Involves making a product or providing a service
Includes the activities between business and customers involv…
Deals with all of the money matters involved in running a bus…
Business
An organization that produces or distributes a good or servic…
Production
Involves making a product or providing a service
18 terms
Management Chapter 6
corporation
charter (certificate of incorporation)
stockholders (shareholders)
shares
a business owned by a group of people and authorized by the s…
an official document through which a state grants the power t…
owners of a corporation
equal parts of the division of ownership of a corporation
corporation
a business owned by a group of people and authorized by the s…
charter (certificate of incorporation)
an official document through which a state grants the power t…
Chapter 6: management
global organization
global environment
task environment
general environment
an organization that operates and competes in more than one c…
the set of global forces and conditions that operates beyond…
the set of forces and conditions that originates with supplie…
the wide ranging global, economic, technological, sociocultur…
global organization
an organization that operates and competes in more than one c…
global environment
the set of global forces and conditions that operates beyond…
Management Chapter 6
strategic positioning
current reality assessment (or organiz…
grand strategy
strategy formulation
attempts to achieve sustainable competitive advantage by pres…
to look at where the organizations stands and see what is wor…
this occurs after the assessment of the current reality, and…
the process of choosing among different strategies and alteri…
strategic positioning
attempts to achieve sustainable competitive advantage by pres…
current reality assessment (or organiz…
to look at where the organizations stands and see what is wor…
137 terms
Management Chapter 6
Managers must be willing to make large…
In a world of rapid and discontinuous…
A business plan is a document with the…
Formal business plans can be dangerous…
True... (One of the lessons of successful managers is that they…
False... (Because of fast-spreading world conditions, such as t…
False... (A business plan is a document that outlines a propose…
False... (Evidence suggests that firms with formal business pla…
Managers must be willing to make large…
True... (One of the lessons of successful managers is that they…
In a world of rapid and discontinuous…
False... (Because of fast-spreading world conditions, such as t…
17 terms
Management Chapter 6
Entrepreneurship
Entrepreneur
Need to Achieve
Locus of Control
the process of initiating a business venture, organizing the…
someone who engages in entrepreneurship
people are motivated to excel and pick situations in which su…
defines whether a person places the primary responsibility fo…
Entrepreneurship
the process of initiating a business venture, organizing the…
Entrepreneur
someone who engages in entrepreneurship
15 terms
Business Management - Chapter 6
economics
scarcity
opportunity cost
command economy
the study of how societies decide what to produce, how to pro…
there are too few resources available for everyone to consume…
the loss associated with an opportunity that is passed up
when the government decides what goods and services are produ…
economics
the study of how societies decide what to produce, how to pro…
scarcity
there are too few resources available for everyone to consume…
22 terms
Chapter 6 Management
Decision
programmed decisions
non-programmed decisions
certainty
a choice made from available alternatives
recurring problems and applying rules
unique situations, poorly defined, unstructured, and importan…
situation in which all information is fully available
Decision
a choice made from available alternatives
programmed decisions
recurring problems and applying rules
Chapter 6 Management
Strategy
Business Model
Sustainable competitive advantage
Competitive advantage
How firm will compete... How firm will attract/satisfy its custo…
Design for how a company plans to profit from its strategies
when other companies cannot duplicate the value a firm is pro…
providing greater value for customers than competitors can
Strategy
How firm will compete... How firm will attract/satisfy its custo…
Business Model
Design for how a company plans to profit from its strategies
20 terms
Business Management Chapter 6
Adjourning
Communication
Formal communication system
Formal group
The process that occurs when members prepare to disband the g…
The sequence of transmitting, receiving, and processing infor…
Messages that travel through organizationally approved channe…
A group that an organization establishes to seek company goal…
Adjourning
The process that occurs when members prepare to disband the g…
Communication
The sequence of transmitting, receiving, and processing infor…
41 terms
Management chapter 6
Task environment
General environment
Suppliers
Global outsourcing
The set of forces and conditions that originates with supplie…
Includes the wide-ranging global, economic, technological, so…
Individuals and organizations that provide an organization wi…
The purchase or production of inputs or final products from o…
Task environment
The set of forces and conditions that originates with supplie…
General environment
Includes the wide-ranging global, economic, technological, so…
21 terms
management chapter 6
social obligation
social responsiveness
social responsibility
pros of social responsibility
the obligation of a business to meet its economic and legal r…
when a firm engages in social actions in response to some pop…
a business' intention, beyond its legal and economic obligati…
-reputation... -consumer loyalty and positive firm evaluations... -…
social obligation
the obligation of a business to meet its economic and legal r…
social responsiveness
when a firm engages in social actions in response to some pop…
24 terms
Business Management Chapter 6
Business
Profit
Production
Marketing
an organization that produces or distributes a good or servic…
the difference between earned income and costs
involves making a product or providing a service
includes the activities between business and customers involv…
Business
an organization that produces or distributes a good or servic…
Profit
the difference between earned income and costs
Chapter 6 (Management)
Task Environment
General Environment
Barriers to Entry
Economics of Scale
Set of forces/conditions that originates with Suppliers, dist…
Wide raging global, economic, technological, sociocultural, d…
Factors that make it difficult and costly for the organizatio…
Cost advantage associated with large operations
Task Environment
Set of forces/conditions that originates with Suppliers, dist…
General Environment
Wide raging global, economic, technological, sociocultural, d…
Management chapter 6
Resources
competitive advantage
sustainable competitive advantage
valuable resources
the assets, capabilities, processes, employee tome, informati…
providing greater value for customers than competitors can
a competitive advantage that other companies have tried to un…
a resource that allows companies to improve efficiency and ef…
Resources
the assets, capabilities, processes, employee tome, informati…
competitive advantage
providing greater value for customers than competitors can
23 terms
Chapter 6 Management
Entrepreneurs
Intrapreneur
Inventor
promotor
someone who sees opportunity for product/service and launches…
someone who works inside existing org and mobilizes org's res…
high on creativity and innovation but low on management skills
low on creativity and innovation and no management skills. (T…
Entrepreneurs
someone who sees opportunity for product/service and launches…
Intrapreneur
someone who works inside existing org and mobilizes org's res…
Management Chapter 6
Culture Shock
Ethnocentrism
Expatriates
Failure Rate
the disorientation and stress associated with being in foreig…
the tendency to judge others by the standards of one's group…
Parent-Company nationals who are sent to work at a foreign su…
The number of expatriate managers of an overseas operation wh…
Culture Shock
the disorientation and stress associated with being in foreig…
Ethnocentrism
the tendency to judge others by the standards of one's group…
43 terms
Management Chapter 6
Strategy
Strategic Management
Competitive Advantage
Strategic Positioning
large-scale action plan that sets the direction for an organi…
process that involves managers from all parts of the organiza…
being responsive to customers (internal and external); innova…
attempts to achieve sustainable competitive advantage by pres…
Strategy
large-scale action plan that sets the direction for an organi…
Strategic Management
process that involves managers from all parts of the organiza…
28 terms
Management - Chapter 6
perception
attribution theory
fundamental attribution error
self-serving bias
a process by which individuals organize and interpret sensory…
an attempt to determine whether an individual's behavior is i…
the tendency to underestimate the influence of external facto…
The tendency for individuals to attribute their own successes…
perception
a process by which individuals organize and interpret sensory…
attribution theory
an attempt to determine whether an individual's behavior is i…
Inventory Management- Chapter 6
Inventory Management
Inventory
Inventory Trade-Offs
Pressures for Small Inventories
The planning and controlling of inventories to meet the compe…
A stock of materials used to satisfy customer demand or to su…
-Input flow of materials... -inventory level... -scrap flow... -output…
-Inventory holding cost... -cost of capital... -storage and handlin…
Inventory Management
The planning and controlling of inventories to meet the compe…
Inventory
A stock of materials used to satisfy customer demand or to su…
12 terms
Management: Chapter 6
Entrepreneurship
Idealists
Optimizers
Hard workers
Process of initiating a business venture, organizing, the nec…
Reward by chance to work on something new and creative
Get personal satisfaction from being business owners
Thrive on the challenge of building a larger, more profitable…
Entrepreneurship
Process of initiating a business venture, organizing, the nec…
Idealists
Reward by chance to work on something new and creative
34 terms
Management: Chapter 6 Vocab
BCG Matrix
Business Plan
Competitive Intelligence
Contingency Planning
Means of evaluating strategic business units on the basis of…
outlines a proposed firms's goal the strategy for achieving t…
means gaining info about one's competitors activities so that…
also known as Scenario planning & Scenario Analysis, is the c…
BCG Matrix
Means of evaluating strategic business units on the basis of…
Business Plan
outlines a proposed firms's goal the strategy for achieving t…
24 terms
management chapter 6
entrepreneurship
entrepreneurial opportunity
entrepreneur
entrepreneurial alertness
the identification, evaluation, and exploitation of opportuni…
an occasion to bring into existence new products and services…
an individual who identifies, evaluates, and exploits opportu…
information asymmetry, social networks, and the ability to es…
entrepreneurship
the identification, evaluation, and exploitation of opportuni…
entrepreneurial opportunity
an occasion to bring into existence new products and services…
Management Chapter 6
Mission Statement
Swot analysis
merger
Acquisition
statement of purpose (sum up why we exist) ... Provides focus…
-strengths... brand recognition... highly profitable... experience ... -…
when two companies join together and they usually join a new…
obtaining companies and still operate as the same entity
Mission Statement
statement of purpose (sum up why we exist) ... Provides focus…
Swot analysis
-strengths... brand recognition... highly profitable... experience ... -…
52 terms
Principles of Management - Chapter 6
Resources
Competitive advantage
Sustainable competitive advantage
Valuable resources
the assets, capabilities, processes, information, and knowled…
providing greater value for customers than competitors can
a competitive advantage that other companies have tried unsuc…
resources that allow companies to improve efficiency and effe…
Resources
the assets, capabilities, processes, information, and knowled…
Competitive advantage
providing greater value for customers than competitors can
19 terms
Business Management - Chapter 6
Corporation
Charter (certificate of incorporation)
Stockholders (shareholders)
Shares
A business owned by a group of people and authorized by the s…
An official document granted by a state giving power to run a…
Owners of a corporation.
Equal parts of the division of ownership of a corporation.
Corporation
A business owned by a group of people and authorized by the s…
Charter (certificate of incorporation)
An official document granted by a state giving power to run a…
28 terms
Management Chapter 6
Elements of Organizational Structure (6)
Departmentalization (5)
Functional
Product
Work Specialization, Departmentalization, Authority and Respo…
Functional, Product, Customer, Geographic, Process
Group employees based on work performed (engineering, account…
Group employees based on major product areas in the corporati…
Elements of Organizational Structure (6)
Work Specialization, Departmentalization, Authority and Respo…
Departmentalization (5)
Functional, Product, Customer, Geographic, Process
Management Chapter 6
Entrepreneurship
Micropreneurs
Intrapreneur
Enterprise Zones
Accepting the risk of starting and running a business.
Entrepreneurs willing to accept starting a business that rema…
person works as an entrepreneur within a corporation
-Specific geographic area that government issued where people…
Entrepreneurship
Accepting the risk of starting and running a business.
Micropreneurs
Entrepreneurs willing to accept starting a business that rema…
Management Chapter 6 Vocabulary
administrative model
after-action review
ambiguity
bounded rationality
an approach that describes how managers actually make decisio…
a technique adopted fro the U.S. Army, is a disciplined proce…
means that the goals to be achieved or the problem to be solv…
means that people have limits, or boundaries, on how rational…
administrative model
an approach that describes how managers actually make decisio…
after-action review
a technique adopted fro the U.S. Army, is a disciplined proce…
35 terms
Management Chapter 6
controlling
foundation for control
resiliency
steps of controlling
a process of measuring performance and taking action to ensur…
information
the ability to call on inner strength and keep moving forward…
1. begins with objectives and standards... 2. measures actual pe…
controlling
a process of measuring performance and taking action to ensur…
foundation for control
information
46 terms
Management Chapter 6
Planning
Strategy
Mission Statement
Three steps in planning
Identifying and selecting appropriate goals and courses of ac…
A cluster of decisions about what goals to pursue, what actio…
A broad declaration of an organization purpose that identifie…
-Determining the organizations mission and goals... -Forumlating…
Planning
Identifying and selecting appropriate goals and courses of ac…
Strategy
A cluster of decisions about what goals to pursue, what actio…
Management Chapter 6
Business
Production
Marketing
Finance
is an organization that produces or distributes a good or ser…
involves making a product or providing a service.
includes the activities between businesses and customers invo…
deals with all of the money matters involved in running a bus…
Business
is an organization that produces or distributes a good or ser…
Production
involves making a product or providing a service.
40 terms
Chapter 6: Strategic Management
strategic positioning
strategy is the creation of a unique &…
current reality assessment/organizatio…
grand strategy
attempts to achieve sustainable competitive advantage by pres…
-strategic position emerges from three sources... 1. few needs,…
to look at where the organization stands and see what is work…
-after the assessment of the current reality, explains how th…
strategic positioning
attempts to achieve sustainable competitive advantage by pres…
strategy is the creation of a unique &…
-strategic position emerges from three sources... 1. few needs,…
42 terms
chapter 6 management
_________________ making is a vital pa…
__________________ is the process of i…
______________ is a choice made from a…
_________________________ decision is…
good decision
decision making
decision
programmed
_________________ making is a vital pa…
good decision
__________________ is the process of i…
decision making
Chapter 6 Management Terms
Decision
Problem
Decision Criteria
Structured Problems
A choice among two or more alternatives
An obstacle that makes it difficult to achieve a desired goal…
Criteria that define what's important or relevant to resolvin…
Straightforward, familiar, and easily defined.
Decision
A choice among two or more alternatives
Problem
An obstacle that makes it difficult to achieve a desired goal…
Management Chapter 6
Planning
Organization's strategy
Organizational mission
Mission statement
the process used by managers to identify and select goals and…
pattern of decisions managers take to reach goals
defined in the mission statement which is a broad declaration…
identifies product, customers, and how the firm differs from…
Planning
the process used by managers to identify and select goals and…
Organization's strategy
pattern of decisions managers take to reach goals
23 terms
Management Chapter 6
decision
problem
decision criteria
rational decision making
a choice among two or more alternatives
an obstacle that makes it difficult to achieve a desired goal…
criteria that define whats important or relevant to resolving…
describes choices that are logical and consistent and maximiz…
decision
a choice among two or more alternatives
problem
an obstacle that makes it difficult to achieve a desired goal…
17 terms
Management - Chapter 6
Multiculturalism
Diversity
Glass Ceiling
Ethnicity
the broad issues associated with differences in values, belie…
Exists in a group or organization when its members differ fro…
A perceived barrier in some organizations that keeps women fr…
the ethnic composition of a group or organization
Multiculturalism
the broad issues associated with differences in values, belie…
Diversity
Exists in a group or organization when its members differ fro…
management chapter 6
External change
Internal change
organizational change
Change agent
Changing consumer needs and wants, New governmental laws, Cha…
New organizational strategy, Change in composition of workfor…
change in the workplace including any alteration of people, s…
someone who acts as a catalyst and assumes responsibility for…
External change
Changing consumer needs and wants, New governmental laws, Cha…
Internal change
New organizational strategy, Change in composition of workfor…
15 terms
Management Chapter 6
social obligation
classical view
socioeconomic view
social responsiveness
when a firm engages in social actions because of its obligati…
the view that management's only social responsibility is to m…
the view that management's social responsibility goes beyond…
when a firm engages in social actions in response to some pop…
social obligation
when a firm engages in social actions because of its obligati…
classical view
the view that management's only social responsibility is to m…
Chapter 6 - Management
inventor
promoter
manager/administrator
entrepreneur
high on creativity and innovation but low on management skills
low on creativity and innovation and management skills
low on creativity and innovation but high on mgmt..
high on both creativity and innovation and business savvy
inventor
high on creativity and innovation but low on management skills
promoter
low on creativity and innovation and management skills
27 terms
Management Chapter 6
Why people become entrepreneurs?
What it takes to be an entrepreneur?
Starting a new business
Common causes of success and failure
Profit potential, the challenge, and the satisfaction they an…
Be innovators, good knowledge and skills in management, busin…
Always be on the lookout for new ideas; monitor the current b…
Economic environment; products and services with low innovati…
Why people become entrepreneurs?
Profit potential, the challenge, and the satisfaction they an…
What it takes to be an entrepreneur?
Be innovators, good knowledge and skills in management, busin…
Management Chapter 6
Plan
Mission
Mission statement
Goal
Set of activities intended to achieve goals, whether for an e…
The definition of an organizations fundamental purpose and it…
Formal written declaration of the organizations mission; ofte…
The final result that a firm wishes to achieve
Plan
Set of activities intended to achieve goals, whether for an e…
Mission
The definition of an organizations fundamental purpose and it…
53 terms
Management Chapter 6
Resources
competitive advantage
sustainable competitive advantage
valuable resource
the assets, capabilities, processes, employer time, informati…
providing greater value for customers than competitors cap.
a competitive advantage that other companies have tried unsuc…
a resource that allows companies to improve efficiency and ef…
Resources
the assets, capabilities, processes, employer time, informati…
competitive advantage
providing greater value for customers than competitors cap.
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