Management-Exam One

Card Set Information

Author:
Brianacsmith
ID:
177861
Filename:
Management-Exam One
Updated:
2012-10-16 11:43:51
Tags:
Chapters
Folders:

Description:
management
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user Brianacsmith on FreezingBlue Flashcards. What would you like to do?


  1. Define Functional Managers
    • Responsible for just ONE organizational activity.
    • CFO, COO
  2. Define General Managers
    • Responsible for several organizational activities.
    • CEO (Cheif Executive Officer)
  3. Define First-line managers
    • Make Short-term operating decsions, directing the daily tasks of non-managerial personnel.
    • -Department head, foreman, team leader, supervisor
  4. Define Middle Managers
    • Implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them.
    • divison head, plant manager, branch sales manager
  5. NAME THE PARTS OF THE DIVERSITY WHEEL
  6. DIVERSITY IN THE WORK PLACE
    represents all the ways that people are unlike and alike-the differences and similarities in age, gender, rance, religion, ethnicity, sexual orientation, capabilities, and socioeconomic background
  7. The Social Responsibilities required of managers
    • 1. Social Responisbility-manager's duty to take actions that will benefit the interests of society as well as of the organization
    • 2. Corporate Social Responsbility- notion that corporations are expected to go above and beyond following the law and making a profit
    • 3. Sustainability- economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs
  8. How managers can promote ethics
    • 1. support by top managers of a strong ethical climate (as part of the organizational culture)
    • 2. ethics codes and training programs
    • 3. rewarding ethical behavior; protecting whistleblowers
  9. Justice approach to ethical decisions
    guided by respect for impartial standards of fairness and equity.
  10. Moral-Rights Approach
    guided by the respect for the fundamental rights of human beings
  11. Individual approach to making an ethical decision
    Considers what is an Individual's best long term interests
  12. Utilitarian approach to make an ethical decision
    Utilitarian-the greatest good for the greatest number of people
  13. Ethics
    THE MORAL STANDARDS of right and wrong that influence behavior
  14. Ethical Dilemma
    situation in which you have to decide whether to pursue a course of action that may benefit you or organization but that is unethical or even illegal.
  15. The General Enviornment-6 Forces
    • 1. Economic Forces- consists of the general economic conditions and trends that may affect an organizations performance-unempolyement, inflation, interest rates, economic growth
    • 2. Technological Forces-new developements in methods for transforming resources into goods and services
    • 3. Sociocultural Forces-  influences and trends originating in a country's, a society's, or a culture's human relationships and values that may affect an organization. Lifestyle changes, obesity, going green, trends
    • 4. Demographic Forces- the charachteristics of a population, age, gender, or ethnic origin
    • 5. Political Legal Forces-factors in the way politics shape laws and laws shape the opportunities for and threats to an organization
    • 6. International Forces- factors in the economic, political, legal and technological global system that may affect an organization. european union.
  16. Industry Value Chain
  17. FIRM VALUE CHAIN
  18. VALUE CHAIN MODELS
    • MICHAEL PORTER
    • a value chain erfers to the series of activies that produce and deliver values (in termes of products and services) for customers.
  19. The Task Enviornment:
    • Customers- those who pay to use an organization's goods and services
    • Suppliers- a person or organization that provides raw materials, services, equiptment, larbor or energy to other organizations
    • Distributor- a person or organization that helps another organization sell its goods & services to customers
    • Competitors- people or organizations that compete for customers or services
    • Strategic allies- describes the relationship of two organizations who join forces to achieve advantages neither can perform as well alone
    • Other Stakeholders- employee organizations, unions, mass media, local communities, government regulators, special interest groups
  20. Internal Stakeholders
    Owners, Employees (including managers), board of directors/board of trustees
  21. The Organizations Enviornment
    Name Enviornments
  22. Stakeholders
    • the people whose interests are affected by an organization's activities
    • Internal and external
  23. Social Capital
    the economic or productive potential of strong, trusting and cooperative relationships.
  24. Human Captial
    the economic or productive potential of employee knowledge, experience, and actions.
  25. LEARNING ORGANIZATIONS IN AN ERA OF ACCELERATED CHANGE
    • Learning Organization: organization that actively creates, acquires, and transfers knowledge within itself and is able to modify its behavior to reflect new knowledge
    • Knowledge Worker: someone whose occupation is principally concerned with generating or interpreting information instead of manual labor
  26. Components of a TQM approach
    • 1. make continuous improvement a priority
    • 2. get every employee empowered and involved
    • 3. listen to and learn from customers and employees
    • 4. use accurate standards to identify and eliminate problems
  27. Quality Management Viewpoint: TOTAL QUALITY MANAGEMENT (TQM)
    comprehensive approach-led by top management and supported throughout the organization-dedicated to continuous quality improvement, training and customer satisfaction
  28. The Contemporary Viewpoint: The Contingency Viewpoint
    • Emphasizes that a manager's approach should vary according to the individual and the enviornmental situation
    • Most practical because it addresses problems on a case-by-case basis
    • the "fit" perspective
  29. FOUR MAJOR PARTS OF A SYSTEM
    • INPUTS- ppl, money, info, equiptment, materials required ot produce an organizations goods or services
    • TRANSFORMATIONAL PROCESSES- the organizations capabilities in managment and technology that are applied to converting inputs to outputs.
    • OUTPUTS- products, services, profits, losses, employee satisfaction, discontent, produced by the organization
    • FEEDBACK- info about the reaction of the enviornment to the outputs, which affects the inputs. what customers like?
  30. The Contemporary Viewpoint: Systems Viewpoint
    • regards the organization as a system of interrelated parts
    • a system is a set of interrelated parts that operate together to achieve a common purpose.
    • -a collection of subsystems
    • -a part of the larger enviornment
  31. The Contemporary Perspective: Total Quality Management
    • W EDWARDS DEMING
    • JOSEPH M JURAN
    • Total Quality Management: Comprehensive approach dedicated to continuous quality improvement, training, and customer satisfaction
  32. The Contemporary Perspective: Quality Assurance
    Quality Assurance: Focuses on the performance of workers, urging employees to strive for ZERO DEFECTS
  33. The Contemporary Perspective: Quality Control
    • WALTER SHEWART
    • Strategy for minimizing errors by managing each stage of production.
  34. Name the three viewpoints of THE CONTEMPORARY PERSEPCTIVE
    • The systems viewpoint- Regards the organization as a systems of interrelated parts that operate together to achieve a common purpose
    • The Contingency Viewpoint-Emphasizes that a manager's approach should vary according to, be contingent on, the individual and enviornmental situation
    • The Quality-Management Viewpoint Three approaches-Quality Control, Quality Assurance, Total Quality Management
  35. Quatitative Viewpoints: Management Science & Operations Research
    Management Science- stresses the use of rational, science-based techniques and mathematical models to improve decision making and problem solving

    • Operations Research- focuses on managing the PRODUCTION & delivery of an organization's products or services more effectively
    • FIRM VALUE CHAIN, SUPPLY CHAIN
    • Today=COO
  36. Quatitative Viewpoints: Define QUANTITATIVE MANAGEMENT
    application to management of quantitative techniques such as statistics and computer simulations
  37. Behavioral Viewpoint: Behavioral Science
    • Relies on scientific research for developing theories about human behavior that can be used to provide practical tools for managers.
    • Organizational behavior
  38. Behavioral Viewpoint: Human Relations Movement
    Maslow's hierarchy of needs: What motivates humans to work? physicological, safety, love, esteem and self-actualization

    • Douglas McGregor- Theory X versus Theory Y: Managers need to be aware of their attitudes towards their employees. Do not fall into a self fullfilling prophecy. JOB SATISFACTION LEADS TO HIGHER PERFORMANCE
    • Theory X=pessimistic, negitive view of workers. need to be lead rather than to lead.
    • Theory Y= positive view of workers. too optimistic. workers are capable on their own, responsible for their actions, self control, imaginative and creative.
  39. Behavioral Viewpoint: Behaviorism: Elton Mayo
    • HAWTHORNE EFFECT
    • employees work harder if they recieved added attention, thought that managers cared about their welfare and that supervisors paid special attention to them
  40. Behavioral Viewpoint:Behaviorism: Mary Parker Follett
    • MARY PARKER FOLLETT:
    • 1. Organizations should operate as "communities"
    • 2. Conflicts shoudl be resolved by having managers and workers talk over difference and find solutions that would satisfy both parties
    • 3. The work process shoudl be under control of workers with relevant knowledge
  41. Behavioral Viewpoint: Early Behaviorism:HUGO MUNSTERBERG
    • MUNSTERBERG- first application of psychology
    • 1. study jobs and determine which ppl are best suited to specific jobs
    • 2. Identify the psychological conditions under which employees do their best work
    • 3. Devise management strategies to influence employees to follow management's interests
  42. Define Classical Viewpoint: Administrative Management
    • HENRI FAYOL & MAX WEBER
    • concerned with managing the total organization
    • Bureaucratic Features
    • 1. well-defined hierarchy of authority
    • 2. formal rules and procedures
    • 3. a clear division of labor
    • 4. impersonality
    • 5. careers based on merit
  43. Define Classical Viewpoint: Scientific Management
    • FREDERICK TAYLOR & THE GILBRETHS
    • Industrial Engineering: emphasized the scientific study of work methods to improve the productivity of individual workers.
    • Principals:
    • 1. Scientifically study each part of the task
    • 2. carefully select workers with the right abilities
    • 3. Give workers the training and incentives to do the task
    • 4. use scientific principles to plan the work methods
  44. Define Historical Perspective
    • Classical- scientific/industrial/administrative. Emphasis on ways to manage work more efficiently.
    • Behavioral - Human Relations/behavior science. Understand the importantance of human behavior and motivating & ecouraging employees towards achievement.
    • Quantitative- Management Science/operations research. Applies quantitative techniques to management.
  45. Name and describe the THREE SKILLS of a Star Manager
    • 1. Technical SKills: DOING- the job-specific knowledge neede to perform well in a specialized field.
    • 2. Conceptual Skills: Thinking- the ability to think analytically, to visualize an organization as a whole and understand how the parts work together.
    • 3. Human SKills: Communicating- the ability to work well in cooperation with other people to get things done.
  46. What is the difference between an entrepreneur and a manager?
    • Being an entrepreneur is what it takes to start a business.
    • Being a manager is what it takes to grow or maintain a business.
  47. DEFINE INTRAPRENEUR
    Someone who works inside of an existing organization who sees an opportunity for a product or service and mobilizes the organizations resources to try and realize it.
  48. DEFINE ENTREPRENEUR
    SOMEONE WHO SEES A NEW OPPORTUNITY FOR A PRODUCT OR SERVICE AND LAUNCHES A BUSINESS TO TRY AND REALIZE IT
  49. Define ENTREPRENEURSHIP
    process of taking risks to try and create a new buisness
  50. NAME & DESCRIBE THE THREE ROLES OF THE DECISIONAL ROLES.
    • 1. Entrepreneur Role-Initiate and encourage innovation.
    • 2. Disturbance Handler Role- fixing problems
    • 3. Resource Allocator Role- set priorities about use of resources
    • 4. Negotiator Role-work with others inside and outside to accomplish goals
  51. NAME & DESCRIBE THE THREE ROLES OF INFORMATIONAL ROLE
    • 1. MONITOR ROLE- alter for useful info from news about competition or conversations in the hallway. Be in the know.
    • 2. DISSEMINATOR ROLE- managers need to relay information to subordinates and employees so that they konw what is going on.
    • 3. SPOKESPERSON ROLE- be a diplomat, make sure that the company is well represented.
  52. NAME & DESCRIBE THE THREE INTERPERSONAL ROLES
    1. Figurehead-escort visitors, attend employee bday parties, present ethical guidelines to subordinates. Perform SYMBOLIC TASKS that represent your organization

    2. Leadership Role- you are responsible for subordinate actions; their successes and failures reflect on you. Leadership is expressed in TRAINING, MOTIVATING, AND DISCIPLINING

    3. Liason- Networking with other companies and employees to help achieve your organization's goals
  53. List the THREE types of managerial Roles
    1. Interpersonal Roles-Managers interact with people inside and outside their world unites

    2. Informational Roles-Managers recieve and communicate information

    3. Decisional Roles- Managers use information to make decisions to solve problems to take advantage of opportunities
  54. Mintzberg's Findings: The Manager's roles
    •  A manager...
    • 1. relies more on verbal than on written communication

    2. works long hours at an intense pace

    3. manager's work is charachterized by fragmentation, brevity and variety
  55. Define Roles.
    A role is a socially determined expectation of how an individual should behave in a specific position.
  56. Define Top Managers
    • Make long term decisions about the overall directions of the organization and establish the objectives, policies and strategies for it.
    • CEO, COO
  57. PYRAMID OF POWER: LEVELS AND AREAS OF MANAGEMENT
  58. THE FOUR PRINCIPAL FUNCTIONS: WHAT DO MANAGERS DO?
    1. Planning: Set goals and decide how to achieve them

    2. Organizing: Arrange tasks, people and other resources to accomplish the work.

    3. Leading: Motivate, direct and influence people to work hard to achieve the organization's goals

    4. Controlling: Monitor performance, compare it with goals, and take corrective action as needed.
  59. Challenge Number 7: Managing for your own happiness and life goals
    You are NOT working for yourself. You have to consider if wheather in meeting the organization's challenges you are meeting the challenge of realizing your own happiness. For people who truly like working, mentoring, and helping others to grow and thrive. Also depends on teh company's culture.
  60. Challenge Number 6: Managing for Sustainability
    Sustainability: economic developement that meets the needs of the present without compromising the ability of future generations to meet their own needs.
  61. Challenge Number 5: Managing for Ethical Standards
  62. Challenge Number 4: Managing for Information Technology
    • INFORMATION TECHNOLOGY HAS FACILITATED E-COMMERCE (the buying and selling of goods and services over computer networks) AND E-BUSINESS (using the internet to facilitate every aspect of running a business.)
    • Implications:
    • 1. Far-ranging e-management & e-communication
    • 2. Accelerated decision making, conflict & stress
    • 3. Changes in the organizational structure, jobs, goal setting, and knowledge management
  63. Challenge Number 3: Managing for Globalization
    Knowing how to interact with people in an expanding global ecomony.
  64. Define Challenge Number 2: Managing for Diversity
    Our world is becoming more diverse. Diversity and variety in staffing produce organizational stregnth.
  65. Define Challenge number 1: Competitive Advantage, and list the four ways to achieve competitiveness.
    • The ability of an organization to produce goods or sevices more efficiently than competitors do, thereby outperforming them.
    • 1. Being responsive to customers-take care of the consumer.
    • 2. Innovation-finding better ways to deliver new or better goods or services
    • 3. Quality-
    • 4. Efficiency- produce goods and services as quickly as possible using as few employees and raw goods as possible.
  66. List the 7 challenges to being a star manager.
    Hint: C,D,G,I,E,S,Y
    • 1. Managing for COMPETITIVE ADVANTAGE
    • 2. Managing for DIVERSITY
    • 3. Managing for GLOBALIZATION
    • 4. Managing for INFORMATION TECHNOLOGY
    • 5. Managing for ETHICAL STANDARDS
    • 6. Managing for SUSTAINABILTY
    • 7. Mangaing for YOUR OWN HAPPINESS & LIFE GOALS
  67. What are the payoffs of studying management?
    • 1. You will understand how to deal with organizations from the outside as a consumer.
    • 2. You will understand how to relate to your supervisors. How they will respond to you.
    • 3. You will understand how to interact with co-workers. Understand teams and teamwork.
    • 4. You will understand how to manage yourself in the workplace. Skills: self-managment, listening, change, stress, coping with policies.
  68. Define Effectiveness
    The organizations ENDS, the GOALS. TO be effective means to achieve results, to make the right decisionsand to sucessfully carry them out so that they achieve the organization's goals.
  69. Define Efficiency
    The MEANS of attaining the organizaion's goals. To be efficient means to use resources-people, money, raw materials WISELY AND COST EFFECTIVELY.
  70. Define management
    The pursuit of organizational goals eficiently and effectively by inegrating the work of people through planning, organizing, leading and controlling the organization's resources.
  71. Name and describe the three types of organizations. Given an example of each.
    • 1. For-profit-formed to make money, or profits, by offering products or services.
    • ex-Allstate, zenith, amway

    • 2. Non-Profit-Managers=administrators. public or private sector. Purpose is offer services to some clients, not to make a profit.
    • ex-hospitals, the red cross
    • ex2-Commonweal-us postal service

    • 3. Mutual Benefit-Voluntary collections of members whose purpose is to advnace members' interests.
    • ex-political parties, labor unions, clubs
  72. List Group Problem Solving Techniques
    1. Reaching for Concensus-occurs when members are able to express their opinions and reach agreement to support the final decision

    2. Brianstorming-technique used to help groups generate multiple ideas and alternatives for solving problems

    3. Computer-aided decision making
  73. Define Participative Management
    process of involving employees in setting goals, making decisions, solving problems, and making changes in the organization.
  74. List disadvantages of Group Decision Making
    • 1. A few ppl dominate or intimidate
    • 2. GROUPTHINK- occurs when group members strive to agree for the sake of unanimity and thus avoid accurately assessing the decision situation
    • 3. Satisficing
    • 4. GOAL DISPLACEMENT-Primary goals subsued by secondary goals
  75. Advantages of Group Decision Making
    • 1. Greater pool of knowlege
    • 2. Different Perspectives
    • 3. Intellectual Stimulation
    • 4. Better Understaning of decision rationale
    • 5. Deeper Commitment to the decision
  76. Common Decision Making Biases
    • 1. Availability Bias-use readily info to make decisions, dont research
    • 2. Confirmation Bias- ppl seek info to support thei point and DISCOUNT DATA that does not
    • 3. Representativeness Bias-generalize from a small event
    • 4. Sunk Cost Bias- add up all the money spent and conclude that it is too costly to drop the project
    • 5. Anchoring and adjustment Bias- make decisions on an intial figure
    • 6. Escalation of commitment Bias- feeling overly invested in a decision
  77. General Moral Principals for Managers
    • 1. Dignity of Human Life- the lives of ppl are respected
    • 2. Autonomy-all ppl are valuable and have the right ot self-determination
    • 3. Honesty
    • 4. Loyalty
    • 5. Faireness-ppl should be treated justly
    • 6. Humaness-actions out to accomlish good, we should aviod doing evil
    • 7. The common good- actions should accomplish the greatest amount of good for the greatest amount of ppl
  78. Ethical Decision Making and Decision Tree
    A graph of decisions and their possible consequences; used to create a plan to reach goals.
  79. Describe the Behavioral Style of Decision Making
    The most people oriented decision makers. Opinions are openly exchanged. Resecptive to suggestions, prefer verbal or written communitcation.
  80. Define the Directive Style of decision Making
    Low tolerance for ambiguity, focus on facts.
  81. Define The Conceptual Style of Decison Making
    Decision makers who rely on intuition and have long-term perspective
  82. Define Analytical Sytle of Decision Making
    Careful decision makers who like lots of information and alternative choices
  83. Name and Describe Decision Making Styles
    HIGH TOLERANCE FOR ABIGUITY: Analytical and Conceptual

    • LOW TOLERANCE FOR ABIGUITY: Directive and Behavioral
  84. Define General Desicion-Making Styles
    • reflects the combination of how an individual percieves and responds to information.
    • Value Orientation: What values the most, TASK OR PPL?
    • Tolerance or ambiguity: Extent of Structure and Control
  85. Define the Intuition Model
    • making a choice without the use of conscious thought or logical inference. Going with your gut.
    • Sources=expertise and feelings
  86. Define Incremental Model
    managers take small, short-term steps to allievate a problem. May impede a long-term goal.
  87. Define Satisficing Model
    Managers seek alternative until they find one that satisfactory, not optimal.
  88. Define Bounded Rationality
    suggests that the ability of decision makers to be rational is limited by numerous constraints such as complexitiy, time, money, values, cognitive capacity, skills, habits, and unconscious reflexes.
  89. Describe the non-rational decision making
    assume that decision making is nearly always uncertian, and risky, miking it difficutl for managers to make optimal decisions
  90. Name the assumptions of the Rational Model
    • 1. Complete information, no uncertainty
    • 2. Logical, unemotional analysis
    • 3. best decision for the organization
  91. Define the four Stages of Rational Decision Making Process


    • 1. IDENTIFY PROBLEM
    • 2. THINK UP ALTERNATIVE SOLUTIONS
    • 3. EVALUATE ALTERNATIVES AND SELECT SOLUTIONS
    • 4. IMPLEMENT AND EVALUATE THE SOLUTION CHOSEN
  92. Define Rational Model Of Decision Making
    CLASSICAL MODEL

    explains how managers SHOULD make decisions

    assumes managers will make logical decisions that will be optimum in futhering the organization's interests
  93. Define Decision.
    Define Decision Making.
    1. Choice made from among available alternatives

    2. process of IDENTIFYING and CHOOSING alternative courses of action.
  94. Define Project Management. List some major tools for project management
    • Achieving a set of goals through planning, scheduling and maintaining progress of the activities that comprise the project
    • 1. Flowcarts
    • 2. Gantt Charts-visual time schedules for work tasks
    • 3. Project Management Software
  95. Name the steps of the planning &  control cycle
  96. Name the Four steps of MBO
    • 1. Jointly set objectives
    • 2. Develop Action Plan
    • 3. Periodically review performance
    • 4. Give performance appraisal and rewards
  97. Define Management by Objectives (MBO)
     is a FOUR STEP process of defining objectives within an organization so that management and employees agree to the objectives and understand what they need to do i the organization in order to achieve them.
  98. Define Program & Project
    • 1. a single use plan that ecompasses a range of projects or activities
    • ex-the space program

    • 2. is a single use plan of less scope and complexity than a program.
    • ex-teh space shuttle Discovery
  99. Define Single Use plans
    Plans developed for activities that are not likely to be repeated in the future. Can be Programs or Projects.
  100. Name and Define the three examples of Standing Plans
    • 1. Policy- outlines the general response to a designated problem or situation
    • 2. Procedure-outlines the response to a particular problem or circumstances
    • 3. Rule- designates the specific required action
  101. Define Standing Plans
    are plans developed for activities that occur repeatedly over a period of time.
  102. Name and define SMART goals
    • SPECIFIC- goals should be stated in specific terms
    • MEASURABLE- quantifiable, measure the degree to which a goal has been reached
    • ATTAINABLE- realistic and attainable, set goals that are ambitious not unattainable
    • RESULTS ORIENTED- few goals chosen, start with TO then insert a VERB. imply activites
    • TARGET DATES- deadlines for which it can be attained.
  103. Define Action Plan
    Defines the course of action needed to achieve the stated goal.
  104. Define Operational Goals
    are set by and for FIRST-LINE managers and are concerned with SHORT TERM  matters associated with realizing tactical goals.
  105. Define Tactical Goals
    are set by and for MIDDLE MANAGERS and focus on the actions needed to achieve strategic goals.
  106. Define Strategic Goals
    are set by and for TOP MANAGEMENT and focus on objectives for the organization as a whole.
  107. Define Goals.
    1. Goals-aka an objective, refers to specific commitment to achieve a measurable result within a stated period of time.
  108. Chart of THREE levels of planning
  109. Define Operational Planning
    • FIRST-LINE MANAGERS
    • how to accomplish specific tasks within the next 1-52 weeks.
  110. Define Tactical Planning
    • MIDDLE MANAGERS OR DEPARTMENT MANAGERS
    • Determine what contributions their departments can make during the next 6-24 months.
  111. Define Strategic Planning
    • TOP MANAGERS
    • Determine what the organization's LONG TERM goals should be for the next 1-5 years with the resources they expect ot have available.
  112. Major components of Vision Statements
    it is appropriate for organization and the times, set standards of excellence and high ideals, clarify purpose and direction, insprie enthusasum, encourage committment, well articulated, easily understood, reflect uniquness, competence, what it stands for, what it can achieve, ambitious.
  113. Major components mission statement
    customers, major products and services, geographical areas, basic technology, commitment to economic objectives, basic beliefs, values, aspirations, philosphical priorities, major stregnths and competitive advantage, public responses, image, attitude towards employees.
  114. Define Vision.
    Define Vision Statement.
    A long-term goal describing what an organization wants to become.

    A formal expression of what the organization should become and where it wants to go.
  115. Define Mission
    Define Mission Statement
    An organization's purpose or reason for being.

    A formal statement that expresses the mission or the purpose of the organization.
  116. Define the steps on how to make business plans
  117. Define Reactors
    make adjustments only when finnaly forced to by enviornmental pressures
  118. Define Analyzers
    Let other organizations take the risks of product development and marketing and then imitate what seems to work best.
  119. Define Prospectors
    focus on developing new products and in seeking out new markets, rather than waiting for things to happen
  120. Define Defenders
    Experts at producing and selling narrowly defined products
  121. How do organizations respond to uncertainty?
    • Defenders
    • Prospectors
    • Analyzers
    • Reactors
  122. What are the benefits of planning?
    • 1. Planning helps you check on PROGRESS
    • 2. Planning helps you COORDINATE ACTIVITIES
    • 3. Planning helps you THINK AHEAD
  123. Define a Business Plan
    a description or document that outlines a firm's goals, the courses of action fro achieving the goals, and the standards for measuring success.
  124. Define Business Planning
    • Setting goals of the organization and deciding how to achieve them.
    • coping with uncertainty by formulating future courses of action to achieved specified results for the organization
  125. Define Organization
    a gropu of people who work together to achieve some specific purpose

What would you like to do?

Home > Flashcards > Print Preview