MGMT 478 Final Exam Flashcards


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1

low cost strategies

business strategies that seek to establish long term competitive advantages by emphasizing and perfecting value chain activities.

2

differentiation

a business strategy that seeks to build competitive advantage with its product or service by having it be "different" from other available competitive products.

3

speed based strategies

business strategies built around functional capabilities and activities that allow the company to meet customer needs directly or indirectly more rapidly than its main competitors

4

market focus

this is a generic strategy that applies a differentiation strategy approach, or a low cost strategy approach or a combination-and does so solely in a narrow market niche rather than trying to do so across the broader market.

5

emerging industry

an industry that has growing sales across all the companies in the industry based on growing demand for the relatively new products

6

growth industry strategies

business strategies that may be more advantageous for firm participating in rapidly growing industries

7

mature industry strategies

strategies used by firms competing in markets where the growth rate of that market from year to year has reached or is close to zero

8

declining industry

an industry in which the trend of total sales as an indicator of total demand for an industry's products among competitors have started to drop

9

fragmented industry

an industry in which there are numerous competitors such that no single firm or small group of firms controls any significant share of the overall industry sales

10

global industry

industry in which the competition crosses national borders

11

grand strategy selection matrix

a four-cell guide to strategies based upon whether the business is operating from strength or rely on resources

12

vertical acquisition

acquisition of firms that supply inputs such as raw materials, or customers for its outputs, such as warehouses for finished products

13

conglomerate diversification

acquiring or entering businesses unrelated to a firm's current technologies, markets or products

14

retrenchment

cutting back on products, markets, operations because the firm's overall competitive and financial situation cannot support commitments needed to sustain or build its operations

15

divestiture

the sale of a firm or a major component

16

liquidation

closing down the operations of a business and selling its assets and operations to pay its debts

17

concentrated growth

aggressive market penetration where a firm's strong position and favorable market growth allow it to "control" resources and effort for focused growth

18

market development

selling present products, often with only cosmetic modification, to customers in related marketing areas by adding channels of distribution

19

product development

the substantial modification of existing products or the creation of new nut related products that can be marketed to current customer through established channels

20

innovation

a strategy that seeks to reap the initially high profits associated with customer acceptance of a new or greatly improved product

21

horizontal acquisition

growth through the acquisition of one or more similar firms operating at the same stage of the production chain

22

concentric diversification

acquisition of businesses that are related to the acquiring firm in terms of technology, markets, or products

23

joint ventures

commercial companies created and operated for the benefit of the co-owners, usually two or more separate companies that form the venture

24

strategic alliances

partnerships that are distinguished from joint ventures because the companies involved do not take an equity position over another

25

grand strategy clusters

strategies that may be more advantageous for firms to choose under one of four sets of conditions defined by market growth rate and the strength of the firms competitive position

26

portfolio techniques

an approach pioneered by the boston consulting group that attempted to help managers balance the flow of cash

27

market growth rate

the projected rate of sales growth for the market being served by a particular business

28

relative competitive position

the market share of a business divided by the market share of its largest competitor

29

stars

businesses in rapidly growing markets with large market shares

30

cash cows

businesses with a high market share in low-growth markets or industries

31

dogs

low market share and low market growth businesses

32

question marks

businesses whose high growth rate gives them considerable appeal but whose low market share makes their profit potential uncertain

33

volume businesses

businesses that have few sources of advantage, but the size is large

34

stalemate businesses

businesses with few sources of advantages

35

fragmented businesses

businesses with many sources of advantage, but they are small.

36

specialization businesses

businesses with many sources of advantage. skills in achieving differentiation characterize winning specialization businesses

37

parenting framework

the perspective that the role of corporate headquarters in companies is that of a parent sharing wisdom

38

patching

the process by which corporate execs routinely "remap" their businesses to match rapidly changing market opportunities

39

strategic processes

decision making, operational activities, and sales activities that are critical business processes

40

strategic positioning

the way a business is designed and positioned to serve target markets

41

short-term objective

measurable outcomes achievable or intended to be achieved in one year or less

42

functional tactics

detailed statements of the "means" or activities that will be used by a company to achieve short-term objectives and establish competitive advantage

43

outsourcing

obtaining work previously done by employees inside the companies from sources outside

44

empowerment

the act of allowing an individual or team the right and flexibility to make decisions and initiate action

45

policies

broad, precedent-setting decisions that guide or substitute for repetitive of time sensitive managerial decision making

46

innovation time out policy

refers to what is usually an official company guideline establishing an amount of time during each work week an employee can at their choice set aside

47

stock options

the right to purchase company stock at a fixed price at some future date

48

restricted stock

stock given to an employee who is prohibited from selling the stock for a certain time period

49

golden handcuffs

a form of executive compensation where compensation is deferred

50

golden parachute

a form of bonus compensation that guarantees a substantial cash payment if the executive quits, gets fired or retires

51

organizational structure

refers to the formalized arrangements of interaction between and responsibility for the tasks in an organization

52

simple organizational structure

structure in which there is an owner ad a few employees and where the arrangement of tasks is highly informal and accomplished through direct supervision

53

functional organizational structure

structure in which the tasks, people, and technologies necessary to do the work of the business are divided into separate "functional" groups

54

divisional organizational structure

structure in which a set of relatively autonomous units are governed by a central corporate office but where each operating division has its own functional specialists who provide products different from those of other divisions

55

strategic business unit

an adaptation of the divisional structure in which various divisions or parts of divisions are grouped together based on some common strategic elements

56

holding company structure

structure in which the corporate entity is a broad collection of often unrelated businesses and divisions such that it acts as financial overseer "holding" the ownership interest in the various parts of the company

57

matrix organizational structure

the matrix organization is a structure in which functional and staff personnel are assigned to both a basic functional area and to a project or product manager

58

product-term structure

assigns functional managers and specialists to a new product or process team that is empowered to make major decisions about their product

59

restructuring

redesigning an organizational structure with the intent of emphasizing and enabling activities most critical to a firm's strategy to function at max effectiveness

60

business process reengineering

a customer-centric restructuring approach. involves fundamental rethinking and radical redesigning of a business process so that a company can best create value for the customer by eliminating boundaries

61

downsizing

eliminating the number of employees

62

self management

allowing work groups to supervise their work as a team without a direct supervisor exercising the supervisory role.

63

virtual organization

a temporary network of independent companies linked primarily by information technology to share skills, access to markets, and costs

64

agile organization

a firm that identifies a set of business capabilities central to high profitability operations and then builds a virtual organization around those capabilities

65

modular organization

structure via outsourcing where the organization's final product is based on the combination of several companies self contained skills and business capabilities

66

business process outsourcing

having an outside company manage numerous routine business management activities previously done by employees inside the company such as HR

67

strategic alliances

alliances with suppliers, partners, contractors, and other providers that allow partners in the alliance to focus on what they do best

68

boundaryless organization

organizational structure that allows people to interface with others throughout the organization without need to wait for a hierarchy to regulate that interface across functional boundaries

69

horizontal boundaries

rules of communication and protocol for dealing with different departments within an organization

70

vertical boundaries

limitations on interaction between operations and management personnel; between different organizational parts like corporate versus divisional units

71

geographic boundaries

limitations on interaction and contact between people in a company based on being at different physical locations

72

external interface boundaries

rules and protocol that separate and dictate the interaction between members of an organization and those outside the organization

73

corporate lattice

model of how work gets done in 21st century organizations up, down and across organizational levels versus a "corporate ladder" tradition

74

lattice

a metaphor used to describe the reality of the nature and structure of work in organizations today. a 3 dimensional structure

75

learning organization

organization structured around the idea that it should be set up to enable learning and create opportunities to create new knowledge

76

ambidextrous organization

most notable for lack of structure where getting to the right place quickly is preferred

77

organizational leadership

the process and practice by key executives of guiding people in an organization toward a vision over time and developing that organization's future leadership

78

strategic intent

leaders clear sense of where they want to lead their company and what results they expect to achieve

79

leaders vision

what a leader sees the company must become in order to establish and sustain global leadership

80

leadership development

effort to familiarize future leaders with what is important to the company

81

perseverance (of a leader)

the capacity to see a commitment through to completion long after most people have stopping trying

82

principles (of a leader)

a leaders fundamental personal standards that guide her sense of honesty and integrity

83

passion (of a leader)

a highly motivated sense of commitment to what yo do and what to do

84

position power

the ability and right to influence others based on the power associated with your formal position in the organization

85

reward power

ability to influence others that comes from being able to confer rewards in return for desired actions or outcomes

86

information power

ability to influence others based on your access to info and your control of dissemination of info that is important to subordinated and others not yet otherwise easily obtained

87

punitive power

ability to direct and influence others based on your ability to coerce and deliver punishment for mistakes or undesired actions by others

88

expert influence

ability to direct and influence others because they defer to you based on your expertise o knowledge

89

referent influence

ability to influence others derived from their strong desire to be associated with you

90

peer influence

ability to influence individual behavior among members of a group based on group norms

91

organizational culture

set of important assumptions and beliefs that members of an organization share in common

92

ethical standards

a persons basis for differentiating right from wrong

93

strategic control

management efforts to track a strategy as it is being implemented

94

premise control

management process of systematically checking to determine whether premises upon which the strategy is based are valid

95

strategic surveillance

management efforts to monitor a broad range of events inside and more often outside the firn that are likely to affect the course of its strategy over time

96

special alert control

management actions undertaken to thoroughly reconsider a firms strategy because of a sudden, unexpected event

97

implementation control

management efforts designed to assess whether the overall strategy should be changed in light of results associated with the incremental actions that implement the overall strategy

98

strategic thrusts or projects

special effrts that are early steps in executing a broader strategy, usually involving significant resource commitments yet where predetermined feedback will help management whether to continue

99

milestone reviews

points in time, or at the completion of major parts of a biggest strategy, where managers have predetermined they will undertake a go or no go type of review regarding the underlying strategy associated with the bigger strategy

100

balanced scoreboard

management control system that enables companies to clarify their strategies and provide quantitative feedback as to whether the strategy is creating value

101

dashboard

a user interface that organizes and presents info from multiple digital sources simultaneously in a user designed format on the computer screen