Chapter 1
The four functions of Management
What are planning, organizing, leading and controlling?
Suppliers, Competitors, Distributors and Customers
What are the forces in the Task or Industry Environment that impact a Managers ability to obtain inputs and dispose of its outputs.
Decisions that are routine and virtually automatic and follow established rules and guidelines.
What is programmed decision making?
Level of rivalry, potential for entry, power of suppliers, power of customers and threat of substitutes.
What are Porter's Five Forces?
Three types of divisional structures.
What are geographic, product and market segment organizational structures?
Organizations in the social economy that create both social impact and economic value.
What is a social venture?
Socio-cultural, Technological, International, Political and Economic forces
What is the General Environment?
Decision making model that assumes that Managers have all the information they need to make an optimum decision.
What is the Classical Model of decision making?
Two tools used to analyze the current environment.
What are SWOT analysis and Porters Five Forces model?
Skill variety, task identity, task significance, autonomy and feedback
What is the Job Characteristics model?
A measure of how well or productively resources are used to achieve a goal.
Building blocks of competitive advantage.
What are efficiency, quality, innovation and responsiveness to customers?
Choosing a satisfactory way to respond to problems and opportunities rather than trying to make the best decision.
What is satisficing?
A plan and supporting strategy that a division uses to gain competitive advantage in a specific market or industry.
What is a business level plan and strategy.
An organizational structure that groups people by function and product. Typically, employees have more than one manager.
What is a Matrix structure or Team?
A measure of the appropriateness of the goals an organization is pursuing and of the degree to which the organization achieves these goals.
What is effectiveness?
The combination of skills and equipment that managers use in the design, production and distribution of goods and services.
What is technology?
Cognitive limitations that constrain one's ability to interpret, process and act on information.
What is bounded rationality?
A vision statement.
What is the big picture of an organization and its dreams for the future?
Lower level managers and employees have the right to make decisions about how to use organizational resources to meet customer needs.
What is decentralized decision making?
The three types of skills required by all leaders.
What are Conceptual, Interpersonal and Technical skills?
Individuals, groups and institutions directly affected by the activities and decisions of an organization.
What are stakeholders?
Moral principles or beliefs about what is right or wrong.
What are ethics?
Concentration on a single business, diversification, vertical integration and international expansion.
What are corporate level strategies?
The number of employees who report directly to a Manager.
What is span of control?