Managers and Management
Goals, People and Structure
What are the three characterristics that all organizations share?
Factors, forces, situations, and events outside the organization that affect its performance
What is the external environment?
A boundaryless world where goods and services are produced and marketed worldwide—
What is a global village?
Putting a decision into action
What is decision implementation?
(1) defining specific goals covering a specific time period, (2) writing down these goals and making them available to organization members, and (3) using these goals to develop specific plans that clearly define the path the organization will take to get from where it is to where it wants to be.
What is formal planning?
People who work directly on a job or task and have no responsibility for overseeing the work of others
What are non-managerial roles?
An economic environment in which asset owners share with other individuals through a peer-to-peer service, for a set fee, their underutilized physical assets or their knowledge, expertise, skills, or time.
What is the sharing economy?
An agreement in which an organization gives another the right, for a fee, to make or sell its products,
What is licensing?
Making decisions on the basis of experience, feelings, and accumulated judgment.
What is intuitive decision making?
McDonald`s plan, which is built on three components: operational excellence, being the leader in marketing, and continual product innovation. McDonald’s managers—from corporate to individual stores—know that planning is vital to the company’s continued success.
What is "Plan to Win"?
Doing a task correctly (“doing things right”) and getting the most output from the least amount of inputs.
What is efficiency?
Any constituencies in an organization’s environment that are affected by that organization’s decisions and actions
What are stakeholders?
A direct investment in a foreign country that involves setting up a separate and independent facility or office
What is a foreign subsidiary?
A cost where the money has already been spent and cannot be recovered.
What are sunk costs?
A six-step process that encompasses strategy planning, implementation, and evaluation
What is the strategic management process?
Planning, organizing , leading and controlling
What are the four managerial functions?
The shared values, principles, traditions, and ways of doing things that influence the way organizational members act
What is organizational culture?
Power distance, individualism/collectivism, achievement/nurturing, uncertainty avoidance, long-term/short-term orientation
What is Hofstede`s 5 dimensions of culture?
Managers make rational decisions, but are limited (bounded) by their ability to process information.
What is bounded rationality?
In SWOT, these are positive trends in the external environment
What are opportunities?
Interpersonal, Informational, Decisional
What is the three roles approach?
Refers to the degree of change and complexity in an organization’s environment.
What is environmental insecurity?
Those activities a business firm engages in to meet certain economic and legal responsibilities. It does the minimum that the law requires and only pursues social goals to the extent that they contribute to its economic goals
What are social obligations?
A problem that is new or unusual for which information is ambiguous or incomplete.
What is an unstructured problem?
The search for the best practices among competitors or noncompetitors that lead to their superior performance.
What is benchmarking?