The Manager's Role
The process of working with people and resources to accomplish organizational goals
What is management?
It is the immediate environment surrounding a firm; includes suppliers, customers, rivals, and the like.
What is competitive environment?
These are the phases of a rational decision-making process
These phases belong to which process?
Identify and diagnose the problem
Generate alternative solutions
Evaluate alternatives,
Make the choice,
Implement the decision,
Evaluate the decision
A conscious, systematic process of deciding what goals and activities a person, group, work unit, or organization will pursue in the future.
What is planning?
This concept says firms have economic, legal, ethical, and philanthropic responsibilities.
What is corporate social responsibility (CSR)?
Planning, organizing, leading, and controlling
What are the four functions of management?
Organizations that are affected by, and in turn affect their external environment.
What are open systems?
Choosing an option that is acceptable, although not necessarily the best or perfect.
What is satisficing?
They are long-term; have a strong external orientation; and cover major portions of the organization
What are strategic plans?
These two types of ethics programs focus on law compliance and personal integrity, respectively.
What are compliance-based and integrity-based programs?
These skills help the manager recognize complex and dynamic issues, analyze the factors that influence those issues or problems, and make appropriate decisions
What are conceptual skills?
They may include small domestic firms, strong regional firms, big new domestic companies exploring new markets, overseas firms, and/or newer entries
Who are competitors?
A decision bias influenced by the way in which a problem or decision alternative is phrased or presented.
What are framing effects?
A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization
What is tactical planning?
It refers to three areas of performance: economic, social, and environmental.
What does “triple bottom line” refer to?
These result from innovation, quality, service, speed, cost competitiveness, and sustainability
What are the sources of competitive advantages?
The fixed costs buyers face when they change suppliers.
What are switching costs?
A decision-making group loses sight of its original goal and a new, less important goal emerges.
What is goal displacement?
It illustrates the four key drivers of a firm’s long-term success: the skills of its people and their ability to grow and learn; the effectiveness of its internal processes; its ability to deliver value to customers; and ultimately its ability to grow its financial assets.
What does a strategy map show?
Its goal is the creation of sustainable economic development and improvement of quality of life worldwide for all organizational stakeholders.
What is ecocentric management?
It is the goodwill stemming from your social relationships; a competitive advantage in the form of relationships with other people and the image other people have of you
What is social capital?
It arises from two related factors: complexity and dynamism
A person who has the job of criticizing ideas to ensure that their downsides are fully explored.
Who is a devil's advocate?
This framework evaluates internal strengths and weaknesses along with external opportunities and threats to help managers formulate strategy.
What is SWOT analysis?
An ethical system defining acceptable behavior as that which maximizes consequences for the individual.
What is egoism?