MGC1 Principles of Management WGU – Flashcards
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Strategy Map
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tool managers use to communicate their strategic goals and enable members at every level of the organization to understand the role they play
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Strategic Map shows
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the relationship between firms and practices and its long term success
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Conglomerate diversification
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add a new business unrelated products/markets
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vertical integration
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development of new business that produces parts/components of the organization's products
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Concentric diversification
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moving into a new business that are related to the company's original product - produce related product/market
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Corporate Strategy
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set of business/markets in which an organization competes and distribution of resources among those entities
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vision
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long term direction and strategic intent of a company
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Concentration
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single business focus on a single industry
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Mission
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clear concise expression of basic purpose and scope of operations
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SWOT
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Strength Weakness Opportunities Threats Comparison that helps executives formulate strategy
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Benchmarking
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process of assessing how well one company basic functions and skills compare with other companies
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Goals of benchmarking
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understand best practices under take actions to achieve better performance and lower cost
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Strategic Management
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process that involves managers form all parts of the organization in the formulation and implementation of strategic goals and strategies
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Business Strategy questions
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Where will we be active? How will we get there? How will we win in the market? How fast will move and in what sequence will we make changes? How will we obtain financial returns?
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Alliances
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can increase speed and innovation and lower costs
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Strategic Alliance
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formal relationship created among independent organizations with the purpose of joint pursuit of mutual goals
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Strategy Implementation
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Define strategic risk, access capabilities, develop agenda, create an implementation plan
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Strategic plans
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making decisions about organizations long term goals and strategies
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Strategic goals
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major targets or end results relating to the organization long term survival, value and growth
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Organic Structure
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strategy, size, customers, technology organizational form that emphasizes flexibility
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Mechanistic Organization
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seeks to maximize internal efficiency
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logistics
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movement of the right goods, in the right amount, to the right place, at the right time
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Time Based Competition TBC
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Strategies aimed at reducing the total time needed to deliver a good or service
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Just In Time ( JIT)
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very small points manufactured and delivered to the next stage of production
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SMART Goals
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S - Specific M - Measurable A - Attainable R - Relevant T time bound
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Specific
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precise
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Measurable
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quantify desired results
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Attainable
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recognize they can attain goal
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Relevant
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contribute to overall mission
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Time
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effective goals specify target date
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goal
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a target or end result that management desires to reach
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contingency plans
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set of actions to be taken when initial plans did not work - or if events in the external environment require a sudden change
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Plans
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actions or means managers intend to use to achieve organizational goals
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Technology
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systematic application of scientific knowledge to a new product, process or service
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small batch
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produces goods and services in low volume
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Operational planning
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the process of identifying specific procedures and processes required at lower levels of the organization
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Tactical Planning
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set of procedures for translating strategic goals and plans into specific goals that are relevant to a distinct portion of the organization - functional area or marketing
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Economies of scale
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size creates scale economies that is lower cost per unit of production; specific advantages greater purchasing power and easier access to capital
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Strategic Planning
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Establishment of mission/vision/goal Analysis internal strengths and weakness and external opportunities and threats SWOT analysis and strategy formulation Strategy implementation Strategic control
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Core Competence
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capability, knowledge, expertise, skill of the organization Resources are rare -inimitable - organization -valuable
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Basic Planning Process
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Situational analysis Alternative goals and plans Goal and Plan evaluation Goal and Plan selection Implementation Monitor and Control
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Differentiation Strategy
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used to build competitive advantages by being unique in the industry/market along one or more dimension
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Functional Strategy
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Implemented by each functional area to support the organization business strategy
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Business Strategy
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major action by a business competes in a particular industry or market
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Low Cost Strategy
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uses to build competitive advantage by being efficient and offering a standard no frills product - low production cost
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Dynamic Network
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companies organize to pull off mass customization at low costs (relatively independent operating units)
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Psychological Criteria
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a way of defining quality that focuses on judgmental evaluations of what constitutes product or service excellence
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Abilene Paradox
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Opposition of change
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Management
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the process of working with people and resources to accomplish organizational goals
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Planning
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the management function of making decisions about the goals and activities
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Strategic Triangle - Ohmae
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Corporation Customers Competitors
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Survivors Syndrome
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loss of productivity and morale in employees who remain after a downsizing
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Situational Analysis
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process planners use to gather interpret, summarize all information relevant to the planning issue under consideration
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Strategy
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a pattern of actions and resources allocations designed to achieve the organization goals
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Total Quality Management TQM
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way of managing that everyone is committed to the continuous improvement of their part of the operation
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Customer Relationship Management CRM
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focusing on creating 2 way exchanges w customers to get intimate knowledge of their needs, wants and buying patterns
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Mass Customization
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production of varied, individually customized products at the low cost of standardized mass -produced products
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Computer Integrated Manufacturing CIM
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use of computer aided design and computer aided manufacturing to sequence and optimize a number of production processes
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Flexible Factories
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manufacturing plants that have short production runs, organized around products use decentralized scheduling
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Lean Manufacturing
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an operation that strives to achieve the highest possible productively and total quality, cost effectively by eliminating unnecessary steps in production
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Continuous Process
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process that is highly automated and has a continuous production flow - done by machines entirely - do not stop and start
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Large Batch
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produce goods and services in high volume
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Learning Organization
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organization skilled at creating acquiring, and transferring knowledge and at modifying its behavior to reflect new knowledge and insights
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High Involvement Organization
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top management ensure that there is consensus about the direction in which the business is heading
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Economices of scope
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Economies in which materials and processes employed in one product can be used to make other related products
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Diseconomies of scale
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cost of being too big
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Strategic control system
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system to design to support managers in evaluating progress in strategy and when discrepancies exist taking correction action
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ISO 9001
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International Organization for Standardization - quality standards
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Six Sigma Quality
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defect free 99.99966%<3.4 defects per million Statistical tools to analyze the causes of product defects
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Downsizing
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planned elimination of positions or jobs
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Right Sizing
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Size at which the company performs most effectively
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Simultaneous Engineering
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design approach functions jointly and continually in maximum effort aimed at producing high quality products that meet customer needs
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Value Chain
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Sequence of activities that flow from raw materials to delivery of good/service w additional value at each step
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Business Incubators
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protected environments for new, small business
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Entrepreneurial personality
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Commitment and determination leadership opportunity obsession tolerance of risk creativity, self reliance, ability to adapt motivation to excel
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Franchising
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an entrepreneurial alliance between franchisor and a franchisee franchisor - already successful and wants to grow franchisee - partner w new store of same type at new location
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transaction fee model
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charging fees for goods/services
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e-commerce market
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transaction fee advertising support intermediary affiliate subscription models
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advertising support model
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charging fees to advertise on a site
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affiliate model
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charging fees to direct site visitors to other companies site
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intermediary model
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charging fees to bring buyers and sellers together
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subscription model
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charging fees for site visits
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intrapreneurs
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new venture creators working inside big companies
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entrepreneur
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establish a new organization w/o benefit of corporate sponsorship a manager who act quicker and manage risk
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entrepreneurship
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the pursuit of lucrative opportunities by enterprising individuals
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entrepreneurial venture
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a new business having growth and high profitability as primary objectives
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small business
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fewer than 100 employees independently owned and operated not dominant in field not characterized by innovative practices
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Building support ( new idea)
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clearing the investment making cheerleaders horse trading get the blessing
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Bootlegging
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informal work on projects other than those officially assigned of employees' own choosing and initiative
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entrepreneurial orientation
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identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets w/ new or existing goods/services
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Opportunity analysis
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a description of the good/services an assessment of opportunity an assessment of the entrepreneur (you) specification of activities and resources needed to translate your idea into a viable business source of capital
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initial public offering ( IPO)
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sale to the public for the first time of federally registered and under written shares of stock in the company
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social capital
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competitive advantage in the form of relationships with other people and the image other people have of you
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skunkworks
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a project team designated to produce a new innovative product
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Business plan
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formal planning step that focuses on the entire venture and describes all of the elements involved in starting it
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legitimacy
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people's judgment of a company's acceptance, appropriateness and desirability
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market control
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control based on use of pricing mechanisms and economic information to regulate activities within the organization
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clan control
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Control based on the norms, values, shared goals and trust among team members
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Unfreezing
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Realizing that current practices are inappropriate and that new behavior is necessary
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Performance gap
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the difference between the actual performance and the desired performance
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moving
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instituting the change
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force field analysis
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An approach to implementing the unfreezing/moving/refreezing model by identifying the forces that prevent people from changing and those that will drive people toward change
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refreezing
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Strengthening the new behaviors that support the change
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total organization change
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Introducing and sustaining multiple policies, practices, and procedures across multiple units and levels
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adapters
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Companies that take the current industry structure and its evolution as givens, and choose where to compete
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shapers
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Companies that try to change the structure of their industries, creating a future competitive landscape of their own design.
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Continuous learning
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provides a fundamental competitive advantage by helping you and your organization achieve difficult goals
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managing diversity
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Managing a culturally diverse workforce by recognizing the characteristics common to specific groups of employees while dealing with such employees as individuals and supporting, nurturing, and utilizing their differences to the organization's advantage
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glass ceiling
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an invisible barrier that makes it difficult for women and minorities to move beyond a certain level in the corporate hierarchy
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monolithic organization
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An organization that has a low degree of structural integration—employing few women, minorities, or other groups that differ from the majority—and thus has a highly homogeneous employee population
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pluralistic organization
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An organization that has a relatively diverse employee population and makes an effort to involve employees from different gender, racial, or cultural backgrounds.
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tyranny of the or
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The belief that things must be either A or B and cannot be both; that only one goal and not another can be attained
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genius of the and; organizational ambidexterity
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Ability to achieve multiple objectives simultaneously.
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Organizational Development OD
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The system wide application of behavioral science knowledge to develop, improve, and reinforce the strategies, structures, and processes that lead to organizational effectiveness.
