chapter 1-3 Flashcards
guidelines developed by an organization to govern it’s action
business policy
refers to unified, stuctured and integrated plans
business strategy
4 strategic planning stages
environmental scanning
strategy formulation
strategy implementation
strategy evaluation
the process of gathering, organizing and analyzing information
environmental scanning
clear picture of what needs to be addressed
strategy formulation
clear communication
strategy implementation
every organization should strive for continuous improvement
strategy evaluation
process by which business or other organizations develop international influence
globalization
also known as digital age
electronic age
concept in organization theory and strategic management
organizational adaption
4 theories of organization adaptation
population ecology
institutional theory
strategic choice perspective
organizational learning theory
set of ethical processes for overseeing how decision are settled
corporate governance
governing panel of elected shareholders
board of directors
people who own the share of the company stock
shareholders
serve in powerful position at other companies
agent
monitor ceo and engage in hiring
human resource manager
responsible for company’s operation
board of directors
types of board of directors
internal director
external director
independent members who are not involved in the corporation day to day
external director
have extensive experience and knowledge about the functioning of the company
internal director
heart of the executive activities for the management
decision making
business organizations management is to produce goods and service of value to society
economic
defined government in laws
legal
follow the generally held beliefs
ethical
