Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Principles of Management > Chapter 5 > Flashcards

Chapter 5 Flashcards

1
Q

A unique skill and/or knowledge an organization prossrsses that gives it an edge over competitors

A

Core capability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

Achieving the best possible balance among several goals

A

Optimizing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

A process in which group members generate as many ideas about a problem as they can; criticizing is withheld until all ideas have been proposed

A

Brainstorming

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

The major action by which an organization competes in a particular industry or market

A

Business strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

A strategy and organization uses to build competitive advantage by being efficient and offering a standard, no-frills product

A

Low – cost strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

A system designed to support managers in evaluating the organization’s progress regarding the strategy and when discrepancies exist, taking corrective action

A

Strategic control system

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Ideas that have been seen or tried before

A

Ready-made solutions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

specify actions to take when a company’s initial plans have not worked well or events in the external environment require a sudden change.

A

Contingenncy Plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

A target or end that management desires to reach

A

Goal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Disadvantages of leading

A

Greater risk cost of technology development cost of market development and consumer education infrastructure costs cost of learning and eliminating defects possible cannabalism of existing products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

BCG matrix

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Steps for general decision-making

A

1) identifying and diagnosing the problem 2) generating alternative solutions 3) evaluating alternatives 4) making the choice 5) implementation 6) evaluation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Stages of strategic planning

A

1) situational analysis 2) alternative goals and plans 3) goal and plan evaluation 4) goal and plan selection 5) implementation 6) monitor and control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

New, creative solutions designed specifically for the problem

A

Custom-made solutions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

a process planners use, within time and resources constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration

A

Situational analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Hierarchy of goals and plans

A
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The process of identifying the specific procedures and processes required at lower-level of organization

A

Operational planning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

A structured debate comparing 2 conflicting courses of action

A

Dialectic

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

strategies that typically are developed by functional area executives with input of and approval from the executives responsible for business strategy.

A

Functional Strategies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

A narrative that describes a particular set of future conditions

A

Scenario

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

The long-term direction and strategic intent of a company

A

Strategic vision

17
Q

Strategies implemented by each functional area of the organization to support the organization’s business strategy

A

Functional strategies

18
Q

A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a particular portion of the organization, such as a functional areas like marketing

A

Tactical planning

18
Q

The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities

A

Corporate strategy

19
Q

A person who has the job of criticizing ideas to ensure that there are downsides are fully explored

A

Devils advocate

20
Q

A pattern of actions and resource allocations designed to achieve the organization’s goals

A

Strategy

21
Q

A condition that occurs when a decision-making group loses sight of its original goal and new ones, less important goals emerge

A

Goal displacement

23
Q

An effective goal should be:

A

1) specific 2) measurable 3) attainable 4) relevant 5) time bound

24
Q

A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions

A

Differentiation strategy

25
Q

The state that exists when decision-makers have accurate and comprehensive information

A

Certainty

27
Q

A strategy employed for an organization that operates a single business and competes in a single industry

A

Concentration

27
Q

People’s belief that they can influence events, even when they have no control over what will happen

A

Illusion of control

29
Q

The actions or means managers intend to use to achieve organizational goals

A

Plants

30
Q

A set of procedures for making decisions about the organization’s long-term goals and strategies

A

Strategic planning

32
Q

Groups and individuals who affect and are affected by the achievement of the organizations mission, goals and strategies

A

Stakeholders

33
Q

A bias weighing short-term costs and benefits more heavily than the long-term costs and benefits

A

Discounting the future

35
Q

Advantages of leading

A

1st mover advantage little or no competition great efficiency higher profit margins sustainable advantage reputation for innovation establishment of entry barriers occupation of best market niches opportunities to learn

36
Q

An organization’s basic purpose and scope of operations

A

Mission

37
Q

Choosing an option that is acceptable, although not necessarily the best or perfect

A

Satisficing

38
Q

Formal planning steps

A

step 1 – situational analysis step 2 – alternative goals and plans step 3 – goal and plan evaluation step 4 – goal and plan selection step 5 – implementation step 6 – monitor and control

39
Q

A strategy used to add new businesses that produce related products or are involved in related markets and activities

A

Related diversification

40
Q

Major targets or end results relating to the organization’s long-term survival, value and growth

A

Strategic goals

42
Q

A comparison of strengths, weaknesses, opportunities, and threats that help executives formulate strategy

A

SWOT analysis

43
Q

The state that exist when decision-makers have insufficient information

A

Uncertainty

45
Q

Inputs to a system that can enhance performance

A

Resources

46
Q

The acquisition or development of new businesses that produce parts or components of the organization product

A

Vertical integration

46
Q

A decision realizing the best possible outcome

A

Maximizing

48
Q

A phenomenon that occurs in decision-making when group members avoid disagreement as they strive for consensus

A

Groupthink

49
Q

Strategy use to add new businesses that produce unrelated products or are involved in unrelated markets and activities

A

Unrelated diversification

50
Q

A decision bias influence by the way in which a problem or decision alternative is phrase or present

A

Framing effects

51
Q

The state that exist when the probability of success is less than 100% and losses may occur

A

Risk

52
Q

A process that involves managers from all parts of the organization in the formulation and implementation of strategic goals and strategies

A

Strategic management

Principles of Management (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions