Exam 1 - Chapters 1, 2, 4, 7, 8, 10, + 11 Flashcards
Define Competitive Advantage
- Some aspect of a product or company that makes it more appealing to target customers.
- Competitive advantage refers to factors that allow a company to produce goods or services better or more cheaply than its rivals
What is meant by the Risk and Reward Relationship?
the relationship between the amount of return gained on an investment and the amount of risk undertaken in that investment. The more return sought, the more risk that must be undertake
Define Business Model
A concise description of how a business generates or intends to generate revenue
Define Profit
Money left over after all the costs involved in doing business have been deducted from revenue
Define Revenue
Money a company brings in through the sale of goods and services.
Define Nonprofit Organization
Organizations that provide goods and services without having a profit motive
Define Barriers to Reentry
Resources or capabilities a company must have before it can start competing in a given market.
Define Economics
The study of how a society uses its scarce resources to produce and distribute goods and services.
Define Human Resources
The specialized function of planning how to obtain employees, oversee their training, evaluate them, and compensate them.
Define Scarcity
A condition of any productive resource that has finite supply.
Define Entrepreneurship
The positive, forward-thinking desire to create profitable, sustainable business enterprises.
Define Opportunity Cost
represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another.
Please know what’s known as the Factors of Production
Economic resources, including natural resources, human resources, capital, entrepreneurship, and knowledge.
Define Gross Domestic Product
The value of all the final goods and services produced by businesses located within a nation’s borders; excludes outputs from overseas operations of domestic companies.
Define Ethics
The rules or standards governing the conduct of a person or group.
Define Transparency
The degree to which affected parties can observe relevant aspects of transactions or decisions.
Define Philanthropy
The donation of money, time, goods, or services to charitable, humanitarian, or educational institutions.
What is a Whistleblower?
The disclosure by a company insider of information that exposes illegal or unethical behavior by others within the organization.
Define Ethical Dilemma
A situation in which more than one side of an issue can be supported with valid ethical arguments.
Define Corporate Social Responsibility
The idea that business has obligations to society beyond the pursuit of profits.
Define Management
The process of planning, organizing, leading and controlling to meet organizational goals.
Define Core Competencies
Activities that a company considers central and vital to its business.
Define Divisional Structure
Grouping departments according to similarities in product, process, customer, or geography.
Define Motivation
The combination of forces that drive individuals to take certain actions and avoid other actions.
Define Engagement
An employee’s rational and emotional commitment to his/her work
Maslow’s Hierarchy of Needs
A model in which human needs are arranged in a hierarchy, with the most basic needs at the bottom and the more advanced needs toward the top
Self-actualization: achieving one’s full potential, including creative activitieds
Esteem needs: Prestige and feelings of accomplishments
Safety needs: security, safety
Physiological needs: food, water, warmth, rest
What is Theory X Management?
A managerial assumption that employees are irresponsible, are unambitious, and dislike work and that managers must use force, control, or threats to motivate them.
Define Quality of Work Life
An overall environment that results from job and work conditions.
What are the Code of Ethics?
A formal policy document that defines an organization’s guiding values, complete with advice for handling specific situations that could arise in the course of business.
Integrity Teamwork Objectivity Confidentiality Growth
Define Functional Structure
Grouping workers according to their similar skills, resource use, and expertise.
Common functional subgroups include research and development (R&D), production or manufacturing, marketing and sales, and human resources.
Characteristics of a Cross Functional Team
A team that draws together employees from different functional areas.
A cross functional team brings together employees from different parts of the organization. The diversity of skills and experience can help a company address complex, interwoven problems.
It often involves some form of matrix structure.
Defining characteristic of a Task Force
A team of people from several departments who are temporarily brought together to address a specific issue.
It is formed to work on a specific activity with a completion point.
Define Employee Burnout
A state of physical and emotional exhaustion that can result from constant exposure to stress over a long period of time. In addition to the toll that burnout and other emotional difficulties exact on employees and their families, they can cause serious problems with absenteeism and turnover.
What is a Capital Intensive Business
The term “capital intensive” refers to business processes or industries that require large amounts of investment to produce a good or service and thus have a high percentage of fixed assets, such as property, plant, and equipment (PP&E).
The three Managerial Roles
The three vital managerial roles are interpersonal (interacting with others), informational (receiving and sharing information), and decisional (making decisions)
Key Roles of Management
compromises the interrelated tasks of planning, organizing, leading, and controlling in pursuit of organizational goals.
The relationship between social media & management
Social media help companies create a more open communication environment for employees, customers, and other communities, but these technologies also create new system vulnerabilities
Management Function centered around planning
responsible for arranging resources to complete work is organizing
Centralized Organization
an organizational structure in which those holding positions of authority at the upper levels of the hierarchy retain control over decision making.
Which of the following refers to the likelihood an employee will stay with his/her employer?
Rootedness and motivation
Definition of Satisfaction
Employees are contented with their work and position. To be contented, they likely enjoy much of their work, they feel management is fair and cares about them, and they are comfortable in their work environment
The meaning of Aligning the Workforce
An aligned team is a team who aspires to achieve the same vision, understands the goals, and is made up of individuals who understand how to contribute their strengths to them.” More than anything, the way in which people work together affects their engagement and collaboration levels.
What are the factors that are used to assess motivation?
Reward and recognition. Reward and recognition come hand in hand. ... Development. ... Leadership. ... Work life balance. ... Work environment.
What is the advantage of using virtual communities over traditional based team environments?
Virtual teams can pull together the best people for a task, even if they work in different offices or different countries. They can be more effective, more engaged, and more productive.
Which of the following contributes to the lack of female leadership within corporations?
Sexual harassment
