Exam 2 Quizzes Flashcards
Chapters: 4,
What provides individuals and work units with a clear map to follow in future activities
planning
The planning process is similar to the ________ process in that both have a series of steps that are typically repeated in a cycle
decision making
Planning begins with
situational analysis
During the Covid-19 pandemic, many companies had to implement, or develop, new ________ due to the sudden change in the environment
contingency plans
The planning level with the shortest time horizon is known as ________ planning
operational
strategic planning
involves making decisions about the organizations long term goals and strategies
strategic goals
major targets or results that relate to the long term survival, value, and growth of the organization
a strategy
is a patter of actions and resource allocations designed to achieve organizational goals
tactical planning
translates broad strategic goals and plans into specific goals and plans that are relevant to a particular unit in the organization (customer service, human resources)
operational planning
identifies specific procedures and processes required at lower levels of organization
in operational planning front line managers focus on
routine tasks such as production runs, customer service product updates, delivery schedules, and the human resource requirements described in later chapters
6 major strategic management process components
- establishing mission, vision and goals
- analyzing external opportunities and threats
- analyzing internal strengths and weaknesses
- SWOT (strengths, weaknesses, opportunities and threats)
- strategy implementation
- strategic control
A concentric diversification strategy is a strategy
used to add new businesses that produce related products or are involved in related markets and activities
The BCG matrix categorizes businesses within a conglomerate’s portfolio as cash cows, stars, question marks, and
dogs
In the BCG matrix, low-growth, weak-competitive-position businesses are called
dogs
Two basic ethical ideas underpin the Caux Principles: human dignity and
kyosei
universalism
a non profit organization treats all of its employees who work in different countries with fairness and dignity
egoism
acceptable behavior is that which maximizes benefits for the individual
utilitarianism
directly seeks the greatest good for the greatest number of people
relativism
ethical behavior based on the opinions and behaviors of relevant other people
virtue ethics
is a perspective that goes beyond the conventional rules of society by suggesting that hat is moral must come also from what a mature person with good moral character would deem right
ethical climate
processes by which decisions are evaluated and made on the basis of right and wrong
danger signs of unethical behavior in your organization
- excessive emphasis on short term revenues over long term considerations
- failure to establish a written code of ethics
- a desire for simple, quick fix solutions to ethical problems
- an unwillingness to take an ethical stand that imposes financial costs
- consideration of ethics solely as a legal issue or a public relations tool
- lack of clear procedures for handling ethical problems
- a response to the demands of shareholders at the expense of the other constituencies
compliance based ethics programs
are designed by corporate counsel to prevent, detect and punish legal violations
integrity based ethics programs
go beyond the mere avoidance of illegality
making ethical decisions takes
moral awareness, moral judgement and moral character
moral character
the strength and persistence to act n accordance with your ethics despite the challenges
stewardship means
contributing to long term welfare of others
corporate social responsibility
obligation toward society assumed by business
philanthropic responsibilities
are additional activities that society finds desirable and that the company supports
a transcendent educations
- empathy
- generativity (learning how to give as well take)
- mutuality (viewing success not merely as personal gain but a common victory)
- civil aspiration (thinking not just in terms of dont’s)
- intolerance of inhumanity (speaking out against unethical actions)
legal responsibilities
to obey local, state, federal and relevant international laws
ethical responsibilities
meeting other societal expectations, not written as law
