management mid terms chapter 2 Flashcards
what organization’s environment includes the factors within its boundaries that affect its performance.
Internal Environment
6 examples of internal environment
Management, Strategic Planning: Mission Value, Organizational Resources, System Process, Structure, Quality
- Set of decisions and actions that result in the formulation and implementation of plans designed to achieve an organization’s objectives.
Strategic management
- The organization’s purpose or reason for being.
Mission statement
- Provides organizational direction, sense of reflection, and outlook.
Vision statement
Type of organization resources
– Human, Financial, Physical, Informational
Method used to transform inputs into outputs. (Inputs, Transformation, Outputs, Feedback)
Systems process -
Benefits that customers obtain if they buy/experience a product or service.
Customer value
Process of organizational focus on the customer and to continually improve product/service value.
Total Quality Management (TQM)
- Factors outside the boundaries of the organization that affect its performance.
External Environment
9 examples of external environment factors
– Competition, Suppliers, Workforce, Customers, Shareholders, Society, Technology, Economy, Government
– Make changes only when forced to by external factors.
Reactive managers
– Prepare for change that they predict will come about.
Responsive managers
- Believe they can shape part of their future and control how will affect their organizations.
Interactive managers
- Use of worldwide resources for inputs and transformation
Global Sourcing (Outsourcing)
- Domestic company buys products from other countries and sell them as is at home
Importing
- Domestic company sell their products to buyers in other countries
Exporting
One company allows another to use its intellectual assets (e.g., brand name, trademarks, technology, patents, copyrights)
Licensing agreement-
- Global contract manufacturing: Company has a foreign firm manufacture the goods, but it retains the marketing process
Contracting
- Firms share ownership of a new enterprise (i.e., partnership)
Joint Venture
- Company builds or purchases operating facilities in a foreign country
Direct Investment
- Importance of conducting business in an ethical manner and provide guidelines for ethical behavior
Codes of Ethics
is an extension of the stakeholders’ approach to ethics
Corporate Social Responsibility (CSR)
CSR sport industry examples
- Boston Red Sox top-level managers and star players work with the Dana–Farber Cancer Institute to help children
- Indianapolis Colts players work with kids through other organizations
- Nike works to improve conditions for factory workers in an Indonesian athletic shoe factory.
