MHR Midterm Notes units 5, 6, 9, and 16 Flashcards | Quizlet

What are the five forces in Porter's model for industry analysis?

1. threat of new entrants 2. bargaining power of suppliers 3. Bargaining power of buyers 4. threats of substitute 5. Rivalry among competitors

What are the four categories of the BCG matrix?

1. stars 2. question marks 3. cash cows 4. dogs

What are the four steps in the manage by objectives framework?

1. set objectives 2. develop an action plan 3. review performance 4. reward employee depending on results

What do the letters in SMART Goals stand for?

1. Specific 2. Measurable 3. Attainable 4. Result-orientated 5. Target date

What is the primary function of the planning/control cycle?

make sure plans stay in the right direction

What are the three purposes of strategic management and planning?

1. Direction and momentum 2. New ideas 3. Competitive advantage

How are Values defined?

a company's beliefs, priorities, and principles

What is a Visions statement?

explains what the company stands for and guides the behavior of employees and the company's decision making and action

What are the five characteristics of visions statements?

1. clear 2. focus on the future 3. idealistic 4. Abstract 5. Hard, but achievable

What are Porter's four competitive strategies?

1. cost-leadership 2. differentiation 3. cost-focus 4. Focused-differentiation

What four elements are questioned when analyzing a resource using VRIO analysis?

Value, Rarity, Imitability, Organization

What are the three types of corporate strategy?

1. Growth 2. Stability 3. Defensive

What is Related diversification?

company purchases a new business that is related to the existing business

What is Vertical integration?

a firm expands into a business that provide supplies it needs to make its products

What is Strategic HR management?

designing and enacting policies and practices that align workers with objectives

What are the three components of compensation?

1. Base pay 2. Incentives 3. benefits

What is onboarding?

transitioning employees into new jobs

What are the four reasons why managers transfer employees?

1. solve problems in their organization 2. broaden their experience 3. retain employee's interest and motivate them 4. solve employee problems

How is controlling defined?

monitoring performance, comparing it with goals, and taking action

What are the four steps of the control process?

1. establish standards 2. measure performance 3. comparing performance to standards 4. take action to correct it, if necessary

What are the three types of controls?

feedforward, concurrent, feedback

What are the four perspectives of the balanced scorecard?

1. financial 2. customer 3. internal business 4. innovation and learning

What is the distinction between Quality control and Quality assurance?

Quality control is managing each production stage to minimize errors, while Quality assurance focuses on worker's performance, strive for no errors

What does PDCA stand for and what is the PDCA cycle?

PDCA stands for Plan, Do, Check, Act; the PDCA cycle is four steps in a loop resulting in consistent improvement

What are the two core principles of Total Quality Management (TQM)?

1. everyone in the organization focuses on bring value to the customer 2. Everyone should work on continuously improving the work process

What are ideas that W. Edwards Deming proposed?

1. consumer needs quality
2. companies should not blame workers and improve the system,
3. improved quality leads to increased market share, company prospects, and employment
4. Quality can be improved using the PDCA cycle

why do managers transfer employees?

1. solve problems in their organization
2. broaden their experience
3. retain employee's interest and motivate them
4. solve employee problems

Benefits

no small part of an organization's cost

Human resource management

attracting, developing, and retaining a workforce

control process

1. establish standards
2. measure performance
3. comparing performance to standards
4. take action to correct it, if necessary

balanced scorecard

fast and comprehensive view of the organization

Three types of compensation

1. Base pay
2. Incentives
3. Benefits

Unrelated diversification

company buys another company in an unrelated business

reasons control is needed

1. to adapt to change
2. discover errors
3. reduce costs
4. opportunities and innovation
5. performance feedback

6. decision making and teamwork

PDCA cycle

four steps in a loop resulting in consistent improvement

PDCA stands for

Plan, Do, Check, Act

balanced scorecard

fast and comprehensive view of the organization

Quality

ability of a product or service to meet customer's needs

Visions

what a business dreams of becoming

Values

a company's beliefs, priorities, and principles

diversification

moving into a different business

Total Quality Management (TQM)

dedicated for quality improvement, training, and customer satisfaction