Management, Strategy & Organizational Culture Lecture

137 vocabulary flashcards covering key management, strategy, and organizational culture concepts from the lecture notes.

Management

The pursuit of organizational goals efficiently and effectively through planning, organizing, leading, and controlling.

Efficient

Using resources wisely and cost-effectively.

Effective

Achieving desired results by making the right decisions and carrying them out successfully.

Four Management Functions

Planning, organizing, leading, and controlling.

Planning

Setting goals and deciding how to achieve them.

Organizing

Arranging tasks, people, and resources to accomplish work.

Leading

Motivating, directing, and influencing people to work hard to achieve goals.

Controlling

Monitoring performance, comparing it with goals, and taking corrective action.

Top Managers

Executives who make long-term decisions about the overall direction of the organization.

Middle Managers

Managers who implement plans of top managers and supervise first-line managers.

First-Line Managers

Managers who make short-term operating decisions and direct daily tasks of nonmanagerial workers.

Team Leader

A manager responsible for facilitating team activities toward key results.

Functional Manager

A manager responsible for one organizational activity.

General Manager

A manager responsible for several organizational activities.

Decisional Roles

Managerial roles centered on making decisions—entrepreneur, disturbance handler, resource allocator, negotiator.

Informational Roles

Managerial roles that involve receiving and communicating information—monitor, disseminator, spokesperson.

Conceptual Skills

The ability to think analytically and see how the parts of an organization fit together.

Technical Skills

Job-specific knowledge needed to perform well in a specialized field.

Soft Skills

The ability to motivate, inspire trust, and communicate with others.

Competitive Advantage

The ability to produce goods or services more effectively than competitors.

Organization

A group of people working together to achieve a specific purpose.

Process

A series of actions or steps taken to achieve an end, as in the management process.

Sustainable Development

Economic development that meets present needs without compromising future generations.

Sustainable Development Goals (SDGs)

Seventeen UN goals to end poverty, protect the planet, and ensure prosperity.

Career Readiness

The extent to which you possess the knowledge, skills, and attributes desired by employers.

Management Theory

A collection of ideas to help managers understand and improve their practice.

Classical Viewpoint

An approach that emphasizes managing work more efficiently.

Scientific Management

The use of scientific methods to define the best way to do a job.

Frederick Taylor

The “father” of scientific management who focused on improving productivity.

Frank and Lillian Gilbreth

Pioneers of motion studies to improve work efficiency.

Administrative Management

A viewpoint focused on managing the total organization.

Henri Fayol

Scholar who identified the major functions of management.

Max Weber

Developed the concept of bureaucracy as a way to achieve efficiency.

Charles Spaulding

Referred to as the “Father of African-American Management.”

Behavioral Viewpoint

Emphasizes understanding human behavior and motivating employees.

Early Behaviorism

The idea that managers should systematically study human behavior at work.

Hugo Munsterberg

Known as the father of industrial psychology.

Mary Parker Follett

Advocate of teamwork, worker empowerment, and cooperation.

Elton Mayo

Led the Hawthorne Studies showing that workers’ feelings affect performance.

Hawthorne Effect

The tendency for people to work harder when they feel managers care about them.

Human Relations Movement

Suggests that better human relations can increase productivity.

Abraham Maslow

Psychologist who created the hierarchy of needs.

Douglas McGregor

Developed Theory X and Theory Y views of workers.

Behavioral Science Approach

Applies social-science research to develop practical management tools.

Quantitative Viewpoint

Applies statistics and computer simulations to management.

Operations Management

Focuses on managing the production and delivery of products or services.

Evidence-Based Management

Making decisions using the best available evidence.

Systems Viewpoint

Sees the organization as interrelated parts that work together.

Contingency Viewpoint

States that a manager’s approach should vary by situation.

Learning Organization

An organization that continuously creates, acquires, and transfers knowledge.

BCG Matrix

A tool that evaluates business units by market growth rate and market share.

Defensive Strategy

A grand strategy aimed at reducing effort or operations.

Growth Strategy

A grand strategy focused on expanding sales, revenues, or market share.

Stability Strategy

A grand strategy involving little or no significant change.

Innovation Strategy

A plan to grow market share or profits by innovating products or services.

Contingency Planning

Preparing alternative plans for unexpected events.

Execution

Putting plans or strategy into action and ensuring results match goals.

Strategic Implementation

Aligning people and tasks to put strategic plans into effect.

Strategy Formulation

Choosing among different strategies and adjusting them to fit the organization.

Functional Strategy

A plan created by each department to support higher-level strategies.

Vertical Integration

Expanding to control or own parts of the supply chain.

Corporate-Level Strategy

Decisions about what kinds of businesses the firm should operate.

Business-Level Strategy

How a company will compete in a specific market.

Functional-Level Strategy

How departments support the business-level plan.

Current Reality Assessment

Analyzing where the organization stands now to decide what to improve.

Porter’s Five Competitive Forces

Threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitutes, rivalry among competitors.

Jack Welch’s Winning Questions

Five questions designed to help develop a winning business strategy.

Grand Strategy

The broad plan that guides major actions—growth, stability, or defensive.

Competitive Intelligence

Gathering information about rivals to improve strategic decisions.

Market

The group of potential buyers for a product or service.

Organizational Strengths

Internal skills and capabilities that provide an advantage.

Organizational Weaknesses

Internal drawbacks that hinder success.

Organizational Opportunities

External factors the company can exploit.

Organizational Threats

External factors that could harm the company.

Strategic Control

Monitoring strategy execution and making corrections as needed.

Plan

A document outlining how goals will be met.

Strategy

A large-scale action plan that sets long-term direction.

Strategic Management

Managers in all parts of the organization involved in strategy formulation and execution.

Mission

An organization’s reason for being.

Mission Statement

A written expression of the organization’s purpose.

Vision

A long-term goal describing what the organization wants to become.

Vision Statement

A statement describing the organization’s long-term direction and intent.

Values Statement

Expresses what the company stands for and its core priorities.

Strategic Planning

Determining long-term goals for the next 1–5 years.

Tactical Planning

Determining what contributions work units will make in 6–24 months.

Operational Planning

Determining how to accomplish tasks within 1–52 weeks.

Goal

A specific commitment to achieve a measurable result.

Objective

Another term for a goal.

Long-Term Goals

Strategic goals that span 1–5 years.

Short-Term Goals

Tactical or operational goals that span 12 months or less.

Means-End Chain

Shows how goals are connected across an organization.

Operating Plan

Breaks long-term output into short-term targets.

Action Plan

Outlines the steps needed to achieve a stated goal.

SMART Goals

Goals that are Specific, Measurable, Attainable, Results-oriented, and have Target dates.

Management by Objectives (MBO)

A four-step process that motivates employees through jointly set goals.

Cascading Goals

Aligning lower-level goals with higher-level organizational goals.

Planning/Control Cycle

A cycle with two planning steps and two control steps to manage progress.

Business Model

Explains the need a firm will fill, its operations, and expected revenues.

Business Plan

A document outlining a firm’s goals, strategy, and standards for success.

Strategic Positioning

Performing different activities from rivals or similar activities in different ways to achieve strategy.