Globalization - companies spread internationally

Technological change - the development of new goods and/or better ways of producing goods and service

Knowledge management - set of practices aimed at discovering and harnessing an organization’s intellectual resources

Collaboration across organizational boundaries - leveraging knowledge for maximum impact, requires people in different departments, divisions of subunits of the organization to collab and communicate effectively

Centralized management - board of directors make policy decisions while corporate officers tun the day-to-day operations

Decentralized management - decision making is moved down to the level of staff

Innovation - the introduction of new goods and services

Quality - the excellence of your product

Management - the process of working with people and resource to accomplish organizational goals

Cost competitiveness - keeping costs low enough so that the company can realize profits and price its products at levels that are attractive to consumers

Sustainability - the effort to minimize the use and loss of resources, especially those that are polluting and not renewable

Service - giving customers what they want or need when they want it

Intangible - not graspable/physical

Tangible - objects, products

Emotional intelligence - the ability to perceive, understand, manage, and use emotions

Speed as an important factor - fast execution, response, delivery - often separates winners from losers

4 traditional functions of management - planning, organizing, leading, controlling

Planning - specifying goals ot be achieving and deciding in advance the appropriate actions needed to achieve those goals

Organizing - assembling and coordinating the human, financial, physical, information, and other resources needed to achieve goals

Leading - stimulating people to be high performers

Controlling - monitors performance and takes any needed corrective action

Top level managers - senior executives of an organization responsible for its overall management

Middle level managers - located in the organization’s hierarchy below top level management and above frontline managers

Frontline managers - lower level managers who supervise the operational activities of the organization

Technical skills - skills that involve the ability to perform tasks in specific method or process

Conceptual and decision skills - skills related to abilities that help identify and resolve problems for the benefit of the organization and everyone concerned

Competitive environment - composed of the firm and its rivals, suppliers, customers, new entrants, and substitute/complementary products

Open system - affected by and in turn affect their external environment

Inputs - human resources and investment capital from their environment; use them to create products and service that are outputs to their environment