Business & Management Terms: Romantic Leadership, External Control, Strategic Mgmt. & More, Quizzes of Introduction to Business Management

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TERM 1 Romantic View of Leadership DEFINITION 1 Situations in which the leader is the key force determining the organizations success - or lack thereof TERM 2 External control of leadership DEFINITION 2 situations in wich external forces - where the leader has limited influence - determine the organizations success TERM 3 Strategic Management DEFINITION 3 analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages TERM 4 Strategy DEFINITION 4 The ideas, decisions, and actions that enable a firm to succeed TERM 5 Operational Effectiveness DEFINITION 5 performing similaractivitiesbetter than rivals TERM 6 Stakeholders DEFINITION 6 individuals, organizations, and groups that who have a stake in the success of the organization, including owners, shareholders, employees, customers, suppliers, and the community at large TERM 7 Effectiveness DEFINITION 7 tailoring actions to the needs of the organization rather than wasting effort, or "doing the right thing" TERM 8 Efficiency DEFINITION 8 Performing actions at a low cost relative to the benchmark, or "doing the right thing" TERM 9 Ambidexterity DEFINITION 9 the challenge managers face of bothaligningresources to take advantage of existing product markets as well as proactively exploring newopportunities TERM 10 intended strategy DEFINITION 10 stategy in whichorganizationaldecisions are determined only by analysis TERM 21 General Environment DEFINITION 21 factors external to an industry, and usually beyond a firms control, that affect a firm's strategy TERM 22 Demographic segment of the general environment DEFINITION 22 genetic and observablecharacteristicsof a population, including the levels of growth of age, density, sex, race, ethnicity, education, region, and income TERM 23 Sociocultural segment of the general environment DEFINITION 23 the values, beliefs, and lifestyles of a society TERM 24 technological segment of the general environment DEFINITION 24 innovation and state of knowledge in industrial arts, engineering, applied sciences, and pure science; and their interaction with society TERM 25 Porter's 5 forces DEFINITION 25 1. The threat of new entrants2. the bargaining power of buyers3. The bargaining power of suppliers4. The threat of substitue products and services5. the intensity of rivalry among competitors in an industry TERM 26 Economies of scale DEFINITION 26 decreases in cost per unit as absolute output per period increases TERM 27 Product differentiation DEFINITION 27 the degree that a product has strong brand loyalty or customer loyalty TERM 28 Complements DEFINITION 28 products of services that have an impact on the value of a firm's products or services TERM 29 Value-chain analysis DEFINITION 29 a strategic analysis of an organization that uses value creating activities TERM 30 Primary Activities DEFINITION 30 activities of the value chain that refer to the physical creation of the product or service, its sale and transfer to the buyer, and its service after sale, including inbound logistics, outbound logistics, operations, marketing and sales, and service TERM 31 Support Activities DEFINITION 31 activitiesof the value chain that either add value by themselves or add value through important relationships with both primary activities and other support activities, including procurement, technology development, human resource management, and generaladministration. TERM 32 Resource-based View DEFINITION 32 perspective that firms' competitive advantages are due to their endowment of strategic resources that are valuable, rare, costly to imitate, and costly to substitute TERM 33 organizational capabilities DEFINITION 33 the competencies and skills that a firm employs to transform inputs into outputs TERM 34 Path dependency DEFINITION 34 a characteristic of resources that is developed and/or accumulated through a unique series of events TERM 35 Casual ambiguity DEFINITION 35 a characteristic of a firm's resources that is costly to imitate because thecompetitorcannot determine what the resource is and how it can be re-created TERM 46 Closure DEFINITION 46 the degree to which all members of a social network have relationships with other group members TERM 47 bridging relationships DEFINITION 47 relationships in a social network that connect otherwise disconnected people TERM 48 structural holes DEFINITION 48 social gaps between groups in a social network where there are few relationships bridging the groups TERM 49 Unification lever DEFINITION 49 method for making people m ore willing to colaborate by crafting compelling common goals articulating a strong value of cross company teamwork, and encouraging collaboration in order to send strong signals to lift people's sights beyond their narrow interests towards a goal TERM 50 netwrok lever DEFINITION 50 method for making people more willing to collaborate by building nimble interpersonal networks across the company TERM 51 t-shaped management DEFINITION 51 people's dual focus on the performance of theirunit andacross boundaries TERM 52 people lever DEFINITION 52 method for making people more willing to collaborate by getting the right people to work on the rights projects TERM 53 groupthink DEFINITION 53 a tendency in an organization for individuals not to question sharedbeliefs TERM 54 Dynamic capabilities DEFINITION 54 a firm's capacity to build and protect a competitiveadvantage which rests on theknowledge assets, competencies, complementary assets and technologies.Dynamic capabilities include the ability to sense and seize new opportunities, generate new knowledge, and reconfigure existing assets and capabilities TERM 55 case problems DEFINITION 55 inferredcauses od case symptoms TERM 56 Case symptoms DEFINITION 56 observable and concrete information in a case analysis that indicates an undesirable state of affairs TERM 57 Dialectical inquiry DEFINITION 57 a method of introducing conflict into a decision making process by devising different proposals that are feasible, politically viable, and credible, but rely on different assumptions; and debating the merits of each