MATH2150 - Term Four Key Elements that make the current business landscape different fro the past Definition 1 Globalization 2 Technological Change 3

MATH2150 - Term Four Key Elements that make the current...

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Term Four Key Elements that make the current business landscape different fro the past Definition 1. Globalization 2. Technological Change 3. The Importance of knowledge and ideas 4. Collaboration across organizational boundaries Term Management Definition The process of working with people and resources to accomplish organizational goals. Term Planning Definition The management function of systematically making decisions about the goals and activities that an individual, a group, a work unit, or the overall organization will pursue. Term Value Definition The monetary amount associated with how well a job, task, good, or service meets users' needs. Term Organizing Definition The management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals. Term Leading Definition The management function that involves the managers efforts to stimulate high performance by employees. Term Controlling Definition The management function of monitoring performance and making needed changes. Term Top-Level managers Definition Senior executives responsible for the overall management and effectiveness of the organization. Term Definition
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Mid-Level Managers Managers located in the middle layers of the organizational hierarchy, reporting to top-level executives. Term Frontline Managers Definition Lower-level managers who supervise the operational activities of the organization. Term Technical Skill Definition The ability to perform a specialized task involving a particular method or process. Term Cinceptual and Decision Skills Definition Skills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members Term Interpersonal and Communication Skills Definition People skills; the ability to lead, motivate, and communicate effectively with others. Term Emotional Intelligence Definition The skills of understanding yourself, managing yourself, and dealing effectively with others. Term Social Capital Definition Goodwill stemming from your social relationships Term Open Systems Definition Organizations that are affected by, and that affect their environment. Term External Environment Definition All relevant forces outside a firm's boundaries, such as competitors, customers, the government, and the economy. Term Competitive Environment Definition The immediate environment surrounding a firm; includes suppliers, customers, rivals, and the like. Term Macroenvironment Definition The general environment; includes
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governments, economic conditions, and other fundamental factors that generally affect all organizations. Term Barriers to Entry Definition Conditions that prevent new companies from entering an industry Term Porters 5 forces Definition 1. The threat of entry of new competitors 2. The threat of substitue products or services 3. The bargaining power of customers 4. The bargaining power of suppliers 5. The intensity of competitive rivalry Term Switching Costs Definition
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