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TermFour Key Elements that make the current business landscape different fro the pastDefinition1. Globalization 2. Technological Change3. The Importance of knowledge and ideas4.Collaborationacrossorganizational boundariesTermManagement DefinitionThe process of working with people and resources to accomplish organizational goals.TermPlanning DefinitionThe 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.TermValue DefinitionThe monetary amount associated with how well a job, task, good, or service meets users' needs.TermOrganizing DefinitionThe management function of assembling and coordinating human, financial, physical, informational, and other resources needed to achieve goals.TermLeadingDefinitionThe management function that involves the managers efforts to stimulate high performance by employees.TermControllingDefinitionThe management function of monitoring performance and making needed changes.TermTop-Level managers DefinitionSenior executives responsible for the overall management and effectiveness of the organization. TermDefinition
Mid-Level ManagersManagers located in the middle layers of the organizational hierarchy, reporting to top-level executives.TermFrontline ManagersDefinitionLower-level managers who supervise the operational activities of the organization.TermTechnical SkillDefinitionThe ability to perform a specialized task involving a particular method or process. TermCinceptual and Decision SkillsDefinitionSkills pertaining to the ability to identify and resolve problems for the benefit of the organization and its membersTermInterpersonal and Communication SkillsDefinitionPeople skills; the ability to lead, motivate, and communicate effectively with others.TermEmotional Intelligence DefinitionThe skills of understanding yourself, managing yourself, and dealing effectively with others.TermSocial Capital DefinitionGoodwill stemming from your social relationshipsTermOpen SystemsDefinitionOrganizations that are affected by, and that affect their environment.TermExternal Environment DefinitionAll relevant forces outside a firm's boundaries, such as competitors, customers, the government, and the economy.TermCompetitive EnvironmentDefinitionThe immediate environment surrounding a firm; includes suppliers, customers, rivals, and the like.TermMacroenvironmentDefinitionThegeneralenvironment;includes
governments, economic conditions, and other fundamental factors that generally affect all organizations.TermBarriers to EntryDefinitionConditions that prevent new companies from entering an industryTermPorters 5 forcesDefinition1. The threat of entry of new competitors2. The threat of substitue products or services3. The bargaining power of customers4. The bargaining power of suppliers5. The intensity of competitive rivalry TermSwitching CostsDefinition