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
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
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
