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The act of working with and through a group of people to accomplish a desired goal or objective in an efficient and effective maner
Management
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The ability to drive change and innovation through inspiration and motivation
Leadership
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A clear differentiation of tasks and responsibilities among individuals; coordination through a strict hierarchy of authority and decision rights; standardized rules and procedure; etc
Bureaucratic organization structure
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A focus on how jobs, work, and incentive schemes could be designed to improve productivity using industrial engineering methods
Scientific Management
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The belief that organizations must be understood as systems of interdependent human beings who share a common interest in survival and effective functioning of the firm
Human relations movement
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A view of the firm where effective organizational structure is based on fit or alignment between the organizations and various aspects in its environment
Contingent View
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The combination of all contextual forces and elements in the external and internal environment of a firm
Business environment
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A business framework where the firm is seen as a mechanism for converting raw materials into products to sell to customers
Managerial View
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A business framework where the job of top managers is to produce the highest possible stock market valuation of the firm's assets
Shareholder view
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A business framework that attempts to organize and analyze multiple groups that interact with the firm
Stakholder view
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The process by which senior leaders of a corporation meet with business unit managers to review progress toward specific goals
Strategic review process
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A tool that managers use to scan the business horizon for key events and trends that will affect the business in the future
Environmental Scanning
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Forecasting the likely result that might occur when several events and stakeholders are linked together
Scenario building
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The systematic assessment of the external environment to prepare for a possible range of alternative futures for the organization
Contingency planning
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A tool where key variables are monitored and modeled to help predict a change that might occur in the environment
Trend analysis
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The ability to understand the impact of environmental factors on a firm and the ability to understand how to influence those same factors
Contextual intelligence
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The integration and interdependence of economic, technological, sociocultural, and political systems across diverse geographic regions
Globalization
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An economic theory that proclaims countries should specialize in producing goods for which they have the lowest opportunity cost of production
Comparitive advantage
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Represents all of the external forces that affect the firm's business
External environment
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Includes the technological economic, political and legal, and sociocultural dimensions that affect a firm's external enironment
General environment
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Includes entities that directly affect a firm on a constant basis and include competitors, suppliers, and customers
Task environment
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The processes, technologies, or systems that a firm can use to produce outputs
Technological dimension
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The general economic environment
Economic dimension
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Refers to the political events and activities in a market that affect a firm
Political dimension
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The regulations and laws that a firm encounters in its markets
Legal dimension
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Demographic characteristics as well as the values and customs of a society
Sociocultural dimension
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The deeply rooted system of principles that guide individuals in their everyday choices and interactions
Social Values
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Any organization that creates goods or services targeted at a similar group of customers
Competitor
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A company that provides resources or services for a firm to help in its creation of products and services
Supplier
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The people or organizations that buy a firm's products and services
Customers
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A group of parties or factors that directly impact a firm, including owners, the board of directors, employees, and culture
Internal environment
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The people or institutions that maintain legal control of an organization
Owners
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