1. Management
    The art of getting things done through people.
  2. Planning
    A formal process whereby managers choose goals, identify actions to attain those goals, allocate responsibility for implementing actions to specific individuals or units, measure the success of actions by comparing actual results against the goals, and revise plans accordingly.
  3. Strategy
    An action that managers take to attain the goals of an organization.
  4. Strategizing
    The process of thinking through on a continual basis what strategies an organization should pursue to attain its goals.
  5. Organizing
    The process of deciding who within an organization will perform what tasks, where decisions will be made, who reports to whom, and how different parts of the organization will coordinate their activities to pursue a common goal.
  6. Controlling
    The process of monitoring performance against goals, intervening when goals are not met, and taking corrective action.
  7. Incentive
    A factor, monetary or nonmonetary, that motivates individuals to pursue a particular course of action.
  8. Leading
    The process of motivating, influencing, and directing others in the organization to work productively in pursuit of organization goals.
  9. Developing Employees
    The task of hiring, training, mentoring, and rewarding employees in an organization, including other managers.
  10. Human capital
    The knowledge, skills, and capabilities embedded in individuals.
  11. General Managers
    Managers responsible for the overall performance of an organization or one of its major self-contained subunits or divisions.
  12. Functional managers
    Managers responsible for leading a particular function or a subunit within a function.
  13. Frontline manager
    Managers who manage employees who are themselves not managers.
  14. Managerial roles
    Specific behaviors associated with the task of management.
  15. Competencies
    A manager's skills, values, and motivational preferences.
  16. Conceptual skills
    The ability to see the big picture.
  17. Technical skills
    Skills that include mastery of specific equipment or following technical procedures.
  18. Human skills
    Skills that managers need, including the abilities to communicate, persuade, manage conflict, motivate, coach, negotiate, and lead.
  19. Values
    Stable, evaluative beliefs that guide our preferences for outcomes or courses of action in a variety of situations.
  20. Enacted values
    Values that actually guide behavior.
  21. Espoused values
    What people say is important to them.
  22. Shared values
    Values held in common by several people.
  23. Ethical values
    Values that society expects people to follow because they distinguish right from wrong in that society.
  24. Personalized power orientation
    Seeking power for personal gain.
  25. Socialized power orientation
    Accumulating power to achieve social or organizational objectives.
  26. External environment
    Everything outside a firm that might affect the ability of the enterprise to attain its goals.
  27. Task environment
    Actual and potential competitors, suppliers, and buyers (customers or distributors); firms that provide substitue products to those sold in the industry; and firms that provide complements.
  28. General environment
    Political and legal forces, macroeconomic forces, demographic forces, sociocultural forces, technological forces, and international forces.
  29. Internal evironment
    Everything inside a firm that affects mangers ability to pursue actions or strategies.
  30. SWOT
    Strengths, weaknesses, oppurtunities, and threats.
  31. Barriers to entry
    Factors that make it costly for potential competitors to enter an industry and compete with firms already in the industry.
  32. Economies of scale
    Cost reductions associated with large output.
  33. Brand loyalty
    The preference of consumers for the products of established companies.
  34. Bargaining power of buyers
    Ability of buyers to bargain down prices charged by firms in the industry or to raise costs of firms in the industry by demanding better quality and service.
  35. Switching costs
    The time, energy, and money required to switch from the products offered by one enterprise to those offered by another.
  36. Bargaining power of suppliers
    Ability of suppliers to bargin up prices charged by firms in the industry or to raise the costs of firms in the industry by supplying lower-quality products and service.
  37. Substitute products
    The goods or services of different businesses or industries that can satisfy similar customer needs.
  38. Commodity product
    A product that is difficult to differentiate from those produced by rivals.
  39. Barriers to exit
    Factors that stop firms from reducing capacity even when demand is weak and excess capacity exists.
  40. Fixed costs
    The costs that must be borne before the firm makes a single sale.
  41. Competitive structure
    The number and size distribution of incumbent firms in an industry.
  42. Fragmented industry
    An industry with many small or medium-sized companies.
  43. Consolidated industry
    An industry dominated by a few large companies.
  44. Complementors
    Firms providing goods or services that are complementary to the product produced by enterprises in the industry.
  45. Political and legal forces
    Industry changes resulting from changes in laws and regulations.
  46. Industry-specific regulators
    Government agencies with responsibiltiy for formulating, interpeting, and implementing rules specific to a particular industry.
  47. Macroeconomic forces
    Forces that affect the general health and well-being of a national or the regional economy, which in turn affect the profitability of firms with that economy.
  48. Demographic forces
    Outcomes of changes in the characteristics of a population, such as age, gender, ethnic origin, race, sexual orientation, and social class.
  49. Sociocultural forces
    The way in which changing social mores and values affect an industry.
  50. Incremental Change
    Changes that do not alter the basic nature of comptition in the task enivronment.
  51. Discontinuous change
    Change that fundamentally transforms the nature of competition in the task environment.
  52. Punctuated equilibrium
    A view of industry evolution asserting that long periods of equilibrium are punctuated by periods of rapid change when industry structure is revolutionized by innovation.
  53. Uncertainty
    An inablility to predict with accuracy the nature, magnitude, timing, and direction of change in the enviroment.
  54. Organizational culture
    The basic pattern of values and assumptions shared by employees within an organization.
  55. Human capital
    The knowledge, skills, and capabilities embedded in individuals.
  56. Resource-based view
    A view that resources of an enterprise can be a source of sustainable competitive advantage.
  57. Resources
    Assets that managers have to work with in their quest to improve the performance of an enterprise.
  58. Tangible resources
    Physical assets, such as land, buildings, equipment, inventory, and money.
  59. Intangible resources
    Nonphysical assets that are the creation of managers and other employees, such as brand names, the reputation of the company, processes within the firm for performing work and making decisioins, and the intellectual property of the firm, including pantents, copyrights, and trademarks.
  60. Globalization of production
    Sourcing goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production.
  61. Globalization of markets
    The merging of historically distinct and seperate national markets into one huge global marketplace.
  62. norms
    Social rules and guidelines that prescribe appropriate behavior in particular situations.
  63. Location economies
    The economies that arise from performing a business activity in the optimal locations for that activity.
  64. Local customization strategy
    Varying some aspect of product offerings or marketing messages to take country or regional differences into account.
  65. Expatriates
    Home country executives sent to a foreign post.
  66. Geocentric staffing
    A staffing policy that seeks the best people for key jobs throughout the organization, regardless of nationality.
  67. Ethnocentric staffing
    A staffing policy in which all key management positions are staffed by home country nationals.
  68. Polycentric staffing
    A staffing policy in which key management positions in a subsidiary are staffed by host country nationals.
  69. Stakeholder
    An individual, institution, or community that has a stake in the operations of an organization and in how it does business.
  70. Self-dealing
    Situations in which managers find a way to feather their own nests with corporate funds.
  71. Information Manipulation
    Situations in which managers use their control over corporate data to distort or hide information to enhance their own financial situations or the competitive position of the firm.
  72. Anticompetitive behavior
    Behavior aimed at harming actual or potential competitors, most often by using monopoly power.
  73. Opportunistic exploitation
    Unilaterally rewriting the terms of a contract with suppliers, distributors, or complement providers in a way that is more favorable to a firm, often using its power to force the revision through.
  74. Substandard working conditions
    Tolerating unsafe working conditions or paying employees below-market rates to reduce costs of production.
  75. Enviromental degradation
    Taking actions that directly or indirectly result in pollution or other forms of enviromental harm.
  76. Utilitarian approach
    The view that the moral worth of actions or practices is determined by their consequences.
  77. Rights theories
    The view that human beings have fundamental rights and privileges.
  78. Justice theories
    Theories that focus on attaining a just distribution of economic goods and services.
  79. Social responsibility
    A sense of obligation on the part of managers to build certain social criteria into their decision making.
Card Set
Principles of Management Part I