MGMT 1000 Lecture 12: Course Summary Notes

45 views61 pages
16 Dec 2015
Department
Course
Professor
Ben$Gahtan’s$MGMT$1000$Final$Prep$->$http://yorksos.com$4$more$review$
Key$Definitions$
Actual'Producttangible,$physical$product$
Analyzer'Organizationsproduce$high-quality$products$while$remaining$
open$to$new$opportunities$
Augmented'Productnon-physical$part$of$the$product$which$adds$to$its$
value$
Balanced'Scorecardan$approach$taken$by$many$organizations$to$balance$
demands$and$guiding$decisions$
Bandwagon'Effectwhen$mental$models$converge$
Collaborative'Learningwhen$two$or$more$people$learn$or$attempt$to$learn$
something$together;$can$build$on$other$person’s$strengths$and$weaknesses$
Competitive'Advantagethe$advantage$one$business$has$over$another$that$
is$usually$sustainable,$beneficial$to$customers$and$incorporates$TBL/CSR$
Core'Productnot$the$tangible,$physical$product;$this$is$the$benefit$of$the$
product$that$is$valuable$to$you$
Corporate'Earthquakes“earthquakes”$that$result$from$changing$
environment$that$could$put$companies$out$of$business;$must$be$spotted$
before$they$happen$
Corporate'Social'Responsibilitya$business’s$responsibility$to$remain$
ethical,$take$responsibility$for$their$actions,$benefit$consumers,$all$while$
keeping$triple$bottom$line$in$mind$
Creative'destructiona$term$originally$derived$from$Marxist$economic$
theory$which$refers$to$the$linked$processes$of$the$accumulation$and$
annihilation$of$wealth$under$capitalism.$
Defender'Organizationsfocus$on$sustaining$a$profitable$environment$by$
emphasizing$cost$effectiveness$and$high$quality$products$
Empowermentas$a$leader,$giving$people$power$and$the$right$to$make$own$
decisions$
Frame'Awarenesstaking$into$consideration$different$views/insights$on$
problem$solving$
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 61 pages and 3 million more documents.

Already have an account? Log in
Ben$Gahtan’s$MGMT$1000$Final$Prep$©$Ben$Gahtan$
$
2$
Generational'Mixingdifferent$generations$share$space,$ideas,$incomes$and$
job$titles$with$one$another$over$waves$of$successive$generations$flowing$
through$the$marketplace$
Globalizationa$process$whereby$worldwide$interconnections$in$virtually$
every$sphere$of$activity$are$growing.$The$result$is$blurred$boundaries$within$
and$between$organizations,$nations,$and$global$interests$
Intellectual'Capital'–$all$the$resources$that$determine$the$value$and$
competitiveness$of$an$enterprise$
Interconnections'–$interconnections$and$interdependencies$among$people$
and$organizations$not$nations$
Knowledge'Economy'–$increasing$productivity,$profits,$and$efficiency$
through$a$higher$standard$of$thinking$
Learning'Organizations$–$organizations$are$constantly$being$educated$
through$formal/informal$training,$encourages$organizations$to$have$a$more$
interconnected$way$of$thinking$and$be$creative$
Marketing'Mix'–$involves$everything$from$naming$your$business$and$
creating$a$public$image$to$packaging$and$promoting$your$products$and$
services$in$a$responsible$manner;$4$p’s$of$marketing:$price,$place,$profit,$and$
promotion$
Mental'Models$–$assumptions$that$are$already$made,$which$shape$our$
perceptions$and$actions$
Mid-Point'Transition'Model$–$model$of$team$development;$emphasizes$
importance$of$having$first$meetings$and$the$midpoint$between$first$
encounters$and$the$final$deadline$
Product'Life'Cycle$–$all$products$go$through$a$cycle;$introduction,$growth,$
maturity,$decline,$withdrawal$
Prospector'Organizations$–$focus$on$developing$a$relationship$with$the$
environment$based$on$finding,$developing,$and$exploiting$new$opportunities$
Prosumerism$–$producing$products$you$consume$
Quality$–$satisfaction$with$a$product;$high$quality=high$price,$constant$
improvement$
Ripple'effect'of'words'and'actions$–$if$you’re$a$leader,$people$are$reading$
the$significance$of$your$words/actions$all$the$time;$think$about$impact$of$
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 61 pages and 3 million more documents.

Already have an account? Log in
Ben$Gahtan’s$MGMT$1000$Final$Prep$©$Ben$Gahtan$
$
3$
your$actions,$words,$and$silences;$in$sensitive$situations,$try$to$anticipate$
negative$consequences$
Social'entrepreneur$–$uses$entrepreneurial$principles$to$solve$a$social$
problem$
Stakeholders$–$any$individual$or$group$who$is$able$to$influence$or$is$
influenced$by$an$organization,$they$have$an$interest$in$the$company$and$can$
ultimately$affect$how$the$company$operates;$how$they$see$you,$think$about$
you$and$react$to$you$
- economic'stakeholders:$customers,$creditors,$distributors,$suppliers$$
- organizational'stakeholders:$employees,$managers,$stockholders,$
unions$
- societal'stakeholders:$communities,$government$and$regulators,$non-
profits$and$NGOs,$environment$
Sustainability$–$relating$to$an$enterprise$that$has$no$negative$impact$on$the$
global$or$local$environment,$community,$society$or$economy;$a$business$
that$strives$to$meet$triple$bottom$line$
SWOT'Analysis$–$analyzing$a$business$plan$by$examining$strengths,$
weaknesses,$opportunities,$threats$
Team'Lifecycle'Model'(TLM)$–$model$of$team$development:$forming,$
storming,$norming,$performing$$
Tit'for'tat$–$the$game$–$shows$that$you$do$not$have$to$deprive$others$in$
order$to$succeed$yourself$
Trained'incapacity$–$a$form$of$learned$helplessness$where$people$distance$
themselves$from$the$problems$and$challenges$being$faced$
Triple'Bottom'Line$–$making$business$decisions$while$considering$economic,$
environmental,$and$social$aspects$
$$
Unlock document

This preview shows pages 1-3 of the document.
Unlock all 61 pages and 3 million more documents.

Already have an account? Log in

Get access

Grade+
$10 USD/m
Billed $120 USD annually
Homework Help
Class Notes
Textbook Notes
40 Verified Answers
Study Guides
1 Booster Class
Class+
$8 USD/m
Billed $96 USD annually
Homework Help
Class Notes
Textbook Notes
30 Verified Answers
Study Guides
1 Booster Class