GMS 200 Final: GMS200FinalExamNotes-OlgaT

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Global Management Studies
GMS 200
Olga Tabunshchikova

Introduction to Global Management Final Notes Chapters 2, 3, 5,6,7,8,11, 13 *post-midterm chapters first* Active Listening: the process of taking action to help someone say exactly what he or she really means. Adaptive Organization: operates with a minimum of bureaucratic features and encourages worker empowerment and teamwork. Advertising Model: providing free information, generating revenue from paid ads available to viewers (e.g. Yahoo!, Google) Angel Investor: a wealthy individual who is willing to invest a portion of this wealth in return for equity in a new venture. Authentic Leadership: activates positive psychological states to achieve self-awareness and positive self-regulation. Authority Decision: the leader makes the decision alone and then communicates it to the work group. Autocratic Style of Leadership: emphasizes task over people, keeps authority and information within the leader's tight control, and acts in a unilateral command-and- control fashion. B2B Business Strategy: Business to Business - uses information technology and Web portals to vertically link organizations with members of their supply chains. B2C Business Strategy: Business to Consumer - uses information technology and Web portals to link organizations with their customers. BCG Matrix: a portfolio planning approach developed by the Boston Consulting Group that ties strategy formulation to an analysis of business opportunities according to industry or market growth rate and market share. Benchmarking: using external comparisons to better evaluate current performance and identify possible actions for the future. Best Practices: a benchmarking technique that involves identifying those things that help both competitors and non-competitors achieve superior performance Boundaryless Organization: eliminates internal boundaries among subsystems and external boundaries with the external environment. Brokerage Model: bringing buyers and sellers together for online transactions and taking a percentage of sales (e.g. eBay, Amazon) Budget: a single-use plan that commits resources to activities, projects, or programs. Bureaucracy: a form of organization based on logic, order, and the legitimate use of formal authority. Business Incubator: one way startup difficulties can be managed. special facilities that offer space, shared administrative services and management advice at a reduced cost. helps businesses to become financially healthy enough to survive on their own. Business Plan: describes the direction for a new business and financing needed to operate it ● Capital Needs: amount of funds needed to run the business, amount available, and amount requested from new sources ● Company Description: mission, owners and legal form ● Executive Summary: overview of business purpose and highlight of the key elements of the plan ● Financial Projection: cash flow projections for one to five years, break- even points, and phased investment capital ● Industry Analysis: nature of the industry, including economic trends, important legal or regulatory issues, and potential risks ● Market Description: size of market, competitor strengths and weaknesses, five year sales goals ● Marketing Strategy: product characteristics, distribution, promotion, pricing and market research ● Milestones: a timetable of dates showing when key stages of new venture will be completed ● Operations Description: manufacturing or service methods, supplies and suppliers, and control procedures ● Products & Services Description: major goods or services, with competitive uniqueness ● Staffing Description: management and staffing skills needed and available, compensation and human resource systems Business Strategy: a strategy that sets the strategic direction for a single business unit or product line. Centralization: the concentration of authority for most decisions at the top levels of an organization Chain of Command: the line of authority that vertically links each position with successively higher levels of management. Channel Richness: the capacity of a channel or communication medium to carry information in an effective manner Charismatic Leader: a leader who develops special leader-follower relationships and inspires others in extraordinary ways. Coercive Power: the capability to punish or withhold positive outcomes as a means of influencing other people. Combination Strategy: pursues growth, stability, and/or retrenchment in some combination. Communication: an interpersonal process of sending and receiving symbols with messages attached to them. Communication Channel: the medium through which a message is conveyed from sender to receiver. Community Model: provide meeting point sold by subscription supported by advertising (e.g. social media, public broadcasting, Wikipedia) Competitive Advantage: operating with an attribute or set of attributes that allows an organization to outperform its rivals. Complacency Trap:is being carried along by the flow of events. Concentration:growth that occurs through expansion within the same business area. Consultative Decision: the leader makes the decision after asking group members for information, advice, or opinions. Contingency Planning: identifies alternative courses of action that can be implemented to meet the needs of changing circumstances. Co-opetition: the strategy of working with rivals on projects of mutual benefit. Core Competency: a special strength that the organization has or things that it does exceptionally well in comparison with competitors. Core Values: broad beliefs about what is or is not appropriate behaviour. Corporate Governance: the system of control and performance monitoring of top management that is maintained by boards of directors and other major stakeholder representatives. Corporate Strategy: a strategy that directs the organization as a whole toward sustainable competitive advantage. Corporation: a legal entity that exists separate from its owners. Cost Leadership Strategy: seeks to operate with low cost so that products can be sold at low prices. Credible Communication: earns trust, respect, and integrity in the eyes of others. Cross-functional Teams: a team structure that is composed of members from different areas of work responsibility. Customer Structure: a divisional organization structure that groups together jobs and activities that serve the same customers or clients. Debt financing: involves going into debt by borrowing money from another person, a bank, or financial institution and repaying it over time with interest. Decentralization: the dispersion of authority to make decisions throughout all levels of the organization. Delegation: the process of entrusting work to others by giving them the right to make decisions and take action. Democratic Style: committed to both task and people, getting things done while sharing information, encouraging participation in decision-making, and helping people develop their skills and capabilities. Departmentalization: the process of grouping together people and jobs into work units. Differentiation: the degree of difference between subsystems in an organization. Differentiation Strategy: offers products that are unique and different from the competition. Diversification: growth that occurs through the acquisition of or investment in new and sometimes different business areas. Divestiture: selling off parts of the organization to refocus on core competencies, cut costs, and improve operating efficiency. Divisional Structure: an organizational structure that groups together people who work on the same product or process, serve similar customers, or are located in the same area or geographical region. Downsizing: an action that reduces the size of operations with the intent of reducing costs and improving operating efficiency. E-business Strategy: the strategic use of the Internet to gain competitive advantage. Effective Communication: the intended meaning is fully understood by the receiver... also occurs at minimal cost Electronic Grapevine: use electronic media to pass messages and information among members of social networks. Emergent Strategy: a strategy that develops progressively over time in the "streams" of decisions managers make as they learn from and respond to work situations. Emotional Intelligence: the ability of people to manage themselves and their relationships effectively. Empowerment: allows others to make decisions and exercise discretion in their work. Empowerment (process): through which managers enable and help others to gain power and achieve influence within the organization. Entrepreneur: a risk-taking individual who takes action to pursue opportunities and situations others may fail to recognize as such or may even view as threats. Entrepreneurship: describes strategic thinking and risk-taking behaviour that results in the creation of new opportunities. Equity-Based crowdfunding:involves new ventures going on-line to sell equity stakes in their businesses to crowds of small angel investors. Equity Financing:involves exchanging ownership shares in the business to outsiders in return for outside investment monies. Expert Power: the capacity to influence the behaviour of other people because of one's knowledge and skills. Family Business: a business that is owned and financially controlled by family members. Family Business Feud:occurs when family members have major disagreements over how the business should be run. Feedback: the process of telling others how you feel about something they did or said or about the situation in general. Filtering: the intentional distortion of information to make it appear favourable to the recipient. First-mover Advantage: exploiting a market niche or entering a market before competitors. Focused Cost Leadership: a strategy that seeks the lowest costs of operations within a special market segment. Focused Differentiation: a firm sells a unique product to a special niche market Focus Strategy: concentrates on one special market segment and tries in that segment to be the provider with lowest costs. Forecasting: the process of making assumptions about what will happen in the future. Formal Structure: the structure of the organization in its official state. Franchise: a business owner sells to another person the right to operate the same business in another location, under the original owner's business name and guidance. Franchising: a form of licensing in which a foreign firm buys the rights to use another's name and operating methods in its home country Freemium Model: offer free service and encourage users to buy additional services (e.g. Skype) Functional Chimneys Problem: the lack of communication, coordination, and problem solving across functions. Functional Plans: indicate how different operations within the organization will help advance the overall strategy. Functional Strategy: a strategy that guides the use of resources to implement business strategy; this level of strategy focuses on activities within a specific functional area of operations. Functional Structure: people with similar skills and performing similar tasks are grouped together into formal work units. Gender Similarities Hypothesis: holds that males and females have similar psychological properties. Geographical Structure: a divisional organization structure that groups together jobs and activities being performed in the same location or geographical region. Globalization Strategy: views the world as one large market, trying as much as possible to standardize products and their advertising for use everywhere. Group Decision: is made by the group with the leader's support as a contributing member. Growth Strategy: a strategy that seeks an increase in size and the expansion of current operations. Hierarchy of Goals: lower-level objective are a means to accomplishing higher-level ones Hierarchy of Objectives: a means-ends chain in which lower-level objectives (the means) lead to the accomplishment of higher-level objectives (the ends). Human Relations Style: emphasizing people over task Improvement Objectives: describe intentions for specific performance improvements. Infomediary Model: provide free service in exchange for collecting info on users and selling it to other businesses Informal Structure:a "shadow" organization made up of unofficial, but often critical, working relationships between organization members. Initial Public Offering (IPO): an initial selling of shares of stock to the public at large. Integration:the level of coordination achieved between subsystems in an organization Integrity: in leadership is honesty, credibility, and consistency in putting values into action. Interactive Leadership: leaders are strong communicators and act democratic and participative with followers. Internet Entrepreneurship: is the use of the Internet to pursue an entrepreneurial venture. Laissez-faire style of Leadership:shows little concern for task, lets the group make decisions, and acts with a "do the best you can and don't bother me" attitude. Leadership: the process of inspiring others to work hard to accomplish important tasks. Leadership Style: the recurring pattern of behaviours exhibited by a leader. Least-preferred co-worker scale: used in Fiedler's contingency model to measure a person's leadership style. Legitimate Power: the capacity to influence other people by virtue of formal authority, or the rights of office. Life Cycles of Entrepreneurial Firms: Birth -----> struggles to get new venture established and survive enough to test viability of underlying business model in the marketplace Life Cycles of Entrepreneurial Firms: Breakthrough -----> where business model begins to work well, growth is experienced, and complexity of managing business expands significantly Life Cycles of Entrepreneurial Firms: Maturity -----> advances of market success and financial stability, while facing continuing management challenges of remaining remaining competitive in the changing environment Limited Liability Corporation (LLC): a hybrid legal form of business combining advantages of a sole proprietorship or a partnership with the liability advantages of a corporation. Liquidation: a retrenchment strategy where a business ceases and assets are sold to pay creditors. Management by Objectives (MBO): a structured process of regular communication in which a supervisor/team leader and subordinates/team members jointly set performance objectives and review results accomplished. Management By Wandering Around (MBWA): involves dealing directly with subordinates by regularly spending time walking around and talking with them about a variety of work-related matters. Matrix Structure: an organizational form that combines the functional and divisional structures in an attempt to gain the advantages and minimize the disadvantages of each. Mechanistic Design: centralized design, with many rules and procedures, a clear-cut division of labour, narrow spans of control, and formal coordination. Merchant Model: selling products online directly to consumers through web Mission: an organization's reason for existing in society. Mixed Message: occurs when a person's words communicate one message while his/her actions, body language, appearance, or situational use of interpersonal space communicate something else. Moral Leadership:leadership by ethical standards that clearly meet the test of being "good" and "correct." Multi-domestic Strategy: tries to customize products and their advertising as much as possible to fit the local needs of different countries or regions. Necessity-based Entrepreneurship: takes place because other employment options don't exist. Network Structure: an organizational structure that consists of a central core that is linked through networks of outside relationships with outside contractors and suppliers of essential services. Non-verbal Communication: takes place through such things as hand movements, facial expressions, body posture, eye contact, and the use of interpersonal space. Objectives: the specific results or desired end states that one intends to achieve. Operating Objectives: specific results that organizations try to accomplish. Operational Plans: define what needs to be done in specific areas to implement strategic plans. Organic Design: decentralized design with fewer rules and procedures, open divisions of labour, wide spans of control, and more personal coordination. Organizational Culture: reflects the predominant value system of the organization as a whole. Organizational Design: the process of creating structures that accomplish mission and objectives. Organization Chart: a diagram that describes the reporting relationships and formal arrangement of work positions within an organization. Organization Structure: the system of tasks, workflows, reporting relationships, and communication channels that link together the work of diverse individuals and groups. Organizing: the process of arranging people and other resources to work together to accomplish a goal. Participatory Planning: requires that the planning process include people who will be affected by the resulting plans and/or will be asked to help implement them. Partnership: formed when two or more people agree to contribute resources to start and operate a business together. Personal Development Objectives: describe intentions for personal growth through knowledge and skills development. Persuasive Communication: presents a message in a manner that causes the other
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