GMS 200 Final: GMS200FinalExamNotes-OlgaT

22 Pages
54 Views
Unlock Document

Department
Global Management Studies
Course
GMS 200
Professor
Olga Tabunshchikova
Semester
Winter

Description
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
More Less

Related notes for GMS 200

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit