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actual business stuff Flashcards

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1
Q

strategy

A

match or interference b/w an org and the external environment

affects the direction and scope of an org’s activity…must MATCH ACTIVITIES TO ENVIRON

influenced by views/expectations of stakeholders

strategic decisions impact LT direction of the org

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2
Q

strategy vs planning

A

strategy: determining direction and scope of activities of org in light of environ and resources

planning: process of documenting decisions in step by step manor
- ID systematic and deductive ways to achieve goal thru steps

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3
Q

strategic management

A

adds strategy and planning into a process

efficiency is an imp benefit from good strat management

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4
Q

porter’s 5 forces

A

allows and org to understand the lvl of comp w/in industry and inc LT profitability

  1. competitive rivalry: when inc comp, dec power
    - concentration ratio: an industry is highly conc if the top 4 players have a share
    - low rivalry = can inc prices
  2. threats of new entry: easy entry = high lvl comp
    - barriers of entry i.e. capital, manufacturing, brand loyalty, endorsement
    - if diffficult to enter, target specific customer needs i.e. women’s sportswear
    - if already in market: keep high barriers so can charge premium
  3. threat of susbtitution: when close susbsitutes are avail, dec power
  4. supplier power: dec suppliers = suppliers can inc cost
    - large corps buy in bulk, save money
  5. buyer power: if consumer has strong bargaining postiion, drives down prices for goods/services
    - i.e boycott, niche market
    - buyers search for quality/brand recog…if high, will pay more
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5
Q

generic business strategies

A

cost leadership: offer lowest prices in market
- inc profit by dec costs, inc market share
- must have capital to invest in cost saving tech, efficient logistics

differentiation: uniquely desirable p/s, more attractive
- research, dev, innovation
- ability to deliver high quality
- sales and marketing

focus: offer specialized service in a niche market
- understand dynamics of the market/customers

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6
Q

SWOT analysis

A

S/W = int
O/T = ext

PEST: political, economic, social, technology
- explains external opps/threats

ST goals: 3-5yrs, i.e. marketing, demographics, sponsorship

LT goals: 6+ yrs i.e. facilities

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7
Q

mission statement vs vision statement

A

mission statement: purpose of the org
vision statement: declares med to long range ambitions of an org

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8
Q

organizational objectives

A

achievements that must be made to realize the vision

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9
Q

performance measures

A

KPIs/key performance indicators used in combo w objectives to establish success or failure

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10
Q

strategy implementation

A

should permeate the org, requires KPIs

changes to resource allocation, which can cause issues w.in org

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11
Q

strategy evaluation

A

on-field performance can overwhelm other elements of strategy i.e. if team does well, they focus only on that

two tier evaluation: are we achieving KPIs, and success of implementation

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12
Q

not-for-profit corporation

A

dedicated to purposes other than making profit
- doesn’t issue ownership shares
- cannot give profit to members
- profit used exclusively for not-for-profit purposes

exempt from taxes, limited liabilitites so ppl not liable for org’s outcome

trend of declining volunteerism is problematic

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13
Q

assumptions of not-for-profits

A
  1. competition b/w not-for-profits bcs need of resources
  2. bcs of resource comp, orgs don’t duplicate p/s of other orgs
  3. orgs make decisions regarding quality of programs and scope of clients to serve
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14
Q

strategic imperatives

A
  1. program attractiveness: deg to which program is attractive to the agency as a basis for current and future resource deployments
    - give service/programs to members while getting funding to provide them
    - fundability: ability of org to attract financial resources…esp imp for not-for-profits
    - size of client base: numb clients caters to…for NSO/PTSOs, its members
    - volunteer appeal: get board of directors, coaches, etc.
    - support group appeal: i.e. free marketing from media
  2. competitive position: extent to which an org is in a stronger position to serve its clients comp to other orgs
    - potential to attract and maintain members
    - barriers to entry
    - equipment costs: that participants need for entry lvl sport
    - affiliation fees i.e. club membership
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15
Q

design thinking

A

a method and mindset for user-centred innovation and creative problem solving

tame problems: well bound, understandable, reuse solutions

wicked problems: ambiguous success criteria, can’t reuse

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16
Q

steps to design thinking

A
  1. empathy: research to understand users
  2. define: the problem
  3. ideate: generate ideas
  4. prototype: real, tactile rep of ideas
  5. test: give for feedback
  6. implement
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17
Q

problem w passion

A

it’s smth you develop, not find
- challenging to pursue passion when it changes over time
- can lead us astray, must recog limits

following passion is not same as following joy…this thot process leads to quitting

focus on what you care abt that aligns w your values

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18
Q

leidenscaft

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A

ability to hardship

19
Q

workview vs worldview

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A

workview: why you work i.e. money, fun
worldview: what matters to you plus critical defining values of life

coherency achieved if they are connected, inc satisfaction and ability to adapt to compromises

20
Q

ideation

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A

two goals you must balance
1. fluency: speed/quant of ideas
2. flexibility: ideas that are TRULY unique
- we impose nonexistent rules onto ourselves

creativity can be learned, is a process of developing and expressing new ideas
- goal oriented process

21
Q

the creative process

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A
  1. prepare: understand context and environ
  2. incubate, illuminate, repeat: best ideas come from sev rounds rumination
  3. eval, then re-eval
22
Q

odyssey years

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A

20-35 years old, more stages in your life and time for exploration

previous life stages: childhood, adolescence, work, retirement

now: childhood, adolescence, odyssey years, work, encore career, retirement

23
Q

systems thinking

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A

discipline for seeing whole rather than series of parts…understand interconnectedness

see events –> patterns/trends –> underlying structures –> mental models/beliefs and values keeping system tgt

types of systems:
- mechanical
- biological
- social: purpose of own…made of parts w own purposes

24
Q

themes of system thinking

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A
  1. interconnectedness
  2. synthesis
  3. emergence
  4. feedback loops
  5. causality
  6. systems mapping
25
groups vs teams
groups = clear leader, members have independent jobs w individ eval, rewards - leader makes decisions teams = members share leadership, perform interdependent jobs w both individ and group rewards/eval
26
team cohesion
dynamic process, tendency for group to stick tgt and be united towards goal - see selves as one entity task cohesion = work tgt to achieve common goals social cohesion = interpersonal attractions b/w membs cohesion inc esteem, morale, performance
27
factors impacting cohesion
lack of trust = cant be vuln, unwilling to ask for help fear of conflict = leads to inferior results lack of commitment = cannot come to decisions avoidance of accountability = less likely to call out peers who don't fulfil role
28
4 components of building trust
1. honest 2. sharing 3. admitting imperfections 4. fairness demand/debate = air out strategic decision conflicts clarity/closure = take notes, deadlines, goals confront diff issues = leader addresses individ not meeting goals focus on outcomes = goal is central
29
where to begin performance management
effectiveness vs efficacy org vision, objectives, goals winning record, customer expereince, giving back to community staff retention, morale
30
balanced scorecard
LEARNING TOOL rather than controlling tool...adapt rather than restrict to plan financial measures: eval economics, sustainability of org i.e. cash flow, total sales customer measures: ID customers and market seg, ID competitiveness - market share, customer satisfaction internal business processes: processes must excel in to secure comp advantage - add new ones, improve current ones learning and growth: crucial for LT success - re-skill employees for new tech - sustain comp edge
31
costs and benefits of performance management
cost i.e. of implementing, retraining, time spent benefits - links core activities to goals - motivate employees - accountabiliy - outcomes measured against perf standard
32
prototype
tangible representation of an idea, testing out potential pathway
33
process of choosing well
1. gather and create = open to opps 2. narrow down = too many choices leads to no choices - 5-7 choices - if don't like when it's taken away, keep it - won't decide until decision made 3. choose = based on gut, scientific - make decision irreversible so satisfied 4. let go and move on = don't return to past ideas - design thinking inc ideation and prototyping so content w outcome
34
grit
better measure of success than IQ move towards action, don't dwell on failure reduces failure rate by changing mindsrt
35
basic behaviour model for interviews
environ stim = ext/int to org, i.e. other ppl, objs individ = competencies, psych attributes overt behav = expression, actions outcomes = task comletion, goal achievement
36
STAR technique
situation, task, action, result
37
hackman and oldman's job characteristic model
core job characteristics --> crit psych states --> outcomes basically, work itself should lead to satisfaction - fulfill needs w job design core job characteristics 1. skill variety 2. task identity: involved in whole process 3. task signficiance 4. autonomy 5. feedback: know results of proj leads to things like - meaningful work - responsibility for outcomes which leads to - intrinsic motivation - effectiveness - growth - satisfaction moderators i.e. knowledge, skill, strength of need for growth - directly impact success of job characteristics
38
organizational change
must be proactive in change, realize employees may not be happy critical implications for task performance and HR maintenance - i.e. dec resources in department
39
forces of change
1. environ 2. economics 3. social: i.e. changing preferences 4. demographic: market sector 5. technological
40
types of change
1. people 2. structures/systems 3. technology 4. products/services
41
lewin's change model
unfreezing: dec the forces that maintain the status quo, show discrepancies bw desired and actual perf moving: shift to desired behav refreezing: reinforce and support new behav
42
quinn and cameron life cycle
leadership goals = founder is overwhelmed w quant of work and needs help autonomy crisis = lower lvl employees cannot make decisions, frustrated w leadership - dev coordination and control mechanisms to give employees autonomy control crisis = rules dev to inc standardization - innovation stifled if excessive bureaucracy - solution = adjust red tape crisis = exhaustion from repetition - dev systems that inc collaboration growth crisis = burnout of employees from excessive teamwork and pressure to innovate - focus on emp wellbeing, since they are the org
43
impact of org change on HR
post = inc jobs, new opps, breaks staleness neg = noncompliance, turnover, complaints, protest resist bcs 1. self-interest 2. cost of change 3. lack of trust 4. differing perceptions of outcomes
44
law of diffusion
ignore the avg pop who is cynical approach the early adopters of change avg ppl will only change if other ppl already have

KP344 (4 decks)

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