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Flashcards in Final Deck (106)
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1
Q

the creation of new value by an existing organization or new venture that involves the assumption of risk

A

entrepreneurship

2
Q

the process of discovering the evaluating changes in the business environment, such as a new technology, sociocultural trends, or shifts in consumer demand, that can be exploited

A

opportunity recognition

3
Q

private individuals who provide equity investments for seed capital during the early stages of a new venture

A

angel investors

4
Q

companies organized to place their investors’ funds in lucrative business opportunities

A

venture capitalists

5
Q

funding a venture by pooling small investments from a large number of investors; often raised on the internet

A

crowdfunding

6
Q

leadership appropriate for new ventures that requires courage, belief in one’s convictions, and the energy to work hard even in difficult circumstances and that embodies vision, dedication and drive, and commitment to excellence

A

entrepreneurial leadership

7
Q

a strategy that enables a skilled and dedicated entrepreneur, with a viable opportunity and access to sufficient resources, to successfully launch a new venture

A

entrepreneurial strategy

8
Q

a firm’s entry into an industry with a radical new product or highly innovative service that changes the way business is conducted

A

pioneering new entry

9
Q

a firm’s entry into an industry with products or services that capitalize on proven market successes and that usually have a strong marketing orientation

A

imitative new entry

10
Q

a firm’s entry into an industry by offering a product or service that is somewhat new and sufficiently different to create value for customers by capitalizing on current market trends

A

adaptive new entry

11
Q

intense rivalry, involving actions and responses, among similar competitors vying for the same customers in a marketplace

A

competitive dynamics

12
Q

acts that might provoke competitors to react, such as new market entry, price cutting, imitating successful products, and expanding production capacity

A

new competitive action

13
Q

a firm’s awareness of its closest competitors and the kinds of competitive actions they might be planning

A

threat analysis

14
Q

the extend to which competitors are vying for the same customers in the same markets

A

market commonality

15
Q

the extend to which rivals draw from the same types of strategic resources

A

resource similarity

16
Q

major commitments of distinctive and specific resources to strategic initiatives

A

strategic actions

17
Q

refinements or extensions of strategies usually involving minor resource commitments

A

tactical actions

18
Q

degree of concentration of a firm’s business in a particular industry

A

market dependence

19
Q

a firm’s choice of not reacting to a rival’s new competitive action

A

forbearance

20
Q

a firm’s strategy of both cooperating and competing with rival firms

A

co-opetition

21
Q

the process of monitoring and correcting a firm’s strategy and performance

A

strategic control

22
Q

a sequential method of organizational control in which 1. strategies are formulated and top management sets goals, 2. strategies are implemented, and 3. performance is measured against the predetermined goal set

A

traditional approach to strategic control

23
Q

a method of organizational control in which a firm gathers and analyzes information from the internal and external environment in order to obtain the best fit between the organization’s goals and strategies and the strategic environment

A

informational control

24
Q

a method of organizational control in which a firm influences the actions of employees through culture, rewards, and boundaries

A

behavioral control

25
Q

a system of shared values and beliefs that shape a company’s people, organizational structures, and control systems to produce behavioral norms

A

organizational culture

26
Q

policies that specify who gets rewarded and why

A

reward system

27
Q

rules that specify behaviors that are acceptable and unacceptable

A

boundaries and constraints

28
Q

the relationship among various participants in determining the direction and performance of corporations.The primary participants are 1. the shareholders, 2. the management, and 3. the board of directors

A

corporate governance

29
Q

a mechanism created to allow different parties to contribute capital, expertise, and labor for the maximum benefit of each party

A

corporation

30
Q

a theory of the relationship between principals and their agents, with emphasis on two problems: 1. the conflicting goals of principals ad agents, along with the difficulty of principals to monitor the agents, and 2. the different attitudes and the preferences toward risk of principals and agents

A

agency theory

31
Q

a group that has fiduciary duty to ensure that the company is run consistently with the long-term interests of the owners, or shareholders, of a corporation and that acts as an intermediary between the shareholders and management

A

board of directors

32
Q

actions by large shareholders to protect their interests when they feel that managerial actions of a corporation diverge from shareholder value maximization

A

shareholder activism

33
Q

methods that ensure that managerial actions leader to shareholder value maximization and do not harm other stakeholder groups that are outside the control of the corporate governance system

A

external governance control mechanisms

34
Q

an external control mechanism in which shareholders dissatisfied with a firm’s management sell their shares

A

market for corporate control

35
Q

the risk to management of the firm being acquired by hostile raider

A

takeover constraint

36
Q

conflicts between two classes of principals-controlling shareholders and minority shareholders-within the context of a corporate governance system

A

principal-principal conflicts

37
Q

activities that enrich the controlling shareholders at the expense of the minority shareholders

A

expropriation of minority shareholders

38
Q

a set of firms that, though legally independent, are bound together by a constellation of formal and informal ties and are accustomed to taking coordinated action

A

business groups

39
Q

the formalized patterns of interactions that link a firm’s tasks, technologies, and people

A

organizational structure

40
Q

an organizational form in which the owner-manager makes most of the decisions and controls activities, and the staff serves as an extension of the top executive

A

simple organizational structure

41
Q

an organizational form in which the major functions of the firm, such as production, marketing, R&D, and accounting, are grouped internally

A

functional organizational structure

42
Q

an organizational form in which products, projects, or a product markets are grouped internally

A

divisional organizational structure

43
Q

an organizational form in which products, projects, or product-market divisions are grouped into homogeneous units

A

strategic business unit (SBU) structure

44
Q

an organizational form that is variation of the divisional organizational structure in which the divisions have a high degree of autonomy both from other divisions and from corporate headquarters

A

holding company structure

45
Q

an organizational form in which there are multiple lines of authority and some individuals report to at least two managers

A

matrix organizational structure

46
Q

organizational designs that attempt to simultaneously pursue modest, incremental innovations as well as more dramatic, breakthrough innovations

A

ambidextrous organizational deisgns

47
Q

managers’ exploration of new opportunities and adjustment to volatile markets in order to avoid complacency

A

adaptability

48
Q

managers’ clear sense of how value is being created in the short term and how activities are integrated and properly coordinated

A

alignment

49
Q

organizational forms that group similar or related business units under common management control and facilitate sharing resources and infrastructures to exploit synergies among operating units and help to create a sense of common purpose

A

horizontal organizational structures

50
Q

a continually evolving network of independent companies that are linked together to share skills, costs, and access to one another’s markets

A

virtual organization

51
Q

an organization in which non vital functions are outsourced, using the knowledge and expertise of outside suppliers while retaining strategic control

A

modular organization

52
Q

an organizational design in which firms bridge real differences in culture, function, and goals to find common group that facilitates information sharing and other forms of cooperative behavior

A

barrier-free organization

53
Q

organizations in which the boundaries, including vertical, horizontal, external, and geographic boundaries are permeable

A

boundaryless organizational designs

54
Q

an organizational form in which international operations are in a separate, autonomous division. most domestic operations are kept in other parts of the organization

A

international division structure

55
Q

a type of divisional organizational structure in which operations in geographic regions are grouped internally

A

geographic-area division structure

56
Q

a type of matrix organizational structure that has one line of authority for geographic-area divisions and another line of authority for worldwide product divisions

A

worldwide matrix structure

57
Q

a functional structure in which all departments have worldwide responsibilities

A

worldwide functional structure

58
Q

a product division structure in which all divisions have worldwide responsibilities

A

worldwide product division structure

59
Q

a business organization that, from inception, seeks to derive significant advantage from the use of resources and the sale of outputs in multiple countries

A

global start-up

60
Q

the process of transforming organizations from what they are to what the leader would have them become

A

leadership

61
Q

a strategic leadership activity of strategy analysis and strategy formulation

A

setting a direction

62
Q

a strategic leadership activity of building structures, teams, systems, and organizational processes that facilitate the implementation of the leader’s vision and strategies

A

designing the organization

63
Q

an organizational culture focused on core competencies and high ethical standards

A

excellent and ethical organizational culture

64
Q

characteristics of individuals and organizations that prevent a leader from transforming an organization

A

barriers to change

65
Q

a barrier to change that stems from people’s risk aversion

A

vested interest in the status quo

66
Q

barriers to change that stem from an organizational design that impedes the proper flow and evaluation of the information

A

systemic barriers

67
Q

a statement of the beliefs typically held by managers in a corporation

A

corporate credo

68
Q

programs for building ethical organizations that have the goal of preventing, detaching, and punishing legal violations

A

compliance-based ethics programs

69
Q

programts for building ethical organizations that combine a concern for law with an emphasis on managerial responsibility for ethical behavior, including 1. enabling ethical conduct; 2. examining the organization’s and member’s core guiding values, thoughts, and actions; and 3. defining the responsibilities and aspirations that constitute an organization’s ethical compass

A

integrity-based ethics programs

70
Q

a system of right and wrong that assists individuals in decididng when an act is moral and immoral and/or socially desirable or not

A

ethics

71
Q

the values, attituedes, and behaviroal patterns that define an organization’s operating culture and that determine what an organization holds as acceptable behavior

A

organizational ethics

72
Q

the practices that firms use to promote an ethical business culture, including ethical role models, corporate credos, and codes of conduct, ethically based reward and evaluation systems, and consistently enforced ethical policies and procedures

A

ethical orientation

73
Q

managers seeking out best examples of a particular practice as part of an ongoing effort to improve the corresponding practice in their own organization

A

benchmarking

74
Q

benchmarking in which the examples are drawn from competitors in the industry

A

competitive benchmarking

75
Q

benchmarking in which the examples are drawn from any organization, even those outside the industry

A

functional benchmarking

76
Q

organizations that create a proactive, creative approach to the unknown; characterized by 1. inspiring and motivating people with a mission and purpose, 2. developing leaders, 3. empowering employees at all levels, 4. accumulating and sharing internal knowledge, 5. gathering and integrating external information, and 6. challenging the status quo and enabling creativity

A

learning organizations

77
Q

an individual’s capacity for recognizing his or her own emotions and those of others, including the five components of self-awareness, self-regulation, motivation, empathy, and social skills

A

emotional intelligence (EI)

78
Q

a leader’s personality characteristics and behavior that are the basis of the leader’s power

A

personal bases of power

79
Q

barriers to change associated with the tendency for managers to look at issues from a biased or limited perspective based on their prior education and experience

A

behavioral barriers

80
Q

barriers to change related to conflicts arising from power relationships

A

political barriers

81
Q

a barrier to change that stems from people’s not having sufficient time for strategic thinking and reflection

A

personal time constraints

82
Q

a leader’s ability to get things done in a way he or she wants them to be done

A

power

83
Q

a formal management position that is the basis of a leader’s power

A

organizational bases of power

84
Q

making decisions and taking action without certain knowledge of probable outcomes. some undertakings may also involve making substantial resource commitments in the process of venturing forward

A

risk taking

85
Q

an intense effort to outperform industry rivals; characterized by a combative posture or an aggressive response aimed at improving position or overcoming a threat in a competitive marketplace

A

competitive aggressiveness

86
Q

a willingness to introduce novelty through experimentation and creative processes aimed at developing new products and services as well as new processes

A

innovativeness

87
Q

a forward-looking perspective characteristics of a marketplace leader that has the foresight to seize opportunities in anticipation of the future demand

A

proactivieness

88
Q

independent action by an individual or a team aimed at bringing forth a business concept or vision and carrying it though completion

A

autonomy

89
Q

the tendency for managers to irrationally stick with an investment, even one that is broken down into a sequential series of decisions, when investment criteria are not being met

A

escalation of commitment

90
Q

the practices that businesses use in identifying and launching corporate ventures

A

entrepreneurial orientation

91
Q

biases, blind spots, and other human frailties that lead to poor managerial decisions

A

managerial conceit

92
Q

problem with investment decisions in which managers scheme to have a project meet investment approval criteria, even though the investment may not enhance firm value

A

back-solver dilemma

93
Q

an individual working within a corporation who is willing to question the viability of a venture project by demanding hard evidence of venture success and challenging the belief system that carries a venture forward

A

exit champion

94
Q

an investment analysis tool that looks at an investment or activity as a series of sequential steps, and for each step the investor has the option of 1. investing additional funds to grow or accelerate, 2. delaying, 3. shrinking the scale of, or 4. abandoning the activity

A

real options analysis (ROA)

95
Q

an individual working within a corporation who brings entrepreneurial ideas forward, identifies what kind of market exists for the product or service, finds resources to support the venture, and promotes the venture concept to upper management

A

product champion

96
Q

corporate culture in which change and renewal are a constant focus of attention

A

entrepreneurial culture

97
Q

corporate entrepreneurship in which the venturing entity is separated from the other ongoing operations of the firm

A

focused approaches to corporate entrepreneurship

98
Q

a group of individuals, or a division within a corporation, that identifies, or evaluates, and cultivates venture opportunities

A

new venture group (NVG)

99
Q

a corporate new venture group that supports and nurtures fledgling entrepreneurial ventures until they can thrive on their own as stand-alone businesses

A

business incubator

100
Q

the creation of new value for a corporation though investments that create either new sources of competitive advantage or renewal of the value proposition

A

corporate entrepreneurship (CE)

101
Q

a firm-specific view of innovation that defines how a firm can create new knowledge and learn from an innovation initiative even if the project fails

A

strategic envelope

102
Q

the use of new knowledge to transform organizational processes or create commercially viable products and services

A

innovation

103
Q

efforts to create product designs and applications of technology to develop new products for end users

A

product innovation

104
Q

efforts to improve the efficiency of organizational processes, especially manufacturing systems and operations

A

process innovation

105
Q

an innovation that fundamentally changes existing pratices

A

radical innovation

106
Q

an innovation that enhances existing practices or make small improvements in products and processes

A

incremental innovation