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Flashcards in Midterm 1 Deck (78):
1

process of reaching organizational objectives by working with and through people and other organizational resources
resources: human, monetary, raw materials, capital

management

2

setting goals and outlining tasks to be performed to achieve the goals

planning

3

assigning tasks and resources to individuals and groups within the organization

organizing

4

guiding the activities of organization members in appropriate direction

influencing

5

monitoring performance and taking corrective actions when necessary

controlling

6

ability to apply specialized knowledge and expertise to work-related techniques and procedures

technical skills

7

ability to see the organization as a whole

conceptual skills

8

ability to lead, motivate, and communicate

human skills

9

efforts aimed to carrying out critical management-related duties

task-related

10

efforts aimed at managing people in the organization

people-related

11

efforts aimed at modifying organizational components

change-related

12

sequence of work-related positions occupied by a person over the course of a lifetime

career

13

interrelated series of processes within and across firms that produces a service or product to the satisfaction of customers

supply chain

14

synchronization of a firms processes with those of its suppliers and customers to match the flow of materials, services, and information with customer demand

supply chain management

15

process that selects the suppliers of service, materials, and information and facilitate the timely and efficient flow of these items into the firm
steps: locate and select suppliers, negotiate terms of contract, involve and develop suppliers, evaluate suppliers

supplier relationship process

16

a process that includes activities required to produce and delivered the product or service to the external customer
Production, inventory, transportation, warehouse management

order fulfillment process

17

a process that designs and develops new products or services from inputs received from external customer specifications or from the market in general through customer relationship process
Reasons: economic, social & demographic, competitive, political, liability, or legal, cost or availability, technological

new product/service development process

18

inspecting a competitor's product to discover product improvement

reverse-engineering

19

designing products to optimize all manufacturing functions (e.g assembly, test, service) to assure the best cost and quality

design for manufacturing

20

measure of economic performance that indicates how efficiently inputs are converted to outputs

productivity

21

a long-range planning that focuses on the organization as a whole. typically ranging 3-5 years

strategic planning

22

a short-range planning that emphasizes the current operation of various parts of an organization. typically for one year or less into the future

tactical planning

23

ability of new firms to enter an industry

threat of new entrants

24

power customers have over firms in the industry

buyer power

25

power suppliers have over firms in the industry

supplier power

26

extent customers can use products/services from another industry

threat of substitute products

27

intensity of competition among organizations in the industry

intensity of rivalry

28

determining appropriate courses of action for achieving objectives

strategy formulation

29

asking a series of key questions about the purpose of the organization, current direction, current environment, and desired action

critical questions analysis

30

a comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy

swot analysis

31

a systematic way to analyze the business units that make up an organization's business portfolio. two most common measures used in a portfolio analysis are market growth rate and relative marketshare

portfolio analysis

32

making organization more competitive by developing products different from competitors

differentiation

33

making organization more competitive by producing products more cheaply than competitors

cost leadership

34

making organization more competitive by targeting a particular customer

focus

35

first firms to make strategic or tactical action

attacker

36

second firm which must choose whether or not to respond to attacker

defender

37

how mindful a company is to competitor's actions

competitor awareness

38

incentives organization has to take action

competitor motivation

39

firm's ability to take an action

competitor capability

40

overall scope and direction of a corporation and the way in which its various business units work together to achieve corporate goals

corporate strategy

41

strategies that center on improving current products and/or markets

concentration

42

adding products or services related to, but clearly differentiated from, the organization's current business

concentric diversification

43

when an organization moves into areas that are clearly differentiated from its current businesses

conglomerate diversification

44

when a firm acquires or merges with a major competitors, or at least another firm operating at the same stage in the added value chain

horizontal integration

45

when a company expands its business operations into different stages of the supply chain

vertical integration

46

the management of processes that transform inputs into products and services for internal and external customers

operations management

47

interrelated, sequential set of activities and tasks that turns inputs into outputs

process view of organization

48

means by which operations implements the firm's corporate strategy and helps to build a customer-driven firm

operations strategy

49

critical dimensions that a process, a firm, or a supply chain must possess to satisfy its customers

competitive priorities

50

unique resources or capabilities an organization possess that distinguish it from competitors

core competencies

51

ensuring an event occurs as it was planned to occur

control function

52

set broad guidelines for taking actions to achieve organizational goals

policies

53

outline a series of related actions that must be taken to accomplish certain tasks

procedures

54

designate specific required action (what do)

rules

55

designed to carry out a special project within an organization

programs

56

a single-use financial plan that covers a specified length of time

budgets

57

process of determining how the organization can get where it wants to go and what it will do to accomplish its objectivies

planning

58

a traditional production strategy that is used to build products to meet consumer demand forecasts

make-to-stock strategy

59

a production strategy in which the production of an item that has a standard design begins only after a customer order is received

make-to-order strategy

60

a production strategy in which a product is built entirely to the customer's specification

design-to-order strategy

61

a strategy whereby a firm's highly divergent processes generate a wide variety of customized services or products at reasonably low costs

mass customization

62

a production strategy in which a product is built to customer specifications from a stock of existing components

assemble-to-order strategy

63

a design concept in which a final service or product can be assembled from a set of standardized modules economically and quickly in response to a customer order

modular design

64

a concept whereby some of the final activities in the provision of a service or product are delayed until orders are received

postponement

65

process of using members of the distribution channel as if they were assembly stations in the factory

channel assembly

66

paying suppliers and distributors to perform processes and provide needed services and materials

outsourcing

67

a supply chain strategy the involves moving processes to another country

offshoring

68

a supply chain strategy that involves locating processes in close proximity to customer demand or product R&D

next-shoring

69

comparative labor costs, rework and product returns, logistics costs, tariffs and taxes, market effects, labor and laws and unions, internet, energy costs, access to low cost capital, supply chain complexity

outsourcing decision factors

70

lose sight of overall organizational objectives

functional silo

71

the concept of a process within a process

nested process

72

satisfying the unique needs of each customer by changing service/product designs

customization

73

handling a wide assortment of services/products efficiently

variety

74

minimum level required from a set of criteria for a firm to do business in a particular market segment

order qualifiers

75

a criterion customers use to differentiate the services or products of one firm from those of another

order winners

76

minimize risk by reducing uncertainties

protective purpose

77

increase degree of organizational success

affirmative purpose

78

facilitate the accomplishment of the organization and its objectives

fundamental purpose