Midterm 1

Question 1

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

Answer 1

management

Question 2

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

Answer 2

planning

Question 3

assigning tasks and resources to individuals and groups within the organization

Answer 3

organizing

Question 4

guiding the activities of organization members in appropriate direction

Answer 4

influencing

Question 5

monitoring performance and taking corrective actions when necessary

Answer 5

controlling

Question 6

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

Answer 6

technical skills

Question 7

ability to see the organization as a whole

Answer 7

conceptual skills

Question 8

ability to lead, motivate, and communicate

Answer 8

human skills

Question 9

efforts aimed to carrying out critical management-related duties

Answer 9

task-related

Question 10

efforts aimed at managing people in the organization

Answer 10

people-related

Question 11

efforts aimed at modifying organizational components

Answer 11

change-related

Question 12

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

Answer 12

career

Question 13

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

Answer 13

supply chain

Question 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

Answer 14

supply chain management

Question 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

Answer 15

supplier relationship process

Question 16

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

Answer 16

order fulfillment process

Question 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

Answer 17

new product/service development process

Question 18

inspecting a competitor’s product to discover product improvement

Answer 18

reverse-engineering

Question 19

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

Answer 19

design for manufacturing

Question 20

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

Answer 20

productivity

Question 21

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

Answer 21

strategic planning

Question 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

Answer 22

tactical planning

Question 23

ability of new firms to enter an industry

Answer 23

threat of new entrants

Question 24

power customers have over firms in the industry

Answer 24

buyer power

Question 25

power suppliers have over firms in the industry

Answer 25

supplier power

Question 26

extent customers can use products/services from another industry

Answer 26

threat of substitute products

Question 27

intensity of competition among organizations in the industry

Answer 27

intensity of rivalry

Question 28

determining appropriate courses of action for achieving objectives

Answer 28

strategy formulation

Question 29

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

Answer 29

critical questions analysis

Question 30

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

Answer 30

swot analysis

Question 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

Answer 31

portfolio analysis

Question 32

making organization more competitive by developing products different from competitors

Answer 32

differentiation

Question 33

making organization more competitive by producing products more cheaply than competitors

Answer 33

cost leadership

Question 34

making organization more competitive by targeting a particular customer

Answer 34

focus

Question 35

first firms to make strategic or tactical action

Answer 35

attacker

Question 36

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

Answer 36

defender

Question 37

how mindful a company is to competitor's actions

Answer 37

competitor awareness

Question 38

incentives organization has to take action

Answer 38

competitor motivation

Question 39

firm's ability to take an action

Answer 39

competitor capability

Question 40

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

Answer 40

corporate strategy

Question 41

strategies that center on improving current products and/or markets

Answer 41

concentration

Question 42

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

Answer 42

concentric diversification

Question 43

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

Answer 43

conglomerate diversification

Question 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

Answer 44

horizontal integration

Question 45

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

Answer 45

vertical integration

Question 46

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

Answer 46

operations management

Question 47

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

Answer 47

process view of organization

Question 48

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

Answer 48

operations strategy

Question 49

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

Answer 49

competitive priorities

Question 50

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

Answer 50

core competencies

Question 51

ensuring an event occurs as it was planned to occur

Answer 51

control function

Question 52

set broad guidelines for taking actions to achieve organizational goals

Answer 52

policies

Question 53

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

Answer 53

procedures

Question 54

designate specific required action (what do)

Answer 54

rules

Question 55

designed to carry out a special project within an organization

Answer 55

programs

Question 56

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

Answer 56

budgets

Question 57

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

Answer 57

planning

Question 58

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

Answer 58

make-to-stock strategy

Question 59

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

Answer 59

make-to-order strategy

Question 60

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

Answer 60

design-to-order strategy

Question 61

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

Answer 61

mass customization

Question 62

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

Answer 62

assemble-to-order strategy

Question 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

Answer 63

modular design

Question 64

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

Answer 64

postponement

Question 65

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

Answer 65

channel assembly

Question 66

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

Answer 66

outsourcing

Question 67

a supply chain strategy the involves moving processes to another country

Answer 67

offshoring

Question 68

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

Answer 68

next-shoring

Question 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

Answer 69

outsourcing decision factors

Question 70

lose sight of overall organizational objectives

Answer 70

functional silo

Question 71

the concept of a process within a process

Answer 71

nested process

Question 72

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

Answer 72

customization

Question 73

handling a wide assortment of services/products efficiently

Answer 73

variety

Question 74

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

Answer 74

order qualifiers

Question 75

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

Answer 75

order winners

Question 76

minimize risk by reducing uncertainties

Answer 76

protective purpose

Question 77

increase degree of organizational success

Answer 77

affirmative purpose

Question 78

facilitate the accomplishment of the organization and its objectives

Answer 78

fundamental purpose