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MGMT 490 test 3 info > test 3 info > Flashcards

test 3 info Flashcards

1
Q

the process of monitoring and correcting a firms strategy and performance

A

strategic control

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2
Q

what are two aspects of strategic control?

A

informational control, behavioral control

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3
Q

the ability to respond effectively to environmental change

A

informational control

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4
Q

the appropriate balance and alignment among a firms culture, rewards, and boundaries

A

behavioral control

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5
Q

a sequential method of organizational control in which strategies are formulated and top management sets goals, strategies are implemented, and performances s measured against the predetermined goal set

A

traditional approach to strategic control

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6
Q

single loop

A

traditional approach to strategic control

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7
Q

most appropriate when the environment is stable and relatively simple. goals and objectives can be measured with a high level of certainty, and there is little need for complex measures of performance

A

traditional approach to strategic control

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8
Q

constant monitoring. is part of an ongoing process of organizational learning that continuously updates and challenges the assumptions that underlie the organizations strategy.

A

contemporary approach to strategic control

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9
Q

double loop

A

contemporary approach to strategic control

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10
Q

the organizations assumptions, premises, goals, and strategies are continuously monitored, tested and reviewed.

A

contemporary approach to strategic control

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11
Q

what are some benefits to a contemporary approach to strategic control?

A

time lags are shortened, changes in the competitive environment are detected earlier and the organizations ability to respond with speed and flexibility is enhanced

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12
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 organizations goals and strategies and the strategic environment

A

informational control

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13
Q

concerned with whether or not the organization is doing the right things

A

informational control

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14
Q

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

A

behavioral control

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15
Q

concerned with whether or not the organization is doing things right

A

behavioral control

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16
Q

what 4 characteristics must contemporary control systems have in order to be effective?

A

focus on constantly changing information that has potential strategic importance, the information is important enough to demand frequent and regular attention from all levels of the organization, the data and information generated are best interpreted and discussed in face to face meetings, and the control system is a key catalyst for an ongoing debate about underlying data, assumptions and action plans

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17
Q

effectively implementing strategy requires manipulating three key control levers: culture, rewards and boundaries

A

behavioral control

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18
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

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19
Q

policies that specify who gets rewarded and why

A

reward system

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20
Q

what are some characteristics of a good reward system?

A

objectives are clear, well understood, and broadly accepted
rewards are clearly linked to performance and desired behaviors
performance measures are clear and highly visible
feedback is prompt, clear, and unambiguous
the compensation “system” is perceived as fair and equitable
the structure is flexible, it can adapt to changing circumstances

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21
Q

rules that specify behaviors that are acceptable and unacceptable

A

boundaries and constraints

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22
Q

short term objectives must be:

A

specific and measurable, have specific time horizons, and be achievable

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23
Q

the relationship among various participants in determining the direction and performance of corporations.

A

the role of corporate governance

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24
Q

who are the primary participants in corporate governance?

A

share holders, the management, and the board of directors

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25
Q

principal=

A

stockholders

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26
Q

agents=

A

management

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27
Q

the dual leadership structure where the CEO acts simultaneously as the chair of the board of directors

A

duality

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28
Q

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

A

leadership

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29
Q

what are the three interdependent activities that must be continually be assessed for organizations to succeed?

A

setting a direction, designing the organization, and nurturing a culture dedicated to excellence and ethical behavior

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30
Q

a strategic leadership activity of strategy analysis and strategy formulation

A

setting a direction

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31
Q

why is setting a direction beneficial for an organization?

A

provides clear future direction, a framework for the organizations mission and goals, and enhanced employee communication, participation, and commitment

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32
Q

a strategic leadership activity of building structures, teams, systems, and organizational processes tab facilitate the implementation of he leaders vision and strategies

A

designing the organization

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33
Q

an organizational culture focused on core competencies and high ethical standards

A

nurturing a culture dedicated to excellence and ethical behavior

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34
Q

what are the elements to effective leadership?

A

integrative thinking, overcoming barriers to change, and the effective use of power

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35
Q

a process of reconciling opposing thoughts by generating new alternatives and creative solutions rather than rejecting one thought in favor of another

A

integrative thinking

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36
Q

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

A

barriers to change

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37
Q

why are organizations slow to learn, adapt, and change?

A

because people have vested interests in the status quo, there are systematic barriers, behavioral barriers, political barriers, and personal time constraints

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38
Q

a barrier to change that stems from peoples risk aversion

A

vested interest in the status quo

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39
Q

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

A

systematic barriers

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40
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

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41
Q

barriers to change related to conflicts arising from power relationships

A

political barriers

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42
Q

a barrier to change that stems from peoples not having sufficient time fro strategic thinking and reflection

A

personal time constraints

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43
Q

a leaders ability to get things done in a way he or ship wants them to be done. it is the ability to influence other peoples behavior, to persuade them to do things that they otherwise would not do, and to overcome resistance and opposition to changing direction

A

power

44
Q

a formal management position that is the basis of a leaders power.

A

organizational bases of power

45
Q

what are the types of organizational bases of power?

A

legitimate power, reward power, coercive power, information power

46
Q

derived from organizationally conferred decision making authority and is exercised by virtue of a managers position in the organization

A

legitimate power

47
Q

depends on the ability of the leads or manager to confer rewards for positive behaviors or outcomes

A

reward power

48
Q

the power a manager exercises over employees using fear of punishment for errors of omission or commission

A

coercive power

49
Q

arises from a managers access, control, and distribution of information that is not freely available to everyone in an organization

A

information power

50
Q

what are the types of personal bases of power?

A

referent power and expert power

51
Q

a leaders personality characteristics and behavior that are the basis of the leaders power

A

personal bases of power

52
Q

a subordinates identification with the leader. a leaders personal attributes and make them devoted to that leader

A

referent power

53
Q

the leaders expertise and knowledge in a particular field. the leader is the expert on whom subordinates depend for information that they need to do their jobs successfully

A

expert power

54
Q

an individuals capacity for recognizing his or her own emotions and those of others, including the 5 components of self awareness, self regulation, motivation, empathy, and social skills

A

emotional intelligence

55
Q

the ability to recognize and understand your moods, emotions, and drives as well as their effect on others

A

self awareness

56
Q

the ability to control or redirect disruptive impulses and moods. the propensity to suspend judgment to thing before acting

A

self regulation

57
Q

a passion to work for reasons that go beyond money or status. a propensity to pursuer goals with energy and persistence

A

motivation

58
Q

the ability to understand the emotional makeup of other people. skill in treating people according to their emotional reactions

A

empathy

59
Q

proficiency in managing relationships and building networks. an ability to find common ground and build rapport.

A

social skills

60
Q

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

A

ethics

61
Q

the values, attitudes, and behavioral patters that define an organizations operating culture and that determine what an organization holds as acceptable behavior

A

organizational ethics

62
Q

helps define what a company is and what it stands for

A

organizational ethics

63
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

64
Q

programs for building ethical organizations that have the goal of preventing, detecting and punishing legal violations. externally motivated. based on the fear of punishment for doing something unlawful

A

compliance based ethics programs

65
Q

programs for building ethical organizations that combine a concern for law with an emphasis on managerial responsibility for ethical behavior, including enabling ethical conduct, examining the organizations and members core guiding values, thoughts and actions, and defining the responsibilities and aspirations tat constitute an organizations ethical compass

A

integrity based ethics program

66
Q

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

A

innovation

67
Q

what are the types of innovation?

A

product innovation, process innovation, radical innovations, incremental innovations

68
Q

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

A

product innovation

69
Q

type of innovation that tends to be more common during the earlier stages of an industry’s life cycle

A

product innovation

70
Q

type of innovation that is commonly associated with a differentiation strategy

A

product innovation

71
Q

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

A

process innovation

72
Q

type of innovation that tends to occur in the later stages of the product life cycle.

A

process innovation

73
Q

type of innovation that is commonly associated with overall cost leadership strategies

A

process innovation

74
Q

an innovation that fundamentally changes existing practices

A

radical innovation

75
Q

may lead to products or processes that can be patented giving a firm a strong competitive advantage

A

radical innovation

76
Q

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

A

incremental innovations

77
Q

can be a competitive advantage by providing new capabilities that minimize expenses or speed productivity

A

incremental innovations

78
Q

what are the 5 dilemmas that companies wrestle with when pursuing innovation

A 
seeds vs weeds
experience vs initiative
internal vs external staffing
building capabilities vs collaborating
incremental vs preemptive launch
79
Q

what are 5 steps a company can take to improve the innovation process?

A 
cultivating innovation skills
defining the scope of innovation
managing the pace of innovation
staffing to capture value from innovation
collaborating with innovative partners
80
Q

driven by a core skill of associating the ability to see patterns in data and integrating different questions, information, and insights, ad their patterns of action: questioning, observing, experimenting, and networking

A

cultivating innovation skills

81
Q

firms ensure that their innovation efforts are not wasted on projects that are outside the firms domain of interest

A

defining the scope if innovation

82
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

83
Q

how long will it take for an innovation initiative to realistically come to fruition

A

managing the pace of innovation

84
Q

need broad set of skills as well as experience–experience working with teams and experience working on successful innovation projects

A

staffing to capture value from innovation

85
Q

what are the questions in defining the scope of innovation?

A
  1. how much will the innovation initiative cost?
  2. how likely is this innovation to become commercially viable? are people going to buy into it how much value will it add?
  3. what will be learned if it does not pan out?
86
Q

innovation partners provide the skills and insights that are needed to make innovation projects succeed. may come from many sources: research facilities and federal government

A

collaborating with innovation partners

87
Q

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

A

corporate entrepreneurship

88
Q

what are the 2 primary aims of corporate entrepreneurship?

A

pursuit of new venture opportunities and strategic renewal

89
Q

what determines how entrepreneurial projects will be pursued?

A

corporate culture, leadership, structural features the guide and constrain action, and organizational system that foster learning and manage rewards

90
Q

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

A

focused approaches to corporate entrepreneurship

91
Q

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

A

new venture group

92
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 incubators

93
Q

the strategy making practices that businesses use in identifying new launching new ventures consisting of autonomy, innovativeness, pro activeness, competitive aggressiveness, and risk taking

A

entrepreneurial orientation

94
Q

independent action by an individual or team aimed at bringing forth business concept or vision and carrying i through to completion

A

autonomy

95
Q

are often used to leverage existing strengths in new arenas, identify opportunities that are beyond the organizations current capabilities and encourage development of new vetoers or improved business practices. can often lack coordination

A

autonomy

96
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

97
Q

a forward looking perspective characteristic of a market place leader that has the foresight to seize opportunities in anticipation of future demand

A

proactiveness

98
Q

monitors trends, identify the future needs of existing customers and anticipate changes in demand or emerging problems that can lead to new venture opportunities

A

pro activeness

99
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

100
Q

refers to a firms efforts to outperform its industry rivals. best used in moderation

A

competitive aggressiveness

101
Q

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

A

risk taking

102
Q

what are the three types of risk that organizations and their executives face?

A

business risk taking, financial risk taking, and personal risk taking

103
Q

venturing into the known without knowing the probability of success

A

business risk taking

104
Q

a company can borrow heavily or commit a large portion of its resources in order to grow

A

financial risk taking

105
Q

the risks that an executive assumes in taking a stand in favor of a strategic course of action

A

personal risk taking

MGMT 490 test 3 info (1 decks)

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