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171 Cards in this Set
- Front
- Back
business plan
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is a document that outlines a proposed firm's goals, the strategy for achieving them, and the standards for measuring success
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strategy
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is a large scale action plan that sets the direction for an organization
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strategic management
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is a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals
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strategic planning
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determine what the organization's long term goals should be for the next 1-5 years with the resources they expect to have available
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3 reasons why strategic management and strategic planning should be adopted
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1. provide direction and momentum
2. encourage new ideas 3. develop a sustainable competitive advantage |
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Michael Porter
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Harvard Business School professor; "most important strategist working today"
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strategic positioning
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attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company
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9 traits that make great employees outstanding
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1. a little bit "off"
2. know when to reel it in 3. ignore job descriptions 4. eager to prove others wrong 5. praise in public 6. complain in private 7. start work on time 8. tinker 9. ask questions for others |
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a little bit "off" (9 traits that make great employees outstanding)
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bring some variety into your organization
stretch boundaries |
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know when to reel it in (9 traits that make great employees outstanding)
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finding balance;
there's a time and place for everything |
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ignore job descriptions (9 traits that make great employees outstanding)
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avoid the "not my department" mentality
*Neck working at Walmart example |
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eager to prove others wrong (9 traits that make great employees outstanding)
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Education, intelligence, talent, skill may not beat out drive
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praise in public (9 traits that make great employees outstanding)
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the power of recognition
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complain in private (9 traits that make great employees outstanding)
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bringing a sensitive issue to you in private may avoid a firestorm;
have a unified front **Saving Private Ryan example** |
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start work on time (9 traits that make great employees outstanding)
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start working when the workday starts
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tinker (9 traits that make great employees outstanding)
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great employees follow processes;
outstanding; hire someone that's smarter than you |
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ask questions for others (9 traits that make great employees outstanding)
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if someone's hesitant and have concerns but too afraid to ask, ask for them
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Dave Vogt
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Southwest airlines recruiter/interviewer
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Sears example
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mom scheduled portrait; checked appt to confirm; got to store and had employee tell her it was canceled; told police would be called
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Dominos video example
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video of workers putting food up their nose etc; know who you're hiring
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Auto Body World example
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car steering wasn’t working right so they took it back and a person from auto body world called for a survey and was just trying to ask the questions even though she was just dropping the car back off again
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Chef Chiang
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restaurant in Chandler; waitress told the group "these are big portions" and "i dont think you will finish that"; very nice and playful
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Van Halen example
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known as premodanas because they had in their contract that there had to be a bowl of M&Ms and absolutely no green ones; did this because if the venue didn't get that right, the sound, lighting, etc was probably off too
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Jean Brooks
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Don't live your life based on what other people might think. You'll never make them or yourself happy
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Power
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The ability to influence decisions;
the ability to get things done the way one wants them to be done; 9 sources of power |
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9 sources of power
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reward power
coercive power legitimate power referent power expert power uncertainty reduction resource/info control substitutability centrality |
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reward power (9 sources of power)
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as is
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coercive power (9 sources of power)
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punishment
only effective for a short period of time |
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legitimate power (9 sources of power)
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position of power
example: cop, CEO, etc |
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referent power (9 sources of power)
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respective power
example: mentors |
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expert power (9 sources of power)
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if you're really good at something
very important; can only earn it example: i put full faith in Danilo cuz hair is what he does and is great at |
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uncertainty reduction (9 sources of power)
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as is
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resource/info control (9 sources of power)
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Neck's coworker that knew a lot about computers kept a lot of knowledge to himself because he has the knowledge power
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substitutability (9 sources of power)
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not easily replaceable
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centrality (9 sources of power)
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as is
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Shawshank redemption example
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Morgan Freeman's character had a lot of power
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What is a group?
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2 or more people who interact with each other to accomplish certain goals or fulfill certain needs
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What is a team?
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a group whose members work intensely with one another to achieve a shared goal or objective;
**biggest difference is INTENSITY |
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Positives of groups
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enhance performance;
improved creativity; enhanced diversity |
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Scent of a Woman example
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objective was to teach girl how to tango;
Frank (blind), donna, charlie, and the band are all members of the group |
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Apollo 13 example
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had to fix CO2 filter with random gear; showed teamwork
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Village of 100 3rd edition example
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shown to emphasize how diverse we are;
studies show that the more diverse a group is, the better the outcome |
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Negatives of groups
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pressures to conform
pressures to perform at group mean level |
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Dead Poets Society example
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everyone walking/striding; person didn't want to participate;
displayed the pressure to conform |
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TeamThink
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balancing the "me" with the "we";
putting your ideas out there but being able to compromise to collaborate (my words) |
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Mr 3000 example
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Bernie Mac is baseball player;
balanced 'me' with 'we' because he bunted for the team instead of going for this 3000th base hit |
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Communication
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the transferring and understanding of meaning;
number 2 on importance of good marriages |
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Short Snout Organization
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purpose: pig awareness
founded by Jack Tate founded in South Carolina in 1984 350 members $50 to join $25,000 raised on the chamber of commerce founder of club owns infant apparel store |
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5 levels of listening
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ignoring
pretending to listen selective listening attentive listening active listening |
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selective listening
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only listen to some of what is said
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attentive listening
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listening and there the whole time
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active listening
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completely there but also trying to understand where the person is coming from
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Father of the Bride example
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Steve Martin played dad to newly engaged daughter;
Steve martin was selective listening because the man's hand on his daughter's knee was distracting him |
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Slumdog Millionare example
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didn't actually show, but it was shown to show teamwork/groupwork
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Grand Strategy 171
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after an assessment of current organizational performance, then explains how the organization's mission is to be accomplished. Three common grand strategies are: growth, stability, and defensive.
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The Growth Strategy 172
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is a grand strategy that involves expansion -- as in sales revenues, market share, number of employees, or number of customers or (for nonprofits) clients served
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The Stability Strategy 172
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is a grand strategy that involves little or no significant change
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The Defensive Strategy 172
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AKA a retrenchment strategy;
is a grand strategy that involves reduction in the organization's efforts |
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Strategy formulation 173
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is the process of choosing among different strategies and altering them to best fit the organization's needs
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Strategy implementation 173
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putting strategic plans into effect
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Strategic control 173
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consists of monitoring the execution of strategy and making adjustments, if necessary
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Competitive intelligence 174
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means gaining information about one's competitors' activities so that you can anticipate their moves and react appropriately
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Environmental scanning 174
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careful monitoring of an organization's internal and external environments to detect early signs of opportunities and threats that may influence the firm's plans
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SWOT analysis 174
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AKA situational analysis
which is a search for the Strengths, Weaknesses, Opportunities, and Threats affecting the organization |
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Organizational strengths 175
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the skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its mission
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Organizational weaknesses 176
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the drawbacks that hinder and organization in executing strategies in pursuit of its mission
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Organizational opportunities 176
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environmental factors that the organization may exploit for competitive advantage
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Organizational threats 176
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environmental factors that hinder an organization's achieving a competitive advantage
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Forecast 177
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is a vision or projection of the future
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Trend analysis 177
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is a hypothetical extension of a past series of events into the future
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Contingency planning 177
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AKA scenario planning and scenario analysis
is the creation of alternative hypothetical but equally likely future conditions |
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Porter's model for industry analysis 179
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business-level strategies originate in 5 primary competitive forces in the firm's environment:
1. threats of new entrants 2. bargaining power of suppliers 3. bargaining power of buyers 4. threats of substitute products of services 5. rivalry among competitors |
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Porter's 4 competitive strategies 180
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AKA 4 generic strategies
1. cost-leadership 2. differentiation 3. cost-focus 4. focused-differentiation |
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Cost-leadership strategy 180
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is to keep the costs, and hence prices, of a product or service below those of competitors and to target a wide market
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Differentiation strategy 181
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is to offer products or services that are of unique and superior value compared with those of competitors but to target a wide market
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Cost-focus strategy 181
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is to keep the costs, and hence prices, of a product or service below those of competitors and to target a narrow market
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Focused-differentiation strategy 181
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is to offer products or services that are of unique and superior value compared to those of competitors and to target a narrow market
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Single-product strategy 181
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where a company makes and sells only one product within its market
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Diversification 182
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operating several businesses in order to spread the risk
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Unrelated diversification 182
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operating several businesses under one ownership that are not related to one another
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related diversification 182
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an organization under one ownership operates separate businesses that are related to one another
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Synergy 183
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the economic value of separate, related businesses under one ownership and management is greater together than the businesses are worth separately
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BCG matrix 183
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is a means of evaluating strategic business units on the basis of:
1. their business growth rates 2. their share of the market |
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Execution 184
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is not simply tactics, it is a central part of any company's strategy. It consists of using questioning, analysis, and follow-through to mesh strategy with reality, align people with goals, and achieve results promised
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Reactive change 310
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making changes in response to problems or opportunities as they arise
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Proactive change 311
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AKA planned change
involves making carefully thought-out changes in anticipation of possible or expected problems or opportunities |
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Technology 313
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isn't just computer technology; it is any machine or process that enables an organization to gain a competitive advantage in changing materials used to produce a finished product
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Organizational development (OD) 315
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is a set of techniques for implementing planned change to make people and organizations more effective
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Change agent 315
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a consultant with a background in behavioral sciences who can be a catalyst in helping organizations deal with old problems in new ways
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Intervention 316
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is the attempt to correct the diagnosed problems
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Creativity 318
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the process of developing something new or unique
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Seeds of innovation 319
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the starting point for organizational innovation
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Product innovation 320
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is a change in the appearance or the performance of a product or a service or the creation of a new one
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Process innovation 320
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is a change in the way a product or service is conceived, manufactured, or disseminated
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incremental innovations 320
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the creation of products, services, or technologies that modify existing ones
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Radical innovations 320
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the creation of products, services, or technologies that replace existing ones
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Resistance to change 325
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is an emotional/behavioral response to real or imagined threats to an established work routine
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Adaptive change 326
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is reintroduction of a familiar practice
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Innovative change 326
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is the introduction of a practice that is new to the organization
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Radically innovative change 326
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involves introducing a practice that is new to the industry
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Benchmarking 328
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a process by which a company compares its performance with that of high-performing organizations
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John Kotter
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expert in leadership and change management; 8 steps to avoid the 8 common errors senior management usually commits
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Group 409
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2 or more freely interacting individuals who share collective norms, share collective goals, and have a common identity
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Team 409
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a small group of people with complementary skills who are committed to a common purpose, performance goals, and approach for which they hold themselves mutually accountable
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Formal group 409
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a group established to do something productive for the organization and is headed by a leader
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Informal group 409
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a group formed by people seeking friendship and has no officially appointed leader, although a leader may emerge from the membership
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Advice teams 411
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are created to broaden the info base for managerial decisions.
Examples: committees, review panels, continuous improvement teams, etc |
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Production teams 411
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are responsible for performing day-to-day operations.
Examples: mining teams, flight-attendant crews, maintenance crews, assembly teams, etc |
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Project teams 411
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work to do creative problem solving, often by applying the specialized knowledge of members of a cross-functional team, which is staffed with specialists pursuing a common objective
Examples: task forces, research groups, planning teams, etc |
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Action teams 411
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work to accomplish tasks that require people with
1. specialized training and 2. a high degree of coordination, as on a baseball team, with specialized athletes acting in coordination Examples: hospital surgery teams, airline cockpit crews, police SWAT teams, etc |
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Cross-functional team 411
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a team staffed with specialists pursuing a common objective
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Self-managed teams 412
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groups of workers who are given administrative oversight for their task domains
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Forming (stages of group/team development) 414
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the process of getting oriented and getting acquainted
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Storming (stages of group/team development) 414
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characterized by the emergence of individual personalities and roles and conflicts within the group
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Norming (stages of group/team development) 414
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conflicts are resolved, close relationships develop, and unity and harmony emerge
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Group cohesiveness 414
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a "we" feeling binding group members together
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Performing (stages of group/team development) 414
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members concentrate on solving problems and completing the assigned task
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Adjourning (stages of group/team development) 414
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members prepare for disbandment
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Division of labor 416
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work is divided into particular tasks that are assigned to particular workers
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Social loafing 417
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the tendency of people to exert less effort when working in groups than when working alone
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Task role 417
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AKA task-oriented role
consists of behavior that concentrates on getting the team's tasks done |
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Maintenance role 418
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AKA relationship-oriented role
consists of behavior that fosters constructive relationships among team members |
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Norms 418
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are general guidelines or rules of behavior that most group or team members follow
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Cohesiveness 419
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the tendency of a group or team to stick together
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Groupthink 420
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a cohesive group's blind unwillingness to consider alternatives
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Conflict 423
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is a process in which one party perceives that its interests are being opposed or negatively affected by another party
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Negative conflict 423
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is conflict that hinders the organization's performance or threatens its interests
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Constructive conflict 423
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good for organizations;
benefits the main purposes of the organization and serves its interests |
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Personality conflict 425
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interpersonal opposition based on personal dislike, disagreement, or differing styles
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Programmed conflict 429
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designed to elicit different opinions without inciting people's personal feelings
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Devil's advocacy 429
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the process of assigning someone to play the role of critic;
role-playing criticism to test whether a proposal is workable |
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Dialectic method 429
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role-playing 2 sides of a proposal to test whether it is workable;
the process of having 2 people or groups play opposing roles in a debate in order to better understand a proposal |
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Leadership 438
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the ability to influence employees to voluntarily pursue organizational goals
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Personalized power 440
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power directed at helping oneself
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Socialized power 440
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power directed at helping others
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Legitimate power 440
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power that results from managers' formal positions within the org
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Reward power 440
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power that results from managers' authority to reward their subordinates
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Trait approaches to leadership 444
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attempt to identify distinctive characteristics that account for the effectiveness of leaders
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Behavioral leadership approaches 448
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attempt to determine the distinctive styles used by effective leaders
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Contingency approach to leadership 450
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believe that effective leadership behavior depends on the situation at hand
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Contingency leadership model 450
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determines if a leader's style is:
1. task-oriented or 2. relationship-oriented and if that style is effective for the situation at hand |
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Path-goal leadership model 452
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states that the effective leader makes available to followers desirable rewards in the workplace and increases their motivation by clarifying the paths, or behavior, that will help them achieve those goals and providing them with support
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Situational leadership theory 455
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leadership behavior reflects how leaders should adjust their leadership style according to the readiness of the followers
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Readiness 455
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the extent to which a follower possesses the ability and willingness to complete a task
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Full-range leadership 458
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suggests that leadership behavior varies along a full range of leadership styles, from take-no-responsibility (laissez-faire) "leadership" at one extreme, through transactional leadership, to transformational leadership at the other extreme
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Transactional leadership 458
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focusing on clarifying employees' roles and tasks requirements and providing rewards and punishments contingent on performance
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Transformational leadership 459
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transforms employees to pursue organizational goals over self-interests
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Charisma 460
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a form of interpersonal attraction that inspires acceptance and support
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Leader-member exchange (LMX) model of leadership 462
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emphasizes that leaders have different sorts of relationships with different subordinates
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Shared leadership 463
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is a simultaneous, ongoing, mutual influence process in which people share responsibility for leading
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Servant leaders 463
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focus on providing increased service to others -- meeting the goals of both followers and the organization -- rather than to themselves
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e-leadership 464
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can involve one-to-one, one-to-many, within-group and between-group and collective interactions via information technology
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Communication 474
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the transfer of info and understanding from one person to another
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Encoding 475
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translating a message into understandable symbols or language
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Decoding 475
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interpreting and trying to make sense of the message
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Feedback 475
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the receiver expresses his or her reaction to the sender's message
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Noise 475
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any disturbance that interferes with the transmission of a message
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Media richness 477
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indicates how well a particular medium conveys info and promotes learning
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Semantics 479
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the study of the meaning of words
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Jargon 479
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terminology specific to a particular profession or group
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Stereotype 481
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consists of oversimplified beliefs about a certain group of people
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Nonverbal communication 481
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consists of messages sent outside of the written or spoken word
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Formal communication channels 486
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follow the chain of command and are recognized as official
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Downward communication 487
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from top to bottom; flows from a higher level to a lower level
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Horizontal communication 487
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flows within and between work units; its main purpose is coordination
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External communication 488
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flows between people inside and outside the org
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Informal communication channels 488
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develop outside the formal structure and do not follow the chain of command
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Grapevine 488
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the unofficial communication system off the informal organization
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Management by wandering around (MBWA) 488
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the term used to describe a manager's literally wandering around his/her organization and talking with people across all lines of authority
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Multicommunicating 489
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represents "the use of technology to participate in several interactions at the same time"
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Telepresence technology 491
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high-definition videoconference systems that simulate face-to-face meetings between users
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