| A | B |
|---|
| Management | the process of assembling and using sets of resources in a goal-directed manner to accomplish tasks in an organizational setting |
| Technology | Can make small firms seem large (Websites and business cards) an large firms seem small (EX Amazon's customized website and feel) |
| Globalization | developement of the increasing international and cross-national nature of everything from politics to business |
| Portfolio of Resources | financial capital, human capital, physical capital (eg. buildings and equipment), and technology |
| Resource Management | 1. Ensure efficient use of resources 2. use these resources in ways that maximize the achievement of a firm's goals |
| Managing Strategically | Answers the questions "what businesses should we be in?" and "how shall we allocate resources amoung the units?" |
| Managing Entrepreneurly | Emphasizing actions the identify opportunities then take advantage of the uncertainty |
| Fredrick W. Taylor | "the father of modern management" (Linked employee incentives to performance) |
| Planning, Organizing, Directing, Controlling | Four principal managerial functions most applicable to modern organizations |
| Planning | estimating future conditions and making decisions based on estimates |
| Strategic Planning | Addresses long term goals |
| Tactical Planning | Addresses short term goals |
| Operational Planning | Addresses unit specific goals |
| Organizing | Identifying the appropriate structure of relationships among positions and the people occupying them, and linking that structure to the overall strategic direction of the entire firm |
| Directing | Influencing your employees to align their objectives with those of the company |
| Controlling | regulating the work of your empoyees |
| Interpersonal Roles | Figurehead, Leader, Liaison |
| Informational Roles | Monitor, Dessiminator, Spokesperson |
| Decisional Roles | Entrepreneur, Disturbance Handler, Resource Allocator, Negotiator |
| Technical Skills | Specialized knowledge that is important for lower level managers, also key in entrepreneurial start-ups |
| Interpersonal Skills | Sensitivity, Persuasiveness, and empathy needed at lower to mid level management positions |
| Conceptual Skills | logical reasoning, judgment, and analytical abilities needed in the highest levels of management |
| Black Hole Technology | Technology is generally very difficult to measure and difficult to justify when budgets are low |
| The World is Flat | Thomas Friedman's book on Globalization |
| Hot Flat and Crowded | Thomas Friedman's sequel to the world is flat. Deals with 1. The Israeli Conflict 2. Information Technology 3. Globalization |
| North American Free Trade Agreement (NAFTA) | In 1993, this agreement allowed trucks and immigrants to pass through the US/Mexican Border |
| BRIC Countries | Brazil, Russia, India and China. These countries have experienced extreme economic growth in recent years |
| The "China Price" | This essentially refers to the price China would charge for the same service or product. It's nearly unbeatable, especially for American firms with high labor wages |
| Risk vs. Return in Management | The riskier something is, the higher its return will be. Ex: Russia's 8.75% Gov't bond rate vs. US 3.25% rate. Predictability is an indication of a lower return. When investing in a country, if your micro strategies don't line up with your macro strategies, you're doomed |
| Interpersonal Roles: The Figurehead | Emphasis on ceremonial activities. "Showing the flag." A social "head" of the organization |
| Interpersonal Roles: The Leader | Influencing or directing others |
| Interpersonal Roles: The Liaison | Emphasizes the contacts that a manager has with those outside the formal authority chain of command. Ex: Other managers, Customers, suppliers, gov't officials, etc. |
| Informational Roles: The Monitor | Extensive information-seeking in order to remain aware of crucial developments that may affect their business |
| Informational Roles: The Disseminator | Conveying information obtained to your subordinates |
| Informational Roles: The Spokesperson | Represents the views of the units for which a manager is responsible This information sent up from the units is not only presented to upper management but also to clients and suppliers. |
| Decisional Roles: The Entrepreneur | Essentially choosing the ventures that the company should add or remove from its business |
| Decisional Roles: The Disturbance Handler | Acting as a judge, problem solver or conflict manager. Generally aiming to stop small issues before they become large ones |
| Decisional Roles: The Resource Allocator Role | The manager's role of deciding who should work when, and what materials they will have available to them. Indirectly, this communicates the relative importance of different business units according to the amount of resources they receive |
| Decisional Roles: The Negotiator | Makes accommodations with other units or other organizations. Ex: A managed sent to establish a new joint venture with another company |
