Management 3000W Final Exam

Tariffs

extra charges that are added to the price of international products in the form of additional taxes or higher prices as a way to give domestic companies a price advantage while also protecting these companies from foreign competition

venture capital

financing obtained from venture capitalists, investment firms that specialize in financing small, high-growth companies and receive ownership interest and a voice in management in return for their money

operational planning

first line strategic planning consisting of the specific daily and short-term actions that employees will perform to make the company function

expatriate

foreign employee who moves and works in another country for an extended period of time

justice

four major tenets: (1) all individuals should be treated equally. (2) justice is served when all persons have equal opportunities and advantages. (3) fair decision practices, procedures, and agreements among parties should be practiced. (4) punishment is served to someone who inflicts harm

virtue ethics

grounded in ones character, focusing on what type of person one ought to be

ethical relativism

holds that people set their own moral standards for judging their actions, based on self-interest

Small Business Administration (SBA)

A government agency that speaks on behalf of small businesses; specifically it helps people start and manage small businesses, advises them in the areas of finance and management, and helps them win federal contracts

Social Stratefication

degree to which social benefits are unequally distributed; those patterns are perpetuated for life

cultural paradox

insights from an understanding of culture may not necessarily coincide with reality in that culture

Talent development

integrated HR processes that are created to attract, develop, motivate, and retain employees

total rewards strategy

As coined by World at Work, includes compensation, benefits, work-life effectiveness, recognition, performance management, and talent development

bureaucratic model

Max Webers model that states that organizations will find efficiencies when they divide the duties of labor, allow people to specialize, and create structure for coordinating their differentiated efforts within a hierarchy of responsibility

vision statement

a broad expression of what a business's founders want that business to accomplish

small business

a business with under 500 employees that is independently managed, is owned by an individual or small group of investors, is based locally, and is not a dominant company in its industry

Merit matrix

a calculation table that provides a framework for merit increases based on performance levels

plan

a decision to carry out a particular action in order to achieve a specific goal, including decisions about when and how the action should be accomplished and what resources will be required to carry out the action

debt

a form of business financing consisting of borrowed funds that must be repaid with interest over a stated time period

equity

a form of business financing consisting of funds raised through the sale of stock (i.e., ownership) in a business

business plan

a formal written statement that describes in detail the idea for a new business and how it will be carried out; includes a general description of the company, the qualifications of the owner(s), a description of the product or service, an analysis of the market, and a financial plan.

mission statement

a general description of how the firm will try to accomplish the firms vision

stability strategy

a grand strategy for a company that wants to maintain its current income, market share , or geographic reach

defensive strategy

a grand strategy pursued by companies facing challenges

growth strategy

a grand strategy to increase the size of the firm in terms of revenue, market share, geographic reach, or a combination of these elements

9-box

a matrix tool used to evaluate an organizations talent pool based on performance and potential factors

Appreciative inquiry model

a model specifically designed as an abundance-based, bottom up, positive approach

benchmarking

a performance evaluation technique where the standard for a firms performance is based on another firms superior performance

competencies

a set of defined behaviors than an organization might utilize to define standards for success

ethical delimma

a situation in which a difficult choice has to be made between two courses of action with ethical consequences

BCG matrix

a tool used to evaluate the various business units in a corporation

SMART framework

acronym for the characteristics of good goals: specific, measurable, attainable, relevant, and time-bound

360 assessment

an evaluation tool that collects feedback from manager, peers, direct reports, and customers

stakeholder

any group or individual who can affect or is affected by the achievement of an organizations objectives.

appreciative conversations

intense, positively framed discussions that help people to develop common ground as they work together to cocreate a positive vision of an ideal future for their organization

E-commerce

buying and selling of products using the internet

War for talent

coined by McKinsey & Company is 1997, it refers to the increasing competition for recruiting and retaining talented employees

born globals

companies that operate internationally from the day they are created

Short-term strategic plan

company actions to achieve an objective in a time frame of a year or less

long-term strategic plan

company actions to achieve an objective that will take a year or longer to accomplish

local strategy

company's operations are adapted to fit some specific countries

stewardship

concerned with empowering followers to make decisions and gain control over their work

licensing

contractual agreement, whereby a company is given the right to another company's trademarks, know-how, and other intangible assets in return for a royalty or a fee

boundary conditions

define the degree of discretion that is available to employees for self-directed action

individualism

degree to which a society focuses on the relationship of the individual to the group

terminal values

desired goals, objectives, or end states that individuals wish to pursue.

intrapreneurs

entrepreneurs who apply their creativity , vision, and risk taking within a large corporation, rather than starting a company of their own

DHL global connected index

index tracking the flow of capital, information, trade, and human resources and representing the degree of globalization

Angel investors

individual investors or groups of experiences investors who provide financing for start-up businesses by investing their own funds

emerging market multinationals

influential companies from emerging markets that are competing head-on with established multinationals and rewriting the rules of competition by using new business models

exporting

international entry mode where a company sends a product to an international market and fills the order like a domestic order

Foreign direct investment (FDI)

involves a company investing in another country through the construction of facilities and buildings in another country

servant leadership

involves selflessly working with followers to achieve shared goals that improve collective, rather than individual, welfare

abundance based change

leaders assume that employees will change if they can be inspired to aim for greater degrees of excellence in their work

rights

legal rights are entitlements that are limited to a particular legal system and jurisdiction, while moral rights are universal and based on norms in every society

international strategy

level of strategy concerned with the large-scale actions involved in entering a brand-new geographic market

High-rigor cross-cultural training

methods of training where participants are much more actively engaged in the training process and can learn some tacit aspects of cross-cultural differences

tactical planning

mid-level strategic planning consisting of broad ideas of what a company should do to pursue its mission

Uppsala model of internationalization

model that argues that as firms learn more about a specific market, they become more committed by investing more resources into that market

GLOBE project

more recent cultural project involving 170 researchers who collected data on 17,000 managers from 62 countries around the world

cultural stereotyping

occurs when one assumes that all people within a culture act, think and behave in the same way

change agents

people in the organization who view themselves as agents who have discretion to act

entrepreneurs

people with vision, drive, and creativity who are willing to take the risk of starting and managing a business to make a profit, or greatly changing the scope and direction of an existing firm

Small Business Investment Company (SBIC)

privately owned and managed investment companies that are licensed by the Small Business Administration and provide long-term financing for small businesses

hofstede model of national culture

project involving survey of over 88,000 employees in IBM subsidiaries from 72 countries

uncertainty avoidance

refers to the degree to which people in a society are comfortable with uncertainty and unpredictable situations

Power distance

refers to the degree to which societies accept power differences and authority in society

cultural intelligence

refers to the individuals capabilities to function and manage effectively in culturally diverse settings

clusters

representing countries that share similar cultural characteristics

moral entrepreneur

someone who creates a new ethical norm

goal

something a firm is trying to accomplish; can also be called an objective

Human resources compliance

the HR role to ensure adherence to laws and regulations that govern the employment relationship

Business ethics

the area of applied ethics that focuses on real-world situations and the context and environment in which transactions occur

Identifying and separating terminal from instrumental values in any given situation can assist individuals, groups and work units in distinguishing between the "ends (goals) from the means (methods to reach the goals)" and vice versa in making decisions, thereby helping us choose more ethical options or at least less unethical ones in situations a. true b. false

the beliefs and behaviors that determine how a company's employees and management interact inside an organization and also handle outside business transactions. Corporate culture develops organically overtime from the cumulative traits of the leaders and the people that the company hires

strategic objectives

the big-picture goals for the company: what the company will do to try to fulfill its mission

corporate strategy

the broadest level of strategy, concerned with decisions about growing, maintaining, or shrinking very large companies

ethics

the code of moral principles and values that governs the behaviors of a person or group with respect to what is right or wrong

centralization

the concentration of control of an activity or organization under a single authority

employer-employee relationship

the employment relationship; the legal link between employers and employees that exists when a person performs work or services under specific conditions in return for payment

performance measurement

the evaluation of firm activities to determine the success of that activity in helping the firm reach its strategic objectives

implementation

the execution of a strategy by planning and assigning actions to employees to carry out in order to accomplish the company's strategic objectives

normative ethics

the field of ethics concerned with our asking how should and ought we live and act

Human resource management

the management of people within organizations, focusing on the touchpoints of the employee life cycle

Talent review calibration process

the meeting in which an organizations 9-box matrix is reviewed and discussed, with input and sharing from organizational leadership

instrumental values

the preferred means of behavior used to obtain desired goals

pay for performance model

the process and structure for tying individual performance levels to rewards levels

performance management

the process by which an organization ensures that its overall goals are being met by evaluating the performance of individuals within that organization

change management

the process of designing and implementing change

Talent acquisition

the process of finding and acquiring skilled candidates for employment within a company; it generally refers to a long-term view of building talent pipelines, rather than short-term recruitment

Succession planning

the process of identifying and developing new leaders and high-potential employees to replace current employees at a future time

strategic management process

the set of activities that firm managers undertake in order to try to put their firms in the best possible position to compete successfully in the marketplace

Human capital

the skills, knowledge, and experience of an individual or group, and that value or an organization

strategic analysis

the systematic examination of a firms internal and external situation that informs managerial decision-making

stakeholder management

the systematic identification, analysis, planning, and implementation of actions designed to engage with stakeholders

employee life cycle

the various stages of engagement of an employee-- attraction, recruitment, onboarding, development, retention, separation

command-and-control

the way in which people report to one another or connect to coordinate their efforts in accomplishing the work of the organization

Society for Human Resource Management

the worlds largest HR professional society, with more than 285,000 members in more than 165 countries. It is a leading provider of resources serving the needs of HR professionals

Training, stretch assignments, individual assessments, individual development plans

tools that may be used in talent development

business-level strategy

ways that single-product firms organize their activities to succeed against rivals; at this level, include cost leadership and differentiation

international franchising

where a company will license the complete business model

Global strategy

where all operations and activities are managed fairly similarly worldwide