Management Final
Business Administration 3030 with Williams at University of Toledo
About this deck
By: Taylor Conley
Created: 2010-12-08
Size: 71 flashcards
Views: 21
Created: 2010-12-08
Size: 71 flashcards
Views: 21
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diversity
individual differences such as race, gender, age
-good source of competitive advantage
inclusity
how open an organization is to anyone who can perform a job
Characteristics of a Multinational Organization
-informal network integration
-absence of prejudice and discrimination
-pluralism
-minimum intergroup conflict
-structural integration
informal network integration
support groups assist career development of minorities
absence of prejudice and discrimination
goal of eliminating culture-group biases
pluralism
members of minority and majority cultures influence key values and policies
minimum intergroup conflict
members avoid destructive conflicts
structural integration
minorities well represented at all levels and in all responsibilities
ethnocentrism
thinking your group is superior to others
glass ceiling effect
invisible barrier limiting the career advancement of women and minorities
biculturalism
minorities adopt characteristics of the majority to succeed
managing diversity
seeking ways to make an organization permanently multicultural and inclusive
culture shock
feelings of confusion and discomfort when in an unfamiliar culture
Stages of Adjustment(Culture Shock)
confusion
small victories
honeymoon
irritation and anger
reality
cultural intelligence
ability to adapt to new cultures
Hofstede's Five Dimensions of National Cultures
Power Distance
Uncertainty Avoidance
Individualism-Collectivism
Masculinity-Femininity
Time Orientation
Power Distance
degree to which a society accepts unequal distribution of power
Uncertainty Avoidance
degree to which a society tolerates risk and uncertainty
Masculinity-Femininity
degree to which a society values assertiveness & materialism vs. feelings and relationships
Individualism-Collectivism
degree to which a society emphasizes individuals and their self-interests vs. collective accomplishments and group interests
Time Orientation
degree to which a society emphasizes short-term or long-term goals
GLOBE
global leadership and organizational behavior effectiveness
global economy
resources, markets, and competition are worldwide
globalization
growing interdependence among elements of the global economy
insourcing
creation of domestic jobs by foreign employers
outsourcing
shifting local jobs to foreign locations
global sourcing
firms purchase materials or services around the world for local use
-first step in international business
licensing
firm pays a fee for rights to make or sell another company's products
franchising
firm pays a fee for rights to use another company's name and operating methods
joint venture
company that operates in a foreign country through co-ownership with foreign and local partners
protectionism
gov'ts protect domestic firms from foreign competition
corruption
illegal practices to further one's business interests
sweatshops
employ workers at very low wages, for long hours in poor working conditions
child labor
full-time employment of children
currency risk
possible loss because of fluctuating exchange rates
political risk
possible loss of investment in, or control over a foreign asset because of political changes in a host country
expatriate
living and working in a foreign country
economic development
firm does business in foreign countries with direct intent to advance local economic development
global strategic alliance
foreign and domestic firms act as partners for mutual benefit
differences in ______ exist when people from various countries meet and work together in the global economy
ethnic subcultures
R.Roosevelt Thomas's Continuum of Leadership Approaches to Diversity
Step 1: Affirmative Action
Step 2: Valuing Diversity
Step 3: Managing Diversity
First-Mover Advantage
being first to enter a market
necessity-based entrepreneurship
starting new ventures because of no other employment options
social entrepreneurship
take risks to find new ways to solve pressing social issues
small business
fewer than 500 employees
independently owned and operated
doesn't dominate in industry
Three Life Cycle Stages
Birth Stage-establishing the firm
Breakthrough Stage-growing, becoming profitable
Maturity Stage-market success, financial stability
family businesses
owned and financially controlled by family members
succession problem
issue of who will run the business once the head leaves
succession plan
describes how leadership transition will be handled
business plan
describes the direction for a new business and the financing needed to operate it
sole proprietorship
individual or married couple pursuing a business
-personally liable for all business debts and claims
partnership
two or more ppl contribute resources to start a business together
general partnership
owners share management responsibilities
corporation
legal entity that exists separately from its owners
debt financing
borrowing money from person, bank, or financial institution
equity financing
gives ownership shares to outsiders in return for their financial investments
-money doesn't need to be paid back
venture capitalists
individuals or companies that make large investments in new ventures in return for an equity stake in the business
initial public offering
initial selling of shares of stock to the public
angel investor
wealthy individual willing to invest in a new venture in return for equity in the business
what to include in a business plan
executive summary
industry analysis
company description
products and services
market description
marketing strategy
operations description
staffing
financial projection
capital needs
milestones
executive summary
business purpose; highlights of plan
industry analysis
nature of industry, risks, economic trends
company description
mission,owners,legal form
products and services
major goods or services
market description
sixe, competitor strengths and weaknesses, five-year sales goals
marketing strategy
product characteristics, distribution, promotion, pricing
operations description
manufacturing or service methods, suppliers
staffing
mgmt and worker skills needed and available, compensation, HR
financial projection
cash flow projections 1-5 years, break-even points
capital needs
amount needed, amount available, amount being requested
milestones
timetable for completing key stages of new venture
About this deck
By: Taylor Conley
Created: 2010-12-08
Size: 71 flashcards
Views: 21
Created: 2010-12-08
Size: 71 flashcards
Views: 21
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“I have used this website for three exams, and I see a huge difference in my test results.”
Naj
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