MAN 2150 CH 5 VOCAB PRETEST

Brainstorming

• A process in which group members generate as many ideas about a problem as they can; criticism is withheld until all ideas have been proposed
• A decision bias influenced by the way in which a problem or decision alternative is phrased or presented
• The state that exists when decision makers have insufficient information

Business strategy

• The major actions by which a business competes in a particular industry or market
• A set of procedures for translating broad strategic goals and plans into specific goals and plans that are relevant to a distinct portion of the organization, such as a functional area like marketing
• The state that exists when decision makers have accurate and comprehensive information

Certainty

• The state that exists when decision makers have accurate and comprehensive information
• A system designed to support managers in evaluating the organization’s progress regarding its strategy and, when discrepancies exist, taking corrective action
• The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities

Concentration

• A strategy employed for an organization that operates a single business and competes in a single industry
• A target or end that management desires to reach
• The process of identifying the specific procedures and processes required at lower levels of the organization

Core capability

• A unique skill and/or knowledge an organization possesses that gives it an edge over competitors
• Achieving the best possible balance among several goals
• The major actions by which a business competes in a particular industry or market

Corporate strategy

• The set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities
• Choosing an option that is acceptable, although not necessarily the best or perfect
• The long-term direction and strategic intent of a company

Custom-made solutions

• New, creative solutions designed specifically for the problem
• Ideas that have been seen or tried before
• The actions or means managers intend to use to achieve organizational goals

Devil’s advocate

• A person who has the job of criticizing ideas to ensure that their downsides are fully explored
• The acquisition or development of new businesses that produce parts or components of the organization’s product
• Strategies implemented by each functional area of the organization to support the organization’s business strategy

Dialectic

• A structured debate comparing two conflicting courses of action
• The state that exists when the probability of success is less than 100 percent and losses may occur
• People’s belief that they can influence events, even when they have no control over what will happen

Differentiation strategy

• A strategy an organization uses to build competitive advantage by being unique in its industry or market segment along one or more dimensions
• A bias weighting short-term costs and benefits more heavily than longer-term costs and benefits
• New, creative solutions designed specifically for the problem