What is intellectual capital? Collective brainpower or shared knowledge of a workforce. (capital = competency X commitment) What is a knowledge worker? Someone whose mind is a critical asset to employers. How are national boundaries viewed today? Business firms cross national boundaries to acquire resources all the time. GlobWe also discuss several other topics like penn state math 41
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alization revolves around this. The characteristics of a free agent economy? In this economy people change jobs more often and many work on independent contracts with a shifting mix of employers. The role of an organizations top managers? Guide the performance of the organization as a whole or of one of its major parts. Constitutes an exec team that reports to the board. What managers do? A person who supports, activates, and is responsible for the work of others. The nature of organizations? A collection of people working together to achieve a common purpose. Large corporations to small businesses. What effectiveness and efficiency are? Performance effectiveness: an output measure of task or goal accomplishment. Performance efficiency: an input measure of resource cost associated with goal accomplishment. How knowledge workers fit in the market today? Workplace talents in today’s age of information, technology and change are dominated by knowledge workers. What is globalization? Worldwide interdependence of resource flows, product markets, and business competition. The overarching framework for thinking about “right” and “wrong”? Ethics; the code of moral principles that sets standards for conduct that is good and right vs bad and wrong. The nature of the changing workforce? Workforce diversity describes workers’ differences in terms of gender, race, age, ethnicity, religion, sexual orientation, and able bodiedness. What are the components of management? Planning, organizing, leading, controlling are the four functions. Implement master key roles in intense/complex work settings. What are terminal values? Preferences about desired end states, such as the goals one strives to achieve in life. Ex… self-respect, family security, freedom and happiness. The four different views of ethics? Utilitarian view: ethical behavior delivers the greatest good to the most people. Individualism view: ethical behavior advances long-term self-interests. Moral rights view: ethical behavior respects and protects fundamental rights. Justice view: ethical behavior treats people impartially and fairly. What cultural relativism is? Suggests there is no one right way to behave; ethical behavior is determined by its cultural content. “when in rome, do as the romans do” What ethical imperialism is? An attempt to impose ones’ ethical standards on the other cultures. Absolutist approach. Kohlberg’s levels of moral development? 1. Preconventional- self-centered behavior. Stage 1: avoid harm/punishment. Stage 2: make deals for personal gain. 2. Conventional- social-centered behavior. Stage 3: act consistently with peers, others. Stage 4: follow rules to help society run smoothly. 3. Post conventional- principle-centered behavior. Stage 5: live up to societal agreement concerning individual rights. Stage 6: act according to internal principles. The 3 P’s of organizational performance? Profit, people, and planet. What is the triple bottom line? Evaluates organizational performance on economic, social and environmental criteria. What is meant by the general environment? Consists of economic, legal-political, sociocultural, technological, and natural environment conditions in which the organization operates. Sets the context for managerial decision making.What does sustainable business mean? Operates in ways that meet the needs of customers while protecting or advancing the well-being of our natural environment. Operates in harmony with nature rather than exploiting it. Set goals for things like “recycling percentage”, “carbon reduction” What is competitive advantage? Something that an organization does extremely well, it is difficult to copy, and that gives it an advantage over competitors in the marketplace. Organizations strive for this. Elements of the general environment? Economic environment: economic growth, unemployment rate, disposable income. Legal-Political environment: laws and regulations, business forms, political trends. Technological environment: IT systems/infrastructure, broadband internet access. Natural environment: “green” values, recycling infrastructure. Sociocultural environment: population demographics, education system, health/nutrition values. What are generational cohorts? Consist of people born within a few years of one another and who experience somewhat similar life events during their formative years. The consequences of innovation? Disruptive innovation creates products or services that become so widely used that they largely replace prior practices and competitors. Ex-cell phones disrupted land lines, mp3 disrupted CD’s, discount retailers disrupted full line department stores. Steps in the innovation process? The five steps in Hamel’s “wheel of innovation” Imagining: thinking new possibilities. Scaling: implementing and commercializing as new products or services. Designing: building first models/prototypes. Assessing- identifying costs/benefits, markets/applications. Experimenting: examining practically, doing feasibility studies. What is environmental capital? The supply of natural resources- atmosphere, land, water and minerals- that sustains life and produces goods and services for society. Components of the various environments businesses are embedded in? -The general env includes background economic, sociocultural, legal-political, technological and natural env conditions. -The economic env influences organizations through the health of the local, domestic, and global economies in terms of such things as financial markets, inflation, income levels, unemployment, and job outlook. -The legal-political env influences organizations through existing and proposed laws and regulations, government policies, and the philosophy and objectives of political parties. -The sociocultural env influences organizations through the norms, customs, and demographics of a society or region, as well as social values on such matters as ethics, human rights, gender roles, and lifestyles. -The technological env influences organizations through continuing advancement of information and computer technologies that affect the way we work, how we live, and how we raise our children. -The natural env conditions influence organizations through the abundance of natural resources provided, and the need for organizational practices that both meet the needs of customers and protect future well-being. What stakeholders are? The persons, groups and other organizations that are directly affected by the behavior of the organization and that hold a stake in its performance. Factors that can impact competitive advantage? What is innovation? The process of taking a new idea and putting it into place.