Term
| What are 3 characteristics of integration? |
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Definition
| Employees working together for the good of the whole firm and its goals; no competition between departments but an information sharing culture; defy the heroes-and-drones syndrome, where the CEO alone makes all the decisions and takes all the credit. |
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Term
| What kind of leaders are needed with everyone involved? |
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Definition
| Local managers, who have direct responsibility towards profit and loss; executive managers, who "enforce" and pursue ideas; and internal networkers, who generate ideas but don't have much power to pursue them. |
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Term
How are strategic management ideas impressed on an organization and strengthened?
hint: Cats In The Driveway |
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Definition
| Those ideas are inculcated, or impressed on the collective minds working in an organization, through the use of frequent, forceful repetition and immersion. They are strengthened by communication, incentives, training, and development. (CITD) |
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Term
What are 5 CSR issues? What does CSR stand for?
hint: AAPLE |
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Definition
| CSR stands for corporate social responsibility. The 5 issues are accountability, affirmative action, public safety, labor standards, and the environment. |
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Term
| Why is sustaining the environment important from a business perspective? What should the business world's goal be? |
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Definition
| Resources are depleted and the environment harmed at business' and everyone's expense. The goal should be to design an economy that the planet can sustain indefinitely. |
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Term
| Why is Adobe a good example of going green profitably? |
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Definition
| Adobe "retrofitted" their existing buildings at a cost of $650,000, resulting in nearly 40% reduction of both gas and electric use as well as saving approximately 300,000 gallons of water a month. Their total savings are $720,000 and their return on investment was 115%. |
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Term
What is the Triple Bottom Line?
hint: Eat Fish Sticks |
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Definition
| Instead of just focusing on the financial bottom line, the triple bottom line makes environmental, financial, and social "bottom lines" equal priorities. |
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Term
| Why and how should companies use CSR to their advantage and how is Am-Ex a good example? |
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Definition
| Why? Because customers prefer to buy brands that they know support social causes they agree with. How? Cause-related marketing (contributing a portion of a product's price to some charity). Am-Ex used CRM by contributing a percentage of their profits to the restoration of the Statue of Liberty. The ending result was that it strengthened both customer relationships and employee morale. |
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Term
| What is the hierarchy of goals and what should it achieve? |
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Definition
| The hierarchy of goals begins with the vision at the top, which is less specific but inspires passion, then the mission, which expresses the purpose of the firm and its competitive advantage, and lastly strategic objectives, which are more specific and used as a yardstick. These are all used to attain coherence, which is logical, orderly, and consistent. |
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Term
Why do some visions fail?
hint: HUMM |
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Definition
| Because they are considered a Holy Grail being able to solve all the firm's problems; they are unattainable and unrealistic which leads to bad morale; they are meaningless and just use popular buzzwords; they miss out because they focus on too narrow a goal. |
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Term
What should missions include and who is the most important audience?
hint:CUPS + E |
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Definition
| Missions should include the purpose of the organization, where its competitive advantage is, stakeholder management,and why the business is unique. Employees are the most important audience. |
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Term
| Can visions and mission statements change or stay the same? |
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Definition
| Visions dont usually change but missions should change as organizations evolve with time. |
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Term
| What are "SMART" objectives? |
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Definition
| Good strategic objectives are specific, measurable, appropriate, realistic, and timely. |
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Term
| What is the power of objectives? |
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Definition
| They can help resolve conflicts consistently; challenging objectives motivate and inspire employees; and they prioritize: "If I only have one hour to work, what will I focus on?" |
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