Management & Leadership in Business

The process of integrating and interacting across global boundaries in trade, finance, and cultural exchange. It allows organizations to enter new markets, utilize global talent, and access financial resources worldwide.

Companies exchange goods and services across national borders, leading to a wider market for products and services.

Businesses increasingly rely on talent from different countries, influenced by immigration laws and workforce availability.

Organizations utilize international financial sources to fund operations and investments.

A company with operations in multiple countries, adapting its strategies to local conditions.

A type of MNC that decentralizes decision-making to local managers, allowing them to tailor strategy to their specific markets.

A type of MNC that centralizes management and decision-making in its home country, applying a standardized approach to global operations.

An entity that goes beyond legal and economic requirements to benefit society. This includes ethical practices, environmental sustainability, and community involvement.

The ability of a company to meet its social obligations by addressing emerging social needs like environmental sustainability and community welfare.

Integrating ethical principles into business operations and ensuring that actions benefit society, beyond just profit.

Managers incorporate social responsibility into their decision-making processes, enhancing the organization's reputation and sustainability.

Leaders create an ethical workplace by setting standards, modeling behavior, and reinforcing ethical practices.

Ethical leadership is crucial in global business as it builds trust across cultures and ensures organizational reputation and sustainability.

Managers engage in four core functions including planning, organizing, leading, and controlling.

Managers operate in various contexts, including private corporations, public agencies, non-profits, and educational institutions.

All organizations share common characteristics such as having a defined purpose, a group of people working together, and a system to achieve goals.

A culture where employees are empowered to prioritize customer satisfaction and deliver exceptional service.

A culture that encourages creativity, experimentation, and rapid adaptation to changing environments.

A culture that balances environmental, social, and economic considerations to achieve sustainable growth.

A culture that values diversity and inclusion, fostering a sense of belonging for all employees.

The process of dividing tasks into smaller, specialized jobs to improve efficiency and expertise.

The grouping of jobs based on shared characteristics, such as functions, products, or locations.

A model of organizational design characterized by hierarchical structure, formal rules, and centralized decision-making.

A model of organizational design characterized by flexible structure, decentralized decision-making, and informal communication.

The process of coordinating and overseeing the activities of others to achieve organizational goals efficiently (minimizing waste) and effectively (ensuring goal achievement).

AI, automation, and data analytics are changing decision-making and operational workflows. Remote work technologies are enabling distributed teams.

Provides platforms for marketing, customer engagement, and employer branding. Managers need to maintain transparency and respond quickly to public concerns.

Managers must cater to a multi-generational workforce, balancing the expectations of younger and older employees.

A person who influences others and guides them toward achieving shared goals.

The process of influencing and inspiring a group to achieve goals.

Focuses on the relationship between leaders and followers. In-group members receive more attention and resources, while out-group members have limited access.

The process of identifying a problem, gathering information, generating alternatives, evaluating options, choosing the best solution, implementing it, and assessing its effectiveness.

Mental shortcuts that managers use to simplify decision making, which can sometimes lead to errors in judgment.

A decision-making model that assumes logical and consistent choices to maximize value, requiring complete information and clear goals.

A more realistic approach where decisions are made within the limits of available information, time, and resources, often leading to "satisficing" - choosing the first satisfactory solution.

A decision-making approach that relies on experience, intuition, and judgment, often useful in complex and uncertain situations.

Decisions that involve routine, repetitive situations and are guided by established rules or procedures. Example - restocking inventory when levels drop.

Decisions that involve unique, complex situations requiring tailored solutions. Example - launching a new product in a foreign market.

A process where a group of people come together to reach a decision, involving interactions, discussions, and shared perspectives.

Strategic planning involves defining long-term goals and determining how to achieve them, aligning organizational activities with the mission and vision. It's a crucial part of the management planning process, guiding efforts by prioritizing activities and resources.

A SWOT analysis examines an organization's Strengths, Weaknesses, Opportunities, and Threats. Strengths and weaknesses are internal factors, while opportunities and threats are external.

Strategies are classified based on their level (corporate, business unit, or functional), industry positioning (cost leadership, differentiation, or focus), and competitive approach (defend, imitate, or innovate).

Task demands refer to stressors related to work content, such as deadlines, workload, and job complexity. Role demands involve ambiguity or conflict in job expectations, while interpersonal demands encompass conflicts with coworkers or supervisors. Finally, organizational structure stressors include excessive bureaucracy or rigid policies.

Techniques to stimulate innovation and support change include encouraging creativity through brainstorming or idea-sharing platforms, providing resources like R&D funding, and establishing innovation-friendly cultures that reward risk-taking.

Business environments supportive of change and innovation are characterized by open communication and collaboration, an emphasis on learning and adaptability, and strong leadership that supports experimentation and tolerates failures.

Design thinking is a problem-solving approach centered on understanding user needs, generating creative ideas, and rapid prototyping. It's often used in product development to balance functionality and user experience.

Innovation variables that managers need to safeguard include structural elements like flexible organizational designs that facilitate collaboration, cultural elements like supportive cultures that reward creativity and tolerate mistakes, and human resources elements like hiring and training employees with an innovative mindset.