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61 corporate strategy
Gen Mgtthe direction an organization takes with the objective of achieving business success in the long term. A number of models such as Michael Porter’s Five Forces model and Gary Hamel and C. K. Prahalad’s model of core competencies have been used to develop corporate strategy. More recent approaches have focused on the need for companies to adapt to and anticipate changes in the business environment. The formulation of corporate strategy involves establishing the purpose and scope of the organization’s activities and the nature of the business it is in, taking the environment in which it operates, its position in the marketplace, and the competition it faces into consideration. Corporate planning and business plans are used to implement corporate strategy. -
62 cost-effective
Gen Mgtoffering the maximum benefit for a given level of expenditure. When limited resources are available to meet specific objectives, the cost-effective solution is the best that can be achieved for that level of expenditure and the one that provides good value for money. The term is also used to refer to a level of expenditure that is perceived to be commercially viable. -
63 delayering
Gen Mgtthe removal of supposedly unproductive layers of middle management to make organizations more efficient and customer-responsive. The term came into vogue during the 1980s. When taken to extremes, delayering can lead to an anorexic organization. -
64 dynamic programming
Gen Mgta mathematical technique used in management science to solve complex problems in the fields of production planning and inventory control. Dynamic programming divides the problem into subproblems or decision stages that can be addressed sequentially, normally by working backward from the last stage. Applications of the technique include maintenance and replacement of equipment, resource allocation, and process design and control. The term comes from the work of Richard Bellman published in the late 1950s and early 1960s. -
65 executive
Gen Mgtan employee in a position of senior responsibility in an organization. An executive is involved in planning, strategy, policy making, and line management. The term executive can also be used as an alternative to manager, consultant, officer, or agent. -
66 exponential smoothing
Gen Mgta statistical technique used in quantitative forecasting, particularly in the areas of inventory control and sales forecasting, that adjusts data to give a clearer view of trends in the long term. In exponential smoothing, values are calculated using a formula that takes all previous values into account but assigns greatest weight to the most recent data. -
67 flip
Gen Mgta startup company that works to build market share quickly and generate short-term personal wealth for its founders through flotation or sell-off -
68 Generation X
Gen Mgt, HRthe generation of people born between 1963 and 1981 who entered the workplace from the 1980s onward, bringing new attitudes to working life that run contrary to traditional corporate expectations. The term was popularized by the writing of Douglas Coupland and also by Bruce Tulgan in Managing Generation X (1995). Those who belong to Generation X are said to be not solely motivated by money, but they look to a work-life balance, favor flexible working, embrace the concept of employability, and value opportunities for learning, self-advancement, and new challenges. Human resource management practices are increasingly being adapted to accommodate new ways of working. -
69 generic strategy
Gen Mgta strategy for marketing products or services. Generic strategy is a term introduced by Michael Porter. He suggested there are three generic strategies for marketing products or services: cost leadership, differentiation, and focus. The first implies the supply of products in a more cost-effective way than competitors; the second refers to adding value to products or services; and the third focuses on a specific product market segment with the goal of establishing a monopoly. -
70 guan xi
Gen Mgta Mandarin term for “connections,” used to describe the level of personal trust required between business partners -
71 highdome
Gen Mgta scientist. This term stems from the stereotype of scientists, who are often depicted as having high foreheads that are supposed to be a sign of intelligence. (slang) -
72 in box
Gen Mgta receptacle for documents and other items requiring the attention of an individual. An in box is normally placed on the desk or in the office of the person responsible for dealing with the contents. The phrase “in the in box” is also used figuratively to describe items that have not yet been dealt with.U.K. term in tray -
73 incrementalism
Gen Mgta collective term for the many initiatives of the 1980s and 1990s that took a small-step approach to improving quality and productivity and reducing costs. Incrementalism encompasses initiatives such as total quality management, continuous improvement, and benchmarking. Although incrementalism originally provided a source of competitive advantage, it is generally recognized today that a more radical approach is required. -
74 kaizen
Gen Mgt, Opsthe Japanese term for the continuous improvement of current processes. Kaizen is derived from the words “kai,” meaning “change,” and “zen,” meaning “good” or “for the better.” It is a philosophy that can be applied to any area of life, but its application has been most famously developed at the Toyota Motor Company, and it underlies the philosophy of total quality management. Under kaizen, continuous improvement can mean waste elimination, innovation, or working to new standards. The kaizen process makes use of a range of techniques, including small-group problem solving, statistical techniques, brainstorming, and work study. Although kaizen forms only part of a strategy of continuous improvement, for many employees it is the element that most closely affects them and is therefore synonymous with continuous improvement. -
75 key-person insurance
Gen Mgtan insurance policy taken out to cover the costs of replacing a key employee. Key person insurance comes into play in the case of an employee’s mediumto long-term sickness or death. -
76 labor union
Gen Mgt, HRan organization of employees within a trade or profession that has the objective of representing its members’ interests, primarily through improving pay and conditions, and provides a variety of services.U.K. term trade union -
77 layoff
Gen Mgtdismissal from work because a job ceases to exist. Layoffs occur most frequently when an employer goes out of business, suffers a drop in business necessitating a cutback in the workforce, or relocates part, or all, of the company. Layoffs may also be due to a reduced requirement for employees to conduct work of a particular kind. Employees who are laid off may qualify for severance pay. If the layoff process is handled incorrectly, the employer may be faced with claims for unfair dismissal.U.K. term redundancy -
78 macho management
Gen Mgtan authoritarian management style that asserts a manager’s right to manage. Macho management is a term coined by Michael Edwardes, and it was adopted by the media in the 1980s. Macho managers tend to take a tough approach to improving productivity and efficiency, and are unsympathetic to labor unions. -
79 management consultant
Gen Mgta person professionally engaged in advising on, and providing, a detached, external view about a company’s management techniques and practices. A management consultant may be self-employed, a partner, or employed within a management consultancy. Consultants can be called in for many reasons, but are employed particularly for projects involving business improvement, change management, information technology, and long-term planning. -
80 management guru
Gen Mgtan informal term for a management theorist
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