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Midterm 2 Review
ALL eligible content for the final exam
| Term | Definition |
|---|---|
| Stages of Internationalization Process | Exporting --> Cooperative Contracts --> Strategic Alliances --> Wholly Owned Affiliates |
| Exporting Stage | make product local, sell it globally |
| Cooperative Contracts Stage | Licensing Agreement - Foreign business operator pays YOU a royalty to receive access to your intellectual property Franchise Agreement - Foreign operator pays company a franchise fee to operate in their country |
| Strategic Alliances Stage | Two companies hq'd in different countries, agree to share expertise and costs, liabilities, profits equally |
| Wholly Owned Affiliates Stage | buy another company in a different country |
| Problem W/ Mustang Jeans | Miscommunication between the two culture values; High-Context Cultures - Nonverbal + situational messages convey meaning, Prioritize interpersonal relationships, Group harmony > individuality Low-Context Culture - Words convey primary meaning |
| Hofstede's Dimensions | Long-term vs Short-term orientation Uncertainty avoidance Masculinity vs Femininity Individualism vs Collectivism Power Distance |
| Long Term vs Short Orientation | Plan for the future (China) OR Live in the now (U.S) |
| Uncertainty avoidance | To what extent do people in this culture feel comfortable with unstructured, ambiguous, risky situations --> Seek security and stability OR welcome the unknown |
| Masculinity vs Femininity | To what extent does the culture value traditionally masculinity or femininity values |
| Individualism vs Collectivism | To what extent does society expect others to be self-sufficient OR group care |
| Power Distance | To what extent are people comfortable with unequal distribution of power, resources, and opportunities |
| Characteristics of An Attractive Foreign Business Climate | 1. Growing Market --> determine through purchasing power + foreign competition 2. Choosing an Office / Manufacturing Location --> workforce quality + company strategy 3. Minimizing Political Risk --> political + policy uncertainty |
| Preparing for an International Assignment | Increase success by... - cross cultural training - Three Methods; documentary training, cultural simulations, field simulation - Spouse + Family + Dual Career Issues - Adaptability Screening |
| Getting Funding | 3 Ways - Equity; investors give money + you give up a bit of ownership - Debt; borrow money + pay back w/ interest - Awards; JPEC Competitions |
| Types of Ownership | 4 Types; proprietorship, partnership, corporate, LLC / S-Corporation Main Differences --> how + when earnings are taxed and liability for debts |
| Key Ideas Behind Burn Your Business Plan | What matters is... - Great oral presentation - Compelling written story - Effective web site - Hard-hitting financial projections (NUMBERS ARE SO IMPORTANT) |
| Rational Decision Making | 1. Identify + Define the Problem 2. Identify Decision Criteria 3. Weigh the Criteria 4. Generate Alternative Courses of Action 5. Evaluate Each Alternative 6. Compute the Optimal Decision |
| Corporate Strategies | overall organization strategy that answers.. what business are we in? what business should we be in? |
| BCG Matrix | Question Marks - low share, high growth Stars - high share, high growth Dogs - low share, low growth Cash Cows - high share, low growth |
| Corporate Grand Strategy | asks what do we want to accomplish? 1. Growth - increase market share, profits, etc. 2. Stability - improve current services + products for existing customers 3. Retrenchment - shrink to survive; focus on core aspect of company |
| Firm-Level Strategies (Shark Analogy) | Strategic Moves in Direct Competition Attacks + responses in red ocean = Make strategic action, other competitor copies Entrepreneurship Movement into deep blue waters = Move into new area + create new products |
| Control Process | ongoing cycle / cybernetic process; purpose is to ensure that activities are providing desired destination 6 Steps |
| Steps of the Control Process | Set Standard, Measure Actual Performance, Compare w/ Standard, Identify Deviations, Analyze Deviations, Take Corrective Action |
| Planning + Control Tools | - PERT Networks - rail line w/ branches; use prior data if available - Gantt Charts - waterfall chart Present same information in visually different ways |
| Types / Times of Control | each type is associated w/ a time period Feedward; monitor inputs + prevent problems before they occur Concurrent; monitor ongoing process + correct problems as they occur Feedback; monitor products + correct problems after they've occurred |
| Budgets | most widely used control device; organizations have many budgets --> watch the baker budget video |
| Balanced Scorecard | measurement of performance in 4 areas... - Finances, Customers, Internal Operations, Innovation / Learning Advantages: forces setting goals + measuring performance, minimizes chance for suboptimization |
| Experiential Innovation | planned through deliberate creation of creative work environments + testing; creative work environment needs to be nurtured Characteristics; uncertainty, flexibility, use old tech in a new way (discontinuous) |
| Compression Innovation | managed through traditional planning + control processes Characteristics ; stable environments, series of steps, improve on existing design --> reduce time to produce and bring small improvements (incremental) |
| Components of Creative Work Environments | Needs... Three Types of Encouragement Challenge Lack of Impediments; no micromanaging, bureaucracy, etc Freedom; employee autonomy Expertise; be knowledgeable in the area Be positive! |
| Three Types of Encouragement Needed | 1. Organizational - management encourages risks, new ideas, rewards + recognizes creativity 2. Supervisory - supervisors provide clear goals, encourage openness, actively support teams 3. Work Group - diverse team + open to new ideas |
| Resistance to Change | 3 Factors - Self Interest; fear that they will have to give up something they value - misunderstanding + distrust; not understanding why change is needed or not trusting person is leading change - General Intolerance; uncertainty is scary |
| What To Do When Employees Resist | - Connect to people's emotions, empathize, communicate ( Unfreeze Stage) - explain benefits, have opportunities for feedback, educate on why change is needed, don't rush it ( Freeze Stage) |
| Lewin's Change Model | Three Stages 1. Unfreeze - getting the people affected by change to believe that change is needed 2. Change - workers + managers change their behavior and work practices 3. Refreezing - supporting + reinforcing the new changes so that they stick |
| Departmentalization Structures | Functional, Product, Customer, Geographic |
| Functional Departmentalization Structure | organizing company into departments based on the major business functions (+): specialization creates efficiency which lowers costs (-): lack of communication + coordination between departments low cost, low responsive |
| Product Departmentalization Structure | organizing company based on products sold (+): allows specialization in area of expertise, increased communication, helps analyze performance across product segments (-): expensive high costs, high responsiveness |
| Customer Departmentalization Structure | organized based by customers served; example is clothing retailers (+): more responsive, customizable, and flexible (-): expensive + duplication of resources high costs, high responsiveness |
| Geographic Departmentalization Structure | organized by geographic area (+): more responsive, customizable to specific region (-): higher costs, duplication of resources, difficult to coordinate across departments higher costs, high responsiveness |
| Logic of Contingency Design | No single best design for all companies + situations; Burns & Stalker said to understand the amount of environmental uncertainty you face and let that guide your choices |
| Mechanistic Design + Characteristics | LIKE A WELL OILED MACHINE; best for slow, predictable, unchanging industries + compression innovation Characteristics; clear chain of command, vertical communication, centralized authority, low delegation, specialization |
| Organic Organizations | LIKE A ADAPTABLE TREE ; best for fast paced, dynamic, unpredictable industries + experiential innovation Characteristics; thinking broadly + lateral communication, decentralized authority, high delegation, high generalization |
| Line Authority | can command someone in the chain |
| Staff Authority | right to advise, but not command |
| Delegation of Authority | assignment of direct authority + responsibility to a subordinate to compare task for which the manager is normally responsible |
| Transfers during Delegation | 1. transfer full responsibility --> helps free up manager time + managers can have trouble giving up full responsibility 2. transfer full authority --> anything they may need 3. transfer of consequences --> subordinate will be responsible for results |
Created by:
Zetiris
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