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Managament 300 II

Organization A group of people working together for a common purpose
Team A small group of people working together for a common purpose
Dysfunctions of teams lack of trust, fear of conflict, lack of commitment, avoidance of accountability, and inattention to results
Satisfaction team's ability to meet the personal needs of its members and hence maintain their membership and commitment.
Productive output the quality and quantity of task outputs as defined by team goals
Capacity to adapt and learn the ability of teams to bring greater knowledge and skills to job tasks and enhance the potential of the organization
Role Different sets of expectations for how different individuals should behave.
Categories of roles -Task role (Task Specialist) -Relationships role (Team Maintenance) Combination role
Specific task Roles Planner/organizer Thinker/problem solver Information seeker Decision maker
Specific relationship roles Cheerleader Praiser Coach/mentor
Relationships role Focused on building effective working relationships and facilitating the efforts of team members toward the tasks/goals
Task Role Focused on getting the job done and achieving the team’s goals
Combination roles (Bridge Task and relationship) Facilitator role Summarizer Consensus builder
Formal Teams Created by the organization as part of the formal organization structure. There are two types vertical and horizontal.
Vertical Team composed of a manager and his or her subordinates in formal chain of command
Horizontal team composed of employees from about the same hierarchical level but from different areas of expertise.
Cross-functional teams (Task Force) a group of employees from different department formed to deal with a specific activity and existing only until the task is completed.
Types of horizontal teams -Cross functional teams - Committees - Special Purpose teams
Special-Purpose teams (Project Teams) are created outside the formal structure to undertake a project of special importance or creativity
Committee long-lived or permanent part of the organization, with members picked by role or position in org. they are typically formed to deal with tasks that recur regularly.
Types of Teams Formal team and Self directed Teams
Self directed Teams consist of 5 to 20 multiskilled workers who rotate jobs to produce an entire product or service or at least one complete aspect or portion of a product or service. Central ideas is the team themselves rather than having managers.
Innovative teams Virtual Teams and Global Teams
Virtual teams geographically or organizationally dispersed members who are linked primarily through advanced information and telecommunication technology.
Global Teams made up of employees coming from different countries and whose activities span multiple countries.
Task Specific role a team role in which an individual devotes personal time and energy to helping the team accomplish its activities and reach its goal.
Socioemotional role a team role in which an individual provides support for team members emotional needs and helps strengthen social unity.
Stages of Team development Forming, storming, norming, performing, and adjourning
Forming Stage period of orientation and getting acquainted
Storming Stage the stage in which individual personalities and roles emerge, along with resulting conflicts
Norming Stage refers to the stage in which conflicts are resolved and team harmony and unity emerge.
Performing Stage the stage in which members focus on problem solving and accomplishing the teams assigned task.
Adjourning stage is the stage during which members of temporary teams prepare for the teams desbandment
Teams Cohesiveness Refers to the extent to which team members are attracted to the team and motivated to remain a part of it.
Team norm is an informal standard of conduct that is shared by team members and guides their behavior
Conflict refers to antagonistic interaction in which one party attempts to block the intentions or goals of another.
Task conflict refers to disagreement among people about the goals to be achieved or the content of the task to be performed.
Types of conflicts Task conflict and relationship conflicts.
Relationship conflict refers to interpersonal incompatibility that creates tension and personal animosity among people.
Groupthink group in which people are so committed to a cohesive team that they are reluctant to express contrary opinions.
Style to handle conflict Competing Style Avoiding Style Compromising Style Accommodating Style Collaborating style
Competing Style reflects assertiveness to get one's own way and should be used when quick, decisive action is vital on important issues or unpopular actions such as during emergencies or urgent cost cutting.
Avoiding style reflect neither assertiveness nor cooperation
Compromising style Reflects a moderate amount of both assertiveness and cooperativeness. it's appropriate when the goals on both sides are equally important.
Accommodating Style reflects a high degree of cooperativeness, which works best when people realize that hey are wrong and when an issue is more important to others than to oneself.
Collaborating Style reflects both a high degree of assertiveness and cooperativeness. it enables both parties to win, although it may require substantial bargaining and negotiation.
Superordinate goal large objective that cannot be attained by a single party.
Mediation Using a third party to settle dispute.
Negotiation a conflict management strategy whereby people engage in give-and-take discussion and consider various alternatives to reach a joint decision that is acceptable to both parties.
Integrative Negotiation a collaborative approach that is based on a win-win assumption, whereby the parties want to come up with a creative solution that benefits both sides of the conflict
Distributive negociation is a competitive and adversarial approach in which each party strives to get as much as it can , usually at the expense of the other party.
Social facilitation is the tendency for the presence of other people to influence and individual's motivation and performance.
Globalization The extent to which trade and investments, information , social and cultural ideas and political cooperation flow between countries
Stage of Globalization - Domestic Stage - International Stage - Multinational Stage - Global Stage
Domestic Stage Corporation limited to home country, but managers need to be aware of international markets
International Stage Increase of exports, and company adopts multidomestic approach
Multinational Stage Having marketing and production facilities in many countries and more than 1/3 of sales outside home country. this is a globalization approach.
Global Stage Corporation operate in true global fashion making sales and acquiring resources in whatever country offers the best opportunity and lowest cost. Top managers in this stage are dispersed among several nationalities.
Offshoring (Global Outsourcing) Seeking cheaper resources such as materials or labor offshore.
Ways to get internationally involved Offshoring and market entry Strategies (Exporting and Licensing)
Exporting Company maintains its production facilities within the home nation and transfers its products for sale in foreign countries
Licensing a corporation in one country makes certain resources available to companies in another country. i.e Franchising
Joint venture Company shares cost and risks with another firm to develop new product, build a manufacturing facility, or set up a sales and distribution network.
International management The management of business operations conducted in more than one country.
Political risk The risk of loss of assets, earning power, or managerial control due to politically based event or actions by host government.
Culture The shared knowledge, beliefs, and values, as well as the common modes of behavior and ways of thinking among members of a society.
Power distance acceptance of inequality in power among institutions, organizations, and people.
Uncertain avoidance Members of society feels uncomfortable with uncertainty and ambiguity and thus support beliefs that promise certainty and conformity
Individualism Reflect the values for a loosely knit social framework in which individuals are expected to take care of themselves
Collectivism Preference for a tightly knit social framework in which individuals look after one another and the organization protects member's interest.
hofstedes's Value dimension -Power distance -Uncertainty avoidance -Individualism and collectivism - Masculinity/Femininity
Masculinity Presence for achievement, heroism, assertiveness, work certainty, and material success.
Femininity Reflects values of relationship, cooperation, group decision making, and quality of life.
Globe Project Value Dimension -Assertiveness -Future Orientation -Gender differentiation - Humane performance - Performance Orientation
Low-context culture people use communication primarily to exchange facts and information; meaning is derived primarily from words; business transaction are more important than building relationships and trusts. Individual welfare is more important than the group.
High Context culture People are sensitive to circumstances surrounding social exchanges. People use communication primarily to build personal social relationships; meaning is derived from context and welfare of the groups is valued.
Ethnocentrism natural tendency of people to regard their own culture as superior and to downgrade or dismiss other cultural values.
Cultural intelligence (CQ) refers to a person's ability to use reasoning and observation skills to interpret unfamiliar gestures and situations and devise appropriate behavioral responses. It includes: cognitive, emotional, and physical.
Cognitive Involves a person's observational and learning skills and the ability to pickup on clues to understanding.
Emotional concerns one's self-confidence and self-motivation. ability to believe in ones ability to understand and assimilate into a different culture.
Physical Refers to ones the ability to shift his or her speech patterns, expressions, and body language to be in tune with people form a different culture.
Culture shock the feeling of confusion, disorientation, and anxiety that result from being constantly confronted with unfamiliar cues about how to behave.
GATT (general agreement on Tariffs and trade) signed in 1947 by 23 nations to set rules of nondiscrimination, clear procedures, negotiation of disputes, and the participation of lesser-developed countries in international trade.
Multinational Corporation (MNC) Receives more than 25% of their total sales from operations outside their parent country.
Ethnocentric companies companies that place emphasis on their home country
Polycentric companies companies which are oriented toward the markets of individual foreign host countries.
Geocentric compoanies companies that are truly world oriented and don't identify themselves as part of a specific country.
Bottom of the pyramid (BOP) the idea that MNC can fight poverty by selling to the world's poorest people. 4 Billion people earning less than $1500
Ethics The code of moral, principles and values that governs the behaviors of a person or a group with respect to what is right or wrong.
Ethical dilemma Arise in a situation concerning right or wrong when values are in conflict
Approach to decision-making utilitarian approach, individualism approach, moral rights approach, justice approach, virtue ethics approach, and practical approach.
Utilitarian approach Approach expected to consider the effects of each decision alternative all parties and select the one that optimize the benefit for the greatest number of people. It holds that moral behavior produces the greatest good for the greatest number.
Individualism approach Contends acts that promotes the individuals best long-term interest.
Moral rights approach Asserts that human beings have fundamental rights and liberties that cannot be taken away by an individual's decision. An example, decision could not interfere with the rights to privacy.
Justice approach Hold that moral decisions must be based on standards of equity, fairness, and impartiality. There are three types of justice disruptive justice, compensatory justice, and procedural.
Disruptive justice Requirements that different treatment of people not be based on arbitrary characteristics. Example Men and women should not receive different salaries if they have the same qualification
Procedural justice Requires that rules be administered fairly. Rules should be clearly stated and consistently and in partially enforced.
Compensatory justice Argues that individual should be compensated for the costs of their injuries by the party responsible.
Virtue ethics approach Moral behavior stems from personal virtues. These approach dates back to ancient Greek philosophy particularly the thinking off Plato and Aristotle
Practical approach Bases decision on prevailing standards of the profession and the larger society, taking the interest of all shareholders into account. It decision would because it is ethical. combine all approaches in their decision-making.
Preconventional level Individuals are concerned with external rewards and punishment and obey authority to avoid detrimental personal consequences.
Conventional level People learn to conform to the expectations of good behavior is defined by colleagues, family, friends, and society
Post conventional, or principled level Individuals are invited by an internal set of values based on universal principle of justice and right and will even disobey rules or laws that violate them
Corporate social responsibility is management's obligation to make choices and take actions that will contribute to the welfare and interest of society as well as the organization.
Stakeholder Any group within outside the organization that has the stake in the organization performance.
Sustainability Refers to economic development that generates wealth and meet the needs of the current population while preserving the environment for the needs of future generations
Economic responsibility businesses are basic economic unit of society. Carried today extreme by profit maximizing view.
Legal responsibility What society deems important with respect to appropriate corporate behavior.
Ethical responsibility Includes behaviors that are not necessarily codified into law and may not serve the Corporation direct economic interest.
Discretional responsibility Purely voluntary and is guided by companies desire to make social contribution not mandated by economics, law, or ethics.
Ethical leadership Managers are honest and trustworthy, fair in their dealings with employees and customers, and behave ethically in both their personal and professional lies
Code of ethics The formal statement of the company's value fostering ethics and social issues; it communicates to employee what the company stands for.
Ethics committee A group of executives appointed to oversee the companies ethics.
Ethics training Program also help employees deal with ethical questions and translate the value stated in the code of ethics into everyday behavior
Whistle-blowing Employee disclosure of illegal, unethical, or illegitimate practices on the employees part
Planning The act of determining goals and defining the means of reaching them.
Goal Desired future state that the organization want to realize
Plan A blueprint specifying the resources I locations, schedules, and other action necessary for attaining goals
Mission statement Located at the top of the goal hierarchy, it's the organizations reason for existence. It distinguishes the organization from others all the similar type.
Strategic goal (official goal) Broad statements describing where the organization want to be in the future
Strategic plan Defined the action steps by which the Company intends to attain strategic goals
Tactical goals The result of that major division and department within the organization intends to achieve
Tactical plans Designed to help execute major strategic plans and to accomplish the specific part of the company strategy.
Operational goals Are specific, measurable results that are expected from departments, workgroups, and individuals
Operational plans Specify the location steps toward achieving operational goals and supports tactical activities.
Strategy map A visual representation of the key drivers of the company's success, showing the cause and effect relationship among goals and plans
Single use plans Are developed to achieve a set of goals that are not likely to be repeated in the future.
Standing plans Are ongoing plans that provide guidance for tasks or situations that occur repeatedly within the organization.
Management by objectives ( MBO) Is the method whereby managers and employees defined goals for every department, project, and person and use them to monitor subsequent performance
Approaches to plan for a turbulent Environment contingency planning, building scenarios, and crisis planning
Contingency plans Define responses to be taken in the case of emergencies, setbacks, or unexpected conditions.
Building scenarios Involves looking at different trends and discontinuities and visualizing future possibilities
Crisis planning Enable organization to cope with unexpected event that are so Sugden and devastating day they have the potential to destroy the organization if managers aren't prepared with quick and appropriate responses
Thinking strategically Means to take the long-term view and to see the big picture, including the organization and the competitive environment, and consider how they fit together.
Strategic management refers to the set of decisions and actions use to formulate and execute strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals.
Strategy The plan of action that describes resource a location and activity for dealing with that environment, achieving competitive advantage, and attaining the organizational goals.
Competitive advantage Refers to what sets the organization apart from others and provides it with the distinctive edges for meeting customer or client needs in the marketplace
Core competence Something that the organization does especially well in comparison tweets competitors
Synergy Occurs when organizational parts interact to produce a joint effect that is greater than the sum of the parts acting alone.
Value The combination of benefits received and cost paid
Strategy formulation Includes assessing the external environment and internal problem and integrating the results into goals and strategy.
strategy execution Is the use of managerial and organizational tools to direct resources towards accomplishing strategic results
SWOT analysis Includes careful assessment of strength, weaknesses, opportunities, and threats that affects organizational performance.
Strength Positive internal characteristics that the organization can exploit to achieve its strategic performance goals
Weaknesses In tunnel characteristics that might inhibits or restrict the organization performance
Threats Characteristic of external environments that may prevent the organization from achieving its strategic goals
Opportunities Characteristic of external environment that have the potential to help the organization achieve or exceed its strategic goals.
Portfolio strategy Pertain to the mix of business unit and productline that fit together in a logical way to provide synergy and competitive advantage for the corporation
Strategic business unit The balance mix of business divisions. A division of the organization that has a unique business, mission, product or service line, competitors, and markets relative to other units of the same organization
Bcg matrix Concept developed by the Boston consulting group that evaluate and SBU's with respect to two dimension: business growth rate and market share.
Vertical integration Expanding into businesses that either provide the supplies needed to make products or distributes and sell the company's product
Unrelated diversification Refers to expanding into totally new lines of business
Related diversification Means moving into a new business that is related to the corporation existing business activities
Diversification The strategy of moving into new lines of business
Differentiation strategy Involves an attempt to distinguish the firms products or services from others in the industry.
Cost leadership strategy The organization aggressively seeks efficient facilities, pursues cost reduction, and uses tight cost control to produce product more efficiently than competitors.
Focus strategy The organization concentrates on the specific regional markets or buyer group
Globalization strategy Product design and advertising are standardized throughout the world.
Multidomestic strategy Means that competition in each country is handled independently; product design and advertising are modified to suit the specific need of individual countries
Transnational strategy This strategy that combines global coordination to attain efficient With local flexibility to meet needs in different countries.
Created by: Jylkasonga
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