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MGT 305- Unit 3
| Question | Answer |
|---|---|
| business model | whether customers still value what the company is providing, and whether the company can make any money doing that |
| strategic management process | internal/external analyses -> strategies -> implement -> evaluate |
| mission | statement of purpose |
| core competencies | the major value-creating capabilities of the organization |
| SWOT analysis | strength, weakness, opportunities, threats |
| growth strategy | when a company expands the number of markets served or products offered |
| vertical integration | becomes its own supplier (for example) |
| horizontal integration | combining with competitors |
| stability strategy | to do what they're currently doing |
| renewal strategies | address declining performance |
| BCG matrix | market share vs. growth rate stars- question marks cash cows- dogs |
| competitive strategy | how an organization will compete in its businesses |
| strategic business unit | a single independent business of an organization that formulates its own competitive strategies |
| five forces model | new entrants; substitutes; bargaining of buyers; bargaining of suppliers; rivalry |
| differentiation strategy | unique products valued by customers |
| focus strategy | differentiation in a narrow niche |
| functional strategies | strategies used by an organization's various functional departments to support the competitive strategy |
| strategic leadership | anticipate, envision, be flexible, think strategically, work with others |
| first mover | first to bring a new product or innovation to the market |
| stated goals | official statements of what stakeholders want to hear |
| real goals | goals an organization actually uses |
| strategic plans | entire organization- overall goals |
| operational plans | particular organizational area |
| long-term plans | >3 years |
| short term plans | <1 year |
| specific plans | clearly defined; no room for interpretation |
| directional plans | flexible plans that set out general guidelines |
| standing plans | ongoing plans that provide guidance for activities that are performed repeatedly |
| traditional goal setting | set by top managers to flow down into the organization |
| means-ends chain | lower level goals give rise to higher and higher goals |
| management by objectives | setting mutually agreed-upon goals and using those goals to evaluate employee performance |
| five steps in goal setting | 1) review mission 2) evaluate resources 3) determine goals 4) write down goals 5) review if it worked |
| commitment concept | plans should extend far enough to meet commitments made when the plans were developed |
| formal planning department | a group of planning specialists whose sole responsibility is to help write the various organizational plans |
| environmental scanning | screening to detect emerging trends |
| competitor intelligence | gathering information about competitors |
| maslow's hierarchy | physiological-safety-social-esteem-self actualization |
| theory x | (negative) assumes people have little ambition |
| theory y | (positive) assumes employees enjoy work and seek out self-direction |
| hertzberg's two factor theory | intrinsic= job satisfaction extrinsic= job dissatisfaction |
| motivators (hertzberg) | satisfied or not satisfied (intrinsic) |
| hygiene factors (hertzberg) | dissatisfied or not dissatisfied (extrinsic) |
| three needs theory | need for achievement (nAch), need for power (nPow), need for affiliation (nAff) |
| goal setting theory | specific goals increase performance, and difficult goals (when accepted) result in higher performance than easy goals |
| self-efficacy | (goal-setting theory) an individual's belief that he or she is capable of performing a task |
| reinforcement theory | behavior is a function of its consequences |
| job design | the way tasks are combined to form complete jobs |
| job scope | the number of tasks required in a job |
| job enlargement | horizontal expansion of a job (increasing scope) |
| job enrichment | vertical expansion of a job by adding planning responsibilities |
| job depth | the degree of control employees have over their work |
| job characteristics model (5) | skill variety; task identity; task significance; autonomy; feeedback |
| relational perspective of work design | (motivation) focuses on how jobs are based on social relationships |
| proactive perspective of work design | (motivation) employees are taking the initiative to change how their work is performed |
| high-involvement work practices | (motivation) work practices designed to elicit greater input or involvement from workers |
| equity theory | employees compare what they get from a job w/ what they put in |
| referent | (equity theory) what employees compare themselves to |
| distributive justice | (equity theory) the perceived fairness of the amount and allocation of rewards among individuals |
| procedural justice | (equity theory) the perceived fairness of the process used to determine the distribution of rewards |
| expectancy theory | individuals tend to act in a way based on the expectation of the outcome |
| open-book management | financial records shared w/ everyone |
| employee recognition programs | personal attention and expressing interest, approval, and appreciation of a job well-done |
| pay-for-performance | variable compensation plans that pay employees on the basis of some performance measure |
| autocratic style | dictation, limits employee participation |
| democratic style | involves employees in decision making |
| laissez-faire style | lets the group make decisions |
| initiating structure | (leadership) the extent to which a leader defines his or her role and the roles of the group members in attaining goals |
| consideration | the extent to which a leader has work relationships characterized by mutual trust and respect |
| high-high leader | a leader high in initiating structure and consideration behaviors |
| Fielder model | effective group performance depends on proper match between leadership style and the situation |
| LPC questionnaire | (least preferred coworker) measures if a leader is task or relationship oriented |
| leader-member relations | (Fielder) the degree of confidence, trust, and respect employees had for their leader |
| task structure | (Fielder) the degree to which job assignments are formalized and structured |
| position power (Fielder) | the degree of influence a leader has over hiring, discipline, promotions, and salary |
| situational leadership theory | focuses on followers' readiness |
| readiness | willingness and ability to accomplish a task |
| R1-R4 | not ready-ready |
| path-goal theory | the leader's job is to assist followers in attaining their goals and to provide support and direction as needed |
| LMX theory | (leader-member exchange) leaders create in- and out-groups & have higher performance, less turnover, greater job satisfaction |
| transactional leaders | use primarily social exchanges |
| transformational leaders | leaders who stimulate and inspire followers to achieve extraordinary outcomes |
| charismatic leader | enthusiastic, self-confident leader whose personality and actions influence people to behave in certain ways |
| visionary leadership | the ability to create a realistic, credible, and attractive vision |
| legitimate power | power as a result of position |
| coercive power | power to punish or control |
| reward power | power to give rewards |
| expert power | power based on knowledge or skill |
| referent power | power b/c of resources or traits |
| BHAG | big, hairy, audacious goal (mission) |
| downside of traditional goal setting | top= performance bottom= go faster |
| formal planning | (large companies) specific goals covering a specific time period (written and shared) |
| why plan? (4) | provide direction, reduce risk, reduce waste, set a standard |
| financial goals | increase profit |
| stated versus real goals | public vs. company |
| key of goals is | alignment |
| TW telecom | only 3 annual goals |
| intermediate planning | 6 mo-2 yrs (middle management) |
| single-use plan | a one-time plan specifically designed to meet the needs of a unique situation |
| standing plans | ongoing plans that provide guidance for activities performed repeatedly |
| management by objectives | a comprehensive management system based on measurable participatively set objectives that leverages the motivational power of objectives |
| command-and-control model | top-down tight control of operations w/ inflexibility |
| SMART goal | specific, measurable, attainable, realistic, time-specific |
| contingency model | participative planning and control balance w/ creative flexibility |
| too narrow of goals | Pinto/gravel truck |
| too many goals | quantity < quality |
| time horizon (goals) | need to focus on future |
| too challenging (goals) | learning is inhibited by goal setting |
| goals are like pharmaceuticals | work well in certain doses, with certain people, in certain circumstances |
| competitive strategy | a strategy focused on how an organization will compete in each of its SBUs |
| competitive advantage | quality, sustainability, etc. |
| Competitive strategies table | Competitive scope vs. competitive advantage |
| Broad target+lower cost | Walmart |
| Narrow target+lower cost | Claire's |
| Broad target+differentiation | Costco |
| Narrow target+differentiation | Beaver's market |
| concentration growth strategy | focusing on primary business and increasing products |
| horizontal growth strategy | buy other companies |
| vertical growth strategy | buy distributors, stores, chemical manufacturers, etc. |
| diversification growth strategy | sell different things throughout the year; GE |
| stability growth strategy | when market is uncertain |
| renewal growth strategy | regoup/retrench |
| high growth rate, high market share | stars |
| low growth rate, high market share | cash cows |
| low market share, high growth rate | question marks |
| low market share, low growth rate | dogs |
| problems w/ Hertzberg model | one person's dissatisfier is another person's satisfier |
| Alderfer's 3 needs theory | existence, relatedness, growth |
| theory z | japanese style management |
| goal setting theory | improving performance w/ objectives, deadlines, or quality standards |
| reinforcement theory | desired behavior is a function of its consequences |
| motivation w/ rewards | must be equitable and linked to performance |
| job enlargement | more tasks |
| job enrichment | increasing job depth |
| distributive justice | perceived fairness of rewards; influences employee's satisfaction |
| procedural justice | perceived fairness of process to determine rewards; influences organizational commitment |
| expectancy theory | assumes motivational strength is determined by perceived probabilities of success |
| participative management | empowering employees to assume greater control of the workplace |
| Chinese "do your own thing" | doesn't translate |
| 4 most common influence methods | consultation, rational persuasion, inspiration, upward appeals |
| upward influence method | rational persuasion |
| trait theory | (leadership) intelligence, confidence, sociability/charisma, determination, integrity |
| rosener's research | women are better at sharing power and information |
| women's vs. men's memories | women=tied tighter to the limbic system |
| criticisms of trait approach | subjective, can't be used for training, situation not accounted for |
| top management skills | human, conceptual |
| middle management skills | technical, human, conceptual |
| supervisory management skills | technical, human |
| criticisms of skills approach | weak in predictive value |
| criticisms of Fielder's theory | LPC?, fails to tell what organizations to do |
| criticisms of LMX | unfair |
| path goal theory | leader behavior-> environmental/subordinate factors -> outcome |
| criticisms of charismatic leaders | do it for their own benefit |
| servant leader | puts others before self |
Created by:
melaniebeale
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