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MGT 305- Unit 3

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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