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management comps pt2

motivation theory, selection/ compensation,strat.plan, 5 forces,SWOT,strategies

QuestionAnswer
hierarchy of needs (Maslow) physiological, safety, love, esteem, self actualization
expectancy theory motivation is based on expected outcomes
goal-setting theory specific and challenging goals improves performance
selection process job analysis, recruitment, interviews, testing, and then selection
structured interviews consistent, standardized questions to evaluate candidates
types of compensation skilled based pay, profit sharing, gainsharing
profit sharing employees share in company profits
gainsharing rewards employees for helping a company improve its performance.
key stakeholders employees, customers, suppliers, shareholders, communities
vision long term goals
mission purpose and objectives
cost- leadership strat. competing on price
differentiation strat. offering unique products
niche strat. targeting a specific market segment
SWOT analysis strengths,opportunities (internal) weaknesses, threats (external)
growth/ expansion strat. a plan to increase a company's market share and competitive advantage
retrenchment/contraction strat. eliminate any operation that doesn't create a profit for the organization, tasks to improve financial health
Porters 5 forces supplier power, buyer power, barriers to entry, threat of substitutes, all lead to industry competition
Created by: lilymillsaps
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