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Mangt 220 Exam 1
| Term | Definition |
|---|---|
| Management Process (4 basic functions) | (POLC) Planning/Decision Making, Organizing, Leading, Controlling |
| Management Definition | The pursuit of organizational goals efficiently and effectively by integrating the work of people through POLC the organization's resources |
| Efficient | Not wasting resources and completing task quickly |
| Effective | Successful and completing your goal |
| Planning & Decision Making | Determining Courses of Action |
| Organizing | Coordinating Activities and Resources |
| Leading | Motivating and Managing People |
| Controlling | Monitoring progress and comparing actual numbers to set standards |
| Levels of Managers | Top, Middle, First Line |
| Top Management | C Suite |
| Middle Management | Deans, Regional Managers (most likely to be let go) |
| First Line Management | Department Heads, Shift Managers |
| Top management mainly ___ | Plan and Organize (Less leading, most controlling) |
| Middle management mainly ___ | Lead and Organize |
| First Line management mainly __ | Leads, knows technical skills (more leading, less controlling) |
| Henry Mintzberg's Main 3 Roles | Interpersonal, Informational, Decisional |
| Interpersonal Roles | Figurehead, leader, liason |
| Informational Roles | Monitor, Disseminator, Spokesperson |
| Decisional Roles | Entrepreneur, Disturbance Handler, Resource Allocator, Negotiator |
| Robert Katz's 3 Main Managerial Skills | Technical, Interpersonal, Conceptual, |
| Technical | First Line Managers, on-the-job skills |
| Interpersonal (Human) | ALL levels, soft skills |
| Conceptual | Top Level Managers, thinking abstractly/concepts |
| FedEx TTK | Fred Smith (Figurehead), Decisional role needed for disturbance handling when person threw package over fence |
| Ethics | An individual's personal beliefs/moral principles about whether a behavior, action, or decision is right or wrong |
| Terminal Values | Goals you hope to achieve by the end of life (self-respect, family security) |
| Instrumental Values | Things you do on the daily to reach your end goal (honest, discipline, saving) |
| Utilitarian View | Greatest good for greatest amount of people |
| Individualism View | All ethical behaviors advance our long-term interest, each individual does their ethical part to benefit everyone |
| Moral Rights View | to respect and protect the *fundamental rights* of people, due process, freedom of speech |
| Justice View | should treat people impartially and fairly, "innocent until guilty" |
| Immoral Manager | know you're wrong |
| Ammoral Manager | unknowingly unethical, do not realize consequences of actions |
| Moral | Ethical |
| Factors that influence ethical behavior at work | Leadership, culture, incentive plan, compensation (Individual & Organization) |
| How to Foster Ethics at Work | Code of Ethics, Hiring, Training, Organizational Culture (whistle-blowers), Individual Behavior (publicity test) - begins with top management |
| Corporate Social Responsibility (CSR) | The set of obligations an organization has to protect and enhance the society in which it functions |
| Areas of Social Responsibility | Customers, Employees, Investors, Environment, Social Welfare |
| Arguments FOR Social Responsibility | Socioeconomic View |
| Arguments AGAINST Social Responsibility | Classic View |
| Virtuous Circle | Shared view |
| 4 Social Responsibility Stances (degrees) | Proactive --> Accommodative --> Defensive --> Obstructionist |
| How gov. influences organizations DIRECTLY | Legislation (any kind) |
| How gov. influences organizations INDIRECTLY | Tax codes |
| How Organizations influence the gov. | Personal contacts and networks, lobbying, Political Action Committees (PACs), Favors and other influence tactics |
| Lobbying | paid to push to change something |
| PACs | no spending limits, more influence on politics/regulations |
| Managing Social Responsibility | Organizational Leadership and Culture, Whistle Blower, Corporate Social Audit |
| Video - Rosa's Pizza | socioeconomic - cared for general welfare by giving free pizza to homeless |
| Video - Greyston Bakery | Virtuous Circle b/c they do good with money, socioeconomic - proactive, hired the unhirable, provided daycares |
| What plays a major role in determining an organization's success or failure | Environmental factors |
| General Environment Definition | Something we cannot control but should be aware of (general, broad, gradual, indirect) |
| General Environment 5 Dimensions | Economic, Political/Legal, International, Technological, Socio-Cultural |
| Economic dimension | Inflation, economic state, affects what people spend money on |
| Political/legal dimension | Policies and laws that you have to work with |
| International dimension | What international competitors affect us |
| Technological dimension | Ex: social media Could grow or destroy business |
| Socio-cultural dimension | Demographics or norms of a region including their values |
| Glass ceiling | Limiting career advancements (in some businesses and minorities women have an invisible barrier preventing them from getting into top management) |
| Task environment definition | something that directly affects us, specific, immediate and direct |
| Task Environment 5 Dimensions | Competitors, Suppliers, Customers, Partners, Regulators (Nike and UA competing) |
| Regulators (types) | Government laws / regulations (directly related) and public interest groups (PETA) |
| External Environment | General and Task Environments |
| Internal Environment | Owners, Board of Directors, Employees, Physical Work Environment |
| Information Management in Organizations | Boundary Spanner, Environmental Scanning, and Information Systems |
| Boundary Spanner | sales/buyers going out to work with suppliers to buy things for your company |
| Environmental Scanning | using info to evaluate if we’re affecting the environment |
| Information Systems | (Largest) analyze spending habits, ads online tracking |
| Video on Givaudan | Classical on CSR, The company faces competition, consumer demand for sugar-free products, supplier reliance, and legal challenges. They benefit economically during downturns, use advanced technology, and show indifference to obesity concerns. |
| Product Innovation | changing product (new camera) |
| Process Innovation | focuses on better ways of doing things (software) |
| Hamel's Innovation Process | Imagining, Designing, Experimenting, Assessing, Scaling (IDEAS) |
| Reverse Innovation | using something backwards to make previous things more simple, common in medical industry |
| Disruptive Innovation | No longer use it anymore, disrupted an industry, (EX: don’t go buy records or tapes anymore, buy directly online instead of paying for store) |
| 3 General Environment Conditions | Economic, Legal-Political, Cultural |
| Economic Environment | Resource allocation processes, Property ownership, Natural resources, Infrastructure |
| Legal-Political Environment | Government stability, international trade incentives, International trade controls, Economic communities |
| Cultural Environment | Values, symbols, beliefs, language |
| Globalization Definition | Worldwide interdependence of resource flows, product markets, and business competitions |
| Tight culture | Very strict social norms, you are expected to follow rules |
| Loose culture | Laid back, deviations from the norm are expected |
| High Context (Language) | Focuses mostly on tone of voice or body language |
| Low context (language) | You mean what you say, contract/binding |
| Market Entry Strategies | 1. Importing/Exporting 2. Licensing and Franchising 3. Strategic Alliance and Joint Venture 4. Direct Investment |
| Licensing | trademark, transportation costs, allows another country to make your product based on your guidelines |
| Franchising | working with a parent company but you are the owner EX: McDonalds |
| Strategic Alliance | When 2 or more different companies come together because it makes sense for them to work together |
| Joint-Venture | two or more companies join together to become one company |
| Direct Investment | decide you are taking your business to a completely different company |
| Green Field Investment | Starting your business in a new country from ground zero (under direct investment) |
| Acquisition, Brown Field Investment | Acquiring a pre-established business that is already in the country and trying to learn how to run it (under direct investment) |
| Social Orientation | Relative importance of the interests of the individual vs. the interests of the group (Individualism vs. Collectivism) |
| Power Orientation | The appropriateness of power/authority within organizations (Respect vs. Tolerance) |
| Goal Orientation | What motivates people to achieve different goals (Masculine vs. Feminine) |
| Uncertainty Orientation | Measures a society's tolerance for uncertainty and ambiguity (Acceptance vs. Avoidance) |
| Pragmatism Time Orientation | Measures short-term or long-term outlook of life and work (long-term pragmatic vs. short-term normative) |
| Indulgence Orientation | Measures degree of control a society has on impulses and needs for gratification (indulgent vs. restrained) |
| Video - Lucky Fish | Symbol - good luck fish, studied the culture to figure out how to succeed |
| Hofstede's SIX cultural dimensions | Social, Power, Goal, Uncertainty, Pragmatism, Indulgence |
| Business Innovation (similar to disruptive) | fundamentally rethinking your business around a new way to make money (Blockbuster → online streaming) |
| Social innovation | solution to social problem, sustainable to society rather than individuals (blind app, designed to help people, round up foundations) |
Created by:
lexi.welte
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