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MANGT 220 Exam 2
| Question | Answer |
|---|---|
| Organizational Culture Definition | Values, beliefs, behaviors, customs, and attitudes that help the members of the organization understand: what it stands for, how it does things, what it considers important |
| Why is an organizational culture important? | Control mechanism (observational, core), and can be asset or liability |
| Observational Culture | what you see - dress code, decorations, personal interactions |
| Core Culture | what you can't see - foundation of who you are, beliefs, values |
| Determinants of Organizational Culture | Organization's Founder, Influential individuals and/or groups, Policies and Strategies, Corporate Success and Shared Experiences, Symbols Stories Language Slogan Ceremonies |
| Value-Based Management | Communicating and enacting an organization's core beliefs |
| Storytelling and Language are common - True or False | True! |
| Organizational Socialization (managing org. culture) | Getting to know each other / socialize, all want to belong/matter |
| Reward and Promote people whose behaviors are consistent with desired cultural values (managing org. culture) | PTO, pat on the back, congratulating someone |
| Training (managing org. culture) | Hamburger University (McDonald's franchisers), Starbucks, built so employees are passionate and understand culture |
| Recruitment/Selection Process (managing org. culture) | pick those who fit in/mesh with group, interactions |
| Articulating the culture through slogans, ceremonies, and shared experiences (managing org. culture) | Army "Be all you can be" --> "Army of One", changing CEOs (Most drastic), rebranding (symbols), changing dress code |
| Zappos (Video Case) | Built on culture, best customer service, bought by Amazon, Observational Culture: ceremonies; Core Culture: customer service and valuing employee happiness |
| Diversity | Refers to the demographic differences among people within a culture |
| Dimensions of Diversity | Age Distribution, Gender, Ethnicity, Occupational Subcultures, Multicultural Differences |
| Age Distribution - Generational Subcultures (Diversity Dimension) | Differences in age between team members, institutional knowledge vs new ideas |
| Gender Subcultures (Diversity Dimension) | how different genders are represented in the workplace |
| Double-Blind Dilemma (Gender Subcultures) | We all tend to oversimplify (male in female-dominated field is not a wimp, female in male-dominated field is not bossy) |
| Ethnicity Ethnic Subcultures | Glass Ceiling, Leaking Pipeline Problem, Ethnocentrism |
| Leaking Pipeline Problem | Losing top talent since they are not advancing |
| Ethnocentrism | the belief that one's subculture is superior to all others |
| Multiculturalism | involves inclusiveness, pluralism (everyone has a voice), and respect for diversity |
| Biculturalism | adopting characteristics of the majority culture |
| Occupational Subcultures | People who share the same skills and responsibilities |
| 4 Reasons for Increasing Diversity | 1. Legislation and Legal Action, 2. Changing Demographics in the Labor Force, 3. The Globalization Movement, 4. Increased Awareness that Diversity Improves the Workforce Quality |
| Cost Argument | reduce cost as organization, if more diverse, people will be more likely to stay |
| Resource Acquisition Argument | Broader availability to get resources |
| Creativity Argument | different backgrounds and cultures = overall creative |
| Systems Flexibility Argument | more different people = more flexibility |
| Marketing Argument | market that you want to work here, and can market to others by better understanding a diverse customer base |
| Problem-Solving Argument | better at problem solving because of different views on the problem |
| Strategic Management Definition | A way of challenging business opportunities and challenges; A comprehensive and ongoing management process aimed at formulating and implementing effective strategies which align the organization with its environment to achieve major organizational goals |
| 3 Levels of Strategies (top-to-bottom) | Corporate --> Business --> Functional |
| Corporate Strategies | How you manage portfolio, industries and markets to compete in, diversified portfolio, amount/type of businesses, evaluate multiple businesses |
| Business Strategies | Competitors; how your business is doing in the market, who is affecting you; focus on your own singular business in its specific market |
| Functional Strategies | How does your function help the business in the workplace, guide specific area of operation in business (marketing, finance, etc.) |
| Business-Level Analytical Techniques | Porter's 5 Forces & SWOT Analysis |
| Porter's 5 Forces (business-level) | 1. Threat of new entrants, 2. Competitive Rivalry, 3. Threat of Substitute Products, 4. Bargaining Power of Buyers, 5. Bargaining Power of Suppliers |
| Are High Barriers Good or Bad? | Good, protects businesses once they are in the markets |
| Threat of New Entrants | Extent to which new competitors can enter market, based on the presence of absence of entry barriers |
| Competitive Rivalry | The intensity of rivalry between established firms in industry |
| Threat of Substitute Products | Extent to which alternative products/services from other industries may appeal to your customers |
| Bargaining Power of Buyers | Extent to which buyers influence market rivals |
| Bargaining Power of Suppliers | Extent to which suppliers influence market rivals |
| SWOT Analysis (business-level) | Evaluation of the organization’s resources and capabilities in their core competencies (evaluating internal (strength or weakness)) and external (opportunities and threats)) |
| Formulating BUSINESS-Level Strategies - Porter's Generic Strategies | 1. Differentiation Strategy, 2. Overall Low-Cost Leadership Strategy, 3. Focus Strategy |
| Differentiation Strategy (Porter's Generic Strategies) | Distinguishing your org, unique image, innovation (Chipotle) |
| Overall Low-Cost Leadership Strategy (Porter's Generic Strategies) | Underpricing competitors; An organization attempts to gain competitive advantage by reducing its cost below the costs of competing firms (Walmart) |
| Focus Strategy (Porter's Generic Strategies) | An organization concentrates on a specific regional market, product line, or group of buyers, Deep understanding of narrow market, Specific product line and buyers, specific location |
| Formulating and Implementing CORPORATE-Level Strategies | Diversification - Related & Unrelated |
| Related Diversification | When an organization operates several businesses that are linked to one another (Johnson & Johnson) |
| Unrelated Diversification | When an organization operates several businesses that are not associated (Virgin Group) |
| Managing Diversification - Portfolio analysis and resource allocation techniques | The BCG Matrix (& McKensey/GE Business Screen (9-cell matrix)) |
| BCG Matrix - Star | High Growth, High Market Share (continue investing in these) |
| BCG Matrix - Cash Cow | Low Growth, High Market Share (milk these to invest in stars or promising question marks) |
| BCG Matrix - Question Mark | High Growth, Low Market Share (can be promising or need to be retrenched) |
| BCG Matrix - Dog | Low Growth, Low Market Share (retrench) |
| Zynga Video Case | S - Great Marketing, W - Rising Marketing Cost, O - ?? T - Facebook losing its users; Zynga is the video game company |
| Decision Definition | a choice between alternatives |
| Decision Making Definition | The process of recognizing and defining the nature of a decision, identifying alternatives, choosing the "best" alternative, and putting it into practice |
| Classical Model | Rational Decisional Making (A *prescriptive* model) OPTIMIZING |
| How often is Rational Decision Making used? | 5% |
| 8-Step Decision-Making Process | 1. Identify Problem, 2. Identify Decision Criteria, 3. Allocate Weights to Criteria, 4. Develop Alternatives, 5. Analyze Alternatives, 6. Select Alternative, 7. Implement Alternative, 8. Evaluate Effectiveness |
| What is Rational Decision Making mainly used for? | significant decisions that will have a large financial impact (ex: question marks, OPTIMIZING decision) |
| Does Rational Decision Making use complete or incomplete information? | Complete (aka perfect info); eliminates uncertainty & evaluates rationally & logically |
| Administrative Model | Decision Making (a *descriptive* model), SATISFICING |
| Does Decision Making use complete or incomplete information? | incomplete (imperfect info); constrained by bounded rationality, tend to satisfy immediate concerns |
| Bounded Rationality | Decision makers are limited by their values and unconscious reflexes, skills, and habits (pick what's "good enough" for you, EX: no minivans) |
| Satisficing Decisions | The tendency to search for alternatives only until one is found that meets some minimum standard of sufficiency |
| Coalition | a political force in decision making which consists of an informal alliance of individuals or groups formed to achieve a goal (outside influences, make decisions based on how we think others will react) |
| Intuition | an innate belief about something without conscious consideration (gut-feeling) |
| Escalation of Commitment | a decision maker's staying with a decision even when it appears to be wrong |
| Are groups or individuals more accurate? | Groups |
| Groupthink | Occurs in highly cohesive groups when group members feel intense pressure to agree with each other so that the group can approve a proposed solution |
| How do you avoid groupthink? | Leaders excuse themselves, devil's advocate, second-chance meeting, send email of ideas beforehand |
| Are groups or individuals quicker? | Individuals |
| Are groups or individuals more creative? | Groups |
| Are groups or individuals more efficient? | Individuals |
| Do groups or individuals have higher degrees of acceptance? | Groups |
| Boomers | TIME, independent, loyal, direct, time & expectations, clock-watchers |
| GenX | really INDEPENDENT, work hard play hard, want a life and to be left alone |
| Millenials | “me first,” first technology generation, remote work, job-hopping, move up in management quickly, high maintenance, great multitaskers |
| GenZ | not as timely, lack people skills, great with technology, empathetic and understanding, more conscious, push back |
| Last step of 8-step decision making | Evaluating Decision |
| Prescriptive/Rational/Classical model... | goes more in depth, optimizing |
Created by:
lexi.welte
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