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MANGT 220
Exam 1
| Term | Definition |
|---|---|
| 4 functions of Management | planning, organizing, leading, controlling |
| planning: | setting performance objectives and deciding how to achieve them, short or long term |
| organizing | arranging tasks, people and other resources to accomplish the work (employees, inventory, finances, time) |
| leading | inspiring people to work hard to achieve high performance |
| controlling | measuring performance and taking action to ensure desired results |
| efficient management | maximum productivity with limited expense |
| effective management | : goal achievement, resources wasted |
| first line management | interact directly with people and customers, department head, spend most of their time leading |
| middle management | regional manager, university college dean |
| top management | Majority of time planning and organizing, president linton, spend most of their time planning and organizing |
| Managerial Roles | interpersonal, informational, decisional |
| interpersonal managerial roles | how a manger interacts with other people - figurehead, leader, liaison |
| informational managerial roles | how a manager exchanges and processes information - monitor, disseminator, spokesperson |
| decisional managerial role | how a manager uses information in decision making - entrepreneur, disturbance handler, resources allocator, negotiator |
| technical managerial skill | the ability to apply expertise and perform a special task |
| interpersonal managerial skill | the ability to work in cooperation with other persons |
| conceptual managerial skills | think analytically and achieve integrative problem solving |
| emotional intelligence | the ability to manage ourselves and our relationships effectively - Social skills, empathy, self-awareness, motivation, etc |
| ethics | : personal beliefs moral principles about whether a behavior, action, or decisions is right or wrong |
| values | broad beliefs about what appropriate behavior is |
| terminal values | preferences about desired end states or life goals (freedom, happiness) |
| instrumental value | : preferences about the means to accomplishing desired ends (honesty, ambition) – how you achieve terminal values |
| individualism view | advances long term self interest |
| utilitarian view | delivers greatest good to most people |
| justice view | treat people impartially and fairly |
| moral rights view | respects and protects fundamental rights |
| procedural justice | the degree that policies and rules are fairly applied to everyone |
| distributive justice | : the degree that outcomes such as rewards and office perks are fairly given |
| interactional justice | whether people treat one another with dignity and respect |
| commutative justice | focuses on fairness of exchanges or transactions |
| cultural relativism | belief that there is no one right way to behave and that ethics are determined by cultural context |
| moral absolutism | belief that ethical standards are universal, apply across cultures |
| ethical imperialism | attempt to impose ones ethical standards on others |
| corporate governance | active oversight of management decisions and company actions by board of directors (checks and balances) |
| preconventional moral development | self-centered, focus on self-interest, personal gain |
| conventional moral development | social centered, follow social norms live up to expectations |
| postconventional moral development | principle centered and strong ethic framework, |
| ethics intensity | the degree of importance perceived in situations posing ethical challenges |
| Methods for fostering ethics | code of ethics, hiring, training, publicity test |
| immoral management | choose to behave unethically |
| ammoral management | fails to consider ethics of behavior |
| moral management | ethical behavior is a personal goal |
| corporate social responsibility (CSR) | the obligation to act in a way that serve the interest of multiple stakeholders, including society |
| stewardship | taking personal responsibility to act in ethical ways that respect and protect the interests of stakeholders |
| socioeconomic view | for social responsibility - business help solve problem, have resources to solve problem, corporation are also members of society |
| classical view | against social responsibility - business purpose to make money, conflict of interest, lack expertise in social programs |
| proactive social responsibility | actively pursue social responsibility |
| accommodative social responsibility | try to satisfy societies basic ethical expectations (societal pressure) |
| defensive social responsibility | minimum required to display social responsibility |
| obstructionist social responsibility | avoid and resist social responsibility |
| virtuous circle | CSR investments lead to improved financial performance which in turn leads to more socially responsible actions |
| benefit corporation | formalizes the shared value concept of success |
| social impact organization | focus their missions on addressing societies grand problems, poverty, aging, illiteracy, etc |
| social business | seeks profits but then invest them to address problem in society |
| figurehead | interpersonal role that is the face of the company |
| leader | interpersonal role that inspires employees |
| liaison | interpersonal role that is the connection with other companies |
| monitor | informational role that monitors internal and external environment for information |
| disseminator | informational role that delegates and conveys information to employees |
| spokesperson | informational role that shares information outside of workplace |
| entrepreneur | decisional role that encourages change and creativity with new ideas |
| disturbance handler | decisional role that manages conflict |
| resource allocator | decisional role that allocates resources; financial, technological, etc |
| negotiator | decisional role that negotiates internally and externally |
| skill | ability to translate knowledge into action leading to performance |
| upskilling | expanding your capabilities and employment value by adding new skills |
| learning agility | willingness to grow, learn |
| organizational factors that impact ethical behavior | leadership, culture, incentive, compensation |
| degrees of social responsibility | proactive, accommodative, defensive, obstructionist |
| knowledge worker | mind is a critical asset to employees |
| intellectual capital | collective brain power or shared knowledge of a work force |
| globalization | worldwide interdependence of resource flows; job migration, reshoring |
| job migration and reshoring | when firms shift jobs from home country to foreign country and then move them back |
| shamrock organization | core group of full time workers accompanied by part time workers and contractors |
| free-agent economy | people change jobs more often and shifting wants of employers- high competition |
| self-management | ability to understand one self, exercise initiative, self-responsibility, etc |
| managers should focus on... | talent, globalization, diversity, ethics, careers and connections, changing nature of organization, managerial performance |
| general environment | natural environment, economic dimension, technological dimension, sociocultural dimension, legal-political dimension |
| task environment | customers, suppliers, partners, regulators, competitors |
| internal environment | owners, board of directors, employees, culture, physical work environment |
| innovation | putting new ideas into practice |
| product innovation | creation of new and improved goods or services |
| process innovation | better way of doing things |
| business model innovation | new ways to make money |
| social business innovation | new approaches to address important social problems |
| disruptive innovation | the creation of a product that started small and became so widely used it disrupted prior practices |
| reverse innovation | import new ideas from other settings and adapt for new uses |
| sustainable innovation | create products that have a positive impact on the environment |
| Hamels Wheel of Innovation | imagine, design, experiment, assess, scale |
| global economy | resources, markets, and competition are worldwide in scope |
| economic environment | regional economic alliances, trade agreements |
| political environment | legal and political systems, political risk, economic nationalism |
| cultural environment | values, symbols, beliefs, languages |
| international business | for – profit transactions across national boundaries |
| why companies go global | profit, customers, suppliers, labor, capital, risk |
| market-entry strategies | involve the sale of goods or services to foreign markets without an expensive investment (lower risk and lower potential profit); global sourcing, import/export, license/franchise |
| global sourcing | sourcing companies shirt from china bc they are cheapest |
| licensing/franchising | license; product to be manufactured in foreign country, franchise; access to whole business model |
| direct investment strategies | require major monetary commitments but also rights and control in other countries (higher risk and potential profit) |
| joint venture | co-ownership |
| foreign subsidiaries | build from the ground up |
| Hofstedes Model of national Culture | understand how cultures influence management and organization practices |
| 5 dimensions of national cultures | power distance, individual collectivism, uncertainty orientation, masculinity-femininity, time orientation |
| power distance | degree to which society accepts unequal distribution of power; high, position in hierarchy; low, perceived right of personal interest) |
| individual collectivism | degree to which society emphasizes individuals self interest |
| uncertainty orientation | degree to which a society tolerates risk and uncertainty |
| masculinity-femininity | degree to which society values assertiveness and materialism vs feelings and nurture |
| time orientation | measure short term (quick gratification) vs long term (persistent/patient) outlook of life and work |
| tight culture | rigid social norms - conformity |
| loose culture | relax social norms |
| proxemics | how people use space to communicate |
| monochronic culture | do one thing at a time |
| polychronic culture | accomplish many different things at once |
| how organizations respond to their environments | information management, mergers/takeovers/acquisition, direct influence, strategic response, social responsibility |
Created by:
kayleejh0829