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MANGT exam 1
| Term | Definition |
|---|---|
| upskilling | continually updating your skills to keep them aligned with emerging job markets and new ways of |
| transferable skills | can apply across jobs types and occupations like creativity, problem solving, communication etc |
| intellectual capital | combined brain power and shared knowledge of an organizations employees |
| competency | represents your personal talents or job related capabilities |
| commitment | how hard you work to apply your talents and capabilities to important tasks |
| what it takes to create and maintain intellectual capital | competency and commitment |
| knowledge workers | their minds (creativity and insight) are critical assets |
| smart workforce | members have technical and human skills and are good at working together to solve ever changing problems |
| fourth industrial age | the cloud, internet, AI are driving forces of change |
| high tech IQ | ability to use digital skills at work and to keep yourself up to date as technology continues to evolve |
| analytical competency | the ability to evaluate, analyze, and interpret information to make good decisions and solve problems |
| globalization | brings a worldwide interdependence of resource flows, product markets, talent pools, and business competition |
| global sourcing | manufacturing in countries with low costs of labor and buying the things they need - from products to labor to intellectual property |
| global supply chains | procure and distribute goods and services sources from around the world offer cost advantages when things go well but create hardships when they are disrupted |
| job migration | shifting of jobs from one country to another as industries move from high to lower cost destinations |
| side effect of global supply chains | job migration |
| ethics | a code of moral principles that set standards for conduct that is good and right vs bad and wrong |
| social justice | the belief that everyone deserves to be treated fairly, with dignity, and with respect for human rights |
| corporate governance | the oversight by a board of directors of top management decisions, organizational strategies and practices, financial reporting, and overall organizational performance and social impact |
| workforce diversity | the mix or composition of a workforce in terms of individual similarities and differences like age, gender, ethnicity, religion, etc |
| diversity dividend | diversity in teams and organizations creates performance advantages |
| prejudice | the holding of negative and irrational attitudes regarding people who are different |
| discrimination | minority members are treated unfairly and denied full membership benefits in communities, social groups and organizations |
| glass ceiling | invisible barrier that blocks members of diverse populations from advancing to high levels of responsibility |
| class ceiling | advancement barrier faced within organizations and in society at large by people who grow up poor and underprivileged |
| leaky pipeline problem | experiences of discriminations of any type or form can cause otherwise talented workers to drop out of upward career paths |
| implicit bias | (unconscious bias) prejudices that you arent aware you have but affect your decisions and behaviors in ways you do not realize |
| corporate social responsibility | the obligation of an organization to serve the interest of multiple stakeholders, including society at large |
| arguments AGAINST social responsibility | classic view - cost, reduced competition, lack of accountability |
| arguments FOR social responsibility | socioeconomic view - public image, avoid regulation, long term |
| shared view of social responsiblity | virtuous circle |
| degrees of social responsibility | proactive, accomodative, defensive, obstructionist |
| highest degree of social responsibility and definition | proactive - actively pursues social responsibility by taking discretionary actions to make things better in future - doing it to be respected and as their duty |
| second highest degree of social responsibility and definition | accomodative - accepts social responsibility and tries to satisfy societies basic ethical expectations - society pressures |
| third highest degree of social responsibility and definition | defensive - does minimum legally required to display social responsibility |
| lowest degree of social responsibility and definition | obstructionist - tries to avoid or resist required social responsibility |
| management | planning, organizing, leading and controlling resources ot reach goals efficiently and effectively |
| 4 MANAGERIAL FUNCTIONS | planning and decision making, organizing, leading, and controlling |
| planning and decision making (4 managerial functions) | setting goals and deciding how to acheieve |
| organizing (4 managerial functions) | assigning tasks and coordinating people and resources |
| leading (4 managerial functions) | motivate employees and communicate and influence |
| controlling (4 managerial functions) | measure performance, compare results to standards, fix problems |
| 3 levels of managers | top level, middle level, first level |
| top level of managers (3) | presidents and ceos |
| middle level of managers (3) | deans and department heads |
| first level of managers (3) | supervisors |
| 5 areas of management | marketing, finance, operations, HR, IT |
| 3 types of managerial roles (henry mintzberg) | interpersonal, informational, decisional |
| interpersonal managerial roles | figurehead, leader, liaision |
| informational managerial roles | monitor, disseminator, spokesperson |
| decisional managerial roles | entrepreneur, disturbance handler, negotiator, resource allocator |
| top manager skill | CONCEPTUAL |
| first level manager skill | TECHNICAL |
| 7 managerial skills | technical, interpersonal, conceptual, diagnostic, communication, decision making, and time management |
| Gary Vee video | hustle, patience, listening, self awareness, authenticity |
| terminal values vs. instrumental? | terminal is the end goal and instrumental is HOW you get there |
| terminal values | self respect, freedom, happiness, self respect |
| instrumental values | honesty, ambition, imagination, self discipline |
| types of ethical managers | immoral, amoral, moral |
| immoral manager | self interest only |
| amoral manager | ignore ethics UNintentionally |
| moral manager | actively ethical |
| factors that influence ethical behavior | individual characteristics, organizational culture, codes of ethics, leadership behavior, reward systems |
| 5 dimensions of external (GENERAL) environment | economic, technological, political-legal, sociocultural, international |
| 5 dimensions of TASK environment | customers, competitors, suppliers, labor market, regulatory agencies |
| internal environment | owners, board of directors, employees, physical work environment |
| Hofstede's model of national cultures goal | understand how cultures influence management and organization practices |
| the 5 parts of Hofstedes model | power distance, individual vs collectivism, uncertainty avoidance, masculinity vs femininity and time orientation |
| Power distance (Hofstedes model) | degree to which society accepts unequal distribution of power |
| Individual vs collectivism (Hofstedes model) | degree to which society emphasizes individuals and their self interests |
| uncertainty avoidance (Hofstedes model) | degree to which a society tolerates risk and uncertainty |
| low uncertainty avoidance | tolerant of different opinions, few rules and positive response to change |
| high uncertainty avoidance | prepare structure and consistent routine with many rules |
| masculinity vs femininity (Hofstedes model) | masculine values material possessions and money and femininity is quality of life and welfare of others |
| time orientation (Hofstedes model) | long term is persistence and patience and short term is quick gratification |
| the approach to social responsibility thats the lowest degree | obstructionist |
| which environment includes competitors, customers and regulators | task |
| a tech company utilizes updates each year to help improve user experience. what type of innovation? | process |
| a type of organization that operates with a group of full time workers supported by contractors and part time workers | shamrock organization |
| active oversight of management decisions and performance by a companys board of directors | corporate governance |
| how companies go global | market entry strategies like global sourcing and direct investments |
| 2 types of direct investments | joint ventures and foreign subsidiaries |
| joint venture | operates in foreign country with joint OWNERSHIP, more profit and riskier |
| foreign subsidiaries | built from ground up in anotehr country, YOUR company |
| ethics challenges for global businesses | corruption, child labor and sweatshops |
| cultural environment of global business | language, culture, time and space |
| tight culture | expect members to conform |
| loose culture | relaxed social norms |
| high context language | rely on nonverbal and situational cues |
| low context language | say what you mean |
| monochronic cultures | one thing at a time |
| polychronic culture | time is used to do many things at once, flexible and adaptable |
| proxemics | people using space to communicate |
| product innovation | NEW or IMPROVED goods or services |
| process innovation | BETTER WAYS of doing things |
| business model innovations | ways for firms to make MONEY |
| social business innovation | ways to use BUSINESS MODELS to address important SOCIAL problems |
| reverse innovation | launched from LOWER organization levels and diverse locations including EMERGING markets |
| disruptive innovation | creates products that become so WIDELY used they REPLACE prior practices and competitors |
| sustainable/green innovation | reduce organizations negative impact and enhance positive on ENVIRONMENT |
| Hamel's wheel of innovation | imagining, designing, experimenting, assessing, scaling |
| imagining - Hamels wheel | thinking of new possibilites |
| designing - Hamels wheel | building initial models or samples |
| experimenting- Hamels wheel | examining practicality and financial value through experiments |
| assessing- Hamels wheel | identify strengths and weaknesses, costs and benefits and potential markets or applications |
| scaling- Hamels wheel | implementation and commercialization of new products leading to new ones that increase profits by lowering costs or improving sales |
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