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MANGT EXAM 2
| Term | Definition |
|---|---|
| Rational Decision making is... your decision | optimizing |
| Behavioral Decision making is... your decision | satisfying |
| A decision is... | a choice between alternatives |
| Decision Making process is | the process of recognizing and defininf the natire of a decision, identidying alteratives, choosing the "best" alternative, and putting it into practice. |
| What problem solvers do? | fight the problems |
| what problem avoiders do? | ignore problems |
| what problem seekers do? | try to find problems to fiz before they blow |
| Classical Decision Making model is equal to..... &....... | Rational decision making & prespective model |
| We use rational decision making model at.... | 5% of the time. |
| We use rational decision making model when... | we need a big and impactful decision |
| Administrative decision making model is eqaul to..... &.... | descriptive model & behavirol |
| Administrative model is constrained by.... | bounded rationality |
| bounded rationality is... | when some ideas and influences prenvent you from buying/doing something Decision are limited by their valies and unconscious reflexes |
| Administrative model tend to... | satisfy immediate concers, not necessary the best decision but makes us happy |
| Satisficing decisions is... | the tendency to search for alternatives only until one is ofun that meets some minimim standard of sufficiency (not the best but makes us happy) = good enough |
| We use behavioal decision making at.... | 99% of the time |
| Coaliation is.... | political force, consists of an informal allianca of individual or groups formed to achieve a goal ex: when people choose A just because other people are doing it |
| Intuition is.... | an innate belief about something without conscious consideration |
| Escalation of commitment is.... | a decision maker's staying with a decision even when it appears to be wrong (ex: when you're wronlgy arguing with somene but keep going) |
| Groupthink is... | when group memebers feel intense pressure to agree with each other so thath the group can approve a proposed solution |
| Groupthink occurs in... | highly cohesive groups |
| poor solution come from... | few solutions and restricted discussion |
| HOW TO AVOID GROUP DECISION MAKING? | - leaders shoul excuse themself from meeting to allow free discussion - appoint a devil's advocate (someone pushing back and being negative) - hold a "second-chance" meeting = regroup tomorrow to see if we did the right decision |
| Strategy definition is... | a way of approachign bsuiness opportunities and challenges |
| Strategy is... | comprehensive and ongoing = we have to keep adapting |
| Management ptocess aimed at ..... and ..... effective strategies which .... the organization with its environment to achive major organizational ..... | comprehensive ongoing formulating implementing align goals |
| 3 levels of strategy making | 1. corporate strategy 2. business strategy 3. funcitional strategy |
| Corporate level strategy is.... | the set of strategic alternative that an organization chooses from as it manages it operation ACROSS SEVERAL INDUSTRIES AND MARKETS |
| Corporate level strategy question is... | how do we optimize a business PORTFOLIO? |
| Business level strategy is... | what my specific business is, whom are my compeitiots, what my business is doing and what we should be doing |
| Business level analytical techniques used are... | SWOT ANALISYS and PORTER'S FIVE FORCES |
| Business level strategy question is... | How to compete in my industry? |
| Funtional level strategy is... | strategy developed for specific functional areas such as marketign, finance, and so forth |
| Five forces model of compeition | - Rivalry amon competing sellers - Suppliers of key inputs - buyers - potential new entrants - substitute products (of firms in other industries |
| Five porter's compeititive forces | 1. threat of new entry 2. compeititve rivalry 3. threat of substitute products 4. bargain power of buyers 5. bargain power of suppliers |
| characteristics of a very attarctive marker | - no main compeitor - high barriers of entry - low substitute products -lower power of suppliers - lowe power of buyers |
| DEFINITION OF SWOT ANALYSIS | The valuation of the organization resources and capabilites in the organization or confidences |
| SWOT analysis characteristics | Internal = Strenghts and weaknesses External = opportunities and threats |
| Formulating business level startegies | 1. differnetiation strategy 2. overall low-cost leadership strategy 3. focus strategy |
| WHAT'S CHIPOTLE STRATEGY? | DIFFERENTIATION |
| formulating corporate level strategy | - Related diversification = when an organization operates several bsuiness that are linked to another (ex: Jonhson & Jonhson) - Unrelated diversification = when an organization operates several business that are not associated (ex: virgin group) |
| PORTFOLIO MANAGEMENT TECHNIQUE | BCG MATRIX & GE |
| BCG MATRIX | Stars = high market share & high market growth (phones) Cash cows = Low market growth & high market share (chargrs) Question marks = high market growth & low marketshare (airpods) Dogs = low market growth and low market share (ipod) |
| ..... the stars .... the cash cows .... the questions marks .... the dogs | gro milk grow or retrench retench |
| Organization culture is.... | values, beliefs, behaviors, customs, and attiduted that help the memebrs of the organization understan its business |
| Why is an organizarion culture important? | CONTROL MECHANISM & and ASSET OR LIABILITY |
| Observable culture | how people interact with other people, what we can SEE ex: how people are dressing, how offices are decorated |
| Core culture | the innate feelings of how we should behave |
| Culture can be an... or a .... | asset or a liability |
| organization socializations is | a step forward from on boarding. Want you to know who you're working with, and make you care about each other ex: intevriews in dinners |
| Managing organizarional culture | 1. organizational socialization 2. reward good behavior 3. training 4. recruitment/selection process 5. articulating the cultrue thorugh slogans, ceirmonies, and shared experiences ex: when banks started dressing more causlly |
| DIVERSITY is.... | the demographic differences among people within a culture |
| Organizations subcultures | age distribution = GENERATIONAL SUBCULTURES Gender = DOUBLE BLIND DILEMA ethinicity occupational subculres |
| DOUBLE BLIND SILEMA | Overgeneralizing people when they're not common gender ex: if a woman is bossy in a male dominated fiels, or if a man is carrying in a female field |
| Glass celing effect | how high you can get in a position |
| leaking pipeline problem | people start eaving the job, you lose diversity |
| biculturalism | adopting characteristics of the majority culture, people feel like they have to adopt the characteristics of other companies. Whne you feel like you need to change to fit in |
| Ethcnocentrism | The belief that one’s subculture is superior to all others |
| PLURALISM | both members of cultural are important to set key values and policies. Every voice matters |
| Reasons for incresing diversity in organizations | - legislative and legal action = accomodations - changin demographics in the workplace = the globalization movement = companies are more global - increase awareness that diversity improves the workplace = everyone's opinion matters |
| How diversity promotes compeitive advantage!!!! | - Resource aquisition argument - Cost argument - Creativity Argument - Marketing argument - Systems felxibility argument - Problem solving argument |
Created by:
alicerpio