MGT Midterm 1

Positioning Strategies

Cost leadership, differentiation, and focus strategy.

Four Phases of Team Development

Forming, Storming, Norming, and Performing.

Diversification

Reduces risk by spreading investments across various assets, industries, or markets.

Causes of Job Satisfaction

Fair pay, work-life balance, career growth, supportive management, and a positive work environment.

Primary Function of Human Resources (HR)

Recruiting, training, performance management, compensation, and ensuring legal compliance.

Four Primary Management Functions (POLC)

Planning, Organizing, Leading, and Controlling.

Demographic Trends in the US Workforce

Aging workforce, increased diversity, higher educational attainment, and technological adaptation.

Henry Mintzberg’s Managerial Roles

Interpersonal, Informational, and Decisional roles.

Classical Management Theory

Emphasis on efficiency and formal organizational structure.

Four Adaptive Strategies

Prospector, Defender, Analyzer, and Reactor.

Tariff

A tax imposed on imported goods to protect domestic industries or generate revenue.

Common Trade Barriers

Tariffs, quotas, embargoes, and non-tariff barriers like regulations and subsidies.

Competitive Advantage

The ability of a company to outperform rivals by offering unique value to customers.

Sustainable Strategy

A strategy that is difficult for competitors to imitate and provides long-term value.

Advantage of Planning

Provides direction, reduces uncertainty, and improves efficiency.

Disadvantage of Planning

Can be inflexible and time-consuming.

Efficiency vs. Effectiveness

Efficiency is doing things right, while effectiveness is doing the right things.

Time and Motion Studies

To improve productivity by analyzing and optimizing work processes.

Main Finding of the Hawthorne Studies

Workers' productivity increased when they felt valued and observed.

Inputs and Outputs

Inputs are resources (labor, capital, materials), and outputs are finished goods or services.

Early Management Theorists' Key Principles

Specialization, hierarchy, clear rules, and worker motivation.

Gantt Chart Usage

Scheduling tasks and tracking project progress over time.

Organizing's Contribution to Management

Structures resources and activities to achieve objectives efficiently.

Specific vs. General Environment

Specific environment directly affects a company, while general includes broader influences.