MGT 3303 Test 1 Review

What is management?

process of working with people and resources to accomplish organizational goals. good managers are both effective and efficient

What is effectiveness?

to achieve organizational goals (outcome)

What is effciency

to achieve goals with minimal waste of resources

what are the 5 functions of management

planning, organizing, staffing, leading, and controlling

4 levels of managers

top managers, middle managers, first-line managers, team leaders

Interpersonal Roles

leader, liaison, figurehead

leader

developing effective strategies to achieve organizational goals

liaison

maintaining a network of outside stakeholders and alliances that provide information and favors

figurehead

performing symbolic duties on behalf of an organization, like greeting important visitors and speaking at important events

planning

specifying the goals to be achieved and deciding in advance appropriate actions needed to achieve goals

organizing

process of assembling and coordinating the human, financial, physical, informational, and other resources needed to achieve goals

staffing

A management function that includes hiring, motivating, and retaining the best people available to accomplish the company's objectives

leading

stimulating people to be high performers. includes motivating and communicating with employees. managers must be good at mobilizing and inspiring

controlling

about monitoring performance and making necessary changes in a timely manner. is this going the way it should, can i use less resources. looks at expected outcome

technical skills

ability to perform a specialized task that involves a certain method or process

Conceptual and decision skills

skills pertaining to the ability to identify and resolve problems for the benefit of the organization and its members

interpersonal and communication skills

people skills; the ability to lead, motivate, and communicate effectively with others

Informational Roles

monitor, disseminator, spokesperson

monitor

seeking information to develop a thorough understanding of the organization and its environments. bring info in

Disseminator

sharing information between different people. sending out info

spokesperson

communication on behalf of the organization about plans, policies, actions, and results

Decisional Roles

entrepreneur, disturbance handler, resource allocator, negotiator

4 Manager Skills

interpersonal, technical, conceptual and decision, design

Design skills

skills needed to solve that problem. come out with best outcome

who has a lot of power over companies

customers and suppliers

evironmental scanning

the process of collecting information about forces in the marketing environment

diversification

a firm’s investment in a different product, business, or geographic area

prospector

are those characterized by a broad product domain, innovation and change and have a flexible organization structure.

defenders

companies that stay within a stable product domain as a strategic maneuver

Benchmarking

a process by which a company compares its performance with that of high-performing organizations

independent strategies

strategies that an organization acting on its own uses to change some aspect of its current environment

Generic Strategies

three widely applicable classic strategies for businesses of all types- differentiation, cost, and focus

low-cost leadership

the company maintains an advantage because it operates at lower cost than its competitors

Differentiation strategy

advantage of having a unique good or service for which customers are willing to pay a premium price

organizational culture

the set of assumptions that members of an organization share to create internal cohesion and adapt to the external environment

3 levels of organizational culture

observable artifacts, values, unconscious assumptions

visible artifacts

visible signs of an organization's culture, such as the office design and layout, company dress code, and company benefits and perks, like stock options, personal parking spaces, or the private company dining room

values

the underlying qualities and desirable behaviors that are important to the organization

unconscious assumptions

strongly held and taken-for-granted beliefs that influence behavior in the firm

a ___ culture can be a real advantage to the organization if the behaviors it encourages and facilitates

strong

Mission Statement

a short, specific written statement of the reason a business exists and what it wants to achieve

clan culture

Type of organizational culture that has an internal focus and values flexibility rather than stability and control

Hierarchical Culture

Ordered, Uniform

Hierarchical Culture

Ordered, Uniform
Leader as administrator
Bonded by formal Rules, Policies
Emphasis on predictability and consistency of processes
Success= smooth dependable delivery of service

perspective shapes your what?

ethics

universalism

the ethical system stating that all people should uphold certain values that society needs to function

egoism

an ethical principle holding that individual self-interest is the actual motive of all conscious action

utilitarianism

an ethical system stating that the greatest good for the greatest number should be the overriding concern of decision makers

relativism

a philosophy that bases ethical behavior on the opinions and behaviors of relevant other people

Sarbanes-Oxley (SOX) Act

an act that established strict accounting and reporting rules to make senior managers more accountable and to improve and maintain investor confidence

Sarbanes-Oxley made it harder for companies to retaliate against

whistle blower

scenario planning

a systematic process of thinking about alternative futures and what the organization should do to anticipate and react to those environments

SWOT analysis

a comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy

Corporate Strategy

the set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities

4 types of corporate strategy

concentration, vertical integration,, related diversification, unrelated diversification

BGC Matrix

analyzes business opportunities according to market growth rate and market share

4 Categories of BCG Matrix

stars, question marks, cash cows, dogs

situational analysis

a process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration

formal planning steps

1. Situational Analysis
2. Alternative Goals and Plans
3. Goal and Plan Evaluation
4. Goal and Plan Selection
5. Implementation
6. Monitor and Control

operational planning

the process of identifying the specific procedures and processes required at lower levels of the organization

strategic vision

the long-term direction and strategic intent of a company

tangible assets

real estate, facilities, raw materials, etc

intangible assets

reputation, culture, patents, knowledge, learning

swot example

internal and external

concentration

a strategy employed by an organization that operates a single business and competes in a single industry

vertical integration

the acquisition or development of new businesses that produce parts or components of the organization’s product

related diversification

a strategy used to add new businesses that produce related products or are involved in related markets and activities

unrelated diversification

a strategy used to add new businesses that produce unrelated products or are involved in unrelated markets and activities

functional strategies

strategies implemented by each functional area of the organization to support the organization’s business strategy

barriers to entry

conditions that prevent new companies from entering an industry