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1. What is management?
Process for achieving desired results through other
2. What are the 2 key concerns of management?
Efficienty and effectiveness
3. What is effectiveness concerned with? efficiency?
Effectiveness is concerned with achieving desired results and acquiring market share
4. How are effectiveness and efficiency related?
Efficient organizations tend to be effective organizations; but it never guarantees effectiveness
5. What is your important resource as a manager?
People, some managers suffer from injelitance- they are afraid of someone taking their managerial position. This most directly effects staffing and secondarily effects leading
6. Is management art or science? When is it considered a science? an art?
Both, in the academic world it is a science, in practice it is an art
7. How did management become important and why is it still significant today?
Putting the skills of craftsman into the machine
8. What was the basic change in the industrial revolution
Putting the skills of craftsman into the machine
9. What happened to productivity (supply), prices, and demand as a result of the industrial revolution?
Productivity went up , prices went down, and demand went up
10. What was the pivotal event of our time, according to Drucker?
When owners started relinquishing their management to professional managers- this was to meet mass demand
11. Why do most businesses fail?Poor management
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1. What does a first-line manager do? What are the names associated with 1st-line management?
First line- only managers that don't manage other managers, they implement plans and common names are foreman and supervisor
1. What does a middle level manager do? What are the names associated with middle level manager
They interpret(communicate) and integrate (coordinate) Department head
2. What is corporate downsizing? What happens in corporate downsizing? What level of management is most adversely affected
Cut costs to become more efficient, people get tired and burntout and often loose good people, middle management is most affected
1 management levels are eliminated
2remaining managers take on more work
3implement information technology systems to allow communication from top to first line managers
4outsource support management jobs
Survivor syndrome-after downsizing they feal guilty and anxious because they are scared of it happening again, they are guilty anxious and depressed. The victims turn out to be happier
3. What does a top manager do? What are the names associated with top management?
3. The primary function of a top manager is planning/strategy
They also legitimize the corportation
3. What is the difference between a line manager and a staff manager?
Line managers have responsibility over transformation process, located at every level of management
Staff managers provide support and guidance for line managers, they are typically located at middle management
3. What is the difference between a functional manager and a general manager?
Functional managers have one area and general managers are in charge of all areas
3. What is the difference between an administrator and a manager?
Administrator=not for profit
Manager=profit
3. What are the five functions of management? Be able to identify and describe the five functions of management
Planning, Organizing, staffing, leading, controlling; while starting it is sequential but after it has started they occur simultaneously
4. What does "planning has primacy" mean?
It comes before all others
4. What are the three aspects of controlling?
Monitor performance, compare actual with hoped for, perform corrective action or reward good work; another name for controlling is feedback
4. What are the siamese twins of management?
Planning and controlling
4. What is (are) the most important function(s) for a 1st-line manager? Middle manager? Top manager?
Leading and staffing, organizing, planning
4. What are three managerial roles Mintzberg identified? Be able to identify each role.
Interpersonal, informational, decision making
4. What gives rise to the three managerial roles, according to Mintzberg?
Given authority over units, which gives rise to status, status gets interpersonal information; poor relationshops= poor decisions
4. What are three managerial skills identified by Katz? Be able to identify each skill.
Technical- ability related to method process or procedure
Human- ability to get along with others
Conceptual- problem solving/forecasting
4. At what level of management are conceptual skills most important? Technical skills? Human skills?
Top, first line, all
4. What skill is most difficult to develop? Why?
Conceptual- it deals with problem solving and forecasting
4. According to Luthans(1988), are effective managers successful managers in general?
They are not, successful managers were promoted rapidly and effective managers aren't rewarded appropriately, train your replacement
4. What percent of effective managers are successful?
10 percent, and these guys do equal amounts of communication and networking
4. On what activity do effective managers spend the majority of their time? Successful managers?
4. Communicating down, networking up
4. What is the primary difference between derailed executives and executives who made it to top management, according to the Center for Creative Leadership?
Derailed executives were incencitive to other people
4. What are the three basic characteristics of an open system?
Interacts with the environment to survive.
-INPUTS-raw materials from environments
-TRANSFORMATION into products (outputs)
-OUTPUTS are then exported into environment.
as environment changes, the system has to change.
Reactive change- as environment changes, we change
proactive change- we make environment to change us
4. What is the cyclical nature of the nature transformation process? Negative entropy? Buffering the technical core? Role differentiation and specialization? Synergy? Equifinality?
Cyclical- raw materials are input, transformed into outputs, which customers hopefully buy and give you money to buy more inputs.
-Negative entropy- trying to stop the decline of a system over time, keeping up with the changing times.
-Buffering the technical core- buffer production from threatening environmental changes
-role differentiation and specialization- everyone can specialize and be better at their jobs.
-Synergy-2+2=5 the whole is greater than the sum of its parts
-Equifinality- Differentiation in terms of quality design and service, good quality at a low price. Choose which market you're going to go after.
4. What are the five subsystems of an organization? What functions do each subsystem perform?
Production-
Boundary Expanding- input and output expanding
Adaptive
Managerial + Maintenance-greater efficiency
4. What are the two major dependencies in the external environment? What is the threat to these 2 major dependencies?
4.
- Supplies and customers
-Competition.
4. How do customers influence organizations and how do organizations influence customers?
-Customers aren't powerful when they don't have any alternatives, They have the power of choice if you have competition. When customers are powerful, they can lower your profitability. Organizations influence customers through advertising and market research.
4. How much more does it cost to find a new customer than to keep an old one, according to Total Quality Management estimates?
-5x as much. Do everything within reason to keep them happy. Loyal to employees>happy employees>customer service^> happy customers
5. How do suppliers influence organizations and how do organizations influence suppliers (i.e., 3 ways to establish and maintain a positive relationship with suppliers)?
first way- buy up the supplier, this gives you the same goal.
2nd way- lock in long-term contracts with the supplier
3rd way- reduce # of suppliers, play them off each other
6. What is the law of the marketplace?
Organizations unable to compete will be forced to change their product lines or die out.
6. What are the five forces of competition and how does each influence the level of competition within an industry? -
Rivalry among-Threat of new entrants
-Threat of substitutes
-Power of suppliers
-Power of customers
organizations
7. What are the barriers to entry into an industry
Regulation
Requirement
Loyalty
Distribution channels
8. What happens when a new entrant comes into the market/industry?
Competition increases, supply increases prices decrease
8. What determines if a supplier is powerful? Customer?
A lot of customers
8. How do powerful suppliers and customers influence organizations?
Powerful customers make big purchases
9. How do substitutes affect an industry?
...
9. What are process and product innovations? What is the focus of each?
Process- advancement made in transformation-efficiency
Product- advancement in good or service- effectiveness
9. What are the general effects of technology on an industry?
Increase in competition and promote product obsolescence, techno innovations force prices down
9. How does the economy influence an organization
Does so INDIRECTLY by effecting demand, organization cannot influence the conomy
10. What are the four ways that government influences organizations?
Subsidies, regulation, taxes, economic policies
10. What is the shadow bureaucracy?
Government regulation, theres always a shadow watching every department in the organization; this is actually both an opportunity and a cost of doing business,some companies sell air cleaning equipment while others have to buy that equipment
10. What are the three ways organizations influence government?
Direct Political action- voting, PACS
Lobbying
Illegal activity- black mailing and kickbacks
10. What is a PAC? What are the limits regarding PAC contributions to campaigns?
They are a political action committee they can only directly donate 5000 dollars to a party but there is no limit on indirect contributions this is called soft money
10. How does society influence business? Business influence society?
If society doest perceive you as legitimate they will try to shut you down' top managers are concerened with this legitimacy factor; businesses give back
10. How does the international component of the environment influence organizations?
Threat: foreign business coming in and taking market share
Opportunity: cheap labor, offshoring, gain marketshare
10. What is environmental scanning? How is it related to planning and organizational performance?
10. Gathering information about trends in the environment, looking for threats and opportunites. Environmental scanning is directly associated with planning
10. What are the three purposes of planning?
Fundamental- establish goals through planning
Planning is a means to an end
Offensive- should help you exploit opportunities
Defensive- avoid threats- related to environment
10. Why is planning important
Planning is a means to an end
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11. Organizations who promote planning tend to have higher sales/profits. This is not a guarantee, but on average, business do better overall when they plan more. This helps develop the necessary CONCEPTUAL and HUMAN skills.
-Planning provides a common goal that leads to better team work.
-Planning helps you develop performance standards. (Goes hand-in-hand with controlling)
12. What is Gresham's law of planning
Even when managers have the best intentions to plan, planning still gets neglected, therefore one should always plan first before handling day to day business
13. What does the non-planner typically blame for his/her poor performance?
They have an external locus of control, meaning that they place the blame on what is around them or more often then not on luck
13. What are the five phases of the planning process and what happens at each phase?
Establish Objectives(goal setting)
Develop Premises(forecasting future)
Decision Making(deciding on plan)
Course of action(motivating)
Evaluating results
13. What provides the basis for Phase 1: Establishing Objectives?
Environmental scanning
13. What are SMART goals?
Specific
Measurable
Achievable, yet challenging
Relevent/Important areas of activity
Trackable
Paritos rule
: 80% of results come from 20% of the job
13. What is contingency planning? What are the benefits and drawbacks?
Developing many future scenarios and a plan for every scenario; this is very pro active b/c you will be ready with the plan as soon as a change occurs
It is costly so it shouldn't be implemented in a stable environment
13. What are the keys to effective implementation of a plan?
Tie it to the budgeting system
Clearly communicate the plan
What it is and why, how it will effect the lowers
Motivate people to carry out the plan
Participate in planning process
13. What function of management is Phase 5: Evaluating Results?
Controlling function of management
13. What is the basic dilemma in planning
Dilemma is between commitment and flexibility, if you make the plan you wont want to stray from it
14. What are the different failures to avoid in planning? Be able to identify
Top down delegation of planning
Must lead by example
Avoid plans that are too complex
15. What is the crystal ball syndrome? Cure-all syndrome? Persian messenger syndrome?
Crystal ball- create plan but have problems implementing it
Cure all- they think if they plan everything will be taken care of
Messenger- shoot your messenger and they wont ever give you information
15. What is the focus of strategic planning?
Establishing and maintaining positive external relationship with the environment
15. What are the four components of a well-thought out strategy? Be able to identify.
Scope-how many markets to be in
Resource deployment
Distinctive competence- set apart from competition
Synergy= 1+1=3
16. What are the four elements of strategy formulation and what does each element consist of?
Analyze the mission statement
Analyze the external environment
Analyze the internal environtment
Analyze the managerial value system
16. What are benefits of a mission statement?
Reason for existence
Source of pride for employees
Target for a plan
Source of legitimacy
16. What is a SWOT analysis?
External and internal analysis
StrengthThreats
Weakness
Opportunites
16. What is the goal of the Business Portfolio Matrix Approach?
To own a mix of businesses that maximize opportunites
18. What business strategy is used for a cash cow? Star? Dog? New Venture?
Cut costs, growth, retrench or cut loose, market share
16. What levels of strategy does the Business Portfolio Matrix Approach deal with?
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16. How are SBUs classified in the Business Portfolio Matrix Approach?
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16. What is the basic idea behind Generic Strategies?
They all kick ass
16. What are the three Generic Strategies identified by Porter? Be able to identify.
Differentiation- unique
Overall cost- good quality low price
Focus- specific location or customer group
16. What is the basic idea behind the Adaptation model of strategy?
Adapt strategy to environment to make sure its effective
16. What is a defender? Prospector? Analyzer? Reactor? When is a defender strategy the best? Prospector? Analyzer? Reactor?
Defender- demand isn't growing, cut costs to seal off market share, many lame rules and regulations
Prospector- demand is growing, find and exploit new markets, new products and services. Loose organizational design, make money to spend money
Analyzer- combonation of defender and prospector
- Keeps defender and prospecting businesses separate, similar to if I owned walmart and apple and did not merge them
Value Innovation- what the customer wants\
Most reactors are dogs
17. How does each strategy type in the Adaptation Model answer the entrepreneurial, engineering, and administrative questions?
cut costs to seal off market share
find and exploit new markets
Tax incremental Financing is a
SUBSIDY!!!! TIF, bass pro shop gonzales
1. What's a multi-national corporation?
any type of company that maintains operations in multiple countries, and they initiated the rapid growth in trade
2. What's a multi-domestic corporation? (p
Decentralizes management and other decisions to the local country where it is doing business
3. What's a global corporation? transnational or borderless organization
Centralizes management and other decisions in the home country, focus on the need for global efficiency
4. How organizations go global? (p. 34
They begin by global sourcing, buying cheapest materials from all over the world; the next step is to export a company's product to other countries/ company may also import products made elsewhere and sell them domestically
5. What's the difference between franchising and licensing
Licensing benefits manufacturing company's and franchising is for service company's
6. What's a global strategic alliance? joint venture? (
A global strategic alliance is with a foreign company in which knowledge and resources are shared in developing new products or building production facilities
A joint venture is a specific type of strategic alliance in which the partners agree to form a separate, independent organization for some business purpose
7. What's a foreign subsidiary
A direct investment in a foreign country that involves setting up a separate and independent facility or office
8. What's the downside of a foreign subsidiary?
It poses the greatest amount of risk, and also requires the most resources
9. What does the Japanese term, kaizen, mean? (p.
It refers to an organizations commitment to continuous improvement
10. What is horizontal integration? (p. 90
A company grows by combining with competitiors
11. What's unrelated diversification? Related diversification
Unrelated diversification is when a firm combines with firms in different and Related diversification firm combines with different and related industriesunrelated industries
12. What does the article, "When competitive advantage is neither," say about competitive benchmarking as a strategy
Competitive benchmarking should be stopped because it puts the focus on the competitor and not the buyer, when focus is on the buyer it really pushes managers to consider doing totally new ways of doing things
13. What does the article, "Avoid pricing yourself short", say about competing on price as a strategy for attracting customers?
if you cut prices to get business you don't just give up money you give up respect as well. After all you just proved that your regular price was kind of a lie
A. What did Emergence's second annual slogan study reveal?
A. fewer than half of the slogans were known by more than 5 percent of the repondants and 1/5 of the slogans were recognized by less than 1%