MGT2328 Final Exam

Utilitarian View

Decisions are made solely on the
basis of their outcomes or consequences

Theory of Justice View

Rules are imposed and enforced fairly and impartially by following legal rules and regulations

Classical view

holds that management's only social responsibility is to maximize profit

Integrative Social Contracts Theory

Decisions are based on existing ethical views in industries and communities

Corporate Social Responsibility (CSR)

is a business's intention to do the right things and act in ways that are good for society

Fielder contingency model

proposed that effective leadership resulted from a proper match between the leadership style and the situation

Transactional leaders

guide or motivate their followers in the direction of established goals by clarifying role and task requirements

Transformational leaders

inspire followers beyond their own self-interest for the good of the organization by helping followers look at old problems in new ways, exciting, arousing, and inspiring followers to put out extra effort to achieve group goals.

What are the 2 steps for a case analysis?

The Short Preparation, The Long Preparation

Opportunities

positive' trends in the external environment, such as a booming national and global economy

leader

is someone who can influence others and provide vision and strategy to the organization

Trait theories

searched for characteristics to differentiate leaders from non-leaders

Follower readiness

is the extent to which people have the ability and are willing to accomplish a specific task

Leader-Member Exchange Theory

says that leaders create in-groups and out-groups

Charismatic leaders

are enthusiastic, self-confident leaders whose personality and actions influence people to behave in certain ways

Visionary leaders

have the ability to create and articulate a realistic, credible, and attractive vision of the future that improves on the present situation. Visionary leaders have three skills: ability to explain the vision to others, ability to express the vision through behavior, ability to apply the vision to different contexts.

Ethics

It refers to rules and principles that define right and wrong behavior

Rights View

Decisions are made while respecting and protecting individual rights and liberties

Socioeconomic view

maintains that management's social responsibility goes beyond making profits, to include protecting and improving society's welfare.

Strengths

what an organization does well or else has the resources to do

Weaknesses

what an organization doesn't do well or doesn't have the resources to do

Threats

negative' trends in the external environment, such as a recession or forced shutdown due to a pandemic

Leadership

is the process of influencing individuals or groups toward the achievement of goals.

Leader effectiveness

depends on the actions of followers: followers accept or reject the leader

Path-Goal Theory

identifies four leadership behaviors. states that a leader's traits and behaviors can directly affect the satisfaction, motivation, and performance of their team members.

What is a case?

A business situation which has existed in a firm to which a solution is not given. A collection of facts with which the analyst is required to work within in order to achieve the best possible solution. A collection of facts which the real business person does not ordinarily have collected in such a concise form.

What are the steps for the decision making process?

Identify a Problem, Identify Decision Criteria, Allocate Weights to Criteria, Develop Alternatives, Analyze Alternatives, Select an Alternative

What are the Four major contingency theories?

Fiedler Contingency model, Situational Leadership, Leader-Participation model, Path-Goal theory

what are the Situational factors influencing effectiveness?

leader-member relations, task structure, position power

Resources

assets used to develop, manufacture, and deliver products and services to customers (ex. \n financial, physical, human)

Capabilities

skills and abilities that enable an organization to do the work and activities needed in its business

Core competencies

major value-creating skills, capabilities, and resources

Specific environment

stakeholders

General environment

PESTEL: political, economic, socio-cultural, \n environmental, technological, legal

winning strategy

provides competitive advantage, leads to improved performance, fits the industry and competitive situation

Social obligations

are activities that a business firm engages in to meet economic and legal responsibilities

Social responsiveness

Is characteristic of a business firm that engages in social actions in response to some popular social need

LP C (least-preferred coworker) questionnaire

Determined if leader was task or relationship oriented.

Directive leader

Schedules work to be done and gives specific guidance on how to accomplish tasks

Supportive leader

is friendly and shows concern for subordinates’ needs

Participative leader

consults with subordinates and uses their suggestions in decision making

Achievement-oriented leader

sets challenging goals and expects followers to perform

strategic management process

is a six-step process that includes strategic planning, implementation, and evaluation

Decision criteria often include concerns like:

Customer satisfaction, short-term profits, long-term profits, sales, market share, image, growth, quality, ROI, positive relations, and employee satisfaction.

Criteria should be

Brief and measurable (you’ll see this shortly), clearly related to the problem and the alternatives

what are the views of Contemporary Leadership?

Leader-member exchange (LM X) theory. Transformational-transactional leadership. Charismatic-visionary leadership.

According to Robbins's definition, which one of the following would he consider a leader?

Jewel is a respected group leader in the plumbing department.

Whether an employee is considered to be a leader, for the purposes of most research studies, depends on.

whether the employee has managerial authority

Leadership

__________ is what leaders do.

For purposes of research, a key component of leadership is the ability to _________.

influence others

Leaders attempt to create _______ while managers attempt to create _______.

change; order

In the Michigan studies, the behaviours of interest were __________ and _____________.

job centred; employee centred

Before the Ohio and Michigan studies, researchers believed that ___________.

there was one right way to lead; all other ways were wrong

Attempts to identify a set of traits that distinguish leaders from non-leaders failed because __________.

these attempts ignored the interactions between leaders and their group members.

According to the managerial grid, _____________.

leaders performed best with a high concern for people and a high concern for production

The early research at Michigan and Ohio State ______________.

laid the foundation for later contingency theories

The common theme of the contingency theories is that _________.

each seeks to define the best leadership style for different kinds of situations.

A leader with strong position power who is relationship oriented will be most effective when leader-member relations are _____________ and task structure is ___________.

poor; high

Dr. Weiss is a research scientist with a major pharmaceutical company. In his position he has great flexibility in determining his research projects, but he is expected to work toward certain organizational goals. He has presented five technical papers to his national professional group and received high praise for his work. According to the path-goal theory, Dr. Weiss would respond best to a(n) ________ leadership style.

achievement-oriented

Theories in leadership evolved from trait and behavior to include contingency models. What was the first comprehensive contingency model?

Fiedler contingency model

Hema is using the situational leadership theory to help her improve her leadership. Often she is looking at her followers’ motivation and skill set. The theory would say Hema is assessing which of the following?

readiness

Planning is often called the primary management function because _____________.

it establishes the basis for all the other things managers do

Melanie, a department head, worked with her subordinates to develop a plan for the department in support of the strategic plan for the organization. This department plan was communicated to all employees, who were then expected to develop their own personal and team plans to help achieve the department goals. Which one of the following reasons for planning is fulfilled by this practice?

Planning establishes coordinated effort.

Rodrigo balked against having to create a personal plan with goals for the next 12 months, claiming that planning and goals would lock the organization into a course of action that may not fit the future as the competitive landscape changes. Which one of the following is the best response to Rodrigo?

Managers need to remain flexible and not be tied to a course of action simply because it's the plan.

Nita believes that her firm's closest competitor is about to launch a new product that could jeopardize her firm's market share, but upper management does not share her view. Nita is facing which criticism of planning?

Planning forces managers' attention on today's competition, not on tomorrow's survival.

What part of planning helps managers with controlling?

ensuring that employees know what they need to accomplish

One significant difference between traditional goal setting and management by objective is that __________.

in the MBO process, goals are set jointly with the person responsible for achieving them

Documents such as resource allocations and schedules are examples of _____.

plans

One similarity between goals and objectives is in their __________.

future orientation

Management by objectives is more effective when ________.

top management is committed to the process

A policy is an example of which type of plan?

standing

To be able to offer low prices every day, Walmart developed a purchasing system that captures information at the point of sale to relieve inventory and to trigger the generation of purchase orders that are automatically sent to vendors without human intervention. This system has become one of Walmart's _____________.

core competencies

It is well known that Disney sets the standard for moving people through wait lines. After customers complained about trying to pick the fastest checkout line—and often failing—the owner of a supermarket visited Disney to see how they managed their extremely long lines of people. The owner was _____________ to find a method that would lead to an advantage over his competitors.

benchmarking

All good strategic management processes start with __________.

articulating the mission and vision

Which one of the following is the best example of a strategic plan?

In the movie *Moneyball*, the team manager decided to use statistical data to analyze and place value on the players he picks for the team.

Quentin and his team are generating a report that includes a list of the plant and equipment owned by the firm, the balances in its financial accounts, a skills matrix of its employees, and an analysis of news articles written about the firm in the past year. Quentin's team is analyzing the firm's __________.

resources

Which of Porter’s competitive strategies is Costco using?

cost leadership

When Taylor Made introduces a new golf driver, which of the following could be considered a substitute product?

used golf driver

If Apple were to expand beyond iPads and iPhones to make an iFridge, what type of growth strategy would that be?

unrelated diversification

BlackBerry has faced declining sales, customer complaints, loss of key executives, a massive decline in stock value, and threats of a corporate acquisition. The generic strategy it should be considering is which of the following?

renewal

Each of the dozens of hamburger franchises focus on some feature of its sandwich to persuade customers to prefer its brand to all others. These restaurants are pursuing a ___________ strategy.

differentiation

Deciding how many employees should be in a certain department is an example of a decision in which of the four management functions?

organizing

Suppose a decision to buy a car came down to four key decision criteria: cost, size, environmental impact, and engine quality. If cost were weighted the highest factor, it would be because ___________________.

it was the highest priority criterion

At UPS, business was strong but profits were down, leading managers to look for ways to increase profits from existing operating income. At this point, the managers of UPS are at the __________ step in the decision-making process, which is ____________.

first; identifying the problem

If Terry uses the eight-step decision-making model, he will _____________.

select the alternative with the highest score

When determining decision criteria, ____________.

what is not included can be as important as what is included

Our human limits in processing information can be associated most directly with which of the following?

bounded rationality

Which of the following is *not* an advantage of group decision making?

decreased time to make a decision

Because Landon consistently met his production goals, his boss decided to ignore the negative comments from his subordinates and co-workers and focus on the fact that Landon always met his goals. This is an example of ________.

selective perception

Rational decision-making works best when _______________.

the problem is clear and unambiguous

Marika needed to fill a position that had been open for several weeks. She knew what her perfect candidate would be like but so far no one had met her standards. With time running out, she hired the first candidate who minimally fulfilled her requirements. What decision-making method did Marika use?

bounded rationality

Decision-making practices differ from country to country due to ______________.

the degree of risk a decision maker is willing to take

Research finds that the potential for creativity is enhanced when individuals have abilities, knowledge, proficiencies, and ______________.

similar expertise in their fields of endeavor

Which of the following could impede creativity?

external motivators

Design thinking differs from rational analysis due to the use of ____________.

observation

One IT expert described big data with 3V’s: volume, velocity, and/or ______ information assets.

varied