Business leadership final

Whats the purpose of a manager

• provide support and responsibilities

• Coordinate HR with material resources

• Obtain the highest level of performance for the least amount of inputs

3 different levels of management

1. upper management - CEOs

2. Middle management - head of departments

3. lower management - their team (group of employees)

Difference between line and staff managers

Line: directly contribute to producing the orgnizations’s policies/objectives

Staff: se special technical expertise to advise and support line workers of a company

Whats the difference between general and functional managers

General focuses on entire organization and communicates with all departments ex. department store manager, plant manager

Functional: responsible for and communicate with a organizational department ex. engineering, accounting, marketing

what are three essential categories of managerial skills

1. technical skills

2. Human skills

3. Conceptual skills

what are the three different managerial roles

1. interpersonal roles- how a person interacts with people, inside and outside a company

2. Informational roles- how a person exchanges and processes information

3. decisional roles- how someone uses information to make decisions

what are the 4 functions of management

1. Planning- setting goals and determining how they’ll be met

2. Organization- Arranging people, tasks, responsibilities, and resources

3. Leading- inspiring and motivating people

4. controlling- monitoring achievement and taking corrective action.

Whats the Katz managerial skills

technica, human, and conceptual skills

Define organization

A collection of people working together to obtain the same common purpose

What are the three characteristics of organizations

1. Purpose- create goods or services

2. Division of labour - different tasks assigned to different people

3. Hierarchy of authority- a level-by-level management structure of increasing responsibility

Define personality

the characteristics of sets of behavoirs, emotions that evolve from environmental and biological factors

define personality

the characteristics of sets of behaviours, cognitions, and emotions that evolve from environmental and biological factors

Whats emotional intelligence

(empathy, motivation, self actualization, social awareness, self control)

Whats Myers Brigg indicator

Indicator is based on Carl Jung’s theory of psychological type. It indicates your personality preferences in four dimensions:

●Where you focus your attention – Extraversion (E) or Introversion (I)

●The way you take in information – Sensing (S) or Intuition (N)

●How you make decisions – Thinking (T) or Feeling (F)

●How you deal with the world – Judging (J) or Perceiving (P)

The four letters that make up your personality type can help you to understand

yourself and your interactions with others.

define motivation

the reason or reasons why pie gas for acting or behaving in a certain way

what are the 2 types of motivation reward

extrinsic rewards, intrisinic rewards

what does Maslows hierachy of needs suggest

that people are motivated to do things as a result of their human needs

Levels of Maslows hierarchy of needs (1 bottom-5 top)

1. psychological needs

2. safety needs

3. love needs

4. esteem needs

5. self actualization

Whats extrinsic and intrinsic reward

Extrinsic: are valued outcomes that are provided to someone by another person

ex. pay check, employees of the month, commission

Intrinsic: are valued outcomes from within the individual

ex. goals, job satisfaction, personal growth

Whats self actualization

the complete realization of ones full potential

what are the two factors of the Hertzbergs two factor theory

Hygiene factor, satisfier factors

why was the Hertzbergs two factor theory developed

so managers could understand the relationship between job satisfaction and job performance

what can managers learn from the Hertzbergs two factors theory

1. always correct poor hygiene factors to eliminate job dissatisfaction

2. Always build satire factors into job content to maximize opportunity for job satisfaction

what are some noise and communication barriers

• semantics

• Absence of feedback

• Improper Channel

• Physical distraction

• statues effect

• cultural differences

What does the deflect process state

lower-level needs must be satisfied before higher-level needs become motivating

Define communication

It’s the process of sending and receiving messages through verbal and non-verbal methods

Describe 5 different types of communication

• Verbal communication: face to face, on the phone

• Non-verbal communication: eye contact, body language, tone of voice, posture

• Written communication: Texting, writing letters

• Visual communication: images, videos

• Listening communication: active listening

whats the importance of communication in the workplace

• improve employee morale, engagement, productivity, satisfaction 

• better team collaboration and cooperation

• keep employes for longer 

• decrease in misunderstandings and conflicts 

• creating a relationship between managers and employees

example the communication process

1. Sender: sends a message

2. Receiver: hears and respond

3. Sender: Clarifies

4. Receiver: confirms

define effective communication

The intended message and the perceived message are the same

define feedback

The process of teling someone how you feel about something they did or said

Guidelines for giving constructive feedback

1. Make sure the feedback is specific 

2. GIve feedback at a time when the receivers able to acceptez it 

3. Make sure the feedback is valid (something can be done about it) 

4. GIve feedback in small doses

define absence of feedback

You can’t confirm that the receiver correctly understood the message without feedback.

Define Ethics

Code of moral principles that set standards of good and bad, and right and wrong

what are the 4 views of ethics

1. utilitarian view

2. Individualism view

3. Moral rights view

4. Justice view

what are factors that influence ethical behaviours

1. managers personality and characters

2. Organization policies

3. external environment (government regulation, societal values, industry ethics, culture)

cultural imperialism vs ethical realism

Cultural imperialism No one right way to behave;

Ethical realism An attempt to impose one’s ethical standards on other cultures.

When does an ethical dilemma occur

when choices offer potential for personal and/or organizational benefit but may be considered unethical

what are some ethical dilemmas in business

• downsizing of employees

• pollution control

• changing in laws

• disposal of toxic waste

• product safety

Factors influencing ethical behavoirs

1. Manager’s personality and character

2. Organization’s policies

3. External environment – government

regulations, societal values, industry ethics,

culture

whats the behavioural management theory

assumes people are social and self actualizing in their decisions

what are the two approaches to the management theory

1. classical management approach

2. Behavorial management approach

what are 3 subsections of the classical management theory

Scientific method (Frederick Taylors, The Gilbert’s)

Adminstrations principles

Bureaucratic organization

what did the Frederick Taylor scientific method believe

workers need to be taught the most efficient way to perform their job to improve productivity

what are the 5 rules or duties of a manager according to administrative principle

1. Planning

2. Organization

3. Command

4. Coordinate

5. Control

What is the theory X and Theory Y

Theory X: assumes people dislike work, lack ambition, act irresponsibility and prefer to be led

Theory Y:Assumes people are willing to work, responsible and are self directed and creative

What are the Hawthorne method

experimental study attempted to change or improve their behaviour simply because it is being evaluated or studied

Whats the Hawthorne effect

occurs when people behave differently because they know they are being watched.

Define planning

the process of setting objectives and determine how to best accomplish them

Whats the planning process

1. Define your objective

2. Determine where you’re in relation to your objectives

3. Anticipate future events

4. Consider alternatives and make the plan

5. Implement your plan and evaluate the results

what are the benefits of planning

• provide an action orientation

• improves coordination between departments

• improves time management- sets priorities

• improves control-identify and measure results

• improves focus and flexibility

purpose of contingency planning

identifies an alternative course of action to take when things go wrong

• involves risk assessment when developing a plan

• risk assessment

• minimize the impact of an event and plan for how the business will resume normal operation

whats scenario planning

• long term version of contingency planning

• identifies alternative future scenarios

• includes worst case and best case scenarios

Define forecasting

• the process of predicting what will happen in the future

• Rely on human judgement and can be wrong

• periodicals regularly report forecast of economic conditions such as interest rates, unemployment rates and trade deficits

whats inside out planning

• focuses attention on current production and policies

• doing the best at what is done already

• no drastic changes

• results in max productivity, satisfied workers

• used when companies what to improve the “how”

whats outside in planning

• the company external environment is the most important elemet

• Seeks opportunities- finds niche markers and exploits them

What’s top down planning

• upper management sets objective for the company

• Lower management creates plans within this framework

• Disadvantage- it doesn’t allow input from all participants

Whats bottom up planning

• plans are developed at the “grass roots”

• Passed up the hierarchy

• successful because people “buy-in” to the plan

• Disadvantage- may result in many unconnected plans

Why use SWOT

• uncovers opportunities that a company can take advantage of

• allows planning for potential threats

Whats benchmarking

• Purpose- find out what other people and organizations are doing well, then plan how to incorporate those ideas into company operations

What are strategic plans

• overall direction for the company

• comprehensive (all elements are included)

• long range

• Allocate resources

• Action Framework

• Done by top management

What are operational plans

• implements the strategy with a detail oriented plan

• Clearly defines how a department or team contributes to reaching company goals (ex. production, marketing, HR)

Define SMART

Specific: (what do you want to do)

Measurable: (How will you know when you’ve reached it

Achievable: (Is it in your power to accomplish it

Realistic (Can you realistically achieve it)

Timely: (When exactly do you want to accomplish it)

What are single use plans used for

unique situations and used only once

What are standing use plans used for

deigned to be used over and over again

whats intermidiate plans

between one and three years

whats a vision statement

a sentence or short paragraph that summarizes the goals of a company

whats the time length of long range plans

more than three years and more

A mission statement should be

1. A call to action

2. easily understood

3. Measurable- can see progression

4. written in the present

5. relevant (10-20 yrs)

Define Time management

the process of planning how to divide your time between specific activities

Time management tips for business

• consider CUSTOMERS first

• complete the most urgent tasks first

• complete the tasks that wold cause distress/ distractions first

Whats competitive advantage

the ability to do something so well that you outperform competitors

what are some sources of competitive advantages

• cost of goods/services operating efficiency

• quality of goods and services

• Speed of delivery

• Knowledge and innovation

• Strong barrier to entry

whats the main objective of a PEST-C

help an organization to make informed decisions and avoid pitfalls

What does a PEST-C analysis look at

external stakeholders, but also any external environment factors tat may help or hinder an organization

What does PEST - C stand for

political, economic, social, technology, competition

define core values

• board beliefs about what is important and valued for the company

• helps build a company identity

• influences management decisions and all business functions

Define strategy

A comprehensive plan guiding resources allocation to achieve long term organizational goals

What are the different levels of strategy

• Corporate strategy-set long term direction

• Business Unit strategy- choices about product mix, factory locations, new tech

• Team/Functional strategy- guides activities within one specific area of operations

Whats porters 5 forces

• analyze n industry competitive forces

• - threat of new entrants

• supplier power

• customer power

• substitutes

• competition

Whats BCG

A bison’s planning tool thats used to evaluate the strategic position of a brands portfolio

whats operational objectives

• implements the strategy with a detail oriented plan

• Clearly defines how a department or team contributes to reaching company goals (ex. production, marketing, HR)

Whats retrenchment strategies

seek to correct weaknesses by making changes to current ways of operating

reduce operations to gain efficiencies and improve performance

Whats the types of retrenchment

restructuring- changing the calendar and/or mix of operations

Divestiture- selling off part of the business

Liquidation- selling off company assets or declaring bankruptcy

Whats global strategy

• views the world as one large market

• Standardizes products and advertisements for use worldwide

Multidomestic Strategy

Has some standard operations/brands but customizes products and advertising to fit the local needs of different countries or region

Transnational Strategy

Seeks efficiencies of global operations with attention to local

markets

Operates without a strong national identity and tries to blend

with the local economy

International Strategy (Export Strategy

Company is primarily focused on its domestic operations.

Company does not intend to expand globally but does export

some products to take advantage of international

opportunities.

Whats cooperative strategies

strategic alliance

Whats strategic alliance

when organizations join together in partnership to pursue an area of mutual interest

Whats types of cooperative strategies

• outsourcing alliance- contracting to purchase important services from other companies

• Distribution alliances- firms join together to provide products or services or accomplish sales and distribution

• supplier alliances- preferred supplier relationships guarantee a smooth and timely flow of quality suppliers

Whats corporate vs business vs functional

corporate- Guides resources allocation for the entire company, Asks the main question “In what industries and markets should we compete?”

Business- identifies how a division or strategic business unit will compete in it’s product or service domain, asks the question “How are we going to compete for customers in this industry and market?”

Functional- guides activities within one specific area of operations, Asks the question “How can we best utilize resources to implement our business strategy”

Whats growth strategies

increase organizational size through expansion

types of growth strategies

market development- adding new customers to existing markets

product development- research and development focus to create new products

innovation- creating entirely new products to make new ones

Whats horizontal integration vs vertical integration

Horizontal Integration- expanding operations by purchasing or merging with companies in the same industry

Vertical integration- Acquire suppliers , acquire distributions

Whats organizing

Its allocating resources and arranging the activities of individuals and groups to implement plans

Whats an organizational structure

A system of tasks, r, and communication chanenels that link together the work of people

when to use a functional structure

• Stable environment and strategy

• Small, less complex organizations

Advantages and disadvantages of functional strategy

Advantages:

• clear out responsibility

• work in area of expertise

• less demands on supervisions

Disadvantages:

• Decrease in accountability

• lack of coordination, communication, and problem solving

• Slow decision making

• Overspecialization

When to use a divisional structure

• Rapid, diversified growth

• Unstable environment

• Large variations between divisions