MGT 300 Exam 1

Management

The process of working with people and distributing an organizations resources to achieve goals effectively and efficiently

Entrepreneurial Mindset

The ability to quickly sense opportunities, take action, and get organized under uncertain conditions

A way of thinking that enables individuals to identify opportunities, take initiative, and innovate in the face of challenges 

These quality are critical for managers who must capture and create opportunities by adapting capabilities to compete effectively, motivate other to work toward a common goal to reduce uncertainty, and take ownership of unknown outcomes for a new project 

Planning

Organizing

Leading

Controlling

The four functions of management

Planning 

One of the 4 functions of management 

Is the process of setting goals for the future, designing appropriate strategies and deciding on the actions and resources needed to achieve success 

Organizing

One of the 4 functions of management

The process of orchestrating people, actions, resources and decisions to achieve goals 

Leading

One of the 4 functions of management

The process of effectively motivating and communicating with people to achieve goals 

Controlling

One of the 4 functions of management

The process of monitoring activities measuring results, comparing results with goals, and correcting performance when necessary

The main aim of ________is to ensure that performance meets the objectives of goals and plans

Planning Example

Some of the biggest organizational failures have been a result of poor organizational _______

How Yahoo used to be one of the most popular websites but the company failed to implement a planning strategy to compete with Google, which led to the company lagging behind on technological  advancements 

Poor long range strategic _______led to a series of missed opportunities, including the refusal to strike a deal to acquire google 

Organizing Examples

Organizing is a big part of the daily duties by someone who is an events manager 

6am - getting ready for the day 

7am - arrive to venue, set up. Gift bag assembly, arranging chairs etc.

8-9am - event starts, introducing people, name tags, providing water 

Leading Example

Understanding what motivates employee behavior and communicating effectively with a diverse team are even more critical for a manager when the team experiences a set back or disappointment

Excellent team captains play for their teams, not their egos, and bring out the best in their team mates through passion, authentic communication, and commitment 

Controlling Example

As the manager of a fast good restaurant and you have launched an online customer initiative to gather feedback. You notice that many have complained about rudeness from the staff 

As part of the ___ process you take corrective action  by addressing the issue with staff and possibly introduce further training to ensure this problem doesn’t happen again 

Effectivness

Is the level to which people or organizations make the right decisions to achieve agreed upon goals 

Efficincy

Is the means of using the smallest amount of resources (people, money, materials) to achieve the greatest output 

Managerial roles

Organizational expectations that determine the actions of managers, including interpersonal, informational, and decisional roles 

Interpersonal roles

Managers build relationships with the people they work with and act as a public symbol for the many people they represent

Interpersonal roles example

Motivating and influence employees behaviors, train, and mentor 

Speaking or being at events, hosting guests (vendors, clients, potential employees

Figureheads 

Leaders

Liaison

Informational Roles

Require managers gather assess, and communicate information to individuals and teams in support of the organizations values, mission, vision, and goals 

Informational role Example

Sending messages, memos, forwarding relevant information.

Making speeches, citing organizations position on a subject

Gathering data and information, studying industry papers, reading reports, maintain interpersonal relations

Monitor 

disseminator 

spokesperson 

Decisional Roles

Managers are responsible for making judgments and decisions based on available information and analysis of the situation

Decisional roles example

Identifying new business opportunities, nurturing new projects or initiatives, selling new business 

Working through employee conflict, conducting efforts during a crisis, interpreting and responding to internal and external change 

Approving and setting budgets, deciding the beneficiaries of internal resources, setting priorities 

Mediating discussions with unions, protecting the organization’s interests, bargaining and agreeing to supplier deals

Key challenges facing managers today

Organizational managers have been on the front lines of post-pandemic change in the workplace and have had to face a number of challenges 

high employee turnover rates

inconsistent return to office policies 

burned out employees managing remote teams

growing uncertainty about the future 

Today’s managers and future managers must be able to respond to the most prominent challenge of these uncertain times 

Quiet quitting

non-traditional work (gig economy)

technological change (AI)

Remote work 

employee mental health and well-being 

Quiet quitting

Is doing the minimum amount of effort to keep their job and putting in no more time than absolutely necessary

Working only within their hours, not volunteering to take on additional work, and not contributing to meetings unless addressed directly

managers can prevent this by building a culture of trust and respect, boosting morale by making conscious efforts to recognize and acknowledge accomplishments, encouraging breaks and recharge. providing regular constructive honest feedback 

Gig Economy/Non-traditional work

A labor market characterized by workers picking up short term, flexible freelance work opportunities

Rideshare driving 

pet sitting 

personal shopping 

food delivery driving 

Managers can manage gig workers by establishing clear and frequent communication, being flexible with meetings and availability , providing frequent feedback and setting realistic goals 

Artificial intelligence

is the ability of a machine to imitate tasks associated with intelligent human behavior 

Predictions were made that _____ world replace nearly 70 percent of managers tasks, not yet achieved

managers could use ___ to analyzed data to monitor performance, predict future trends, support training, and streamline recruitment,

Managers must also be aware of the ethical implication of automation and AI and ensure that they are used in compliance with laws and regulations 

Remote Work 

is a type of flexible work arrangement where employees can work from home or form a remote location on a computer or other advanced telecommunications system linked to a main office 

Managers who set priorities, engage in problem solving, regularly check in with their employees and show compassion are more likely to boost morale and increase productivity

mental health

A positive, inclusive working environment supportive of mental health and well being is essential to the function of any organization

The number of people with _____conditions like anxiety, depression, and PTSD has increased 25 percent after the pandemic 

Managers have a major impact on _________ more so than a spouse, doctor, or therapist

Stress negatively impacts people’s work and performance 

Managers can support employees by showing compassion and concern, recognizing when an employee appears to be overwhelmed and providing a safe space to share. Enabling access to programs and resources that support employee well-being

Types of organizations 

Startup

multinational 

growth 

non-profit

student 

Start up organization

is a newly formed organization with limited or no operational history. Some of todays largest and most well known organizations began as startups like Uber, Airbnb, apple and google.

Multinational corporations

is a business organization with operations in multiple countries  Walmart, Amazon, and apple are among the biggest multinational organizations in the world 

Growth Companies

An organization that increases annual revenue faster than its competitors in the same industry or market do. 

Care bridge topped the list of fastest growing private companies in the US, growing almost 5 times its size between 2022-23

Non-profit organizations

Is a business exempt from paying tax, with the expectation that any generalized profit will be reinvested in the business

Religious groups, charities, environmental groups 

Student organization

A group formed to engage students further in the college experience through academic, political, religious, athletic, environmental, and social action 

The most effective provide great opportunities for college, students who want to practice management, take on leadership responsibilities and build their resumes

Types of managers

Top managers

Middle manager

first line manager 

Top manager 

Sets the organizations direction and make decision that effect everybody 

CEO, president, executive director, general manager, executive VP

Establish partnerships 

approve significant purchases

approve strategic plans 

commit resources for new opportunities

Time frames - daily, weekly, monthly, quarterly, annually  

A ________might chose to partner with another company to launch a new software product, which could affect the organization for 5 to 7 years longer

Middle Manager

Reports to upper management and direct the work of first line managers, they are also responsible for division or departments

VP, assistant VP, manager

Assign financial and human resources 

allocate budget resources 

set production and service offerings  

Time frames - Daily, weekly, monthly, quarterly, annually, decades 

First line managers

Directs daily activities for producing goods and services

Associate director, project manager, coordinator, assistant manager, team leader 

Sets employee schedules, hire and promote staff, change processes to improve, daily tasks and actions 

Time frame, daily, weekly, monthly 

A ________at a retail store might settle on how to schedule employee work hours most effectively over a holiday season, which could have an impact on the organization for 2-3 weeks 

Mission, vision, values

These shape decision making, products, and services, beliefs, and relationships with people inside and outside the organization 

it is believes that employees that agree with an organizations _____________tend to be more committed, connected and loyal to that organization

Though if its too strong it can hinder productivity and organizational development. Its important for managers to regularly review goals, missions, and values in the context of the business environment, and include their employees in the discussion to prepare them for the changes ahead  

Mission

An organizations central purpose - why it exists and what type of organization it is (for-profit or non-profit)

American prescription eyeglasses has a _______“to inspire and impact the world with vision, purpose, and style”

Vision

A description of what the organization hopes to achieve in the long term 

Patagonia has a vision “to build the best product, cause no unnecessary harm, and use business to inspire and implement solutions to the environmental crisis”

This describes it commitment to high quality products and its goals to use the business to find resolutions to environmental harm

Values

The core ethics and principles of an organization through meaningful statements and beliefs. Core __are critical to motivating employees and attracting customers

The Triple Bottom Line / the 3Ps

Today’s leaders put social and environmental impacts before profit to drive their decision making 

People, plant, profit 

People

one of the 3Ps

Every organization has a responsibility to its employees and to the wider community 

Wegmans food markets employee “I personally have been through a lot of changes in my life between covid, school, and childcare. The support and flexibility I have received has been extremly helpful”

Planet 

because of growing concerns of climate change, more people are beginning to favor companies committed to sustainable, or green, environmental practices

Radius Recycling is a manufacturer and exporter of recycled metal products. Since 2019, Radius has reduced greenhouse gas emission by 24% 

Profit

Another commitment organizations have alongside the other 2Ps. Sometimes called dual purpose, companies that build social and economic value into their core mission 

TOMs shoes is an organization that does good and makes money. They give away a pair of shoes for every pair purchased and invest 1/3 into the community 

Skills

Are talents or abilities that enable a person to complete a particular task, interaction, or process effectively and efficiently 

Conceptual skills

Are the ability of a manger to think through complex systems and problems. These skills allow managers to look beyond their own department to make decision that positively impact organizational goals 

Top managers use _____ to find creative ways to solve problems, give people a greater sense of power and control, providing them a better chance of visualizing desired outcomes 

Technical Skills

The abilities and knowledge to perform job specific tasks

More important for first line managers or first professional roles. Cloud computing, software development, and data analysis are among the most in demand tech skills of 2023 

Relational Skills 

The ability to collaborate and communicate effectively with others

The importance of winning hearts and minds by paying attention to both emotional and intellectual sides of their team  

Critical thinking

The ability to diagnose situations and predict patterns of behaviors which results in better decision making. A critical thinker is able to put aside biases and view situation from different perspectives to improve their understanding of the world 

Uses intelligence, knowledge, and skills to produce solutions based on evidence and reason 

Fundamental for managers who must make good quick decisions 

Internal environment

Compromises the forces inside the organization that affect how managers set expectation, how employees perform their roles, and how the company interacts with stakeholders and responds to the external environment 

Effective managers ensure that it is consistent with the company’s mission and values 

External environment

Comprising the specific and general factors outside an organization that can change how it operates 

mangers must consider _______ as part of the organization rather that a separate entity 

Specific Environment

Includes the external factors that affect an organizations operations and performance including customers, talent, advocacy, suppliers regulations, and competitors

Customers

Are people who pay for the goods and services produces by an organization

Recent increased focus on them because people can share their compliments and complaints online

Talent

Refers to people inside and outside the workplace who have the skills, knowledge, creativity and relationship necessary to optimize an organizations performance

Stats saying that there are 6 million out of work but 9 mil job openings because companies can’t find qualified people to hire  

Suppliers 

Provides companies with the external resources needed to operate including money, material, people, and information 

Competitors

People or organizations that sell similar goods or services to consumers 

Advocacy (Group)

Is a set of people dedicated to instituting change based on their concerns or interests 

______for stopping oil and gas development pressuring governments  into limited emission  with the goals of reducing Co2 in the atmosphere 

An organization’s specific environment includes the external factors that affect the organization’s operations and performance 

Customers 

talent 

suppliers 

competitors 

advocacy

government activism 

regulation 

Regulations

Are rules set by external governing bodies that dictate standards and procedures for industries, businesses , and professionals 

managers must understand these rules to operate ethically and legally

Government activism 

When government takes an active role in encouraging businesses through tax credits and other incentives to behave in ways that are in the publics interest 

General environment

Encompasses external forces that affect all organizations participating in an economy where managers have little or no power to effect change 

These forces includes politics and laws, resource availability sociocultural forces and economic forces 

Politics and Laws 

managers are required to understand and abide by the constraints of legislative acts, spending time and money ensuring that their personal decisions and the behaviors of their teams are consistent with these mandates

Resource availability

Four categories of resources affect how business operate globally, food, energy, water, and technology

The primary factoring the demand of these is the world population of 8 billion

Sociocultural forces 

Are the behaviors and beliefs associated in demographic groups that comprise an organizational available talent and customers 

By comprehending ______ that define their available talent and customers, managers can adapt their strategies to attract and retain employees 

Economic forces

an orchestrated system of talent, resources, and money that creates and distributes products and services. 

Managers need money to acquire resources and hire talent to achieve the company’s goals

When the economy is good, it is easier for managers to get money from banks , investors, and stock markets

Organizational culture 

is a collection of beliefs that individuals and groups share to help their organization respond to environmental forces and changes 

two main components of culture, observable and unobservable 

Observable culture

Refers to the components of culture that we can see in an organization

Personal appearances, dress codes, processes and structures, behaviors and attitudes and artifacts like slogans and stories, rituals, and ceremonies

Unobservable culture

Consists of the components that lie beneath the surface of an organization, such as company values and assumptions

Netflix believes in “people over process, trying to bring great people together as a dream team” illustrating the value it places on putting employees first 

Dominant culture 

is the set of core values shared by the bulk of organizational employees 

Stryker teaches its employees the importance of giving back by encouraging them to volunteer for activities within 5 specific mission focused areas 

Subculture

Are groups in an organization that share different values from those held by the majority

more likely to occur when groups of people are separated by function, department, tenure, or geography 

The department of defense consist of branches, Army, marines, and the navy. while the dominant culture pervades but each has their unique characteristics 

can arise when there is no dominant culture or merger of two companies each having a different culture 

Counter culture

An extreme type of subculture whose values strongly differ from those of the larger organization 

Groups that openly reject the companies values, embrace change, and challenge the status quo 

Can be seen as bad but can be positive for the organization can bring much needed changed, contribute valuable perspectives and creative ideas 

Artifacts of an organzation

Slogans

stories

rituals

ceremonies

Provides members and outsiders with a better understanding of its culture 

Slogan

A repeated phrase intended to support an organizations culture, mission, vision or values 

subways “eat fresh” and nike’s “just do it”

Stories

Are narratives, usually fictionalized or enhanced overtime, based on actual organizational experiences

Nordstroms story of returning snow tired even though they never sold them because they value customer service 

Rituals

Are formalized activities intended to communicate and teach the organizations culture

The Walmart cheer designed to motivate employees and create a positive environment 

Ceremonies

Events that provide one or more stakeholders with a sense of purpose and meaning connected to the organization and are powerful tools for managers to reinforce the mission and objectives of the company 

Clan culture

is a family like working environment where employees share the same goals and values and form strong personal relationships

The most collaborative, leaders/managers perceived as mentors or parents figures

promotes team work, participation, and Conesus

Hierarchy Culture 

Are the formal and structured places where employees are primarily guided by process, rules, and procedures

Runs via a formal chain of command populated by leaders who use their positions to manage their employees to emphasize the importance of efficiency, productivity, and organization in day to day running operations  

US navy has this culture based on maximizing compliance and minimizing mistakes

Market Culture

Emphasize interactions conducted outside the organization with a view to increasing company competitiveness 

Using competition to bring out the best in employees 

Is results driven, can be aggressive, and high pressure, can lead to unhealthy competition, stress, and burnout 

Adhocracy Cultures

Are creative, dynamic, fast moving, and the quickest to adapt to changing markets

Encouraging employees to experiment and generate innovative ideas 

Success measured by company growth. Performs better during periods of complexity and change 

Organizational strategy

A plan of action for a company to achieve its long term goals

seeing opportunities, designing strategies to achieve goals and jump in 

Designing and defining strategies

A continuous process that helps organizations determine

what they do

why they should be in business

how they can win and sustain market share 

How they can continuously innovate to keep ahead of the competition 

One of the main responsibilities of managers

Create, present and implement strategies to defend company against the threat of competition

ascertain the best market position and determine the weakness that might make the company position vulnerable in the industry 

Three levels of strategy

organizational, divisional, functional

Division strategy

Determines how particular business units or divisions compete in an industry or market 

One manager in sales might focus on a strategy to set price points based on analysis of the competition and market demand 

Another manager in research and development may focus on a product differentiation strategy 

Managers implementing divisional strategies must work together as part of the overall organizational strategy to reach long term goals 

Functional strategy 

Determines how employees will implement and achieve a tactical plan 

The task of funding, hiring, and training skilled employees 

Competitive Advantage 

Business strategies can be classified in many ways, but all of them seek to gain _______

The characteristics of an organizations products or services that distinguish it from competitors and provide an advantage in the marketplace 

The Miles Snow Typology

identifies 4 types of strategic behavior

Defender

Prospector 

Analyzer 

Reactor 

Defender

A company whose strategies support stable growth and the continual improvement of existing products and services

A penetrating oil and water displacing spray of the same name. It focuses on protecting in market share by enhancing existing products, offering superior quality, and developing new uses for its spray  

prospector

A company whose strategies enable high risk and fast growth through product and market innovation

Analyzer

A company whose strategies seek to maintain existing products and service while pursing limited innovation

they study the competition and rapidly adopt ideas that have potential - fast fashion brands look at ideas from other designers and imitating them to produce their own products with limited innovations

Reactor 

A company that does not follow a consistent strategy, has little control of its environment, and lacks the ability to adapt to competition 

Block buster failed to adapt to changing market conditions and turned down the opportunity to purchase Netflix 

5 major threats that managers should expect to encounter when competing in an industry

Power of suppliers

power of buyers

substitute products/services

new entrants

rivalry

Bargaining power of suppliers

All companies have suppliers that provide them with the products and services need to operate a business 

In the airline industry, switching engine providers t o another would have to transform the engines infrastructure, which is expensive 

Bargaining power of buyers (customers)

Powerful buyers can influence an industry 

Can lead to lower prices, improved service at existing prices, and additional features 

buyers have a lot of power in streaming services since have the power to switch to another one 

Threat of substitute products and services 

Certain industries can be threatened by new products and services that meet the same consumer need in a different way 

Uber, Lyft, and bolt substitute the need for car ownership, and video conferencing platforms, substitute the need for business travel 

Threats of new entrants 

Puts pressure on prices and costs as competitors try to maintain their customer base 

Fast good industry, threat has been low due to large investment to set up a restaurant. though things like popup restaurants and food trucks are a threat because they cost less to set up and operate and offer healthier food alternatives to match evolving consumer food choices 

Rivalry among existing competitors

An increase in competitors that offer the same products and service can spell trouble for a business unless it finds some way to differentiating its offering 

Airlines lack the ability to differentiate say they are under pressure to complete on price, technology and customer service 

Barrier to entry 

An obstacle that makes it difficult for an organization to enter a particular market or to replicate a competitors service and product offerings. Difficult to overcome but not impossible