BUS 160 Exam 4 King JMU

BUS 160 - King - JMU - Ch 5,6,8

Ins & Outs of Job Tasks

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Strategic Management

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Goals of Strategic Management

Set objectives that orient how a business manages employees

SWOT Analysis

Strengths, Weaknesses, Opportunities, Threats

Examples of each

S—

Mission Statement

Business and Industry; foundation of a firm or organization

Corporate Strategy

jjjj

Within corporate strategy, business ___ works to…

Improve the competitive positions of the company

Within corporate strategy, functional ___ works to…

determine how we operate and continue productivity within the company

Contingency plans

The backup plan in case there is an issue within the company, allowing the business to continue moving

Examples of contingency plans

Scenario: Flooding damages the physical store

• Shift to online-only sales temporarily.

• Use social media and email to inform customers

Crisis Management

How we operate DURING the crisis while it is occuring

Different between Contingency and Crisis Management

Crisis management solves the problem as it is happening, whereas contingency plans are solutions for instances that could happen.

Categories of _______

Planning, organizing, leading and controlling

Planning (context of business)

What an organization needs to do and how best to get it done; objectives, strategies, and overall managerial goals

Organizing (context of business)

How to arrange resources and activites into a coherent structure

Leading (context of business)

Guiding and motivating employees to make objectives achievable and fostering a positive work environment.

Controlling (context of business)

Monitering performance to make sure organization is meeting its goals

The Control Process

Monitoring performance to ensure goals are being met

Ways a business may enforce this process

• establish employee standards; have employees waiting tables but also doing side work

• measure performance and compare to whether it matches the company standard

What are a businesses options if their performance…

Does match standards— continue as usual

Do not match standards— alert employees to improve behaviour

Job Specialization

Considering the needs of the business and what needs to be done to then establish what people are needed to do within the business.

Departmentalization

How people can be grouped together logically depending on the jobs that need to be performed

Some departments are treated as individual profit centers, what does this mean?

Departments are responsible for their own budget and productivity within the department.

Functional Department

By business function or activity (IT help)

Product Department

By product type or service being created or sold (retail stores)

Process Department

Some employees receive, some unpack, some assemble, and some check for quality (i.e. assembly lines)

Customer Department

By “customer group” need for product S

Example of customer

Selling to a business VS selling a home VS selling to schools

Most organizations utilize ____ departmentalization.

Hybrid departmentalization: using different types of departmentalization at different levels of the organization.

Distributing Authority

Decision-making hierarchy of who will be empowered to make decisions and have authority over others.

Centralized D.A.

Most decision-making authority is held by UPPER-level management

Decentralized D.A.

Great deal of decision making authority is delegated to lower level managers

True or False— Decentralized organizations must ALWAYS get permission.

False: centralized D.A. must always get permission from the higher management as they are the one’s with the power.

Organizational Structures

Tall Structure (centralization), Flat Structure (decentralization)

Tall structures have…

multiple layers of management; decisions need to be approved by someone above us; characteristic of centralization

Flat Structures have…

relatively few layers of management; characteristic of decentralization

What is a factor to consider for these structures?

Span of control: the number of people supervised by one manager; wide vs narrow.

Forms of Authority

Line, Staff, and Group

Line Authority

Authority flows in a chain of command from top-line managers to lower-line managers 

Staff Authority

Authority based on expertise that involves supporting and advising line managers; gathers support

What indviduals help line managers make decisions but do NOT have the authority to make final decisions?

Staff Managers

Types of Group Authority

Commitee and Team Authority and a Work Team

What is the Delegation Process?

The manager allocates work to subordinates

How do these processes get enforced?

1. Assigning responsibility to perform any assigned task

2. Granting authority to make necessary decisions

3. Creating accountability— influences the employee to make the best decisions possible—> better output

According to Expectancy Theory, people are motivated to work if they believe…

1. Their effort will lead to performance and success

2. They will be rewarded by the organization

3. They will fulfill personal goals

Equity Theory

If the employee believes they are treated fairly, with respect to others, they will be motivated.

Classical Theory

Workers are motivated solely by money; proven UNTRUE

Difference between a Theory X vs Theory Y employee

• X– employee is inherently lazy and dislikes work→ need more supervision and motivation

• Y– employee enjoys work and seek responsibility, making them intrinsically motivated to do the best they can

Maslow’s Hierarchy of Needs IN ORDER

Bottom to Top— Physiological, safety/security, belonging and social, self-esteem, and self-actualization