MGMT 3510

MODULE 1:


  • Macro-level management

    • focuses on improving the performance of the organization as a whole

    • disciplines that inform include sociology, political science, and economics

    • strategic management, organizational change, and organizational design

    • more to do with managing the organization as a whole

  • Micro-level management

    • focuses on improving the performance of the employees within the organization

    • disciplines that inform the microlevel include psychology

    • resources management, job design, and interpersonal and group processes

    • more to do wit managing employees within the organization 


Chapter 1 – What is Management?

  • management involves the coordination of people and resources to accomplish desire goals and objectives

  • Managerial functions: Controlling, Leading, Organizing, Planning

    • controlling: managers monitor and evaluate activities

    • leading: managers supervise and motivate people

    • organizing: managers coordinate activities and resources

    • planning: managers determine the course of action or their organization 

  • For-profit organizations

    • organizations are in business to make money and be profitable

  • Nonprofit organizations

    • institutions are in business to serve the greater good 

  • Management

    • includes all of the planning, organizing, controlling, and leading of people and resources to maximize organizational performance and achieve its goals and objectives 

  • Organization


Chapter 2 – The History of Management 

  • Administrative and bureaucratic perspective

    • focuses on the managers themselves

  • Contingency theories

  • Hawthorne effect

    • behavior changes that occur solely as a function of individual’s awareness of being observed by others 

  • Human relations perspective

    • focused on the employees as humans - it approached the study of management from a human-oriented lens, recognizing that employees are fundamentally humans whose complex behavior and social relationships affects their work performance 

  • Industrial revolution

    • During this time, changes in production, transportation, and communication fundamentally altered how and where work is done, sparking the need for business owners to understand how management techniques could improve their organizational performance. 

  • Management science

    • uses analytics and complex statistics to improve decision making in organizations

  • Nepotism

  • Systems perspective

    • emphasizes that organizations exist in a broader system of inputs and outputs that must be considered

  • Theory X and Theory Y

    • theory X: presumes employees do not like to work and tend to avoid responsibility. They need to be actively managed. 

    • theory Y: presumes employees have an innate desire to have autonomy and responsibility and can contribute to an organization through participative and self-directed behavior. 

  • Total Quality Management

    • a management perspective that conceptualizes quality in from three points of view (quality planning, quality control, and quality improvement) and emphasizes commitment to quality at every stage of the production process, within every employee, and throughout the entire organizational system


MODULE 2:


Chapter 4 – The Organizational Environment

  • divided into the internal and external environment, encompassing all of the factors, forces, and groups that are both inside and outside the organization

  • Methods of monitoring the environment: benchmarking, boundary spanning, buffering, forecasting

    • forecasting: the process of trying to predict what will happen in the future

    • boundary spanning: involves scanning the environment to detect information organizations believe is important for their business AND the tactical release of internal information to external environment to promote positive view of organization

    •  benchmarking: involves making ongoing comparisons between an organization and its competitors with regard to overall process and performance

    • buffering: absorbing uncertainty from the environment so the organization can perform its primary roles efficiently 

  • Competitive advantage

  • Competitors

  • Diversity

  • Parts of the organizational environment: external environment, internal environment, general environment, task environment

    • internal environment: consists of the internal stakeholders all of whom drive the organization’s strategy, policies, and culture

    • external environment: can be divided into the task and general environment 

    • task environment: consists of groups and situations that managers have to deal with on a daily basis, including customers, suppliers, competitors, etc

    • general environment: deals with market forces that are both dynamic and uncontrollable, including political, legal, ethical, economic, ect forces 

  • Gig economy

  • Labor union

  • Stakeholder

    • individuals and entities that are impacted by and that impact the organization 

  • Supply chain management

  • Task environment

    • consists of groups and situations that managers have to deal with on a daily basis


Chapter 10 – Innovation & Change

  • Creative destruction

    • the process by which new entrants come into industries and displace existing firms through new products, servies, and activities 

  • First-mover advantages

    • gains to a firm entering a market before other competitors, including brand recognition and customer loyalty, access to superior locations 

  • Intrapreneurs

    • employees with an organization who promote innovative activities 

  • Organizational change

  • Organizational development

  • Process innovation

    • development and market introduction of a brand new or significantly improved method or technique

  • Product innovation

    • development and market introduction of a brand new or significantly improved good or service 

  • Skunk works

    • small, independent laboratory or unit within an organization engaged in innovation 


MODULE 3:


Chapter 8 – Strategic Thinking & Planning

  • Competitor intelligence

    • research on rivals to determine their likely behavior 

  • Strategy

    • integrated pattern of decisions an organization makes to achieve its objective through resource allocation and actions in various markets - the pattern of decisions made to achieve goals 


Chapter 9 – Strategic Management

  • Backward vertical integration

    • acquiring a supplier to improve efficiencies, reduce costs, and exert bargaining power 

  • Competitive positioning

    • choice to compete based on differentiation or higher prices 

  • Cost advantage (i.e., Cost leadership advantage)

    • ability to incur lower expenses than competitors 

  • Differentiation advantage

    • ability to charge a price premium due to unique products or services 

  • Exit costs

    • expenses incurred to leave an industry or facility

  • Five forces framework – Know the 5 components

    • focuses more deeply on the “T” in SWOT

    • 1. competitive rivalry: the strength of competition in the industry

    • 2. threat of new entry: the ease with which new competitors can enter the market and potentially drive down your pieces

    • 3. threat of superposition: the extent to which different products and services can be used in place of your own

    • 4. supplier power: the ability of suppliers to drive up the prices of your inputs and raw material

    • 5. buyer power: the strength of your customers to drive down your prices

  • Forward vertical integration

    • acquiring a customer or other entity to control the distribution or supply of the company’s products 

  • Monopoly

    • an industry with a single company operating within it 

  • Oligopoly

    • a small number of firms with large market shares 

  • Overcapacity

    • when firms in an industry produce more supply than is needed to meet demand 

  • Product commoditization

    • loss of product differentiation when multiple firms have similar offerings

  • Product differentiation

    • unique product attributes that customers value

  • Strategic management – Know the 4 steps in the strategy process in order

    • how firms formulate, execute, and evaluate their decisions

    • 1. analyze external environment (opportunities and threats)

    • 2. analyze internal environment (strengths and weaknesses)

    • 3. identify strategic alternatives

    • 4. select and implement an appropriate strategy 

  • Strategy formulation

    • development of strategies in an organization

  • Strategy implementation

    • execution of strategies in an organization

  • SWOT analysis – Know the 4 components

    • evaluation of a firm’s internal activities that represent its strengths (S) and weaknesses (W) and diagnosis of its external environment to identify opportunities (O) and threats (T)

  • Value capture

    • The profits a firm obtains by charging a price more than its costs for a product or service. 

  • Value creation

    • the differences between a customer’s buyer value, or willingness to pay, and the firm’s cost in offering a product or service. The firm is bearing costs to produce something that a customer values even more.


MODULE 4:


Chapter 5 - Globalization

  • Culture

    • the values, orientations, and beliefs that affect individuals in a society and impact their world view - one of the most important variables for international managers to be aware of 

  • Culture shock

    • feeling of anxiety and apprehension one experiences when not knowing how to behave or act in new surroundings 

  • Ethnocentrism

    • tendency to judge another culture based on preconceptions found in one’s own culture 

  • Expatriates

    • employees assigned to work in another country

  • Franchising

    • when companies provide foreign businesses with a complete package of materials and services to use in exchange for a fee 

  • Globalization

    • the increased interaction and integration of economic, political, and socio-cultural systems across different geographic regions 

  • Home country

    • country in which the parent organization is headquartered 

  • Host country

    • countries in which an organization operates a facility or conduct other business activities 

  • Individualism

    • tendency for people to look after themselves and their immediate family

  • Joint venture

    • business entity created by two or more parties, which share ownership and responsibility for the new entity

  • Multinational corporation

  • Multinational enterprise

  • Nongovernmental organization

  • Offshoring

    • sourcing work to organizations in other countries or basing part of a domestic company’s operations overseas - happens when businesses send in-house jobs overseas 

  • Outsourcing

    • subcontracting with outside vendors to provide specific services, perform tasks, or handle a company’s operations, which were previously done in house - occurs when a company contracts a specific process to a third party, finding someone who specializes in whatever needs to be done 

  • Parochialism

    • tendency to be narrow-minded on specific topics due to lack of interest in learning about them 

  • PESTLE analysis

    • strategic framework used by organizations to assess the various factors that exist in a particular country 

    • political factors

      • consist of government policy actions that impact the profitability of a firm

    • economic factors

      • refers to a country’s ability to meet all of its financial obligations

    • sociocultural factors

      • those based on values, attitudes, and beliefs that shape the behavior and preferences of a particular population

    • technological factors

      • anything that helps us turn inputs into outputs - the application of knowledge to improve systematic processes

    • legal factors

      • encompass the law and regulations that are put forth by the home country, host country, and the international community

    • environmental factors

      • important to evaluate ecological and geographic characteristics of a country where company wants to conduct business

  • Stereotype

  • Third country nationals

    • employee from a country other than the home country or host country