Lesson W6L1 - BETA2 EST Revision_STUDENT - Copy

Revision for End-of-Semester Test (EST)

Date: T2 WK 7 (17 – 21 Feb)Time: TBAVenue: TBATest topics: All highlighted topics in the module schedule format: 10 Multiple Choice Questions (MCQ) + 4 Short Answer Questions Marks: 50

Organizational Structure

Definition:

Defines activities like task allocation, coordination, and supervision toward achieving organizational aims.Facilitates allocation of roles, responsibilities, clear reporting relationships, and resource management.

Key Concepts of Organizational Structure

  • Chain of Command: Defines reporting relationships.

  • Span of Control: Refers to the number of employees managed by one manager.

  • Centralization and Decentralization: Determines decision-making practices within the organization.

Types of Organizational Structures

  • Simple Structure: Flat, consisting of two levels - workers and owner-manager.

  • Functional Structure: Consists of owner-manager, managers, and workers.

  • Product Structure: Divides staff by product lines rather than functions.

  • Matrix Structure: Combines functional and product components in team-based organization.

Job Descriptions

Definition:

Document stating essential job requirements, duties, responsibilities, and necessary skills.

Purpose:

Helps in selection, performance appraisal, and talent development.

Importance of Job Descriptions

  • Selection Process: Helps in identifying suitable candidates.

  • Performance Appraisal: Serves as a benchmark.

  • Talent Development: Identifies training gaps and developmental needs.

Goal Setting and the Performance Appraisal Process

Performance Appraisal Process

  • Continuous Process: Year-round performance management for effective results.

  • Components:

    • Goal Setting

    • Performance Monitoring and Feedback

    • Performance Appraisal

    • Recognition and Plans for Improvements

Digital Marketing (Part 2)

Social Media Marketing

Definition:

Digital marketing strategy using social networks to achieve marketing goals.

Components:

  • Profile Optimization: Accurate, complete, and engaging profiles with clear CTAs.

  • Posting Strategies: Publish useful, entertaining, and relevant posts across platforms.

  • Engagement Techniques: Interact with customers through likes, shares, and comments.

  • Advertising: Use paid methods for targeted outreach.

  • Performance Measurement: Analyze metrics for improvement.

Introduction to Negotiation

Definition

  • Process involving discussion to reach a mutual agreement.

Importance

  • Resolving disputes

  • Securing deals

  • Career advancement

  • Building relationships

Power in Negotiation

Types of Power:

  • Reward Power

  • Expert Power

  • Coercive Power

  • Legitimate Power

  • Referent Power.Understanding power dynamics is crucial for effective negotiation strategies.

Integrative Strategies in Negotiation

Definition:

  • Collaborative process focused on mutual benefits, often resulting in win-win outcomes.

Distributive Strategies in Negotiation

Definition:

  • Competitive, zero-sum approach focusing on maximizing individual gains, resulting in win-lose outcomes.

Leadership and Motivation

Overview:

  • Discusses how leadership styles influence team motivation and performance.

  • Covers theories of motivation and how effective leadership fosters an inspiring environment.

Difficult Conversations and Conflict Management

Definition

  • The practice of identifying and resolving disputes effectively.

Importance

  • Maintains workplace harmony

  • Improves team dynamics

  • Enhances productivity

  • Promotes problem-solving skills

Key Strategies for Conflict Management

  1. Communication: Encourage open dialogue to discuss issues.

  2. Active Listening: Understand all perspectives before making decisions.

  3. Empathy: Recognize and validate feelings of those involved.

  4. Collaboration: Work together to find mutually satisfactory solutions.

  5. Compromise: Each party gives up something to reach an agreement.

  6. Seeking Mediation: Involve a neutral third party if necessary.

Harvest and Exit Strategies

It is a plan executed by business owners, investors, traders, or venture capitalists to liquidate their position in a financial asset upon meeting certain criteria.

Internal Factors

  • Partners

  • Management

  • Family

  • Employees

External Factors

  • Finances

  • Liquidation

  • IPO(initial public offering)

  • Strategy

Types of Harvesting/ Exit Strategies