Management midterm

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Management midterm
2012-02-28 21:18:52
management midterm

management midterm
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  1. Management
    getting work done through others... concerned with effciency and effectiveness in work progress
  2. Types of managers (3)
    • 1. First line management-
    • mentor/monitor employees (2-3 wks)
    • 2.Middle management-
    • implement, set/achieve objectives (6-18 mo)
    • 3.Top management-
    • CEO- set vision/direction of company (2-5 yr)
  3. Models (what are they generally)
    simplication of reality
  4. Four Functions (of management)
    • Planning-
    • set goals, decide on actions, develop rules and procedures, develop budgets and plans
    • Organizing-
    • ident. jobs to be done, hire ppl to do them, establish depts., chain of command, (delegate)
    • Leading-
    • influence to get job done, morale, manage conflicts/communication
    • Controlling-
    • set standards, compare performance v. standards, take corrective action
  5. differences across types of managers (2)
    • 1. general time horizon (2-3 yrs, 6-18 mo, 2-3 wks)
    • 2. scope of influence (how many ppl you effect)
  6. Managerial Skills (3)
    • Technical skills
    • how to get job done
    • Human skills
    • works well with others
    • Conceptual skills
    • overall big picture (how things fit together)
  7. Team Leader
    • facilitate team activities and acheive goals
    • motivate and encourage workers
  8. Mintzberg's 3 main managerial roles
    • Interpersonal Roles-
    • leader/liason
    • Informational Roles-
    • monitor/spokesperson
    • Decisional Roles-
    • resource handler/negotiator/ disturbance handler
  9. Motivation to manage
    how motivated employees are to interact with a superior, handle/organize admistrative tasks
  10. Top 3 mistakes managers make..
    • 1. insensitive to others (intimidating)
    • 2. cold, arrogant
    • 3. betray trust
  11. Transition to management
    • managers' intital expectations
    • be the boss, formal authority, manage tasks, etc.
    • after 6 mo. as a manager
    • intital expectations wrong, fast pace, heavy work load, etc.
    • after a year as a manager
    • no longer a "doer", communication/listening/positive reinforcement, job is to develop people
  12. self management process (4)
    • 1. self assesment & stragetic planning-
    • who are you? dont ignore identity
    • 2. goal setting/ operation planning
    • make plan on how to get to big goal, 'mistake to fail' plan
    • 3. self control/enviromental
    • 1st things 1st/ urgent important v. nonurgent & nonimportant , mistakes- allowing negative emotions/ habits to derail us
    • 4. evaluate & reward progess
    • meet goals-reward accordingly *mistakes- rewarding too early, too late, too much
  13. Franklin Covey's questions
    • personal mission statements
    • Who are you?
  14. Key characteristics of "stars" (Webber article)
    • Stars-
    • take personal iniative
    • give take relationship
    • find out mission of company & go for it

    • order/ rules of initiative
    • do well
    • convince
    • find out mission (network it)
    • do it
  15. emotional control activities
    • count your blessings (3 each night)
    • autobiographical reflections
    • use your strengths
    • * all make you :D*
  16. Morgentern's time management tips
    (hint- 4 D's)
    • Delete- cross off your list
    • Dimish
    • Delay- put off less imporant things (if allowed)
    • Delegate
  17. Advantages of teams
    • improve customer satisfaction
    • improve product/service quality
    • improve employee job satisfaction
    • improve some steps in the decision making process
  18. Team productivity equation
    Actual Productivity = potential productivity + process gains - process losses

    * NOTE- potential productivity is depedant on members' resources: knowledge, skills, & abilities (KSAs) & personality
  19. Process Gains
    (Group Process)
    • information exchange
    • load balancing
    • social facilitation
  20. Process Losses
    (Group Process)
    • group maintenance (unavoidable)
    • social loafing (ex. slacking b/c know group members will pick up slack)
    • production blocking (members don't agree with others pts of view)
  21. Norms
    (how to set and maintain)
    • take on tone by manager--> members follow tone set
    • set --> peer eval. & rotate leaders
  22. Factors encourage people to withhold effort
    • 1. presence of someone with expertise
    • 2. presentation of a compelling arguement
    • 3. lacking confidence in ones ability to contribute
    • 4. unimportant or meaningless decision
    • 5. dysfunctional decision making climate
  23. Groupthink
    people don't want to argue so they agree.. resulting in a poorly done project
  24. Minority domination
    one or two people dominate a team discussion... restricting consideration of different problem definitions/ alternative solutions
  25. Work Team Characteristics
    • Norms- informally agreed-upon standards that regulate team behavior
    • Cohesiveness- extent to which team members are attracted toa team and movtivated to remain in it
    • Size- very large/small teams don't perform as well as moderately sized team *need to change size of team when theres difficulty with decision making
    • Conflict- dont avoid it, use it to the teams advatage
    • Development- develop and grow
  26. Work-team characteristics
    • setting of team goals/priorities-
    • s.m.a.r.t (specific, measureable, attainable, realistic, timely) best if specific and challenging
    • selecting people for teamwork-
    • individualism-collectivism(prefer being alone)
    • team level(avg. level of ability, experience, personality)
    • team diversity(differences in ability, experience, personality)
    • team training
    • team compensation & recognition-
    • skill-based pay
    • gainsharing
  27. How do "stars" use their network (Webber Article)
    before getting started they do their assigned job well
  28. 2 main roles team members play
    • Task roles-ex-class work/research
    • Social roles-ex-encourage, building, cohesiveness
  29. Types of conflict
    • Task (yes) vs. Relationship (no)-disagreement bout solutions (y)---relationship, dislike you (n)
    • Devils advocate-choose person to critisize suggestions
  30. How to increase desirable conflict
    • devils advocate-choose person to critisize
    • brainstorm- brainstorm seperately, gather (repeat)
  31. Nomial Group Technique
    a decision making method that begins and ends by having group members quietly write down and evaluate ideas to be shared with the group
  32. Characteristics of a good team meeting
    • have a written agenda
    • start and end on time
    • begin with a review
    • have clear ground rules for decision making (devils advocate)
    • include time for questions and debate
    • encourage equal participation
    • end with a summary of who is doing what (accountability/order)
  33. Build Cohesiveness
    • like the team/each other + be motivated to stay in your team
    • achieves quicker and better performance

    • *improved by-
    • all members present at meetings
    • additional time to work together
    • do something nonwork related together (icecream)
    • create special identity for yourselves (team name)
  34. maximize benefits of DivErsITy
    • 1. get to know each others background (personal info)
    • 2. creat time/space for questions to clarify meaning
    • 3. assume the best intentions (enjoy diff. perspectives, "walk a mile in theirs hoes"
  35. Ethics
    a set of principles that defineswhatisrightandwrong for a person or group
  36. Ethical Behavior
    behavior that conromfs to a societys accepted principles of rightandwron g
  37. Ethical Intensity
    • The degree of concern people have about an issue
    • *I dont think we need to know these but here they are*
    • magnitude of consequences
    • social consensus
    • probability of effect
    • temporal immediacy
    • proximity of effect
    • concentration of effect
    • (ex. Dr. Crawfords MediaCom letter)
  38. Moral Development
    • Preconventional Stage
    • stage 1- punishment and obdience (avoid)
    • stage 2- maintain exchange relationship (scratch my bacj & i'll scratch yours)
    • Conventional Stage
    • stage 3- earn approval of others (where most adults are at)
    • stage 4- follow rules and laws
    • Postconventional
    • stage 5- protect individual rights
    • stage 6- follow universal principals (only 20% of adults make it to steps 5&6)
  39. Ethical Principles
    • long term self interest
    • best long term
    • personal virtue
    • never do anything don't wantto showup on the news
    • religious injuctions
    • never take unkind/harm to someone else
    • gov't requirements
    • obey laws
    • utilitarian benefits
    • do what creates greatest good for greatest # of ppl
    • individual rights
    • stage 5 of moral development
    • distributive justice
    • fair outcomes for everyone involved
  40. Encouraging ethical behavior (5)
    • 1. recruit, select, & hire eithical people
    • 2. establish a code ethics (will not lie,cheat,steal, etc.)
    • 3. provide training
    • 4. create ethical climate (cheating in school)
    • 5. measure and enforce (ex. wallet test)
  41. Types of deviance
    • Organizational Deviance-
    • production (minor)
    • property (serious)
    • Interpersonal Deviance-
    • political (minor)
    • personal aggression (serious)
  42. U.S. Sentencing Commission Guidelines for Organizations
    • est. 1991
    • companies can be prosecuted and punished even if management doesnt know about the unethical behavior.
  43. 6 factors of ethical intenstity
    • 1. magnitude of consequences
    • 2. social consensus
    • 3. probability of effect
    • 4. temporal immediacy
    • 5. proximityof effect
    • 6. concentration of effect
  44. Moral development
    • preconventional- people make decisions based on selfish reasons
    • conventional- people make decisions that conform to societal expectations
    • postconvential- people make decisions based on internalized principles
  45. 6 Steps in solving a problem using Ethical Decision Making
    • 1. identify the problem
    • 2. identify the constituents
    • 3. diagnose the situation
    • 4. analyze your options
    • 5. make your choice
    • 6. act
  46. Stakeholder
    persons or groups with a "stake" or legit interest in a companys actions.. affected bythe actions of the business as a whole
  47. Shareholder
    legeally owns a part of share ina stock
  48. Corporate Social Responsibility
    a business's olbigatio to pursue policies, make decisions, and take actions that benefit society
  49. Resonpsibility strageties
    • reactive-denial, less than society expects
    • defensive-admit breach in social responsibility, bare min. to solve problem
    • accommodative-accept resonpsiblity, do all in power to solve problem (ex. toyota brakes)
    • proactive- anticipate problems before occur, everythingp ossible to fix/prevent
  50. BP's story
    • People, Planets, Profits
    • BP's purpose is a progressiveone. thatmeanswe aim to generate returns for o ur investors by p roviding the energy forbasichuman n eeds suchas light, heat, andmo bility and to do so ina safe sustainable and enviromentally responsible way.
  51. Stoneyfields mission and practices
    mission- examine every potential for doing good & invest there
  52. ethionomics
    provisional name for the discipline of formally mapping and defining the prioritization of values within value systems, with the intent of understanding differences between seemingly disparate value systems, the people who hold those value systems, and the decisions they make based on those value systems.
  53. Internationalization process (5 big options)
    • 1. exporting
    • 2. cooperative contracts (license product abroad)
    • 3. strategic alliances (pool assets, split-risky)
    • 4. wholly owned affliates (purchase,own,operate,control place of business on forgein land)
    • 5. dont follow phase model- new global ventures!
  54. Forces for internationalization/globalization
    • modern communication technology
    • air travel
    • corporate globalism
    • (ex. connan late show)
  55. cooperative contracts (2)
    • licensing- a domestic company, the licensor, recieves royalty payments for allowing another company, the licensee, to produce its product, sell its serivce, or use its brand name.
    • franchise-collection of networked firms which the manufacturer or marketer of a product or service, the franchisor, licenses the entire business to another person or organization, the franchisee.
  56. Problems @ Mustang Jeans (video)
    • american needed to continue personal relationship-
    • pushed contract too hard
    • made it strictly a business deal
    • didnt pay attention to japanese mans body language
  57. High context culture
    • cultures in which nonverbal and situational messages convey meaning
    • relationship more important than terms
  58. low context culture
    • cultures in which words convey primary meanings
    • nonverbal messages are secondary
    • the terms of the deal are more important than building a business relationship
  59. Hofstede's Dimensions
    • long term orientation v. short term
    • patience v.need now
    • uncertainty avoidance
    • comfortable with unstructured/unpredictable
    • masculinity v. feminity
    • agressiveness/competition v.relationship oriented/compassionate
    • individualism v. collectivism
    • individual achievement v. group achievement
    • power distance
    • extent to which ppl are willing to tolerate uequal distributino of power/wages
  60. tarrif v. non tarrif trade barriers
    can cause an increase in final cost of goods exported/ imported
  61. why do managers need to know about tariffs and trade?
    so they know how much their shit will cost
  62. Characteristics of an attractive foreign business climate
    • positions the company for easy access to growing markets
    • is an effectibve but cost-efficient place to locate an office or manufacturing facitity
    • minimizes political risk to the company
  63. Preparing for an internatin assignment
    language and cross cultrual training
  64. What is a mongrel? Why is it a good thing? (zachary article)
    • MUTT!
    • good thing because they are able to easilty fit in/relate to multiple cultures
  65. Components of General Environment- affects all businesses
    • Economy- growing/ increasing demand Technological trends- broad term or tools used to convert raw materials into resources
    • Sociocultural trends- demography changes
    • Political/ legal trends- laws change, need to know for your business
  66. Components of Specific Environment
    • Customer- reactive (complaints (after fact)) proactive (customer review sections)
    • Competitor- similar/ substitute products- threat?
    • Supplier- providing- dependency- they have all the power- or- buyer dependency- if they don’t sell to you – they’re done
    • Industry Regulation-Advocacy Group- have feels about how ppl should do business (PETA)
  67. Environmental Scanning
    • Mind only remembers w/ what agrees w/ your bias
    • systematic study= remember all info/ long term treads
  68. Confirmation Bias
    uncomfortable experience when hear info that goes against beliefs.
  69. Levels of Culture (pg 57)
    • Symbolic artifacts/ behaviors- how people dress/ how office is set up
    • What people say/ how decisions are made- heroic stories
    • Beliefs and assumptions/ rarely discussed- taken for granted- always has been always will
    • Strong culture
    • belief- unifying
    • drawback- stronger/ deeper – harder it is to change
  70. Effective missions statements
    briefly define the organization’s purpose for stakeholders in a way that is enduring, inspirational, clear and consistent with company values.
  71. Getting into business
    • Family owned- Giving to you and you take it over.
    • Starting new- start with an idea that doesn't exist and then bring it to a market.
    • Buy existing- see a business that is ran and then you buy it. Ex. Rental PropertiesBuy
    • Franchise- Undervalued, don't own business, buy a license and then run. Pay fees to operate business, giving everything.
  72. Funding
    • Need money to start a business
    • Equity- an investment of money into a business that isn't going to be repaid.
    • Debt- Investment into a business that will be repaid.
    • Awards- No return on investments.
  73. Types of ownership
    • Proprietorship/ Partnership- Easiest may to go into business. Earnings are taxed as personal tax returns. Liability for debt, bank can go for business and personal assets.
    • Corporation- Contractually put into a business. Earnings taxes as a business, profits shared with shareholders, then taxed again. Double tax, benefits is separations of debts.
    • Subchapter S-Corporation- Special form of corporations, changes way earnings are treated, protection from liability, personal assets are safe, taxed once on personal assets.
    • Limited Liability Company-Earnings taxed once on owners assets
  74. 'burn your business plan'
    (key ideas)
    spend time doing instead of writing about how you are going to do business.
  75. How to make a plan that works
    • setting goals
    • developing commitment ot the goals
    • developing effective action plans
    • tracking progress toward goal achievement
    • maintaining flexibility in planning
  76. steps in rational decision making
    • define the problem
    • identify decision criteria
    • weight the criteria
    • generate alternatives courses of action
    • evaluate each alternative
    • computer the optimal decision
  77. sustained competetive advantage
    • something you can do that no other person can do
    • you gain advantage for a large time.
    • What you do, need to have these 4 aspects
  78. Sustained competetive advantage
    (4 aspects)
    • Valuable- people need to take money out of pocket to get what you are offering
    • Rare- Nothing else that are similar to what u have or do
    • Imperfectly imitated- if someone tries to copy what you do, it would be difficult to copy
    • Non-substitutable- hard to substitute
  79. SWOT (situational) analysis
    • Strengths- distinctive, products or services you deliver, what you have that no one else has. Underline decision making
    • Weaknesses- Resources you don't have, patents you don't have, or you cant do. Important to have a understanding
  80. SWOT (situtational) analysis
    • Opportunities- Markets are poorly served or under served
    • Threats- Changes in the environment
  81. Corporate strategies
    • Growth- expanding business to create more profits and share, offer additional business, can also buy other business
    • Stability- improve the way you sell your products, maintain
  82. Industry strageties
    • Retrenchment- downsizing, prune the rosebush down, eliminating those that are less profitable
    • Cost Leadership- produce at lowest cost possible so i can sell at the lowest cost possible. Amazon- kindle
    • Differentiation- be unique, provide some type of service and cant create. People pay more
    • Focus- Pick a specific type of area and choose them. Can use either cost or differentiation Industry strategies
  83. Firm level strageties
    • A corporate strategy that addresses the question “How should we compete against a particular firm?”
    • Direct-short lived b/c direct response can match- kindle vs. nook
  84. value curve
    • dont create value where it doesnt exsist
    • do everything different than your competiton
  85. 3 characteristics that create team uncertainity
    • 1. enviromental complexity
    • 2. enviromental change
    • 3. resource scarcity