Test 2 chapters 5-8
Test 2 chapters 5-8 MGT 300
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This 9 page Study Guide was uploaded by Cheyenne Telleri on Sunday February 22, 2015. The Study Guide belongs to MGT 300 at University of Alabama - Tuscaloosa taught by in Spring2015. Since its upload, it has received 377 views.
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Date Created: 02/22/15
0 Organizational culture system of shared beliefs and values that develops within an organization and guides the behavior of its members 0 0 Internal focus and integration Also called corporate culture Flexibility and discretion Clan Thrust Collaborate Means Cohesion participation communication empowerment Ends Morale people development commitment Ad hocracy Thrust Create Means Adaptability creativity agility Ends Innovation growth cuttin ed eout ut g g p External focus and Hierarchy Thrust Control Means Capable processes consistency process control measurement Ends Efficiency timeliness smooth functioning differentiation Market Thrust Compete Means Customer focus productivity enhancing competitiveness Ends Market share profitability goal achievement Stability and control Clan culture Internal focused values exibility rather than stability encourages collaboration among employees Zappos shoes Southwest Airlines Adhocracy culture 39gt creates innovative products by being adaptable creative and quick to respond to the marketplace Market culture 39gt focused on the external environment 39gt driven by competition and a strong desire to deliver results Kia financial firms Hierarchy culture 39gt Formalized structured work environment aimed at achieving effectiveness through a variety of control mechanisms very Three levels of organizational culture regimented GM UPS Observable artifacts Espoused values 0 Enacted values Basic assumptions Learning culture Symbol story hero rites and rituals Organization nonprofit forprofit and mutualbenefit Types of structures simple authority is centralized in a single person with few rules and low work specialization functional people with similar occupational specialties are put together in formal groups divisional people with diverse occupational specialties are put together in formal groups by similar products customers or geographic regions Matrix an organization combines functional and divisional chains of command in a grid so that there are two command structuresvertical and horizontal Horizontal design improve collaboration and work on shared tasks Hollow central core of key functions and outsources Modular product chunks by outside contractors Stage 2 I Stage 3 39l Stage 4 Think up Evaluate Implement alternative alternatives amp evaluate solutions 8 select the solution a solution chosen News Little Caesars new bacon pizza 450 calories slice Video about bacon Federal reserve sampp 500 set record economy is getting better Policy on shortterm interest rates Balances growth with in ation Interest rates have not rose since 2008 Central high school football on espn Mcdonalds worldwide decrease 18 asia 126 US up 5 reported serving expired food new ceo steve easterbrock in food development Greece bailout default Default on bonds not making payments new prime minister wont work on the buyout PIGS Portugal Italy spain and Greece which are the weaker countries Google video about their company culture and how it is different from everyone else very laid back Nonrational models of decision making assume that decision making is nearly always uncertain and risky making it difficult for managers to make optimal decisions Bounded Rationality suggests that the ability of decision makers to be rational is limited by numerous constraints complexity time and money cognitive capacity intuition decision based off of feelings Value orientation re ects the extent to which a person focuses on either task and technical concerns or people and social concerns when making decisions Tolerance for ambiguity extent to which a person has a high need for structure or control in his life High Conceptual Tolerance w for A ambiguity Behavioral Low Task amp People technical amp social concerns concerns Value orientation different types of decision making styles Importance credibility and urgency on decisions Biases Availability Representiveness Confirmation SUNK COST Anchoring and adjusting Overconfidence Hindsight Framing Escalation of commitment STRATEGY Sustainable competitive advantage example is ford transforming the car into a powerful smartphone SMART GOALS specific measurable attainable resultsoriented target dates Specific Goals should be stated in specific rather than vague terms The goal that As many planes as possible should arrive on timequot is too general The goal that Ninety percent of planes should arrive within 15 minutes of the scheduled arrival timequot is specific 0 Measurable Whenever possible goals should be measurable or quantifiable as in 90 of planes should arrive within 15 minutes quot That is there should be some way to measure the degree to which a goal has been reached Of course some goals such as those concerned with improving quality are not precisely quantifiable In that case something on the order of Improve the quality of customer relations by instituting 10 followup telephone calls every weekquot will do You can certainly quantify how many followup phone calls were made 0 Attainable Goals should be challenging of course but above all they should be realistic and attainable It may be best to set goals that are quite ambitious so as to challenge people to meet high standards Always however the goals should be achievable within the scope of the time equipment and financial support available See Figure 54 If too easy as in half the ights should arrive on timequot goals won t impel people to make much effort If impossible all ights must arrive on time regardless of weatherquot employees won t even bother trying Or they will try and continually fail which will end up hurting morale o Resultsoriented Only a few goals should be chosen say five for any work unit And they should be resultsoriented they should support the organization s vision In writing out the goals start with the word quotToquot and follow it with actionoriented verbs quotcompletequot acquire increase to decrease by 10 the time to get passengers settled in their seats before departurequot Some verbs should not be used in your goal statement because they imply activities the tactics used to accomplish goals such as having baggage handlers waiting For example you should not use to developquot to conductquot to implementquot 0 Target dates Goals should specify the target dates or deadline dates when they are to be attained For example it s unrealistic to expect an airline to improve its ontime arrivals by 10 overnight However you could set a target date 3 to 6 months away say by which this goal is to be achieved That allows enough time for lowerlevel managers and employees to revamp their systems and work habits and gives them a clear time frame in which they know what they are expected to do creation of a unique and valuable position requires trade offs and involves creating a fit synergy if effective Few needs many customers Broad needs few customers Broad needs many customers Feedback Revise actions if necessary based on feedback Main topics on test SWOT Culture Strategies MBO management by objective Bias Unity of command Groupthink Sunkcost SMART Centralized and decentralized Delegation Organizational structure SWOTstrengths weaknesses opportunities threats 39gt careful monitoring of an organization s internal and external environments to detect early signs of opportunities and threats that may in uence the firm s plans THIS IS IMPORTANT Porters 5 competitive forces Threat of new entrants Bargaining power of suppliers 0 easy supplier switching Bargaining power of buyers 0 bigger customers get better deals Threat of substitute products or services Rivalry among competitors 0 level of competition Costfocus strategy keep the costs of a product below those of competitors and to target a narrow market lowcost beer or cigarettes off market gas Focuseddifferentiation offer products that are of unique and superior value compared to those of competitors and to target a narrow market Ferrari Tiffany Singleproduct strategy company makes and sells only one product within its market Benefitfocus Riskvulnerability Diversification operating several businesses under one ownership that are not related to one another Related Disney unrelated GE ITT BCG matrix star dog cow Market growth is divided into two categories low and high Market share is also divided into low and high Thus in this matrix quotStarsquot are business units that are highly desirable high growth high market share compared to Dogs which are not so desirable low growth low market share Defenders Let s stick with what we do best avoid other involvements experts at producing and selling narrowly defined products examples would be Macys and IC pennt before they went bankrupt Prospectors gap and apple want to develop new things Analyzers let other people innovate and then do what works best such as Microsoft Reactors make adjustments when forced to KMART and Sears Strategic planning Long term decisions about l5 years overall direction of organization Managers need to pay attention to environment outside the organization be future oriented deal with uncertain and highly competitive conditions Tactical planning Implement policies and plans 624 months of top management supervise and coordinate activities of first line managers below make decisions often without base of clearly defined information procedures Operational planning Direct daily tasks of l52 weeks nonmanagerial personnel decisions often predictable following welldefined set of routine procedures Obectives that are used in MBO Improvement Objectives Purpose Express performance to be accomplished in a specific way for a speci c area Examples Increase sport utility sales by O Reduce food spoilage by 5 Personal Development Objectives Purpose Express personal goals to be realized Examples Attend ve days of leadership training Learn basics of Microsoft Of ce software by June I Maintenance Objectives Purpose Express the intention to maintain performance at previously established levels Examples Continue to meet the increased sales goals speci ed last quarter Produce another 60000 cases of wine this month Objectives are structured in a unified hierarchy becoming more specific at lower levels of the organization
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