EXAM 2 Study Guide with everything needed from notes, textbook, video, and power point
EXAM 2 Study Guide with everything needed from notes, textbook, video, and power point MGMT 301
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This 44 page Study Guide was uploaded by Rachael McDonald on Monday March 2, 2015. The Study Guide belongs to MGMT 301 at Pennsylvania State University taught by Ron Johnson in Winter2015. Since its upload, it has received 967 views. For similar materials see Management 301 in Business at Pennsylvania State University.
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Date Created: 03/02/15
Ron Jon Vid Review Exam 2 Most material than rest of exams Exam 2 230 points Big 4 Decision making planning controlling strategy ch 47 Amazon case Nordstrom dunkin donuts Chapter 6 only 61 and 62 Chapter 7 two sections 60 questions 2 multiple selects Decision Making 0 Chilean Miners lq Sebastion Penira l president of chile Bad managers got 33 minors tapped 2000 ft below Lesson of Unity Faith and Hope Crisis management work with all energy and resources from 1St moment on never give up Chilean Shift Leader Luis Urzua below ground amp Chilean President Sebasti above ground Chillean world cup commercial 0 Nothing is impossiblequot survivors at site and they say if we can do it you can do it tooquot 33 men all send some of the dirt to the chile world cup team 0 69 days stuck below ground 0 Survived with help of Centre Rock nc Berlin PA and Chilean Miners You re in the cave in what do you think about 0 Computer literacy information competency interpersonal skills 2 different versions one in notes Technical analytical and informational Decisional Roles Information used for entrepreneurship resource allocation disturbance handling negotiation PLANNING I I ORGANIZING g Information 39 LEADING gilnterpersonal Roles CONTROLLING Roles 7information used quot for ceremonies motivation and networking Information sought received transferred among insiders and outsiders o Technological competencies is the ability to understand new technologies and to use them in their best advantage 0 Information competencies is the ability to gather and use information to solve problems 0 Analytical competency is the ability to evaluate and analyze information to make actual decisions and solve real problems Problem avoider solver seeker Problem Avoider l they ignore information that would otherwise signal the presence of a performance threat or opportunity Problem solverl they make decisions and try to solve problems but only when required Problem seekerl they are always looking for problems to solve or opportunities to explore Costa Concordia PSU ice hockey 2 questions 0 Costa Concordia boat that sank near Italy Captain wanted to impress a girl and ship sinks Captain abandons ship 32 people die Problem avoider Floated ship out and cost 1 B problem solver 0 Hockey Arena Pegula Tim Curley athletic director Joe Batista icer family Pegulas sold oil company promised donation for arena Sandusky joe pa red pegulas loved joe pa Batista calls pegulas asap to solve issue Cognitive decision making styles Systematic and intuition and thinking and feeling Risk Ftht1549 0 Was an intuitive thinker pilot lost an engine and has to land on river 0 People safe plane dragged to shore Intuitive decision Felt the problem Thought about what would happen Needed to save the people Goes to water 2 questions Hardest X and Y axis Know basic 4 elements raking fhi information Evaiuation Fee ng Intuition Sensing Information Processing Information gathering l sensing and o intuitive 0 Information evaluating l feeling and thinking Captain sullenbarger landing in Hudson what kind of decision Certain to uncertain 0 Certain l alternative courses of action and their outcomes are known to decision maker Programmed decisions have low risk of failure Programmed decisions apply preplanned solutions based on the lessons of past experience 0 Uncertain decision maker doesn t know all alternatives and outcomes even as probabilities Nonprogrammed decisions l applies a spe cic solution that has been crafted to address a unique problem High risk for uncertain non programmed decisions 0 Practice questions 0 What type of decision with scenario and assess what type of decision it is 0 WHAT IS THE DIFFERENCE OF CERTAINTY under risk AND UNCERTAINTY under risk 0 High and low programmed and unprogrammed risk 0 Classic v Behavioral decision making l BOOK ONLY 0 2 hard questions Threats and Opportunities 0 Performance threat something that would harm business 0 Performance Opportunity something that would help business 0 Coke and Honest Tea Coke has a ton of power Slowly buy out Honest Tea to add products and increase healthy drinks sales increase Helps both companies with sales and revenue 0 1 question lssues Group v lnd decision making and Heuristics Decision making process Identify and de ne the problem Generate and evaluate alternatives Decide on the preferred course of action Implement the decisions Evaluate the results and conduct ethics doublecheck in all steps Group pros 0 Greater amounts of knowledge more expertise on a problem 0 Participation helps group members gain a better understand of any decisions Group cons o Consuming for some to make group decisions More people the longer it takes to come to a decision 0 Some individuals intimidated 0 Social pressure for one idea over another 0 Some decisions may be made quickly and last minute Think of a group project with different kinds of planners Heuristic 0 Availability Heuristic Occurs when people use information quotreadily availablequot from memory as a basis for assessing a current event or situation 0 Representative Heuristic Occurs when people assess the likelihood of something happening based on its similarity to a stereotyped set of past occurrences o Anchoring and Adjustment Heuristic Involves making decisions based on adjustments to a previously existing value or starting point 0 Framing error Occurs when managers evaluate and resolve a problem in the context in which they perceive it either positive or negative 0 Con rmation error When we notice accept and even seek out only information that con rms or is consistent with a decision that we just made 0 Escalating commitment A tendency to increase effort and perhaps apply more 00000 resources to pursue a course of action that signals indicate is not working 0 Traditional Decision Making model 0 GOOD Identify problem Develop alternatives Decide on action amp pick alternative Implement decision Evaluate results Optimizing decision l choose absolute best among alternatives Lonnie Johnson and Supersoaker GOOD 0 Super soaker came out Too pricey at rst Called power drencherquot Died and then retooled Super soaker then was a blow out Advanced Decision making model DMAIC 6 sigma tool 0 O O O 0 De ne De ne opportunities and problems Measure Current state map out process Analyze All data good now what Improve Recommendation Control Future state measure again 0 Amazon same day delivery 0 Jeff Bezos CEO Amazon New logo Prime air distribution Cut down on time analyze Improve l ful llment centers Control same day service Continuous innovation and self checks Creative decision making in action 0 Logo products delivery Memorize both traditional and six sigma steps 0 Cisco Video ReferencedDMAIC O 0 TV station failing Redid process 0 Planning 0 Increase productivity 0 DMAIC wins out o Talented people lost connection 0 Process of Management Basic De nition Planning gt the process of setting performance objectives and determining how to get them done Personal Planning Personal planning what are important things to note Judging and Perceiving work style and life stye Amusement Park Judging Structure 0 Very formal structural planning approach 0 Very time ef cient Perceiving Flexibility and spontaneity Informal unstructured planning approach 0 Other priorities Highest level of con ict in the work place is between JsampPs 0 Ex Amusement Parks Walt Disney Rides sur ng hot air balloon safari What is the correct way to approach a day at an amusement park 0 Process of planning 5 steps 1 question 0 1 De ne your objectives know where you want to go be speci c enough to know you have arrived when you get there and how far off you are along the way 2Compare current to objectives know where you presently stand in reaching the the objectives identify strengths that work in your favor and weaknesses that can hold you back 0 3 Compare Future alternatives generate alternative scenarios for what may happen identify for each scenario things that may help or hinder progress toward your objectives 0 4 Analyze AlternativesMake a plan choose the action alternative most likely to accomplish your objectives describe what must be done to implement this course of action 0 5 Implement the plan and evaluate results take action measure progress toward o Priorities objectives as implementation proceeds take corrective actions and revise the plan as needed 0 Traditional Decision Making Planning and the Big Rocks 0 MGMT demonstration setting priorities o If you don t put the big things in rst the rest will never t Prioritize your life most important to least important Big Little Panning has personal elements to it 0 Some plan formally 0 Some informally 0 Everyone needs to plan Lifes big Rocks 0 School family friends sports eating pets sleep homework organizations love faith health fun 0 Planning is personal 0 Minutia l small precise or trivial details of life 0 Things you have to deal with that you don t want to Big rocks 4 key issues top two issues out of four 4 elements of planning 0 Net impact group reference 0 What is good planning action priority change and advantage in book 1 tough ques on 0 Planning Shanghai o Exercises planning the amusement park Shanghai Disney Opens spring 2016 Disney is ground breaking ef cient Shende Partner Massive infrastructure changes Big glorius Of cial launch of Shanghai Disney Resort Characters singing kids whole group ALL WEARING CULTURAL CLOTHES 7 hotels castle much larger than Orlando 20 million people 0 Exercise Plan an Amusement Park Plan Disney with all of the majors Supply chain and MIS 0 0000000000 0 Food SuppHes Where from Transportation Expiration Inventory Flow of goods Timing Merchandise Sourcing Logistics disposables Marketing 0 O 0 00000 Word out Advertising Channels social media Print or web Research Communication Segmentation Culture Assessing Accounting 0000000000 0 Cash ow Audits Accounts Taxes Cost bene ts Track spending Assess BudgeUng Depreciation Assets Pay roll 0 Risk MGMT O 0 Safety Of rides Employees Etc Smart managers care about metrics of safety rst What to invest in Natural disasters Legal People you let in Fire safety health Liability Insurances Employee safety 0 MGMT 000000000000 0 Goals Employees Tasks Hierarchy Decision making Time management Flow of people Hiretrain Organize Control Ethics and policies HR Performance mgmt Finance 0 0000000 0 P ces Where to get money Conwnod ms Bonds Loans Cash Stock Partners Allocate the money 0 Planning Hierarchy 5 components 0 g Mission and purpose Top Management Objective Senior Management Objective Middle Management Objective Lower Management Objective Objective Hierarchy l identi es a means ends chain though which lowerlevel objectives become the pathways for accomplishing higherlevel ones 0 Alignment and Follow Through I objectives aligned throughout entire organization 0 A lot with alignment and follow through 0 Aligning all different levels with plans and objectives Long and short range planning simple no true question Long range and short range plans Long range l 3 years 0 Toyota 100 years Short Range 3 12 months 0 HP 6 months Strategic and Operational and Functional plans a couple queonns Strategic Plan 0 Operational or Tactical Plan Synonyms a speci c things to do to make unit work big umbrella 0 Financial Marketing Production Facilities Human Resources 0000 gtgkgt J Planning and PSU students Peeked in high school ideal 0 did not go farther than a high school degree 0 Unlike PSU students who prepared and researched schools strategically Planning and Corporate example Nordstrom Case Case 5 C11 0 Upper middle to lower customer audience o Nordstrom used to be set up in a way that intimidated their customers 0 Now they have utilized new Tactics and made the store always spread out They have always also put the customer rst concierge retooled to reach customers all for Customer service 0 Policies and procedures Policy a standing plan that communicates broad guidelines for decisions and action Procedures or rules precisely describe actions to take in speci c situations 0 Ex Jim and pam o No dating policy 0 Disciplinary 0 Leave company one has to 0 Big six planning tools de nitions and example Forecasting contingency the chart Several questions reference this applicational and de nition questions Forecasting Goal Setting Contigency Participator Scena o y Benchmarki n9 Forecasting using statistical tools and intuition based on experience to predict a future state 0 200 planes Forecasting drives behavior Contingency planning identifying actions to take when a strategic or tactical plan must change based on circumstances good and bad Daytoday business time frame 0 Sensitivity analysis worst and best case scenanos Change to meet contingencies Scenario Planning considering future scenarios and developing plans to address those issues 0 EX military planning 0 Anything out of our control that affects us Tsunami and Toyota in japan Ebola and Libya Political unrest Economic dislocation 0 Economic crisis Benchmarking comparing your company to outside organizations both in your industry and in other businesses 0 Asking people who are better how they do it 0 Toyota and Food production OOOO Participatory Planning Including those impacted andor who will implement your plan in the process 0 How you treat employees will affect the amount they want to work for you Goal setting developing clear quanti ed measures that guides the organizations and the individuals work 0 Speci c clearly target the key results and outcomes to be accomplished Timely linked to speci c timetables and quotdue datesquot 0 Goal setting one question 5 elements know these and little de nitions in the book 0 Nordstrom question with strategic and operational planning 0 Gulfstream around big six Flies farther higher faster Private jet 16 people full size bathroom 65 million 0 10 million downpayment Financial statements must be analyzed rst before tour 0 Out of savannah Georgia 0 HR policy all work there 0 Four ten hour shifts 0 Friday sat sun off 0 Thon example from class Controlling 0 Note Quick with video and 6 elements Would thon have to use some of these big 6 elements Thon video p 117 in notes packet Forecasting how much balloons food rooms etc Contingency security kids lights vendors Scenario l disasters measles Beanchmarking other orgs charities Participatory asl everyone who is working how to be better 0 Goal l money for pediatric cancer NOTHING FROM 63 o Controlling De nition Ensuring results by measuring performances and taking corrective action Right things happen right way right time A LOT OF METRICS Process of controlling Set performance objectives 0 Measure actual performance current state 0 Compare actual to objective future state 0 Take actions to control process 4 step control process do you know the four steps 0 Disney and 4R s Rides retail restaurants rest Rides and control 0 People in line how many cars ride time people running the ride attractions high peak low peak age and weight of riders safety incidents demographics money spend at gift shop staf ng needs promotion costs amount of satisfaction through people who bought picture Restaurants and control Case method 0 Most questions case based Fluff Context 0 Core Assess Performance this is a metric Food prices inventory wait time customer satisfaction hiring staff in evening and day capacity turn over time training quantity and quality of food salaries bene ts average number of customers Retail and Control 0 Inventory restock time price of items pro t of items POS timeliness theft training security hiring taxes line time bene ts space storage customers per hour sales per hourdayweekmonthquarteryear seasonality turnover time on an item Rest and Control 0 Rooms lled average stay time people per room room turnover time food ordered to room customer satisfaction inventory cleanliness pro t slowhot seasons 0 HOTELS QUESTION 0 DID on own UNDERSTANDING OF MEASUREMENT metrics this tells you how well you are doing helps with taking action to be able to help your goals and results 0 Feed forwardinputs concurrent and feedback outputs Inputs to throughputs to outputs 0 Controls 0 Feed forward inputs 0 Concurrent throughputs 0 Feedback outputs o w iccatrriabi3 39Pnooess o Starwars 0 New movie Sold to Disney for 4 billion 0 Bob iger I Disney and Kathleen kennedy l starwars Combining to create crazy revenue Controls measure at every point 0 Inputs 0 Locations projection costs selection and cost of actors volume of production talent quatities of lm materials hired accomodations food and water security budgeting details nancial backing plan out Concurrent throughputs 0 Payroll mgmt cast and crew ongoing mgmt of supplies daily weather forshoo ng assessments transportation track each budget category underover assess contingency needs mgmt walking around keeping things in line general understand morale promotion plan begin spending 0 Feedback outputs Project in business 0 Total cost to produce total cost to promote cost to promote by regionchannel impact of promotion tickets sold region time day assessment of each cost center secure future funding comments nal pay outs 0 Big to small project 00000 How do you accomplish What are the inputs you need to know Concurrent feedback End how to assess how it went ALWAYS USING METRICS tuned into this idea of metrics in these areas Dance marathon example not referenced for control 0 M80 Management by objectives 2 questions one de nition one application Managing by objectives l is a process ofjoint objective seting between a superior and a subordinate Reviewing results DiScussing implications Renewing MBO cycle Internal Control occurs as people exercise self discipline in ful lling job expectations External Control Occurs through direct supervision or administrative systems Joint plan metrics before what do you want to do with inputs Act alone metrics during go forth come back only if necessary Joint control metrics after what happened with more metrics look at details go over how to make better 0 Other types of control Bureaucratic market or social norm Two of these on exam read all three in book Bureaucratic Control In uences behavior through authority policies procedures job descriptions budgets and day to day supervision emphasizes hierarchy and authority Social norm clan control In uences behavior through social norms and peer expectations power of collective identity Market control The in uences of market competition on behavior of organizations and their members renewals Budgetary control How much money is given 0 Strategy BIGGEST CHAPTER 0 Strategy De nition and planning connection Strategy comprehensive plan guiding resources allocation to achieve long term goals 0 How to get into Smeal example Strategic Intent focuses energy on a compelling goal UMBRELLA SLIDE strategy is the overall umbrella over the management process the over view 0 Ex Nascar chess and poker all needs strategies Planning how to accomplish the strategy once plan set down Strategy personal 0 Physical educational spiritual relationships etc 0 Strategy planning is incredibly personal it is up to you how you go about achieving things in your own life Same with companies 0 Dunkin case on strategy 34 questions on exam Big Holding Company Built own companies Dunkin Baskin Robbins 0 Not in argentina showed Japanese commercial Dunkin has an IPO 0 IPO Initial Public Offering sell stock to the public 0 Strategy franchise based started in small region and is growing internationally known enormous opportunities customers love it strong fundamentals 0 Franchise based access to capital from eager operators it is easier than funding growth from within What is unique about your company 0 CORE BENEFIT PREPOSITION O 0 What is it Shark tank why Dunkins COFFEEEEE 65 only 8 donuts and 27 sandwiches Nigel Travis Ceo of Dunkin Donuts 2014 strategy analysis video 0 00000 0 Great beverages COFFFEEEEE Free medium coffee deals Dunkin perks loyalty program World class coffee Events Fast service Value pricing 0 Big strategy issue is a top 1 plus 3 others Core bene t proposition what is our companies core bene t 3 others on slide also I WHAT IS YOUR CORE BENEFIT What makes you unique WHAT IS YOUR COMPETITIVE ADVANTAGE Competitive advantage an ability to outperform rivals WHAT IS YOUR SUSTAINABLE ADVANTAGE Sustainable competitive advantage achieved in ways that are dif cult to imitate no knock offs o SHARK TANK OR WHAT RIGHT 0 Strategy level Strategy levels in business 0 Level 1Corporate 0 Top level provides direction and guides resource allocation for the organization as a whole 0 Level 2 Business 0 Identi es how a division or strategic business unit will compete in its product or service domain 0 Level 3 Functional 0 Guides activities to implement higher level business and corporate strategies 0 And personal GE example Diversi cation l where expansion occurs by entering related or new business areas Unrelated Diversi cation example by seeking growth through entirely new business areas and make them their own and strive for 1 or 2 supplier in that area Strategy and 39 General Electric GE GE Corporate Level 5 Business or Division Level GE 39 GE GE GE GE Aircraft Fin Ser Lighting Motors Plastics 4 E Functional Level Q at f 54 Manufacturing Accounting Supply Chain M Marketing m f l z t Conglomerate because of their diversi cation Corporate is in every business and every business they are creating is different At the functioning level they are all trying to do the same thing be best at what they do in each sector if they are not 1 or 2 they are not going to keep that business they will sell it off Strategy mainly is to buy businesses and then form them to the GE way of life Will buy entire entity and everything in it Pepsico Example Related Diversificationl add business units that are related to you Pepsico purchased Tropicana Gatorade Iipton frito lay o All consumer products that can be paired together 0 22 billion dollar brands Corporate to business unit and functional two to three questions on this 0 Getting bigger strategies know all four Foundational Growth Strategies Basic growth within current operations Concentration expansion current business replicate Diversi cation add related or new businesses Vertical Integration buy partners in supply chain o Backward vertical integration acquires its suppliers 0 Forward vertical integration acquires its distributors O W W 0 Buy company that relates to your company Most on exam Blonde roast concentration walmart Basic growth 1 question BasicGrowth Strategy 0 Ex dunkin and Microsoft and starbucks o Added things to their company within their company le dunkin adding sandwiches and Microsoft adding new software or starbucks adding blonde roast co ee Concentration strategy example 0 Ex Walmart and hub amp spoke system 0 Walmart bought out sam s club and created a warehouse type of store for membership customers 0 Walmart bought a like business and kept as is but innovated sam s system DIVERSIFICATION big question understand 0 What is related v Unrelated above 0 Getting Smaller strategies dish and Block buster Strategy Getting smaller retrenchment o Retrenchment strategy changes operations to correct weaknesses Consolidate and Divest o Restructure reduces the scale or mix of operations 0 Downsizing decreases the size of operations 0 Bankruptcy Chapter 11 Bankruptcy protects an insolvent rm from creditors during a period of reorganization to restore pro tability o Liquidation occurs when a business closes and sells it s assets to pay creditors o Divestiture sel involves selling off parts of the organization to refocus attention on core business areas These could refer to an entire business or a business unit 0 EX Blockbuster sold to Dish buy ling for chapter 11in 2011 0 Repeat business 0 Weapons Blockbuster has many parts 0 Videos on demand cross marketing opportunities Bought the brand bc wellknown Global and Cooperative strategies in book 0 Globalization Strategy adopts standardized products and advertising for use worldwide Cooperational strategies 0 Transnational rm tries to operate globally without having a strong national identity 0 Strategic alliance organizations join together in partnership to pursue an area of mutual interest 0 Coopetition the strategy of working with rivals on projects of mutual bene t Ebusiness strategies Ebusiness strategy strategically uses the internet to gain competitive advantage 0 B2B business strategy uses IT and Web portals to link organizations vertically in supply chains 0 Business to Business B2C business strategy uses IT and Web portals to link businesses with customers 0 Business to Customers Only one on there 0 Strategy Formulation and Implementation in book 2 different blocks 0 Strategy 3 components 0 Strategic Mgmt Process 1 Research and Development Strategy Formulation o 1 Review current state 0 2 Internal and External Analysis 0 3 Develop new strategy 0 current analysis future 0 Implementation 2 components 0 Strategy Mgmt Process 2 Action and Evaluation 1 Implement Strategies 2 Evaluate results Strate lm ementation C 9y Formulation Strategy t P ies into action reat39ng strategies Putting stra eg A WHAT IS WR TI39E UNDERNEATH THESE KNOW IT 0 What are the steps in the Strategic Management process Involves responsibilities for both formulating and implementing organizational strategies This requires strategic leadership and control to ensure that all organizational resources and systems fully support strategy implementation 0 Mission and Vision One slide covers the exam question Comparing mission to vision 0 Mission 0 Vision 0 Current 0 Future GoalsObjectives o BeliefsValues 0 Internal Driven 0 External Driven 0 De nes the company s business its Describes the future desi objectives and approach to reach position of the company those objectives 0 Many companies use these terms but combine them into a Statement of Purpose Pepsi V Coke Mission V Vision Challenge 0 SWOT analysis 23 questions A Strategy Tool Impact High medium low 0 We can analyze pretty much anything with SWOT Exercise in class analyze yourself Ex Selfdesk 0 Price point issue 0 Competition will arise 0 Slide on p 148 Ex Apple 0 Low market share products easin knocked off 0 Apple going automotive and tv 0 No operating partners Internal and External Part Application 0 Porters 5 forces Porter 1947 harvard prof O o 5 Forces 0 1 Industry Competitors intensity of rivalry among rms in the industry Rivalry a few or a lot of competitiors o 2 New Entrants threats of new competitors entering the market Potential competitors how easy is it to start that speci c business 0 3 Suppliers bargaining power of suppliers Bargaining power giant suppliers suppliers have a lot of power 0 4 Customers bargaining power of buyers 0 5 Substitutes threats of substitute products or services Threats what threatens or could hurt the business Threat of new entrants to industry Bargaining power of customers Bargaing Threat of power of substitute suppliers competition products or rivalry among rms in the industry 0 Pretty or Not 0 Porter s Competitive Strategies Know the x and y axis Broad Market Scope Narrow Source Competitive Advantage Differentiation strategyl make products that are both unique and different 0 Ex Red lobster specialty chain Cost Leadershipl produce at lower cost and sell at lower price 0 Ex McDonalds Low price Focused Low Cost Leadershipl use cost leadership and target needs of a special market 0 Ex China Buffet less stores special maket Focused Differentiationl use cost leadership and target needs of a special market 0 Ex Carnegie House 0 Bed and breakfast in State College 0 Very expensive restaurant and spa and hotel 0 Most expensive and fancy Know the chart well Know Michael porters 5 forces model from class page 150 in notes De nition question 1 question run the chart 0 Do that with any industry 0 Computer industry and airline in class Airline in video 0 Porter and Airlines Airlines are one of the least pro table markets in the game Rivalry intense and out p ced New airlines always arise Generic Technology don t have to own to use 0 Customers keep coming but are very ckle and price oriented o Threats posed are other modes of transportation Strategic competitive strategies 0 BCG boston consulting group Planning and product life cle Decline Growth ntroduction Time a 0 Typically used for products businesses try to sell Graph BCG matrix allocating resources where to spend money grdWing39industry Audit1 r V Growth or r A retrenchm nff i strate x k Market Share 0 Tv example bottom left to top left lquot DogsleowLowlj Tube TV Cash Cowsleowhighlj Flat screens StarsleighHighlj Internet Ready TV s Question Marks l Highlowl ultra 4k OLED TV Competing products where on chart 0 Market share v Market Growth Rate 0 Product growth cycle 0 Same as business product life cycle but instead of dying the company repositions looks like the graph grew a symmetrical graph off the peak of the old one Repositioning nding a solution and increasing sales and time 0 Huge and important take a product from matrix and put on growth cycle 0 Strategic leadership in book nothing on exam Maybe 1 queonn Strategic leadership l inspires people to implement organizational strategies Usually in a dynamic uncertain environment Responsibilities of a Strategic Leader 0 Must be guardian of tradeoffs 0 Needs to create a sense of urgency 0 Must make sure that everyone understands the strategy 0 Must be a teacher Strategic Control makes sure strategies are well implemented and that poor strategies are scrapped orchanged NOT ON EXAM 0 Ethics check role models managers library 0 Know left and right edge terms 0 Chapter 4 19 pages 0 Chapter 5 15 pages 0 Chapter 6 11 pages 0 Chapter 7 15 pages 0 3 cases two pages each 0 Videos and examples all fair game Practice questions In class and from power point Chapter 4 Clicker Questions Clicker Question Problem Solving You work in the Chilean mines as a supervision A cave in hills and yuu find yourself trapped You begin to allocate resources and plan how to suwivei What problem solving Role is this 3Decilsianall blnformatianall clnterpersonal lenfo Competency emPersanal Skiillls Clicker Question Problem Solving You are the manager of the new PSU Ice Arena under construction The Sanduslky scandal hitsi What do you needl to do next amC onsildler this not a problem do nothing b3eek out stakeholders and talk about potential problems as eaer as possible em Begin to heip solve the Sandusky prohllem cl Avoid any discussion about this em Cialll Mlom she willll know wlhat to do Clicker Question Systematic amp intuitive You are asked to make a decision for your company based on facts and goals This is what type decision allntuitiive Thinking b3ensatien 8 Feeling cullntuitive 8 Feeling dlSensatiion Thinking eSensatien amp Intuitive Question Problem Solving You are the manager of the new PSU Ice Arena under constructioan The Sandusiky scandal hits What d0 you need to do next anciensiidier this net a preblem d e nething b3eek out stakeholders and tatk about petentiail problems as eerily as pessible cm Begin te hetp salve the Sandusky prehtem d1 Aveiidi any d iscussiien abeut tihiis e Cali Miem she wiiiil knew what he do Clicker Question Systematic amp intuitive Yu are asked to make a decision for your company based on facts and goals This is what type deeisien aJlntuittiive Thinking b3ensatiien 3 Feetiing antuitive 8 Feeting dtSensatiien 3 Thinking eSensatien amp Intuitive Clicker Question Systematic intuitive If you gs on a date and all your date Talks about is the future and their lhelie39l si What element of personal decisienamaking 395 NS alntuiitive b3ensing cTlhiihkihg cllFeeling eGatheriimg L l i cke 1r u est i e n DecisionMaking Clke decides to develop a new brand of iced tea to sell in the marketplace what is the risk you weuld assign te this clecisienl amUneertain 8 Pregrammedl bRisk and Pregrammedl GWCertain andl NemPregrammed dlUncertain and NemPregrammed emIRilsk andl Nen Pregrammedl Chapter 5 Clicker Questions 39quot 7 I 39 quotj quot Personal Planing Style You have judging personat ty styte for Manning Which betow is most true aA formal structured plan approach bA farmat unstructured ptlan approach cAn iinfarmal unstructured plan approach dLAn infarmat structured ptan appraaclh 3Nane of the abnve The management function of pianning invoivesz amAiiecating and arranging reseurces b6uiding the efferts of HR c8eitingl giealis and objectives dihilionitering task accomplishments eiLeadersi1ip deveiopment activities Hierarchy wnicn beiow wouid you say is A benefit of an objective hierarchy aAiigins inclividiuai 8 erg effarts blnsures feiiew threugi n cLiinks people 3 systems tegether dimiakes contmi much easier emAili ef the abeve Wheh decide that a facmt es hm your company Wm be smoke free your setting what aPracedure bRuHe cStrategy dLP39ulicy eCantingency Bellow which is NOT am of the big six Manning toolls used hm business amBenchmarking bForecastiing cmBud geting dLGoaM Setting emstntingency i Go A great goai has 5 key componenta When we make a goai with desired outcomes ciear to aii it is caiied aAttainabiie bMiea5urable c5peei ic diChallengiing eTimeiy Chapter 6 Clicker Questions r i 39 Wquot a I 39 I Control Process Which beiow is NOT part of the manageriai controi process aTake actions to central precess b80rperate cemmunieatien cSet performance objectives dimeasure actuai perfermance emCUmpare actuai to abjectives w r39 1 I c antral Process You have signed with Disney and are managing rides You are asked to asses ride performance ilow wonid you do that amCentrel the precess by time b e benchmarking at ether parks cAdd infermatien technelegy diMleasure actnai ridership emStart te dievelep ebjectivee Control Precess Examplxe Just ieft Smeai and you work for Disney at Epcot Winici39i beiow wouid be a key performance metric for any ride aNumher of riders bTota cost to operate the ride cReccrd of iiiness or injury dLNumber of riders by season eAII of the above Just ieft Smeai and you work for Disney at Epcot Which beiew weuid be a key performance metric for any retaii store arCeier ef displays bUniferm diesigns crspalles by diType of heatingiccelings used erAii cf tine above THON edbck What be ow is NOT a feed forward type of contra for TIHOiN aCanning protaca s bMaterials needed far setup cIFiiscal Mgmt pratocols diSeating capacity in BJC eF riid1 ay Monday PSU classes 39 1 gt I External Control hen we ta k about those around us app y ng in uence this is what type of externa contro aBureaucratic b0rganiizatianam cMarkat dLBud gatary eSociial Norm Chapter 7 Clicker Questions 39 39II 39 39 1 Strategy Example Working at Dunkin Donuts you Decide to go after new markets in iNonDunkm countries This is an Exampte of what kind of strategy aUMarket iing bFunctiona l cBusiness EILCOTPOI BIE eAW of the above 39 I g r 39 PiractiCe QueStion cm are preparihg to meet with the arketihg dept 0h their future trategy What strategic ievei is this aBusiness bFunctienai c00rperate dVerticai eCencentratien NiiSion Vitsien Characteristics of a corporate missiOh statemeht ihciude aii beiow EXCEPT a oais 8 Objective driven bfuture focus cnternaily driven di3escribe the company s business eProvid e directien for employees SWOT Analysis A SWOT Ahaiysis icoks at both ihterhai ahd exterhai busihess aspects Beiow which is part of that ihterhai ahaiysis aTh reats bWeaknesses c0pportunities dStrengwths eBoih h and d1 lh the 5 iF orces strategy modei we consider the impact of customers which beiow refiects this force aPotehtiai competitors bBargaihing power of suppliers cThreat of other products services diargiainihg power of buyers eRivalry among competitors c iPrir to Biockbuster s saie to Dish Network where shouid we piece them Oh the ECG matrix Matrix eCash Cow b3tar c eg d uestion Mark eAl of the above Hope this helps everyone If you have any questions please just emal me Rachaelmcdonald96gmaicom Ps Ignore ron johns uff and skip to last part usually Also it has been proven that if you go in to the test and take a deep breath and sit up straight you will score almost without a doubt 34 higher on the exam you re taking GoodluckH
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