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Management Concepts, Midterm Exam 2 Study Guide

by: Laurel Knust

Management Concepts, Midterm Exam 2 Study Guide MANGT 420

Marketplace > Kansas State University > Management > MANGT 420 > Management Concepts Midterm Exam 2 Study Guide
Laurel Knust
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About this Document

Covers chapters 5, 6, and 7, as well as notes on videos viewed in class related to covered topics.
Management Concepts
Sabine Turnley
Study Guide
Management, concepts, managementconcepts, mangt, 420, mangt420
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This 6 page Study Guide was uploaded by Laurel Knust on Wednesday July 27, 2016. The Study Guide belongs to MANGT 420 at Kansas State University taught by Sabine Turnley in Summer 2016. Since its upload, it has received 10 views. For similar materials see Management Concepts in Management at Kansas State University.


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Date Created: 07/27/16
Management Concepts - MANGT 420 Summer 2016 Exam 2 Study Guide Module #5: Organizational Culture and Diversity (textbook readings, ppt slides, class notes, one video)  Organizational Culture 1. Definition: Values, beliefs, behaviors, customs, and attitudes that help the members of the organization understand: 1. What it stands for 2. How it does things 3. What it considers important 2. Why is Culture Important? 1. Control mechanism 2. Can be an asset or a liability 3. Determinants of Organizational Culture 1. Organization's founder 2. Influential individuals and/or groups 3. Policies and strategies 4. Corporate success and shared experiences 5. Symbols, stories, language, slogans, and ceremonies 4. How Do You Manage/Sustain the Organizational Culture? 1. Organizational Socialization 2. Reward and promote people whose behaviors are consistent with desired cultural values 3. Training 4. Recruitment/Selection Process 5. Articulating the culture through slogans, ceremonies, and shared experiences 5. How Do You Change the Organizational Culture? 1. Have a clear idea of what kind of culture you want to create 2. Bring outsiders to important managerial positions 3. Adopt new slogans, stories, ceremonies, and purposely breaking with tradition Video Case on Zappos  Diversity in Organizations 1. Dimensions of Diversity  Age  Gender  Ethnicity 2. Trends and issues 3. Four reasons for all organizations to be more diverse 1. Legislation and legal action 2. Changing demographics in the labor force 3. The globalization movement 4. Increased awareness that diversity improves the quality of the workforce 4. Effects of Diversity in Organizations (6 arguments in favor of diversity but we only had time for 3)  Cost argument  Resource acquisition argument  Marketing argument Module #6: Managing Strategies and Strategic Planning (textbook reading, ppt slides, class notes, in-class activity, one video)  Strategic Management Process: definition 1. A way of approaching business opportunities and challenges 2. A comprehensive and ongoing management process aimed at formulating and implementing effective strategies which align the organization with its environment to achieve major organizational goals  Three Levels of Strategies (especially understanding the difference between corporate- and business–level strategies) Top: Corporate Strategy The set of strategic alternatives that an organization chooses from as it manages its operations simultaneously across several industries and several markets Middle: Business Strategies How the organization conducts business in a particular industry Bottom: Functional Strategies Strategy developed for specific functional areas such as marketing, finance, and so forth  Business-Level Analytical Techniques: 1. Porter’s Five Forces Model of Competition (understanding how competitive your task environment is) 1. Threat of New Entrants Extent to which new competitors can enter market, based on the presence or absence of entry barriers 2. Competitive Rivalry The intensity of rivalry between established firms in industry 3. Threat of Substitute Products Extent to which alternative products/services from other industries may appeal to your customers 4. Bargaining Power of Buyers Extent to which buyers influence market rivals 5. Bargaining Power of Suppliers Extent to which suppliers influence market rivals 2. SWOT Analysis Strengths Weaknesses Opportunities Threats  Formulating and Implementing Business-Level Strategies 1. Porter's Generic Strategies 1. Differentiation strategy An organization seeks to distinguish itself from competitors through the quality of its products or services. Developing an image perceived as unique 2. Overall low-cost leadership strategy An organization attempts to gain competitive advantage by reducing its costs below the costs of competing firms 3. Focus strategy An organization concentrates on a specific regional market, product line, or group of buyers  Formulating and Implementing Corporate-Level Strategies 1. Diversification (related vs. unrelated) Related Diversification: When an organization operates several businesses that are linked to one another. Can be outside of actual business (customers etc.) Good way to save, and create value/synergy, and is strategic Unrelated Diversification: When an organization operates several businesses that are not associated Even if we can see it, it's not there/not purposeful Finance driven 2. Managing Diversification (portfolio analysis and resource allocation techniques) The BCG Matrix The McKensey/GE Business Screen (9-cell matrix) Module #7: Managing Decision Making and Problem Solving (textbook reading, ppt slides, class notes, in-class activity) Definitions: Decision A decision is a choice between alternatives Decision Making Process The process of recognizing and defining the nature of a decision, identifying alternatives, choosing the "best" alternative, and putting it into practice 1. Identify problem 2. Identify Decision Criteria 3. Allocate Weights to Criteria 4. Develop Alternatives 5. Analyze Alternatives 6. Select Alternative 7. Implement Alternative 8. Evaluate Effectiveness Classical Model: Rational Decision Making Assumptions When faced with a decision situation, managers should... 1. Obtain complete and perfect information 2. Eliminate uncertainty 3. Evaluate everything rationally and logically ...and end up with a decision that best serves the interests of the organization -->Eight-Step Process 1. Identify problem 2. Identify Decision Criteria (exhaustive list) 3. Allocate Weights to Criteria 4. Develop Alternatives (exhaustive list) 5. Analyze ALL Alternatives 6. Select the one "Best" Choice 7. Implement 8. Evaluate Effectiveness (Optimized outcome) Administrative Model: Behavioral Decision Making Assumptions When faced with a decision situation, managers actually... 1. Use incomplete and imperfect information 2. Are constrained by bounded rationality 3. Tend to satisfy immediate concerns ...and end up with a decision that may not serve the interests of the organization Bounded Rationality Decision makers are limited by their values and unconscious reflexes, skills, and habits Satisficing The tendency to search for alternatives only until one is found that meets some minimum standard of sufficiency --->Eight-Step Process 1. Identify problem 2. Identify the most obvious Decision Criteria (limited list) 3. Allocate Weights to Criteria 4. Develop Alternatives (limited list, most vary only slightly from past decisions) 5. Analyze Alternatives (review not exhaustive) until... 6. Select the first "good enough" alternative 7. Implement 8. Evaluate Effectiveness Coalition A political force in decision making, which consists of an informal alliance of individuals or groups formed to achieve a goal Intuition An innate belief about something without conscious consideration Escalation of Commitment A decision maker's staying with a decision even when it appears to be wrong Group versus Individual Decision Making (in-class activity) Advantages Disadvantages More information and knowledge are The process takes longer, so it is available more costly More alternatives are likely to be Compromise decisions due to generated indecisiveness may emerge More acceptance of the final decision One person may dominate the group is likely Enhances communication of the Groupthink may occur decision may result Better decisions Groupthink Occurs in highly cohesive groups when group members feel intense pressure to agree with each other so that the group can approve a proposed solution --->Few solutions and restricted discussion ---> poor decisions Avoiding Groupthink At times leader should absent him/herself from meeting to allow free discussion Appoint a devil's advocate Hold a "second-chance" meeting   


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