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WKU / Engineering / MGT 210 / What is needed to gain a competitive advantage over competitors?

What is needed to gain a competitive advantage over competitors?

What is needed to gain a competitive advantage over competitors?

Description

School: Western Kentucky University
Department: Engineering
Course: Organization and Management
Professor: Michael spiller
Term: Fall 2016
Tags:
Cost: 50
Name: MGT 210: Exam 1 Study guide
Description: this is the study with material for the first exam. I included all of the information that was really focused on in class and left out stuff Dr. Spiller mentioned was not important or not on the test
Uploaded: 09/18/2016
4 Pages 51 Views 1 Unlocks
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MGT210 exam 1 study guide


What is needed to gain a competitive advantage over competitors?



Chapter 1

The Functions of Management

∙ Management- The process of working with people and resources to  accomplish organizational goals

∙ Efficiently, effectively

o To be efficient means to use resources- people, money, raw materials,  and the like- wisely and cost- effectively  

o To be effective means to achieve results, to make right decisions and  to successfully carry them out so that they achieve organizational  goals

∙ The Four principles of management 

o Planning 

 You set goals and decide how to achieve them

o Organizing 

 arrange tasks, people, and other resources to accomplish the  work


Which of the following skill is defined as the ability to perform a specialized task that involves a certain method or process?



o Controlling 

 You monitor performance, compare it with goals, and take  

corrective action as needed

o Leading 

 You motivate, direct, and otherwise influence people to work  hard to achieve the organization's goals We also discuss several other topics like Do gases have weak intermolecular forces?

Competitive Advantage- what puts you above other competitors Types of Managers

∙ Top-Level Manager

o CEO- Thinking about the future

∙ Middle-Level Managers

o A store manager- Someone in-between the top manager and  supervisor/ shift manager

∙ Frontline Managers We also discuss several other topics like How does victimization affect the victim?

o Supervisor- in charge of day to day activities


How do you use expert power effectively?



Management Skills

∙ Technical skill

o The ability to perform a specialized task involved a particular method  or process  

∙ Conceptual and decision skills

o Skills pertaining to the ability to identify and resolve problems for the  benefit of the organization and its members

∙ Interpersonal and Communication skills  

o People skills; the ability to lead, motivate, and communicate effectively with others

Emotional intelligence- The skills of understanding yourself, managing yourself, and  dealing effectively with others

Social capital- Goodwill stemming from your social relationships

Chapter 11 Leadership

∙ Leader- one who influence others to attain goals

∙ Supervisory Leadership- behavior that provides guidance, support, and  corrective feedback for day to day activities Don't forget about the age old question of What is john maynard keynes best known for?

∙ Strategic leadership- behavior that gives purpose and meaning to  organizations, envisioning and creating a positive future

∙ What the difference between managers and leaders? 

o Managers- rational, deals with day to day functions of planning,  organizing, and controlling We also discuss several other topics like What is the meaning of the diamond-water paradox in economics?

o Leaders- visionary, deals with change, inspiration, motivation, and  influence.

∙ Power- the ability to influence power

o Expert power- power based on special knowledge, skills, expertise,  guiding/coaching

o Referent power- power that comes from subordinates’ and coworkers’  respect

o Legitimate- power a manager has by virtue or his/her position in the  firm

o Coercive- power from the ability to punish others If you want to learn more check out What is a resting potential in neurons?

o Reward- power from the ability to give tangible and intangible rewards  

Tactics for influencing others

∙ Rational- using reason, logic, facts

∙ Inspirational appeals- using emotions “do it for the children” ∙ Consultation- getting people to participate in the planning/ decision process ∙ Ingratiating- flattery, buttering someone up

∙ Personal appeals- referring to friendship or loyalty “we’ve been friends for so  long…” Don't forget about the age old question of What are the three stages of the business cycle?

∙ Exchange- trading favors. You do this for me and I’ll do this for you ∙ Coalition- ganging up on someone

∙ Pressure- demand compliance or using intimidation or threats ∙ Legitimating- based on authority. “I’m your boss, do it”

Trait approach- A leadership perspective that attempts to determine the personal  characteristics that great leaders share

Behavioral approach- A leadership perspective that attempts to identify what good  leaders do- that is, what behaviors they exhibit

Chapter 12

Big 5 Personality Traits:

∙ Extraversion: 

o How outgoing, talkative, sociable, and assertive a person is

∙ Conscientiousness 

o How dependable, responsible, achievement oriented, and persistent  one is

∙ Openness to experience 

o How intellectual, imaginative, curious, and broadminded one is ∙ Emotional stability 

o How relaxed, secure, and unworried one is

∙ Agreeableness 

o How trusting, good matured, cooperative, and soft-hearted one is

Locus of Control:

∙ Indicates how much people believe they control their fate

∙ External Locus of Control: one's life outcomes attributed to environmental  factors such as luck or fate

∙ Internal Locus of Control: belief that one controls key events and  consequence one's life

Self-monitoring- observing one’s own behavior and adapting to the situation. High  and low self-monitors. High self-monitors notice everything and may over react to  your reaction, and low self-monitors don’t pick up on any of your signals

Chapter 15

Attributional tendencies

o Self-serving bias

o Taking more responsibility got success than failure

o My poor behavior is caused by something else

o Take responsibility for success but blames others for your failures o Fundamental Attribution Bias

o ignoring environmental factors that affect behavior

o Your poor behavior is caused by you

o Self-fulfilling prophecy

o The phenomenon in which people's expectations of themselves or  others leads them to behave in ways that make those expectations  come true

o Also called the Pygmalion Effect

Communication principles

∙ communication is a process

o A choice of words is a choice of worlds

o Meaning of a message lies with the receiver  

o Communication is irreversible  

∙ Communication is transactional

o Simultaneous encoding/decoding

o Organizational communication  

∙ Communication does not solve all problems

Communication components

∙ Sender

∙ Encoding

∙ Message

∙ Channel

∙ Receiver

∙ Apply meaning

∙ Send feedback

∙ Battling noise

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