MGT 300 Test 3 Study Guide: CH 10 T/F What competitive advantage is? o Describes an organizations ability to use resources so well that it performs better than the competition. Sources are: technology, cost and quality, knowledge and speed, barriers to entry, financial resources. Steps in the strategic management office? o Corporate strategy: sets long term direction foWe also discuss several other topics like robinocracy
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r the total enterprise. o Business strategy: identifies how a division or strategic business unit will compete in its product or service domain. o Functional strategy: guides activities within one specific area of operations. What stake holders are? o Individuals and groups directly affected by the organization and its strategic accomplishments. What makes an industry attractive? o Industry competition, New entrants, substitute products or services, bargaining power of suppliers, bargaining power of customers. What the BCG Matrix is? o Analyzes business opportunities according to the market growth rate and market share. What vertical integration is? o Growth through vertical integration occurs by acquiring upstream suppliers or downstream distributors. What a growth strategy is? o Involves expansion of the organizations current operations. CH 10 MC What a strategic business unit is? o Term sued to describe a business that operates as part of a larger enterprise such as online retailers like Zappos within the Amazon umbrella and smart home firm Nest Labs within the googles suite of business. What a business strategy is? o Identifies how a division or strategic business unit will compete in its product or service domain. What a corporate strategy is? o Sets long-term direction for the total enterprise. What a functional strategy is? o Guides the use of organizational resources to implement business strategy. “How can we best utilize resources within a function to implement our business strategy?”What a strategic analysis is? o Process of analyzing the organization, the environment, and the organizations competitive position and current strategies. The steps in the strategic management process? o 1) Strategic Analysis- assessing competitive position. 2) Strategy Formulation creating strategies. 3) Strategy Implementation- putting strategies into action. What corporate culture is? o Clear strong organizational culture that helps guide the behavior of members in ways that are consistent with the organizations mission and core values. What SWOT analysis is? o Examines organizational strengths and weaknesses and environmental opportunities and threats. CH 12 T/F What organizational culture is? o Predominant value system for the organization as a whole. What ethnocentrism is? o Belief that one’s membership group and subculture or co-culture is superior to all others. What subcultures are? o Consist of members who share beliefs and values based on their work, personal characteristics, or social identities. What the leaking pipeline is? o Where glass ceilings and other obstacles cause qualified and high-performing women to drop out of upward career paths. What biculturalism is? o When minority members display characteristics of majority cultures in order to succeed. From where different kinds of change arise? o Top-Down change- change initiatives come from senior management. o Bottom-Up change- change initiatives come from all levels in the organization. CH 12 MC What organizational culture is? o System of shred beliefs and values that guides behavior in organizations. How new organizational members are brought on board? o How an organizations core beliefs are communicated? o Workplace spirituality: creates meaning and shared community among organizational members. Different kinds of subcultures?o Generational subcultures: form among people who work together and share similar ages, such as millennials and baby boomers. o Gender subcultures: form among people who share gender identities and display common patterns of behavior. o Occupational and functional subcultures: form among people who share the same skills and work responsibilities. o Ethnic/National subcultures: form among people who work together and have roots in the same ethnic community or nationality. Achievement barriers in organizations? o Glass ceilings: an invisible barrier to advancement by women and minorities in organizations. The direction strategic change can take on? o Types of change in organizations? o Top-down change, Bottom-up change, transformational change, incremental change. CH 13 T/F What human capital is? o Economic value of people with job-relevant knowledge skills, abilities, ideas, energies, and commitments. What a job description is? o Details the duties and responsibilities of a job holder. What person-organization fit is? o The extent to which an individual’s values, interests, and behavior are consistent with the culture of the organization. The role of strategic HRM? o Mobilizes human capital to implement organizational strategy. What job analysis is? o Studies exactly what is done in a job and why. Various kinds of recruitment? o External recruitment- seeks applicants from outside the organization. Social recruiting- employees browse social media sites looking for prospective job candidates. Internal recruitment- seeks applicants from inside the organization. How selection processes are evaluated? o Screening applicant info, interview/site visit, employment testing, pre employment checks. What is involved in on-boarding? o Familiarizes new hires with the organizations mission and culture, their jobs and co-workers and performance expectations.CH 13 MC What human capital is? o Economic value of people with job-relevant knowledge, skills, abilities, ideas, energies, and commitments. What human resource management is? o Process of attracting, developing, and maintaining a talented workforce. About the alignment between the person and the firm? o About HRM and the law? o What a job analysis is? o Studies exactly what is done in a job and why. What a job description is? o Details the duties and responsibilities of a job holder. The steps in the HRM process? o 1) Review organization mission, objectives, strategies. 2) Review human resource objectives and strategies. 3) Assess current human resources. 4) Forecast human resource needs. 5) Develop and implement human resource plans to match people and job openings. How selection techniques are evaluated? o Screening applicant info, interview/site visit, employment testing, pre employment checks