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UT / Business / MGT 201 / Why does innovation matter?

Why does innovation matter?

Why does innovation matter?

Description

Exam 1 Study Guide


Why does innovation matter?



∙ Chapter 1 

o Innovative management  

 Why does innovation matter?

 If business fails to innovate, the business dies  o Management definition  

 Four functions  

∙ Planning  

∙ Organizing  

∙ Leading  

∙ Controlling

∙ Be very familiar with 4 functions

∙ Know examples of how each are applied Don't forget about the age old question of What are the main types of bonds?

 Management skill

∙ Conceptual skills

o Big picture

∙ Human skills  

o Ability to work with people

∙ Technical skills  


What is the best definition of management?



o Knowledge of what you do  

∙ When you work your way up the amount  

of each skill will vary  

 Management is all about multitasking  

 Manager spends less than 9 minutes on any  one activity  

∙ Chapter 3

o Components of external environment

 General  

∙ Affects organization indirectly  

∙ Be familiar with examples

 Task  

∙ Closer to organization

∙ Deal with organization on day to day  

activities  

o Customers, competitors, suppliers,  

etc.

 Uncertainty  


What are the six external environment components?



∙ Environmental factors  

o Internal environment  

 Culture

∙ Define  

∙ Stories about company culture in book

∙ Four types

o Adaptability  

o Achievement  Don't forget about the age old question of What did the headright system do?

o Involvement  

o Consistency

∙ Chapter 4 

o Operating in global environment  

o Globalization

 Define

o MNC multinational corporation  

2

 More than 25% total sales revenue from  

operation outside parent country

 BOP  

∙ Bottom of period  Don't forget about the age old question of What was the book value of the equipment after 4 years?

∙ Helps to alleviate poverty

∙ Sell to worlds poorest people  We also discuss several other topics like What is interpreted as pitch?
We also discuss several other topics like Is a kid who is good at analyzing different shapes and objects good at reading maps?

 Per capita income

∙ Used to see if company is developed or  

developing  

o Strategy  

 Exporting

∙ What most businesses use

∙ Limited risk  

∙ Modest investment  If you want to learn more check out What does propriation mean?

 Global outsourcing  

 Licensing  

 Franchising

 Acquisitions

 Greenfield ventures

o exhibit 4.3  

 Hofstede and globe project  

 See book

o High context and low context cultures

 High  

∙ Personal relationships

3

∙ Asia

 Low  

∙ Factual  

∙ Switzerland, Germany  

∙ Chapter 5 

o Ethics  

 Define

 76% said Americas ethical compass pointing in  wrong direction

o Approaches

 Utilitarian  

∙ Helping the greatest amount of people  

 Individualism  

∙ Promote individuals best long term

interest  

∙ Every man for himself  

o Negative connotation  

o Not as bad as people think  

 Moral rights  

∙ Human beings have rights that cant be  

taken away  

 Justice  

∙ Fairness

 Practical  

∙ Keep all stakeholders in mind

∙ Stakeholder  

4

o Define

o Corporate social responsibility  

 Obligation to make choices that will contribute  to welfare of society  

∙ Sustainability  

o Green movements  

∙ Meeting needs of this and future  

generations  

 3 parts

∙ financial/ economic  

∙ environmental  

∙ societal  

∙ Chapter 6 

o Small businesses and startups  

 98% of all firms  

 employ about 50%

 huge component of economic environment  

o entrepreneur  

 define

 characteristic

∙ autonomy  

∙ tolerance for ambiguity  

∙ self confidence  

∙ need to achieve  

∙ high energy  

∙ power influence  

5

∙ entrepreneurial struggle  

 See book for details  

 Social entrepreneurs  

∙ Focused on social outcome first and profit  

second  

o Starting business  

 Components – know basic idea

∙ Idea  

∙ Business plan  

∙ Forms of ownership  

∙ Financing  

∙ Chapter 7  

o Goal setting and planning

o Know the difference

o Know planning process steps

o Different levels of goals and plans  

 Mission statement  

 Strategic goals and plans

 Tactical goals and plans

 Operational goals  

o Criteria for effective goal  

 Exhibit 7.5

 Slippery slope with too challenging of goals

o Management by objective

 Employees define goals together (both  

manager and employee)

6

 Successful  

o Benefits of planning and goal setting  

 Motivation  

 Higher performance  

o Limitation

 False sense of security  

 Discouragement  

∙ Chapter 8  

o Strategic management  

 Define  

 Purpose  

∙ Target customers  

∙ Exploit core competencies  

∙ Build synergy  

∙ Deliver value

 Levels  

∙ What question answering?

∙ Who is taking action?

o Corporate  

 What business are we in?

o Business  

 How do we compete  

o Functional  

 How do we support business  

level strategy  

∙ Be familiar with tools and steps

7

o SWOT analysis  

 Strengths, weaknesses,  

opportunities, threats

 Strengths and weaknesses are  

internal  

∙ Fixable  

 Opportunities and threats  

∙ Have to scan external  

environment  

∙ Cannot directly change  

o BCG matrix

 Potential for growth versus  

market share  

 See book  

 Helpful to google matrix  

o Porters competitive strategies  

 See book

o Global corporate strategies  

 Where company places focus  

 Domestic vs global  

o The most difficult and most important

stage is execution

8

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