Test 2 Study Guide
Test 2 Study Guide Management 301
Popular in Management 301
verified elite notetaker
Popular in Business, management
verified elite notetaker
This 4 page Study Guide was uploaded by Ethan Ezratty on Tuesday March 1, 2016. The Study Guide belongs to Management 301 at Pennsylvania State University taught by Professor R. Johnson in Spring 2016. Since its upload, it has received 60 views. For similar materials see Management 301 in Business, management at Pennsylvania State University.
Reviews for Test 2 Study Guide
If Ethan isn't already a tutor, they should be. Haven't had any of this stuff explained to me as clearly as this was. I appreciate the help!
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 03/01/16
Chapter 4- Decision Making 1. Decisions & Information 2. Decision Making Steps 3. Issues In Decision Making 1. Decisions & information a. Planning b. Organizing c. Leading d. Controlling Performance Threat Vs. Performance Opportunity - In class example with Coco Cola and Honest Tea Drinks Systematic Vs. Intuitive Feeling Thinking Sensing Intuition 2. Decision Making Steps a. Programmed & Non-Programmed Decision-Making Traditional Decision Making Identify problem -“Super Soaker comes Alive” in class example -Six Sigma decision-making Chapter 6- Controls I.The control Process II. Types of controls I. controlling- 1.Ensuring results 2. measuring performance taking corrective action The control Process: -set performance objectives -measure actual performance -compare actual to objectives -take actions to control process 4 R’s- -Rides -retail -restaurants -rest Rides and Control- Customer satisfaction is not a metric*** Metric- survey of customer after they left ride on what they thought of ride Restaurants and Control Retail and Control -staffing by time -wait times -utility costs ***SKU- Stock keeping unit***** II. Types of Controls 1. Managerial Feedback a. Inputs throughputs and outputs b. In class star wars example i. Managing a star wars production set 2. External Controls: a. Corporate: i. Market ii. Bureacratic b. Personal i. Social norm 3. Management by Objectives –How to measure performance of an individual ***SECTION 6.3 NOT ON EXAM**** Chapter 7 – Strategy I. Strategy Overview II.Practical Business Strategy Models I. Strategy Overview Strategy- Comprehensive plan guiding resource allocation to achieve long- term org goals Strategic Intent: Focuses energy on a compelling goal Personal Strategic Management -READ CASE #7 IN BACK OF BOOK FOR TEST 2 videos -EXPANSION ACROSS US -GROW INTERNATIONALLY Big strategy Issue THE SINGLES BIGGEST ISSUE = CORE BENEFIT PROPOSITION = MOST IMPORTANT Strategy Levels in business 1. Corporate 2. Business 3. Functional Ex: Strategy General Electric Corporate Strategy = global Foundational Growth Strategies: 1. Basic Growth- Within Current operations; ALL ABOUT PRODUCT 2. Concentration: expansion current business; BUILDING STORES 3. Diversification- Buying or building other types of business that boosts profits and growth 4. Vertical integration- be able to have your own supply chain to ultimately Concentration strategy is replicating -Ex: Wal-Mart and Sam’s club in the US Strategy: getting smaller retrenchment Consolidate & divest Comparing mission to vision SWOT Analysis
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'