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Midterm #1

by: Leah Dunn

Midterm #1 BCOR 2003

Leah Dunn
GPA 3.1
Principles of Marketing and Management
Stefanie Johnson and Emily Edwards

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About this Document

Study Guide for the First Midterm
Principles of Marketing and Management
Stefanie Johnson and Emily Edwards
Study Guide
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This 9 page Study Guide was uploaded by Leah Dunn on Monday September 14, 2015. The Study Guide belongs to BCOR 2003 at University of Colorado taught by Stefanie Johnson and Emily Edwards in Fall 2015. Since its upload, it has received 33 views. For similar materials see Principles of Marketing and Management in Business at University of Colorado.


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Date Created: 09/14/15
BCOR 2001003 Management Midterm 1 Study Guide o degree of sense of self importance and arrogance o Openness to Experience Tendency to be original have broad interests be open 0 Conscientiousness Tendency to be careful scrupulous and persevering o Extraversion Tendency to experience positive emotions and feel good about oneself o Agreeableness Tendency to get along well with others 0 Negative Affectivity Neuroticism Tendency to experience negative emotions and moods 1 Self Esteem a A person s view of themselves 2 Locus of Control a Degree to which you believe you have control of your own fate 3 Negative Affectivity a Extent to which one is likely to experience negative moods and emotions o quotA speci c mode of conduct or end state of existence is personally or socially preferable to an opposite or converse mode of conduct or end state of existencequot Refers to desirable end states of existence that a person would like to achieve during hisher lifetime Refers to preferable modes of behaviors or means of achieving the terminal values 0 Shows how strongly the employee identi es with the rm for which heshe is working Continuance commitment Affective commitment Normative commitment o Attitude that relates to how an employee feels about their job High job satisfaction means strong positive feelings about it Low satisfaction means strong negative feelings Measured with Minnesota Satisfaction Questionnaire MSQ and Face Scale Job performancestrong positive correlation Organizational Citizenship Behavior OCB modest positive relationship but more related to conceptions of fair outcomes Customer Satisfaction strong positive correlation Absenteeismmoderate to weak negative correlation Turnovermoderate negative correlation Workplace Deviancestrong negative correlation o A feeling or state of mind Personality traits and current circumstances often determine a person s mood o More intense than moods are more shortlived and are usually linked to a speci c cause 0 One s ability to understand and manage one s own moods and emotions and the moods and emotions of others Knowing your emotions Manage and express your emotions Know others emotions Managing others emotions 039 Power distance degree of tolerance for unequal relationships Uncertainty avoidance degree of acceptance for uncertainty to take risk Individualism degree of emphasis placed on individual accomplishment vs group Masculinity degree of stress placed on achieving vs nurturing Long Term Orientation degree of stress placed on concerns for the future Indulgence degree to which people trying to control their desires and impulses Shared values norms and assumptions that guide people s behavior win a group to achieve organizational goals When organizational members are intensely committed to a shared system of values 0 Central values and norms are shared and strongly upheld by most members of the organization 0 Often found in partnerships family businesses and start ups 0 Can inhibit an organization s ability to adapt to change 0 Values and norms are shared by a limited group of people and employee s goals may not be in line with management s goals 0 Can be a bene t for diverse andor international companies 0 Strong underlying values of learning and adaptation Diverse idea Different skills and abilities Greater acceptance 0 Waste time Disruptive con ict Intimidation by group leaders Group members do not meet face to face but respond electronically to questions Group members write down ideas and solutions read their suggestions to the whole group and discuss and then rank the alternatives o Brainstorm as an individual compare answers in a larger groups and then a larger group 0 The process by which managers respond to opportunities and threats by analyzing options and making determinations about speci c organizational goals and courses of action highly routine decisions novel decisions for which there is no prespeci ed course of action going with your gut Reasoned judgments well thought out decisions that requires careful information gathering generation of alternatives and evaluation of alternatives 0 o ability to discover original and novel ideas that lead to feasible alternative courses of action individual who notices opportunities and decides how to mobilize the resources necessary to produce new and improved goods and services 0 Social Entrepreneurs address social problems and needs in order to improve society and wellbeing o lntrapreneur a manager scientist or researcher who works inside an organization and notices opportunities to develop new or improved products and better ways to make them O identifying and selecting appropriate goals and courses of action for an organization 0 Determining the organization s goals and mission Formulating strategy Implementing strategy 0 Important because Necessary to give sense of direction and purpose Gets managers to participate in decision making about appropriate goals and strategies Helps coordinate managers of different functions and divisions to ensure they re all working to achieve desired goal Device for controlling managers 0 top management s decisions pertaining to the organization s mission overall strategy and structure a plan that indicates in which industries and national markets an organization intends to compete o divisional managers decisions pertaining to divisions long term goals overall strategy and structure outlines the speci c methods a division business unit or organization will use to compete effectively against its rivals in an industry functional managers decisions pertaining to the goals that they propose to pursue to help the division attain its business level goals plan of action to improve the ability of each of an organization s functions to perform its task speci c activities in ways that add value to an organization s goods and services 0 a cluster of decisions about what goals to pursue what actions to take and how to use resources to achieve goals the intended duration of a plan 0 usually 5 years or more 0 1 to 5 years 0 less than 1 year o use in programmed decision situations Policies general guides to action Rules formal written speci c guides to action Standard Operating Procedures SOP specify exact series of actions to follow 0 developed for a one time non programmed issue Programs integrated plans achieving speci c goals Project speci c action plans to complete programs 0 o Who are our customers What customer needs are being satis ed How are we satisfying the customer needs 0 Provides the organization with a sense of direction Stretches the organization to higher levels of performance Goals must be challenging but realistic with a de nite period in which they are to be achieved 0 the ability of the CEO and top managers to convey a compelling vision of what they want the organization to achieve to their subordinates 0 Financial resources Physical resources Human resources Current processes Current productsservices 0 Market trends Economic trends Outside source of funding Demographics Rivals 00000 O O O O O Threat of new entrants Bargaining power of suppliers Threat of substitute products or services Bargaining power of buyers Rivalry among existing competitors Low cost Differentiation quotStuck in the Middlequot Focused low cost strategy Focused differentiation o Reinvesting a company s pro ts to strengthen its competitive position in it s current industry Expanding a company s operations either backward into an industry that produces inputs for its products or forward into an industry that uses distributes or sells its products o expanding a company s business operations into a new industry in order to produce new kinds of valuable goods or services entering a new industry or buying a company in a new industry that is not related in any way to an organization s current businesses or industries o selling the same standardized product and usin the same basic marketing skills in each national market 0 customizing products and marketing strategies to speci c national conditions Helps gain local market share Raises production costs 0 Allocate responsibility for implementation Draft a detailed action plan Establish a timetable for implementation Allocate appropriate resources Hold speci c groupsindividuals responsible for attainment of goals 0 Motivation to engage in a behavior arises from within the individual because it is intrinsically rewarding o Theories of motivation that focus on what needs people are trying to satisfy at work and what outcomes will satisfy those needs 0 Basic premise is that people are motivated to obtain outcomes at work to satisfy their needs 0 I mwai I EEH39I UHFEIHI I IEHI needs Estevana Ina 5i wedgearid feeling nl mmpliulhmenl39 P ychologgml netads Ft7 7 a7 rTf39T quotLT Tna rT39TT lbfx rfrtvt flj39a 4H j M nails 5mm whit Basic Why a In a I 1 needs My 39s Fwd ml warmth 39 39 drive to excel the need to make others behave in way they would not have behaved otherwise the desire for friendly and close interpersonal relationships 0 the need to understand and know 0 People are motivated to create fairness of outcomes to inputs relative to others 0 Overpayment lnequity o Underpayment lnequity o Equitable Payment 0 People strive to maintain equity in their outcomes to inputs ratio in comparison to others outcomes to inputs ratio 0 rewards received from their jobs 0 contributions to theirjobs If there is equity worker is not motivated to change behavior f ratios are not equivalent worker is motivated to create equty E mnz39fi ul F39 n lhl lh ulzll E r JIUEHIIIJ LII I MHzrm Motivation is based on people s beliefs about the probability that effort will lead to performance multiplied by the probability that performance will lead to reward multiplied by the perceived value of the reward Speci c goals lead to increased performance 0 Dif cult goals result in higher output 0 Self generated feedback is more powerful motivator than externally generated feedback In uences on goal performance relationship 0 Commitment 0 Task characteristics 0 National culture o form of learning where people associate consequences of their actions with the actions of themselves Behaviors with positive consequences are acquired Behaviors with negative consequences tend to be eliminated o form of learning where individuals learn by observing what happens to other people and just being told about something as well as by direct experiences Selfef cacy a person s belief about hisher ability to perform a behavior successfully Selfreinforcement rewarding one s self for motivation o a compensation plan that bases pay on performance bonus raise Commission employee s pay is based on a percentage of sales that the employee makes Piecerate Pay employee s pay is based on the number of units that the employee produces o employees receive a share of an organization s pro ts Scanlon Plan focuses on reduced expenses or cutting costs Employee Stock Option pay based on organizational performance


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