Test 1 study guide
Test 1 study guide MNGT-3100
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This 24 page Study Guide was uploaded by William Burkett on Monday September 14, 2015. The Study Guide belongs to MNGT-3100 at Auburn University taught by Alex Smith Ritenbaugh in Fall 2015. Since its upload, it has received 14 views. For similar materials see Introduction to Business Management in Business at Auburn University.
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Date Created: 09/14/15
MNGT Test 1 Study Guide This can all be found in the class notes which are included with this download Stuff to know Chapter 1 4 functions of management What is an organization Managers responsibility Organizational hierarchy Manager roles Mintzburg Trends in management history Classical scientific behavioral quantitative Chapter 3 The Environment and Social Culture External and internal Demographic Sociocultural Economic Political legal environments The task environment Chapter 6 Ethics and Social responsibility Social economic legal responsibilities Going green triple bottom line Stages of moral development Development of ethical behavior Ethics in other countries Ethical decision making Ethical leadership Chapter 8 Goal Setting and Planning What is planning Types of goals Types of plans Goalsetting processes SMART goals Issues in planning Chapter 9 Managing Strategy Strategic management Mission statements SWOT analysis table Competitive advantages Porter s 5 forces I c E ma was 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clam c MWWM 3 We 44 My cussiar 4 mm 7L is 0 7 4 Mmm w zkc quot39 Bc wf mf 4Vraw4 H quot ZEVLSJJM Wt WV5M7 amp4MW I quot39 Qm a uc 4 Au C k39h mlv s 4 1649 MNGT3 100 Test 1 Notes Chapter 1 Management History continued I Scientific Management 0 Frederick Winslow Taylor I Behavioral approach 0 Hawthorne studies I Studied worker attitude and effects of benefits and opinion of job 0 Interest in worker participation and considerate leadership I Emphasized daily tasks people perform 0 Lead to the development of organizational behavior I Theories of motivation I Treating people better increases production I Asked what the employees thought about their own company and superiors I Quantitative approach 0 The use of quantitative techniques to improve decision making 0 TQM total quality management I Customer and process focused I Continuous improvements I Quality improvements throughout the organization I Accurate measurements I Empowered employees Chapter 3 I The Environment and Corporate Culture I Organizational Environment 0 External environment all of the element that can affect the organization global economy bad winter weather public opinion of a product political forces I Technological I Scientific and Tech advancements in specific industry and society I Today computer networks internet smart phones and videoconferencing are the minimum tools required 0 GPS tech logistics game changer inventory and order tracking 0 Robotics in manufacturing welding car production manufacturing packaging 0 Credit card tech impacts the way people buy things 0 PubliX has software that tells them how many lines they should have open during the day I Helps with scheduling and customer wait time I Avoids 2 lines open with 30 people in line not like Walmart I Demographic 0 In US workforce 0 Total population increase I Immigrants 0 Different products offered 0 Working population I More minorities and women 0 Aging population I 65 and older working with people who are fresh out of college 0 Global Workforce 0 Total population growth gt Africa and Asia I Large untapped markets 0 Aging population I How do different norms customs and values change across cultures I Sociocultural and I Represents demographic characteristics 0 Norm I Cultural norms ex Latin American cultures have long lunch and break in middle of the day I British Tea Time 0 Custom I Birthday celebration holidays 0 Value I What is valued work ethic customer service can be different from generation to generation or between cultures I Publix fresh locally grown food organic local food getting more popular I Economic I General economic health 0 Consumer purchasing power 0 Unemployment rate 0 Interest rate 0 Economies of countries are tied together 0 Currency and credit markets 0 Manufacturing 0 Significant trends 0 M and A merging and Acquisitions I Apple acquired beats audio 0 More start ups 0 Economic inequality I Politicallegal 0 Includes political activities and government regulations at local state and national levels designed to in uence company behavior 0 Ex EPA Imposes laws and restrictions on business to manage their pollution and impact on the environment 0 Ex FDA USDA 0 Pressure groups in uence companies to behave in a sociably responsible manner 0 Ex Lobby groups or special interest groups I Have in uenced the tobacco industry alcohol I Sociocultural I Global 0 New competitors suppliers and customers 0 Global shipping and communication has unlocked markets for global competitors 0 Shapes social technical and economic trends 0 Example American auto industry Not looking at the global picture 1980 doing good people buying American cars Toyota Honda and others entered American market and was beat out by cheaper longer lasting cars 0 Most dramatic shift in recent years 0 Shift of economic power to China and India manufacturing 0 Ethnocentrism thinking your country or way of doing things is the best way and there is no other way of doing things 0 Assessing environmental Uncertainty I The degree of change and complexity in an organization s environment 0 Its all about the degrees of change and complexity I Are there many regulations How complex are the products Is it a stable market Do the regulations change a lot 0 Managing the stakeholder Relationship I Stakeholder any constituencies in the organizations environment that are affected by an organization s decisions and actions I So who are the stakeholders 0 Employees customers Social and Political action groups Competitors Trade and Industry Associations Governments Media Suppliers Communities Shareholders Unions 0 The Task Environment I Customers I The people and organizations in the environment that acquire goods or services form the organization 0 Determine an organization s success I Patients and Hospitals I Students and CollegesUniversities 0 Customers have a much bigger voice now than they did The relationship has become much more important 0 Knowledge sharing good or bad thing I Competitors On test 0 Other organizations in the same industry or type of business that provide goods or services to the same set of customers 0 EX I Lowes Home Depot 0 Selection 0 Price 0 Customer service I Coke and Pepsi 0 Taste 0 Popularity 0 Advertising 0 Brand building 0 Show rooming looking for a new product go look for it in the store and look at it play with it then walk out and buy it on amazon I Some retailers are doing price match and bundling to retain customers I Suppliers 0 People and organizations who provide raw materials the organization uses to produce its output 0 Strategies 0 Using fewer suppliers 0 Building good relationships with suppliers 0 Internal environment I The elements withing the organization s boundaries 0 Production technology organization structure facilities I Includes 0 Organizational structure 0 Management 0 Employees I Organizational culture 0 The shared values principles traaditions and ways of doing things that in uence the way organizational members act and that distinguish the organization form other organizations 0 Significant to success I Org culture is O Perception 0 Descriptive 0 Shared 0 How is it visible 0 Artifacts dress office layout symbols slogans ceremonies I What is invisible 0 Expressed values the HP Way 0 Underlying assumptions and deep beliefs such as people her care about one another like a family How employees learn culture 0 Symbol object act or event that conveys meaning to others 0 Story a narrative based on true events that is repeated and shared among employees 0 Language pharsesentence that expresses an organizational value 0 CeremonyRitual a planned activity at a special event conducted for the benefit of an audience employees Strong Vs Weak 0 Strong I Consistent messages about what is important I Most employees can tell stories about company history or heroes I Employees strongly identify with culture I Strong connection between shared values and behaviors I Chick fil a Disney Hobby Lobby Apple I Values limited to a few people I Culture sends contradictory messages about what s important I Employees have little knowledge of company history or heroes I Employees have little identification with culture I Little connection between shared values and behaviors I Culture and the environment The external environment can have a large effect on corporate culture Cultures can vary widely across organizations Organizations within same industry often reveal similar cultural characteristics A strong culture alone does not guarantee business success 0 Adaptation to the external environment is required I Innovative Culture Challenge and involvement Freedom to make decisions and take risks Trust and openness Idea time gmail and google maps came out of this Playfulnesshumor Con ict resolution Debates Risk taking I CustomerResponsive Culture Type of employee 0 Attentive and enthusiastic serving Job environment makes company more responsive to customer complaints Empowerment Role clarity Drive to satisfy customers I Cultural Leader a manager who uses signals and symbols to in uence corporate culture 0 Managers shape values to build a highperformance culture 0 Ways cultural leaders in uence culture 0 Articulate Vision 0 Pay attention to daily actiVities that reinforce the Vision 39 walk the talk I Make sure work procedures and rewards match and reinforce values Chapter 6 MNGT Notes Ethics and Social Responsibility Social Responsibility 0 A business s intention beyond its legal and economic obligations to do the right things and act in ways that are good for society I It is often difficult to distinguish what is right from wrong I Examples Toms gives shoes as charity for all the shoes they sell Hiring special needs people Economic responsibility 0 The classical view I Management s only social responsibility is to maximize profits for its owners and shareholders I Social obligation not responsibility Legal responsibility 0 Defines what society deems important with respect to appropriate corporate behavior 0 Poor performers in this category gt organizations that knowingly break the lawrules 0 Examples I Intentionally selling defective goods Ford Pinto I Performing unnecessary repairs I Billing clients for work not done Socioeconomic view 0 Responsibility goes beyond making profits 0 Protecting and improving society s welfare Social responsiveness O Engage in social actions in line with trends in society I Ford supports a ban on texting while driving Green Management 0 Consider the impact of organizations on the natural environment I Sustainability How organizations go green 0 Legal light green approach I What is required 0 Market approach I If market demands for the change then the change is made 0 Stakeholder approach I Actions are taken to help the stake holders in the business 0 Activist approach I Taking actions to change the world or to become an supporter of an agenda Triple bottom line 0 Social performance 0 Environmental performance 0 Financial performance Ethics 0 Ethics principles values and beliefs that define right and wrong behavior 0 Values basic convictions about what is right and wrong 0 Development of ethical behavior 0 Ethical dilemma stage of moral development Individual characteristics Structural variables moderators Issue intensity Organizational culture ethicalunethical behavior I Stages of Moral Development 0 Preconvention level I Based on personal consequence 0 Follows rules to avoid punishment Acts in own interest Obedience for its own sake 0 Conventional level I Based on expectations of others 0 Lives up to expectations of others Fulfills duties and obligations of social system upholds laws 0 Principled level I Independent moral definitions 0 Follows selfchosen principles and justice and right Aware that people hold different values and seeks creative solutions to ethical dilemmas Balances concern for individual with concern for common good 0 Development of ethical behavior 0 Individual characteristics I Values 0 What you believe in What you consider right and wrong I Ego strength I Confidence level in decisions I Locus of control I Do you take responsibility for actions or blame external forces and try to shift blame 0 High take responsibility low shift blame O Org culture I What believes and behaviors does the company support I Company values I Which will it not tolerate 0 Behavior wise I Valuesbased management I What does the top management push on the lower members of the company How do they lead by examples and what values do they show 0 Global ethics 0 Ethical standards are not universal 0 Foreign corrupt practices act I Illegal to knowingly corrupt a foreign official I Token payments I Not black and white 0 If the US cannot make the small bribery payments then they are at a competitive disadvantage when they cannot make the small bribes 0 UN global compact 0 Encouraging ethical behavior 0 The values adopted by the organization are important and strongly in uence employee actions and decision making 0 Code of ethics and decision rules 0 Performance appraisal and reward system I Huge factor in the development of behavior I Make sure that employees don t feel they need to engage in unethical behavior to meet standards 0 Selection hiring system 0 Leadership 0 Emphasis placed on legal and professional standards 0 Pillars of an ethical organization 0 Individuals I Hiring of good employees 0 Leadership I Reward ethical behavior good examples form top management 0 Structures and systems I Reporting systems Strong HR Chief ethics officer 0 Ethical decision making 0 What is the ethical dilemma 0 Who are the affected stakeholders 0 What personal organizational and external factors are important in this decision 0 What are possible alternatives 0 What is my decision and how will I act on it 0 Ethical Dilemmas a situation that arises when all alternative choices or behaviors are considered undesirable because of potentially negative consequences 0 Values are in con ict 0 Right and wrong are not clearly identifiable 0 Ethical leadership 0 Managers bring specific personality and behavioral traits to the job that help shape their values I Background 0 Personal needs 0 Family in uence 0 Religious background I Personality I Ego strength I Selfconfidence 0 Strong sense of independence 0 Stage of moral development 0 Whistle blowing O Whistle blower individual who raises ethical concerns or issues to others 0 Often report wrongdoing to outsiders I Internal whistle blowing 0 Confidential hotlines I Need effective protective measures 0 2002 Sarbanes Oxley Act 0 Organizations need whistle blowers to maintain ethical standards Chapter 8 MNGT notes 0 Goal Setting and planning process 0 What is planning defining the organizations goals establishing strategies for achieving those goals and developing plans to integrate and coordinate work activities provides direction reduces uncertainty minimizes waste and redundancy establishes goals or standards 0 Types of goals Stated goals official statements of what an organization says and what it wants its various stakeholders to believe its goals are Real goals goals that an organization actually pursues as defined by the actions of its members Financial goals Strategic goals broad statements describes where the organization wants to be in the future 0 Goals apply to senior management 0 Relative to factors in the external environment Strategic plans plans that apply to the entire organization and establish the organizations overall goals 0 Action steps intends to attain strategic goals Operational plans plans that encompass a particular operational area of the organization 0 Developed at the lower levels of the organization 0 Narrow Longterm vs short term plans Specific vs directional plans Single use vs standing plans 0 Types of plans Breadth 0 Strategic wide 0 operational narrow Time frame 0 Long term 0 Short term Specificity 0 Directional visionary 0 Specific material Frequency of use 0 Single use snapshot 0 Standing guidelines 0 Approaches to goal setting Traditional 0 Top managers set goals that then ow down through the organization and become subgoals for each area 0 Means ends chain 0 An integrated network of goals in which the accomplishment of goals at one level serves the means for achieving the goals or ends at the next level Management by objectives MBO 0 A process of setting mutually agreed upon goals and using those goals to evaluate employee performance 0 Step 14 strategic goals department goals individual goals 0 Step 56 action plan implementation 0 Step 7 review progress take corrective action 0 Step 8 Appraise overall performance 0 Goal alignment The achievement of goals at lower levels permits the attainment of high level goals Individuals teams departments should be working together 0 Goal setting 1 Review the organization s mission 0 organizational mission the purpose of the organization 0 mission statement 2 Evaluate available resources 3 Determine the goals 4 Document and communicate 5 Review results 0 SMART goals Specific target a specific stat or area of the business Measurable increase in sales or profits not general like make better product Attainable make sure lower management will not be unethical to achieve the goal Realistic take into account external in uences Timely make them on a quarterlyyearly basis 0 Should be linked to rewards 0 Contemporary issues in planning 0 Planning effectively in dynamic environments Planning is ongoing 0 Environmental scanning I Political legal demographic economic global social environment assessment 0 Competitor intelligence Chapter 9 Managing Strategy 0 Strategic management 0 Strategies the plans for how the organization will do what it s in business to do how will it compete successfully and how it will attract and satisfy its customers in order to achieve its goals 0 Strategic management what managers do to develop the organization s strategies I Business model how the company will make money 0 Manages must ask questions such as I What cangestrends are taking place in the competitive environment I Who are our competitors Strenghts weaknesses I Who are our customers I What products services should we offer how can we offer them more efficiently I What does the future hold for our industry 0 Why is strategic management important SWOT Analysis O Composing a mission statement Strengths Weaknesses Unique product Location of business Worker skill sets Poor customer service Quality of product Poor marketing sales Opportunities Threats New emerging market New competition Merger Price war Joint venture Competitor monopoly Strategic alliance Taxes 0 SWOT analysis 0 An evaluation that typically includes a search for strengths weaknesses opportunities and threats that affect organizational performance 0 External 39 Opportunities positive trends in the external environment that may help the organization achieve or exceed its goals I Threats negative trends in the external environment that may prevent the organization from achieving its goals 0 Internal I Strengths any activities the organization does well or its unique resources I Weaknesses activities the organization does not do well or resources it needs but does not possess I executives may evaluate management marketing HR Finance RampD Production 0 Competitive advantage 0 Capabilities an organization s skills and abilities in doing the work activities needed in its business 0 Core competence the organization s major valuecreating capabilities that determine its competitive weapons 0 Resources I What do we have SWOT Analysis 0 Types of Organizational strategies 0 Corporate I Multibusiness corporation 0 Competitive I Business unit 12 and 3 0 Functional I RampD Manufacturing Marketing HR Finance 0 Corporate Strategies 0 What business do we want to be in 0 Growth strategy expansion into new products and markets I Concentration I Vertical integration I Horizontal integration I Diversification OO O 0 Stability maintenance of status quo Renew examination of organizational weaknesses that are leading to performance declines I Retrenchment I Turnaround Strategic business unit the single independent businesses of an organization that formulate their own competitive strategies Competitive advantage what sets an organization apart its distinctive edge I Quality as a competitive advantage I Design thinking as a competitive advantage I Sustaining competitive advantage 0 Porter s 5 forces 0 O O O O Threat of new entrants potential barriers to entry that can keep out new competitors Bargaining power of buyers informed customers become empowered customers Bargaining power of suppliers the concentration of suppliers and availability of substitute suppliers are significant factors in determining supplier power Threat of substitute products the power of alternatives and substitutes for a company s product may be affected by changes in cost or in trends that will de ect buyer loyalty Rivalry among competitors how competitive is the marketplace I In uenced by the 1st 4 forces and by cost and product differentiation 0 Competitive strategy 0 O Differentiation an attempt to distinguish the organization s products or services from others in the industry Cost leadership an aggressive attempt to seek efficient facilities pursue cost reduction and use tight cost controls to produce products more efficiently than competitors Focus concentration on a specific regional market or buyer group I Focused cost leadership I Focused differentiation 0 Current strategic management issues 0 0 Strategic leadership I Org strategy is usually developed by top management I Anticipate needs stay exible initiate change Strategic exibility I The ability to recognize major external changes quickly commits resources and recognize when a strategic decision was a mistake
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