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MNGT 361 Exam 2 Study Guide

by: Stacey Lebert

MNGT 361 Exam 2 Study Guide MNGT 361

Marketplace > Towson University > Business, management > MNGT 361 > MNGT 361 Exam 2 Study Guide
Stacey Lebert
GPA 3.75
Leadership and Management
Prof. Hendy

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About this Document

Covers chapters 8, 10, 14, 15
Leadership and Management
Prof. Hendy
Study Guide
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This 0 page Study Guide was uploaded by Stacey Lebert on Sunday March 20, 2016. The Study Guide belongs to MNGT 361 at Towson University taught by Prof. Hendy in Spring 2016. Since its upload, it has received 34 views. For similar materials see Leadership and Management in Business, management at Towson University.

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Date Created: 03/20/16
Exam 2 Study Guide CH 8 10 14 15 In Chapter 8 Key Items quotPlanning Processes and Techniquesquot Planning setting objectives and ways to accomplish those goals 0 Objectives amp Goals results and outcomes from a plan Planning Process steps 1 De ne objectives 2 Figure out what your strengths and weaknesses are to accomplishing your objectives 3 Create backup plans or alternative scenarios 4 Analyze those alternatives and start making a plan 5 Implement and evaluate Roles of Planning in the management process 1 Planning sets direction 2 Leading in uence effort 3 Controlling make sure there are results 4 Organizing creating routine and structure Bene ts of planning It improves Focus exibility o Priorities 0 Control and coordination 0 Time management Types of Plans used by managers Longterm plans 3 or more years into the future Shortterm plans a year or less The US likes this type of plan 0 Strategic plans sets longterm action direction for the entire company Vision Purpose of a company that it hopes to be in the future 0 Tactical plans Assists in implementing all sections of the strategic plan Functional plans Shows how the different operations within the company will accomplish the overall strategy Production Financial Marketing etc 0 Operational plans Says what needs to get done to helpsupport the long term strategic and tactical plans Policies Guidelines that tell employees what are acceptable behaviors and actions Procedures A rule that tells you in a step by step fashion how to handle a particular situation Budgets Allocate a certain amount of money to a project or thing Planning Tools and Techniques Forecasting Predicting the future 0 Qualitative uses expert s opinions 0 Quantitative uses math models and stats of historical data 0 Contingency Planning Creates alternative courses of action if something goes wrong Contains trigger points 0 Scenario Planning Long term version of Contingency planning It creates scenarios for the future which increases exibility in the organization 0 Benchmarking Uses information from inside and outside of the organization for future planning amp improvements Staff planners sometimes do not allow other employees voices to be heard because there is a gap between them and the organization yet they help at all stages in the planning process it Chapter 10 key items quotStrategy amp Strategic Managementquot Competitive Advantage Out performing a competitor doing something better Sustainable Competitive Advantage costly or hard for a competitor to recreate Competitive advantage sources Technology Cost amp Quality Financial resources Knowledge Entry Barriers Strategy Huge plan that details recourse allocation to accomplish long term goals Strategic lntent Focusing all energies on ONE goal Levels of strategy 1 Corporate long term for entire company 2 Business how a unit within the company will compete in its domain 3 Functional oversees activities in one operation area Strategic Management gt Strategic Mngt Creating and implementing strategies to keep competitive advantage and help with long term goalssuccess gt Strategic Analysis looking over all current strategies and competitors Strategic Formulation Looking over all current items and creating new plans to have future competitive advantage gt Strategic lmplementation gathering resources and putting strategies into action Strategic Analysis Must analyze 1 Mission 4 Recourses and capabilities 2 Objectives 5 Do SWOT analysis 3 Core values Corporate Level strategy formulation gt Portfolio planning model Chooses best group of investments from other business opportunities gt BCG Matrix 4 x 4 analyzing business opportunities to market growth and share 0 Stars High share and growth Nike 0 Cash Cows High share low growth Walmart amp Apple 0 Question Marks Low share high growth Spirit Airlines 0 Dogs Low share low growth Sprint gt Growth Strategies 0 Concentration growth wn same area 0 Diversification growth in investing in other businesses 0 Integration getting suppliers Vertical integration gt Retrenchment Restructing Strategies 0 Liquidation sells assets to pay creditors o Downsizing decrease size of operations 0 Divesture sells a part of the company to focus on core areas of company 0 Turn around xes performance problems gt Global Strategies 1 Globalization standardize products and marketingadvertising 2 Multidomestic customize products and advertising 3 Transnational blending with global economy gt Cooperative strategies 1 Strategic alliance partnering of 2 or more organizations because of mutual interests Outsourcing alliances Supplier alliances Distribution alliances 2 Coopetition working with rivals on projects for mutual gain Business level strategy formulation decisions are driven by market scope and sources of competitive advantage gt Differentiation comp adv Through uniqueness gt Cost Leadership comp adv Through low costs gt Focus strategies looks at special market segment Focus differentiation Focus cost leadership Strategy implementation Management MUST support this at every step Failures of strategic planning affecting implementation 0 Failure of substance not enough attention to planning 0 Failure of process awful handling of implementation 0 Lack of participation error 0 Goal displacement error Corporate Governance Checks and balances of the company Has board of directors Strategic Control making sure strategies are well kept and the bad ones are modi ed or thrown out it Chapter 14 Key Terms quotLeading amp Leadership Developmentquot was on chapter quiz Leadership process of inspiring others to work hard Power the ability to get someone to do something Managerial power or power position personal power Personal Power Empowerment managers help others gain power amp in uence 1 Expertise 2 References Visionary Leadershipleader who knows current situation how to Position Power move past it and achieve a better future 1 Rewards 2 Coercion Servant Leadership followers are more important than the 3 Legitimacy leader and there s a huge focus on empowerment Leadership Behavior focuses on how leaders act when working with followers Can either be concerned for the task itsefor the people doing the task Human Relations people before task Democratic task amp people Laissezfaire little concern for task Autocratic task before people Fielders Contingency Model Leadership depends on a match between situational and leadership demands Hard to change leadership style because its in the personality Leadership style must t situation Low LPC task motivated score of 64 or below High LPC relationship motivated Components of model 1 Leader member relations 2 Task structure 3 Position power Hersey Blanchard Leadership Styles leaders adjust their styles depending on maturity and readiness of followers 1 Delegating low task low relationship 2 Participating low task high relationship 3 Selling high task high relationship 4 Telling high task low relationship House Path Goal Leadership Theory switching between leadership styles slides 2426 1 Directive use when things are unclear 2 Supportive use when there is low con dence 3 Achievement oriented helps set goals 4 Participative use when incentives are low LMX Theory not all people are treated the same by leaders High LMX ingroup Low LMX outgroup Vroom Jago leaderparticipation theory leader choosing decision making method to t current situation slides 3137 1 Group 2 Consultative 3 Authoritative I Contingency factors to this theory Decision time acceptance and quality slide 34 0 Use authoritative decisions when there is no time for discussion 0 Use group decisions when there is time available and leaderneedsinput Duckers quotgood old fashionedquot leadership leading is more than charisma its about hard work Other Terms 1 Superleaders person with strong vision and personality that impacts others Charismatic leaders develops leaderfollower relationships Transformational leaders in uences others to achieve greater things amp acts with integrity and trust Emotional intelligence managing emotions in social relationships 5 Moral leadership ethical leadership that is always good Includes integrity moral overcon dence and authentic leadership 6 Gender Similarities hypothesis men and women have similar psychological factors a Interactive leadership women tend to use this type Very democratic b Transactional leadership men tend to use this type Relates to managerial leadership c Leadership Double Bind woman criticized for having male characteristics in the work place DWN it Chapter 15 Key Terms quotIndividual behaviorquot Perception how people interpret and receive information Psychological contract peoples expectation about what is given and received at a job 0 Employee value proposition company tries to create value for employee and employer Attribution explanation of events 0 Fundamental attribution error blaming someone for not getting job done because of laziness instead of the little time they had to complete it 0 Self serving bias blaming others for when things go wrong and yourself for when things go right Perception tendencies and distortions o Stereotypes giving someone a common characteristic 0 Halo effects praising someone forever because of one little good thing they did and overlooking some of the bad things they did 0 Selective perception de ning problems from own point of View 0 Projection putting personal attributes onto others Impression management controlling how other perceive you in public Personality how each of us our unique in our own way 5 dimensions 1 Extroversion outgoing 2 Agreeablenesstrusting 3 Conscientiousness dependable 4 Emotional stability relaxedsecure 5 Openness likes change Myers Briggs Dimensions of Personality 1Extrointroversion outgoingshy 2 sensingintuitive detailbig picture oriented 3 thinkingfeeling logicemotions 4 judgingperceiving ordercontrol or exibilityspontaneity Technology Personality social media use and how they connect with others Always on 8 Live wires 35 Social skimmers 6 Broadcasters 8 Toe dippers 27 Bystanders 15 Never minders 2 FP P FP NE Locus of Control destiny is either in a persons control or the control of an outside force Authoritarianism how much a person accepts status differences US doesn t tend to accept those differences Machiavellianism how much a person is manipulative Selfmonitoring how much a person can adjust their behavior to t current situation Type A personality perfectionist competitor and impatient Attitudes predisposition to act in a certain way Components 1 Cognitive beliefs 2 Affective feelings 3 Behavioral acting out those beliefs and feelings intentionally 0 Cognitive dissonance uneasiness when one had contradictory thoughts or beliefs 0 Job satisfaction whether one likes or dislikes theirjob o Withdrawal behaviors not coming to work andor quitting because of low satisfaction 0 Employee engagement when one has a strong positive feeling about their job 0 job involvement dedication to a job 0 Organizational commitment loyalty to a company 0 Organizational citizenship going over and beyond the minimum requirement Emotions moods and stress Emotion strong feelings directed at something Mood state of mind you are in whether it be positive of negaUve Stress state of tension because of overwhelming things to do Stressors particular items or tasks that cause stress Constructive stress eustress positive and energizing things Deductive stress can lead to burnout and health issues


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