MGT 350 - Exam 2 Study Guide
MGT 350 - Exam 2 Study Guide MGT 350-006
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This 4 page Study Guide was uploaded by Heath Thompson on Monday March 21, 2016. The Study Guide belongs to MGT 350-006 at University of North Carolina - Wilmington taught by Dr. Shawn M. Russell in Summer 2015. Since its upload, it has received 70 views. For similar materials see Principles of Management in Business, management at University of North Carolina - Wilmington.
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Date Created: 03/21/16
REVIEW Principals of Management: MGT350 Test #2 Ch.7 Know what a technology cycle is. =Technology cycle a cycle that begins with the birth of a new technology and ends when that technology reaches its limits and is replaced by a newer, substantially better technology Understand and name the 4 stages of a technology cycle within an innovation stream. 1. Technological discontinuity scientific advance or a unique combination of existing technologies creates a significant breakthrough in performance or function. 2. Discontinuous change characterized by technological substitution and design competition 3. Dominant design – the new accepted market standard for technology 4. Incremental change phase in which companies innovate by lowering the cost and improving the functioning and performance of the dominant design Understand the Scurve pattern of innovation and how it is applied. =Early in cycle, progress is slow (A point). Lots of effort means little improvement. =As new technology matures, researchers figure out how to get better performance out of it (B point). Little effort means lots of improvement. =Performance limits being reached (Point C). Significant improvements highly unlikely. =Discontinuity is reached, new Scurve begins with new technology Describe the five parts of the experiential approach to innovation. =Innovative environment highly uncertain; fast product innovation through intuition, flexible options, and handson experience; reduces uncertainty, accelerates learning/understanding 1. Design iterations – cycle of repetition, company tests prototype, improves, builds again, tests, etc. 2. Testing – systematic comparison of different iterations/designs 3. Milestones – review points used to assess progress/performance 4. Multifunctional teams – teams composed of different people from different departments; mixing schools of skills 5. Powerful leaders – provide vision and motivation to continue catalyzing innovation; focused, on time, on target Identify the elements that can be used to manage resistance and when they are applicable. =Resistance to change is caused by selfinterest, misunderstanding and distrust (Michael Hammer “Kiss Of Yes”), intolerance for change 1. Unfreezing – get people to believe change is needed 2. Change intervention – changing work practices 3. Refreezing – supporting/reinforcing new changes =Resistance to change Frozen behavior • Reduce by means of education, communication, participation, negotiation, topmanagement support, coercion =Establish a sense of urgency for change =Create a powerful coalition for change (core change coalition) =Establish a vision for change •Communicate vision by acting accordingly, walk the talk •Remove obstacles to vision =Systematically plan for and create shortterm wins that result from change need immediate payoff Understand the differences between resultsdriven change and activityorientated change. =Activityoriented change – changing company procedures, management philosophy, employee behavior =Resultsdriven change – quickly measuring and improving results •Focus on quick improvements in measured performance Know the difference between innovation, creativity, and change. =Innovation – the successful implementation of creative ideas =Creativity – driving forces behind innovation and change =Change – modification to company’s workings to increase performance Ch.8 Define global business. =Global business is the buying/selling of goods/services by people from different countries Know the difference between, joint venture, direct foreign investment, licensing, strategic alliance, and franchising. =Strategic alliance – companies combining key resources, costs, risks, technology, and people =Joint venture – a strategic alliance in which two existing companies collaborate to form a third, independent company •help companies avoid tariff/nontariff barriers to entry •low risk =Direct foreign investment – building a new business or buying one in a foreign country Cooperative contracts: =Licensing – allowing other companies to buy rights to use your brand to sell stuff •allows companies to make more profits without investing more money =Franchising – collection of networked firms which are licensed the entire business/organization What is NAFTA? North American Free Trade Agreement =United States, Canada, Mexico Define the phase model of globalization. =Company makes transition from domestic to global company through: exporting, cooperative contracts, strategic alliances, and wholly owned affiliates Describe the three strategies used to minimize or to adapt to the political risk inherent to global business. =Political uncertainty – risk of major changes in political regimes =Policy uncertainty – risk of change sin laws/government that affect foreign business conducting 1. Avoidance strategy – divesting or selling business because risk too high; if uninvested, wait to invest 2. Control – lobby foreign governments or international trade agencies to change laws/regulations/barriers that hurt their business in that country 3. Cooperation – using joint ventures and collaborative contracts (franchising/licensing) Understand the factors that help companies determine the growth potential of foreign markets. =Purchasing power – measured by comparing cost of set of goods/services in different countries =Foreign competitors – number and quality of companies competing in a foreign market Define the term multinational corporation. =A multinational corporation is a corporation that owns businesses in two or more countries Describe the two types of trade barriers. =Tariff – direct tax on imported goods =Nontariff – nontax methods of increasing cost or reducing volume of imported goods Know the difference between quotas, subsides, boycotts, and tariffs. =Quotas are specific limits on the number or volume of imported products. =Subsidies – longterm, lowinterest loans, cash grants, and tax deferments =Boycotts protesting a company’s actions by persuading consumers not to purchase its product or service =Tariff – direct tax on imported goods Describe the meaning of the The General Agreement on Tariffs and Trade (GATT). =124 countries; agreement to regulate trade amongst over 120 countries to reduce tariffs and trade barriers Understand the differences between functional and product, matrix, and customer departmentalization. =Departmentalization is dividing workers and resources up into departments that specialize on certain tasks n shit •Functional organizes workers into separate units responsible for particular business functions or areas of expertise •Product – organizes work/workers into separate units responsible for particular products/services •Customer – organizes work into separate units for particular kinds of customers •Matrix – hybrid; typically of product and functional Describe the differences between centralized and decentralized management styles. =Centralization of authority is the location of most authority figures at upper levels of an organization; managers make most of the decisions =Decentralization is the location of a large portion of authority in the lower levels of an organization Understand the differences between specialized jobs, empowerment, and virtual organizations. =Empowerment – permanently passing decisionmaking authority/responsibility from managers to workers •feeling of intrinsic motivation, workers perceive their work to have meaning, perceive themselves to be competent, having an impact, capable of selfdetermination =Job specialization – when a job is composed of a small part of a larger task/process •McDonald’s drive thru window; delivering pizza =Virtual organizations – part of a network in which many companies share skills, costs, capabilities, markets, and customers with each other Describe the difference between intraorganizational process and interorganizational process. =Intraorganizational process – collection of activities that take place within an organization to transform inputs into outputs that customers value. =Interorganizational process collection of activities that occur among companies to transform inputs into outputs that customers value. =Intra one business; Inter – multiple businesses Understand the differences between staff and line authority in terms of chain of command. =Line authority – right to command immediate subordinates in chain of command =Staff authority – right to advise, not command, others who are not subordinates in chain of command Understand the terms synergy, accountability, delegate, and autonomy. =Delegation of authority assignment of authority/responsibility to subordinate to complete tasks for which manager is normally responsible. DRI (Directly Responsible Individual) =Synergy – 2 or more subsystems working together can produce more than they can working apart =Accountability – responsibility to do job, and get results =Autonomy – degree to which a job gives worker discretion, freedom, independence to decide how and when to accomplish work Identify the advantages of the use of teams. = Identify the disadvantages of the use of teams. Define norms, values, and culture. Know the differences between cognitive and affective conflict. Describe the four stages of team development and growth. Understand the autonomy continuum. See exhibit 10.2 Define BFOQ. Define optimal team size. Define sexual harassment, hostile work environment, discrimination. The hostile work environment form of sexual harassment occurs when employment outcomes such as hiring, promotion, or simply keeping one's job depend on whether an individual submits to being sexually harassed. Define and understand job analyses, job descriptions, and job specifications. Define and understand performance assessment and job evaluation. Wrongful discharge is a legal doctrine that requires a manager to have the approval of the human resource manager to terminate employees. Describe the advantages and disadvantages of employee turnover. Define the responsibilities of Human Resource Management. Understand antidiscrimination law and name a few popular types. Understand the EEOC rule of thumb for comparison between protected and nonprotected groups. Understand the conditions of providing references. Define performance appraisal, 360degree feedback, and employee separation. Which ethnic group represents the fast growing population in the US? Describe affirmative action and diversity. Identify the three different methods or paradigms for managing diversity. Describe the terms; turn over costs and glass ceiling. Describe and understand the Big Five personality dimensions.
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