Final Exam Ch 1-13 Review
Final Exam Ch 1-13 Review Mana 3319
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This 8 page Study Guide was uploaded by Ashlie Meckley on Friday December 11, 2015. The Study Guide belongs to Mana 3319 at University of Texas at Arlington taught by Seyedeh Vaziri in Fall 2015. Since its upload, it has received 25 views.
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Date Created: 12/11/15
Competitive Advantage s 0 Innovation 0 00000 O O O O 0 Service 0 O O O 0 Speed 0 o o 0 Quality The introduction of new goods and services A firm must Continually innovate or die Globalization and lower costs Adapt to changes in consumer demands and to new competitors Be ready with new ways to communicate with customers and deliver the products to them The excellence of your product goods or services Quality refers to attractiveness lack of defects reliability and longterm dependability Examples product performance customer service reliability conforming to standards durability aesthetics Important to identify specific quality requirements Giving customers what they want or need when they want it Focused on continually meeting the needs of customers to establish mutually beneficial longterm relationships Make it easy and enjoyable for a customer to use purchase a product or service Examples of companies that do this well Fast and timely execution response and delivery of results Why is this important for a competitive advantage What are some pros and cons Eg can t get sloppy everything is on fastforward 0 Cost competitiveness O O 0 Keeping costs low to achieve profits and be able to offer prices that are attractive to consumers Can you think of some companies that do this well What are some advantages and disadvantages to this approach 0 Sustainability 0 The effort to minimize the use of resources especially those that are polluting and nonrenewable 0 Triple bottom line Porters Competitive Model Barriers to entry 0 Conditions that prevent new companies from entering an industry Substitutes 0 Alternative products or services 0 Potential Threat Complements lNlew Ei lt ra THE r Rival firms Substitutes and Complements 0 Products or services that increase purchases of other products 0 Potential Opportunity Customer 0 Final customers Purchase products in their finished form 0 Intermediate customers BZB Purchase as raw material or wholesale products before selling them to final customers Retailors Industrialbuyers o Whyimportant Can demand lower price higher quality unique product specification or better service 0 Examples of Buyer Power Number of customers Size of orders Ability to substitute cost of changing Suppliers 0 Provide resources or inputs needed for production 0 People raw material information financial capital 0 Supplier Power number of suppliers size of suppliers uniqueness of service your ability to substitute cost of changing 0 Can impact manufacturing time product quality and inventory levels 0 Switching costs Fixed costs buyers face ifthey change suppliers SWOT Analysis Summarize the relevant and STRENGTHS WEAKNESSES important factors in internal and 1 external environment o Reveal positive forces that work togetherandpotentialproblems 5221113 W that need to be addressed or at 2 of Opportunities 39 mlmmge atquot39oppmmmLies least recognized 391 1 0 When to use SWOT 4 2quot b 0 Explore possibilities for new efforts or solutions to 2 1 threats problems i 2 0 Make decisions about the best path for your initiative 0 Determine where change is possible 0 Excellent way to organize information Chapter 5 Know the definitions and differences between the different ethical systems discussed in class Universalism 0 Ethical system stating that all people should uphold certain values that society needs to function Caux Principles 0 Ethical principles established by international executives based in Caux Switzerland in collaboration with business leaders from Japan Europe and the US 0 Egoism 0 Ethical system defining acceptable behavior as that which maximizes consequences for the individual Utilitarianism 0 Ethical system stating that the greatest good for the greatest number should be the overriding concern of decision making Relativism 0 Philosophy that bases ethical behavior on the opinions and behaviors of relevant other people Kohlberg s model of moral development what is it what are the stages 0 Classification of people based on their level of moral judgement 0 Level 1 Preconvention 0 Stage 1 avoid punishment 0 Stage 2 serve immediate interest 0 Level 2 Conventional 0 Stage 3 live up to friends expectations 0 Stage 4 observe societal laws 0 Level 3 Principled 0 Stage 5 principles ofjusticerights 0 Stage 6 selfselected ethical principles Chapter 6 0 International I Overseas subsidiaries I Local product and marketing strategies I Strong core capabilities I Know how to ow from parent company to subsidiaries o Multinational multidomestic I Company has subsidiaries in each country I Provides a great deal of discretion to those subsidiaries to respond to local conditions GLOBAL Views the world as a single market Operations are controlled centrally from the corporate office High INTERNATIONAL Uses existing capabilities to L W expand into foreign markets Low TRANSNATIONAL Specialized facilities permit local responsiveness Complex coordination mechanisms provide global integration MULTINATIONAL Several subsidiaries operating as standalone business units in multiple countries High Pressures for local responsiveness I Local subsidiary has all the required function to operate locally I Disadvantage high manufacturing cost and redundancy 0 Global model I Global manufacturing facilities in few locations I Tight control by parent company I Only the marketing and service functions are controlled by the subsidiaries I Typically adopted by organizations that base their global competitive strategy on cost considerations 0 Transnational model I Centralizing certain functions in locations that best achieve cost economies 0 Research in high skilled countries 0 Manufacturing in low wage countries I Great deal of decision making at local level 0 Marketing 0 Service 0 Assembly functions Chapter 7 High Inventor Entrepreneur Creativity and innovation Promoter Widget administrator Low High General management skills business knowhow and networks Chapter 8 Centralized 0 An organization in which highlevel executives make most decisions and pass them down to lower levels for implementation Decentralized organization 0 An organization in which lowerlevel managers make important decisions The delegation of responsibility and authority decentralizes decision making Functional organization l l o Departmentalization around specialized Humain Heseumes l nfnrrnaitioni Finance 39Teehnelngy Purchasing Manufacturing Marketing activities such as production marketing and human resources 0 Advantages O O O O O O Economies of scale can be realized Monitoring of the environment is more effective Performance standards better maintained Greater opportunity for specialized training and skill development People have greater opportunity for specialized training and indepth skill development Decision making and lines of communication are simple and clearly understood 0 Disadvantages O O 0 People may care more about their own function than about the company as a whole Specialists but not generalists Conflict may arise between functions Divisional organization O O O Customersgeographic regions Products projects Advantages Information needs are managed more easily People have a fulltime commitment to a particular product line Task responsibilities are clear People receive broader training a L L Cloembra Marlwllngl Flmrreo Operations Mammhg Finance Opera em Marketing Flnarm Opera ons lMa rolrhg Fhanoo o Disadvantages O O O O Difficult to coordinate across product lines or divisions Generalists not specialists Top management loses some control Duplication of effort expensive 0 Customers 0 Example Hospitals Child Adult Psychiatric ER 0 Geographic regions 0 0 Example District territory region amp country Examples Macy s Avon o Advantage Disadvantage O O Advantage Ability to focus on customer needs and provide faster better service Disadvantage Duplication is expensive Matrix organization o Composed of dual reporting relationships in which dome employees report to tow superiors Advantages Linkage of employees at all levels and in all functions to the company s goals and strategy More information shared across functions Communication fostered especially valuable for complex assignments where different groups depend on each other Greater responsiveness to customers from bringing together information about customer needs and organizational capabilities Creative ideas from crossfunctional work Loyalty to the organization as a whole rather than to a function or division I l l l Eng39neering Personnel nance manager manager manager Personnel group Two bosses Englneerlng group Two bosses Accounting 93900 Two bosses Productlon I group Two bosses Production group Two bosses Engineering Personnel Accounting group group group Two easy Two bosy Two bosses Disadvantages Unclear responsibilities and competing priorities Violation of the unityofcommand principle Accountability difficult to define Accountability for results under other matrix members control Possible conflict and stress for employees who must manage a dual reporting role Additional time required for meetings and other communications to coordinate work Extensive collaboration needed but not always easy to reward Chapter 9 Organizational agility o The capability of an organization to rapidly change or adapt in response to changes in their environment 0 Mechanistic Organization 0 form of organization that seeks to maximize internal efficiency 0 Organic Structure 0 Organizational form that emphasizes flexibility Size and organizational agility 0 Large organizations are typically less organic and more bureaucratic 0 Jobs tend to become more specialized in large organizations 0 With size comes greater complexity and a need for increased control Chapter 10 Performance appraisal Assessment of an employee s job performance Purpose 0 Administrative purpose Information needed for salary promotion and dismissal decisions Helps employees understand those decisions Provides documentation needed for court 0 Developmental purpose Identify additional training needed Feedback helps employees improve daytoday performance DAB 0 Subjective judgments about employee characteristics related to performance can be affected by personal bias Initiative attitude leadership etc 0 Objective focus on production data Management by Obiective MBO A process in which objectives set by a subordinate and a supervisor must be reached within a given time period gt g Advantages lBehavior Avoids biases Less chance for misunderstanding and ambiguity Empowers employees to achieve direct results Disadvantages Unrealistic objectives can lead to frustration Rigid objectives can leave insufficient flexibility if things change Can focus too much on shortterm achievement at the expense of long term goals Results o 360degree appraisal Process of using multiple sources of appraisal to gain a comprehensive perspective on one s performance Chapter 11 0 Managing diversity means not just tolerating or accommodating all sorts of differences but supporting nurturing and utilizing these differences to the organization s advantage 0 Managing a culturally diverse workforce by recognizing the characteristics common to specific groups of employees while dealing with such employees as individuals and supporting nurturing and utilizing their differences to the organization s advantage o It is not just tolerating or accommodating Chapter 12 Trait Approach 0 A leadership perspective that attempts to determine the personal characteristics that great leaders share Behavioral Approach 0 A leadership perspective that attempts to identify what good leaders do that is what behaviors they exhibit 0 Leadership Grid Unexamined Situational Theories l Amm mm 0 Leadership perspective proposing that universally important traits and behaviors do not exist and that Coh gess effective leadership behavior varies from situation it 39 e l to situation 39 Communication Leadership deCISIonmaklng style iquot 7 Problems o Autocratic Leadership I The leader makes decisions on his or her own and then announces those decisions to the group I The leader uses strong directive controlling actions to enforce the rules regulations activities and relationships 0 Democratic Leadership I Leader solicits input from subordinates I The leader is collaborative responsive and interactive in relationships and emphasizes rules and regulations less than the autocratic leader 0 LaissezFaire Leadership I Absence of managerial decision making I The leader fails to accept the responsibilities of the position and leads through nonleadership This often results in chaos in the work environment Chapter 13 o Eguity Theory 0 A theory stating that people assess how fairly they have been treated according to two key factors outcomes and inputs Their own Outcomes Inputs versus Othersquot ommmes Inputs 0 People are motivated when they find themselves in situations of equity or fairness Inequity occurs when a person perceives that he or she is receiving less than he or she is giving or is giving less than he or she is receiving 0 To look for inequity people consider their inputs and their outcomes Expectancy Theory Inputs refer to the contributions the person makes to the organization Eg effort time talent performance extra commitment and good citizenship Outcomes refer to the various things the person receives on the job Eg recognition pay benefits satisfaction security job assignments and punishments Motivation depends on individuals expectations about their ability to perform tasks and receive desired rewards Expectancy The belief that effort leads to high performance E P Instrumentality The belief that successful performance will lead to a desired outcome P O Valence Value or importance placed on a particular reward Belief that effort will not result in performance Managerial Implication Increase expectancies Belief that performance will not result in rewards Managerial Implication Make performance instrumental toward positive outcomes The value a person places on or the preference a Person exerts work to achieve 9 and realize O em 1 performance I Instrumentality workrelated outcomes task Expectancy Valence person has for certain rewards Managerial Implication Identify positively valent Canlachievethedesired 39Whatworkoubomes will 39Howhighlydolvalue level of task be received as a result of work outcomes performance the performance outcomes
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