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Principles of Management Notes for April 5th and 7th on Motivation and Leadership

by: Robin Silk

Principles of Management Notes for April 5th and 7th on Motivation and Leadership BCOR 2001

Marketplace > University of Colorado at Boulder > Business > BCOR 2001 > Principles of Management Notes for April 5th and 7th on Motivation and Leadership
Robin Silk

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CU Leeds class notes
Principles of Marketing and Management
Emily Edwards and Kevin McMahon
Class Notes
CU, Leeds, Management, Leadership, motivation, Colorado, shaub, notes, Note, leader, motivate
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This 5 page Class Notes was uploaded by Robin Silk on Friday April 8, 2016. The Class Notes belongs to BCOR 2001 at University of Colorado at Boulder taught by Emily Edwards and Kevin McMahon in Winter 2016. Since its upload, it has received 15 views. For similar materials see Principles of Marketing and Management in Business at University of Colorado at Boulder.


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Date Created: 04/08/16
Tuesday April 5th ​ Planning and Strategy      1. Strategic Planning Process  a. Remind yourself: why are you in business?  i. What is your vision  1. Vision statements are long term projections of where your  company will be  2. These tend to accompany values, beliefs, guiding principles  ii. What is your mission  1. Mission statements are in a 3­5 year period  a. A subset of the vision statement  b. They identify  i. What the organization does  ii. Who the primary customers are  iii. How the organization goes about its business  iii. Value proposition  1. Describes why customers should purchase from you as opposed  to the competition  2. Corporate Strategies ­ Growth  a. Concentration  i. Growth through reinvesting in the current line of business  b. Vertical integration  i. Aimed at controlling distribution  c. Horizontal integration  i. Growth by combining/buying­out competitors  d. Diversification  i. Expanding a company’s operations into a new industry to produce new  goods or services  e. International Expansion  i. Global Strategy  1. Selling the same product in every international market  ii. Multidomestic Strategy  1. Customizing products and marketing strategies to specific national  conditions  a. Gain local market share  b. This raises production costs, leading to higher prices              3. Corporate Strategies ­ Stability and Renewal  a. Kaizen  ​­ Continuous improvement  b. Stability  i. Business as usual  ii. Maintain market share and customer base  c. Renewal  i. When a company is in trouble  d. Retrenchment  i. Stabilizing if the company is shaky    4. Business Level Strategies  a. Standard models for differentiation and the achievement of profitability  i. Operational excellence  1. Best total cost  ii. Product leadership  1. Best, most innovative products  iii. Customer Intimacy  1. Best total solution    5. Functional Level Strategies  a. Strategies used by an organization’s various functional departments to support  the competitive strategy  i. Marketing  ii. HR  iii. Financial  iv. Sales  v. Etc.    6. Quantifying the Vision, Mission, Etc.  a. Construct Analysis  i. Looking at your vision, mission, etc., you can pick out words and phrases  that are measureable  ii. Those measureable things are known as KPIs ­ Key Performance  Indicators  1. Metrics indicate the overall business health  2. KPIs tell you whether strategic business plans are working  b. Constituent Element Analysis  i. Breaks down each level 1 KPIs into next level metrics to be measured    7. Strategic Planning  a. One of the four tasks of management  b. Long­range planning (3­5 years) focusing on the organization as a whole  c. Determines a series of milestones and indicators (used within PDCA) for achieving the mission and moving toward the vision  d. Is achieved through Gap Analysis  8. Gap Analysis ***  a. The gap between the target value and the current value of the KPI determines if:  i.     9. Daily Management          10.  Policy Deployment ­ Planning  a. This is all called Hoshin Planning, AKA Hoshin Kanri  i. Integrating an organization’s business plans with its vision, mission,  value, proposition, core competencies, etc.    11. Profound Knowledge  a. When companies are in trouble, often outside views are needed  b. It is hard to get a perspective when stuck in a hole  c. Outside views are ​ profound knowledge      Thursday April 7th M ​otivation      1. Types of Motivators  a. Intrinsic  i. Doing work for the sake of working  ii. Liking working  iii. Internal  b. Extrinsic  i. Behavior to acquire material or social rewards  ii. Behavior to avoid getting in trouble  iii. External  c. Modern psychology leans towards intrinsic motivators being more effective in the  workplace  i. Autonomy ­ the desire to direct our own lives  ii. Mastery ­ the urge to get better and develop skills  iii. Purpose ­ the need to do what we do for reasons bigger than ourselves    2. Managers Must  a. Create a resonant environment  i. Create excitement, energy, optimism, hope  ii. The challenge about this is that it is all psychological; you’re responsible  for motivating yourself  iii. 73% of employees in the US are not excited about their work    3. Theories of Motivation  a. Needs Theories  i. Claim people are motivated by opportunity to meet unfulfilled needs  1. Hierarchy of Needs, Two­Factor, Three­Needs Theories  2. Maslow’s Hierarchy of Needs: ​ physiological, safety,  belongingness, esteem, self­actualization (lowest to highest)  a. Not everyone is motivated by the same things  b. Once a need is met, the motivation is gone  3. Two Factor Theory  ​(Herzberg) (motivation slides for examples)  a. Hygiene factors (extrinsic)  i. Elements of the job context  ii. Sources of job dissatisfaction  b. Motivator factors (intrinsic)  i. Elements of the job content  ii. Sources of satisfaction and motivation  c. This implies that intrinsic factors drive motivation, not  money    4. McClelland’s Needs Theory  a. Need for Power   i. Management, work over people  b. Need for Affiliation   i. Let people work in teams, meet new people,  associate with others, work with others  c. Need for Achievement  i. Put someone on a fast track towards upper level  work, congratulate on hard work etc. All about me  ii. This one has been studied most extensively  iii. High achievers aren’t necessarily good managers  because they are very self centered  d. Need for Cognition (N ​ ew)​  ii. There are better models that exist than these  iii. These models try to uncover the needs of employees    b. Process Theories  i. Equity  1. Fairness of outcomes and inputs  a. Are employees perceiving themselves as equal to other  employees  b. When there is a feeling of unfairness people try to restore  a perceived sense of equity  c. Everyone has a different perspective on what is fair  ii. Expectancy (Victor Vroom)  1. Expectancy ­ People put in some work, expecting a certain level of  performance  2. Instrumentality ­ A person’s perception about the extent to which  their performance will result in a certain outcome attainment  3. Valence ­ How desirable each of the possible outcomes available  for a job are for employees   iii. Goal Setting  1.  


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