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MGT February 16th Day 8

by: Hannah Leggett

MGT February 16th Day 8 MGT 301

Marketplace > University of Kentucky > Economcs > MGT 301 > MGT February 16th Day 8
Hannah Leggett
GPA 3.56

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MGT February 16th Day 8 In Class Lecture Notes
Business Management
Gordon Holbein
Class Notes
MGT 301 Holbein UK
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This 3 page Class Notes was uploaded by Hannah Leggett on Tuesday February 16, 2016. The Class Notes belongs to MGT 301 at University of Kentucky taught by Gordon Holbein in Spring 2016. Since its upload, it has received 18 views. For similar materials see Business Management in Economcs at University of Kentucky.


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Date Created: 02/16/16
th MGT 301-February 16 2016 (Day 8) WALL STREET JOURNAL NOTES I. Whole Foods Market A. 5 different paradoxes 1. Centralized vs. Decentralized 2. Cost Efficient vs. Response to customers 3. Art of Leadership vs. Science of Leadership 4. Leadership vs. Management 5. Cost vs. Local Consumer References B. Two Lessons 1. When under pressure you can expect people are gonna grip tightly 2. Paradoxes require this phrase: delicate balancing IN CLASS LECTURE NOTES I. Diversity a. First Stage: Based on the Law. b. Second Stage (80’s-90’s): It was legal, and also morally right thing to do. c. Third Stage (2000’s): Diversity makes good business since. II. 5 Business Benefits to Diversity/ Why Diversity Makes Good Business Sense a. We avoid costly penalties and fines. b. It brings in a variety of points of views. c. You get more creativity and innovation. d. A diverse company gets to attract and obtain more talented employees. e. Having a diverse set of employees allows us to connect to a diverse set of customers. III. 7 Ways to Address Diversity a. Where do we stand today? b. Tell your employees about your policies. c. Convey that it is a valuable goal to your employees. d. Enable your diverse employees to coordinate and collaborate together. Make connections. e. Devote resources to it. (i.e. Money!) f. Support diversity efforts in the community. g. As a manager leader, you have to set an example and be a role model for behaviors you want to see. IV. Decision Making a. Leslie Fox i. Manager of Bank Branch ii. Wanted her employees to excel and be motivated iii. Employee of the Month—motivate people towards goals 1. When she instituted this program performance went down. Made it worse to recognize someone as “The Best Employee”. This because they started to compete with each other instead of working together as a team. 2. Came up with “Employee Hall of Fame” –more than one person. So everyone could work together. b. Wal-Mart i. Late 1990’s ii. Went international –global expansion 1. It Failed! Because of culture differences. c. Both Leslie Fox and Wal-Mart had the same problem: i. Programed Decision Making 1. When we look at what others are doing /what others have done before and we assume it will work for us as well. d. Holbein Thumb Tack i. This is the key to decision making. ii. The delicate balancing of complex decisions in a paradoxical world. iii. Become the Sharp Point of the Thumb Tack: 1. Means you are focused on what you do. It’s a laser beam. 2. You drill into your subject. You know the facts, the figures, the formulas, and the answers. 3. This gives you power and makes you valuable. iv. Become the Flat Top of the Thumb Tack: 1. Go outside your comfort zone 2. Connect with others and be broad/diverse


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