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MGT301 8/30/16 Notes

by: Scarlet Notetaker

MGT301 8/30/16 Notes MGT301

Marketplace > University of Kentucky > Business > MGT301 > MGT301 8 30 16 Notes
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About this Document

Word for word notes of Professor Hoblien on 8/30/16.
Business Management
Class Notes
Management, business
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This 3 page Class Notes was uploaded by Scarlet Notetaker on Tuesday August 30, 2016. The Class Notes belongs to MGT301 at University of Kentucky taught by Holbien in Fall 2016. Since its upload, it has received 85 views. For similar materials see Business Management in Business at University of Kentucky.


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Date Created: 08/30/16
MGT301   8/30/16    Unique:  There is a key word, ​unique​. Automakers are under pressure to make unique products and  services if they want to compete. If you want to be outstanding, you must stand out. If you don’t  stand out you would be basic, ordinary, standard. Being regular makes it really hard to compete  or getting a job or whatever you're doing. Rivals are now offering cars with similar technology at  lower prices. Regular or fitting in is not safe, no one will pick you out of the crowd if you’re  “regular”    Image​:  VW and GM are two of Ford's largest competitors and ford is falling behind because of image  problems. “People will not remember you for what you did, people will remember you for what  they think you did.” Your perception is what they think of you     A. One change is revamping the grill design on the front the car. It does not make the car  perform better, it does not help the car technologically better. This is the e ​ ffectiveness, ​   do we know what the customer really likes and can we connect with this.  B. Develop a more fuel efficient engine. This is the e ​ fficiency.​      These are cousins, they relate to each other throughout.    Culture:  They want a larger vehicle in order to fit more people such as an extended family    Uncertainty:  “Toyota said earlier this year that it is uncertain about hitting its target two years ago, VW said  their target was unclear.”     Joint Venture:  Ford has experienced its first loss in 13 quarters, 8 million dollar loss in china. Saw a 28% drop  on revenues. The point is this idea of ​joint ventures​, which is what you have to do if you are  collaborating with other countries.     Networks:  Keeping dealer networks happy is very difficult. Many dealership owners in other countries can  sell multiple companies of cars at their dealerships so it is hard to keep them happy.    Feel:  One manager of a dealership said that he doesn’t f ​ eel​ incentivised to sell ford cars, he would  rather spend his time selling other brands because its “quotas are too high” if he can’t achieve  100% of their sales targets he can't make enough of a bonus to pay off.  Most of us are in school to get a good job.     “School is about getting a job only to the degree that life is all about work.”    How much of life is about work? Is there more to life than work?    “So, if there is more to life than work, therefore your education should be very broad.”     Christine Poon (Vice Chairman of Johnson & Johnson): There are at least 5 ​  benefits  the news daily for young adults.  1. The world opens up to you meaning you may never work in china but does that mean  you should be ignorant about China? Same with in the auto industry and others  2. You understand the complexities (messiness, paradox, ambiguous) of the world. The  world is not simple, it does not run by formula.   3. You understand where you stand…your place in the world, your vision, your mission,  your passion. Do you know what you purpose for life is?   4. You understand your own belief system better.  5. You become a more well rounded human being, and that is exactly what the world  needs.     What employers are looking for?  1. For 25 years they have said the most important thing are communication skills.  What it’s not:​ You may think they are asking for public speaking, not looking for   speech giving  What it is:​ Interpersonal communications which means you can connect with the   interviewer so that they can think of you in a small group setting. They are  looking for someone who can participate and contribute. In written  communication skills, they only ask two simple things, in writing they want you to  make a clear point. Be very clear that you are trying to say “this”. And also to  have a very clear structure.   2. Team skills  3. Ethics (vital because one little thing can sink hundreds of good efforts)  4. Knowledge of the real world. Understanding the way things really world.  5. Analytical skills. (Not asking for calculus, not necessarily statistics but it’s helpful.) They are  looking for you to be able to know facts and have the ability to memorize things like data.    4 Fundamental Truths About Leadership  ​ 1. The Iron Clad Law of Leadership: “Before I can ever even expect to lead others, I must  first learn to manage myself.”   ​ 2. The Maxwell Premise: He presupposes that leadership ability grows from within.   ​ 3. The Founding Principle of Leadership Development: How do people develop into  leaders? When I become the kind of human being that I ought to be on the inside, then I  may become the kind of leader I want to be on the outside. If you don’t have it inside first  youll never have it outside.  ​ 4. The Fundamental Question of Leadership: One of the things you can work on today,  ​ right now. Asking yourself, “Am I becoming the kind of person who others ​want to  follow?” You can force or pay people to follow you but you can’t make sure they want to  follow you. 


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