Week Seven MQM 220
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This 6 page Class Notes was uploaded by Tiarra Jensen on Saturday October 10, 2015. The Class Notes belongs to MQM 220 at Illinois State University taught by Jia in Summer 2015. Since its upload, it has received 51 views. For similar materials see Business Organization and Management in Business, management at Illinois State University.
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Date Created: 10/10/15
MQM 220 Business Organization and Management Teacher Heather J ia Note taker Tiarra Jensen tiiens1ilstuedu Week 7 Anything emphasized during class discussion will have a next to it These notes are meant to be partnered with the slides that Heather J ia provides on ReggieNet September 29 2015 Slides are available for print out on ReggieNet Chapter 9 a Slide One Strategic Management a Slide Two What is Strategic Management gt Strategic Management pretty self explanatory gt Strategies Conscious decision making to reach goals gt Business Model The layout of their plans a Slide Three Why is Strategic Management Important This slide is pretty straight forward One thing to note is that number 2 relates to the external environment a Slide FourTwelve The Strategic Management Process Print Slide 5 larger This process is similar to the earlier chapter example of choosing a computer 0 Step1 Identify mission statement Mission What are we in business to do 0 Step 2 External Analysis Ask yourself how does this affect me Will it help or hurt Opportunity and Threats 0 Step 3 Internal Analysis What can we do better What are we doing rightwrong Strengths and Weaknesses a Slide Five SWOT Analysis gt Strengths Weaknesses Opportunities and Threats gt Resources Assets used to make organization better Ex Money Intelligence Natural Resources etc gt Capabilities Skills and knowhow you have or lack Core Competences What your organization does better than other organizations 0 Step 4 Formulating Strategies Now you know Do what you can to build the positives and reduce the negatives If weaknesses and Threats are in the same locationdepartment then it is a double negative 0 Step 5 Implementing Strategies 0 Step 6 Evaluating Results Through all of these steps think about the earlier example of the laptops and all the steps she went through when purchasing the laptops and even the followups a Slide Thirteen What is Corporate Strategy gt Corporate Strategy Ex worldwide goalimage gt Strategic Business Unit SBU The corporate strategy disbursed amongst groups within corporate Ex McDonalds Corporate strategy is to have the Big Mac and the fries at ALL McDonald s worldwide from that then the local McDonalds can adjust their foods to match the local area a Slide Fourteen Types of Corporate Strategies More on slide 19 amp 20 These strategies are pretty self explanatory based on the names gt Growth Only longterm strategy gt Stability StableNot moving down or up gt Renewal Smaller takes a step back before growing back up a Slide Fifteen Types of Organizational Strategies Print larger gt Corporate gt Competitive gt Functional Ex Waiters pushing deserts a Slide Sixteen Growth Strategies Example McDonalds can open up in more locations or they can buy competitors one competitor that they bought is Boston Market a Slide Seventeen and Eighteen Types of Growth Strategies VERTICAL INTEGRATION Forward and Backwards Offer more products increase of products offered increase people buying products Don t change what you do change how much you do it Example The forward and backward examples do not relate in any way they are completely separate examples Apple Stores They become their own distributor very rarely does anyone other than Apple distribute Apple products Forward T You Backward 1 McDonald s Straws McDonalds has someone else make their straws I see it as the more independent your business gets then the farther forward you get Like a child The less independent a business getsis then they are moving backwards Like moving back in with your parents HORIZONATAL INTEGRATION Grows by combining competitors two types Related and Unrelated Doesn t matter if it s left vs right literally just using the table as examples Related lt gt Unrelated General Electric ATampT mergglg w1th Spr1nt Y merging with f ou Wendy s merging with appllances av1atlon Jack in the Box NBC corporate Financing etc TI Slide Nineteen and Twenty Corporate Strategies Continued from slide 14 gt Stability Strategy Not longterm forever strategies gt Renewal Strategy Declining performance and how you deal with it October 1 2015 Chapter 10 a Slide One Managerial Controls This is a reactive process Watch what is happening and then decide what to do TI Slide Two What is Controlling Checking the system a Slide Three Why is Controlling Important This is the last step before you plan again a Slide FourEight The control Process Measuring Comparing and Taking Action gt Step 1 Measuring Actual Performance Most important Step Multiple ways to measure stuff listed on slide You get the behavior that you either punish or reward for EX Professionalism in class both punishment and reward and we are professional gt Step 2 Comparing Actual Performance against the standard EX Reward If late 3 or less times in a quarter then you get 100 If you are still late 3 or less times in 2 quarters 6 months you get 250 If you are late 3 or less times in a year you will get 1000 EX Punishment If you are late more than 6 times in a quarter you will get written up If late more than 10 times in 6 months you get suspension If late more than 15 times in a year you get terminated Range of variation 3 lt X lt 6 gt Step 3 Taking Managerial Action Immediate corrective action If Joe missed the target by 20 then he needs immediate corrective action Basic corrective action If Joe missed the target by 2 then he only needs basic corrective action Revise the Standard If people are always exceeding the set goals then you may need to rethink the goals but it needs to be done with caution You don t want to upset your employees or make them feel that the goal is too difficult and quit all together a Slide Nine What is Organizational Performance gt Performance an activities end results gt Organizational Performance Accumulated end results of organization ml Slide Ten Measures of Organizational Performance gt Productivity How much was done from what was put into it gt Organizational Effectiveness measuring how appropriate the goals are and how well they re being met TI Slide Eleven Controlling for Employee Performance gt Disciplinary Action actions to enforce the rules gt Delivering effective performance feedback There should not be any surprises in an evaluation the employee should already know what they re doing wrong If they don t then it s most likely due to poor management Feedback should also match the time of the incident can t have a dad come home from work and spank a kid for being naughty at the store with mom 5 hours ago The kid already forgot about it punishment will link to other things Class example of poor management Heather s boss had an evaluation of her in February and in the performance he brought up the fact that he disliked her wearing open toed shoes Now keep in mind its winter which means that she hasn t worn opentoed shoes for a couple months now He neglected to say anything during that time which would have fixed the problem immediately and it bothered him so much that he had to say it months later Very poor management Slide Twelve Types of discipline problems and examples of each Suggestion Print slide larger to read it better Slide Thirteen Financial Controls Don t worry about this info Slide Fourteen and Fifteen Popular Financial Ratios Don t worry about this info Slide Sixteen Benchmarking of Best Practices This is a way to compare you re results to other people Slide SeventeenNineteen Contemporary Issues in Control gt Adjusting controls for Crosscultural differences Control is subject to the external environment Ex 911 had the US and other countries change their airport protocol gt Workplace Privacy They own whatever you do on their computer etc Employer can track it and read everything you do They can monitor you in the bathroomdressing room if they choose to do so They can tap your phone if you re using their wifi They can track literally everything you do in a company vehicle gt Employee Theft Ex Manipulate time sheet taking paper clipspens etc gt Workplace Violence This is not as common Ex A manager was stealing Heathers food and she said something to him without accusing him but letting him know that she is aware that her food has been going missing but her food kept being taken So she brought in Brownies with laxatives and well he never stole her food again Happy Studying
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