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Introduction to Management

by: Rae Cole DDS

Introduction to Management BUS 311

Marketplace > University of Idaho > Business > BUS 311 > Introduction to Management
Rae Cole DDS
GPA 3.96


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This 46 page Class Notes was uploaded by Rae Cole DDS on Friday October 23, 2015. The Class Notes belongs to BUS 311 at University of Idaho taught by Staff in Fall. Since its upload, it has received 8 views. For similar materials see /class/227912/bus-311-university-of-idaho in Business at University of Idaho.


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Date Created: 10/23/15
Human Resource Management Maintaining Human Resources Bus 311 ntroduotion to Management ue 4 Modl 3 3 MAIN GOALS OF HRM 4 I ATTRACT AN EFFECTIVE WF planning recruitment selection orientation 3 MAINTAIN AN EFFECTIVE WF Compensationbenefits safety amp health labor relations Bus 311 ntroduotion to Management Module 34 2 DEVELOP AN EFFECTIVE WF TampD perf appraisal WIDE F in U Bus 311 ntroduotion to Management Module 34 Imagine you are a bartender in a local Certificate from Bartenders School 5 years experience Hard worker Fatiguestress 1000 hr New bartender Slow lots of mistakes Chats w friends Not a hard worker Female 1000 hr Bus 311 lntroduotion to Management Module 34 Equity Theory We compare ourselves to others If we believe inequity exists then we try to restore equity As managers we are unable to predict exactly what they will do but we know they will do something Treated unfairly monkeys go on strike Unequal rewards immediately noticed researcher finds San Francisco Chronicle Sept 2003 Bus 311 ntroduction to Management Module 34 Perceived Equity 96 compliance rate a Q Perceived moderate inequity 60 compliance rate Perceived high inequity 20 compliance rate Bus 311 lntroduction to Management Module 34 WORTHVALUE OF JOB JOB ANALYSIS INTERNAL FACTORS EXTERNAL FACTORS Relative worth of job Area wage rates Cost of living Employer s compensation philosophy WAGE MIX Labor market conditions Individual MeritPerformance Collective bargaining unions Bus 311 ntroduotion to Management Module 34 Variable Pay 1 to link individual performance to business goals 2 to reward superior performance COMPENSATION Bonuses Profit sharing Piece rate Commissions Employee Stock Option Plans DIRECT BENEFITS WAG ESALARY VARIABLE PAY Bus 311 ntroduction to Management Module 34 Compensation as Incentives We get What we reward Incentives can be based on Senioritytenure Skills acquired MeritPerformance PayforPerformance Programs A Motivation Topic Bus 311 ntroduotion to Management Module 34 MR Bus 311 ntroduotion to Management Module 34 Brief History of Bene ts Unions gained strength in 20s amp 30s Social Security Act 1935 WWII wage freeze resulted in substitution w benefits Bus 311 ntroduotion to Management Module 34 Acceleration in fringe benefits averages 40 of payroll 2000 1945 benefits averaged 5 of payroll approx 20000 total benefitsper employee firms generally do a poorjob of communicating to employees about the value of their benefits packages Bus 311 ntroduotion to Management Module 34 Legally Required Bene ts Federal Insurance Contribution Act FICA SOCIAL SECURITY l i t 1 I t r r I 539 t 1 t I Bus 311 ntroduotion to Management Module 34 Legally Required Bene ts SOCIAL SECURITY RETIREMENT INCOME SURVIVOR BENEFITS DISABILITY PAYMENTS WHO PAYS BOTH EMPLOYER amp EMPLOYEE PAY INTO THE SYSTEM 765 Bus 311 ntroduotion to Management Module 34 62 into Social Security 15 into Medicare 4 Legally Required Bene ts WORKERS COMPENSATION an employee insurance program against injurydisability incurred on the job Premiums paid for by employer on slidingscale UNEMPLOYMENT COMPENSATION 1935 50 80 of normal pay to qualified unemployed workers typically for up to 26 weeks coverage FAMILY AND MEDICAL LEAVE ACT 1993 Firms sized 50 eligible employees can take up to 12 wks unpaid leave w guarantee of same or comparable job upon return Bus 311 ntroduction to Management Module 34 Discretionary Bene ts 39 SHRM survey 2000 Benefit of companies offerinq Health Care 84 Dental Care 96 Retiree Health Benefits 33 Life Insurance 93 Relocation Benefits 62 Spousal Relocation Benefits 19 Educational Assistance 73 Financial and Retirement Planning Assistance 40 Employee Assistance Programs 67 Smoking Cessation Programs 28 Wellness Programs 52 Weight Loss Programs 17 Flextime 58 Telecommuting 37 On Site Child Care 5 Bus 311 ntroduotion to Management Module 34 CURRENT APPROACH TO BENEFITS MANAGEMENT FLEXIBLE BENEFITS PLANS CAFETERIA BENEFIT PLANS employees given a core plan which includes their legal benefits employees given benefit credits which they can spend on additional benefits of their choice Bus 311 ntroduction to Management Module 34 Two controversial HRM topics CEO compensation Social Security reform Bus 311 ntroduotion to Management Module 34 1v anaging Technology and non Innm m magnum vi mun dtwl kmwwem 0 Technology 0 the methods processes systems and skills used to transform resources into pro ucts o systematic application of scienti c knowledge to a new product process or service 0 Innovation 0 a change in technology r innovations changes that a ect the methods of o procer producing outpum 0 product innovm ionr changes in the actual outputs themselves steps In Technolog Develo merit And Re Entrepreneth 39 needed inpullelsnnnu hugelth Technology Anc o The technology life cycle 0 a predictable pattern followed by a technological innovation s arting from is inception and development to market saturation and replacement 0 cycle begins with the recognition that applied science can satisfy a need 0 knowledge andideas brought together culminating in a technological innovation 0 rate ofproduct innovation tends to be highest in early years 0 dominant design emerges when early problems are solved o the technology remains in mature stage until it is replaced Theoretical max urn Emergence of a luminan desi Performance 39Iime H Technology And Innovation cont o Diffusion of technological innovations o spread in the use of new technology over time follows an S shaped pattern 0 adopters of new technology fall into ve groups 0 I39mmvalms urous o cam adu t t r m include wellrrespected Opinion leaders 39J I J typically nottne leaders 0 late mqiur y approach innovation with great caution adopt out ofeconomlcnecesslty orincreasing socral pressure 0 laggardk39 isolated and highly conservative rTechnology Dissemination Pattern And A Cumulanve s sllnp ell curve percentage of adopters r Technological nnr k ornpetitive Environment 0 Decisions about technology and innovation are very s egic and need to be approached in a systematic way 0 technological innovations can support either o I must eadership strategy 0 armrenn39m39on strategy 0 new technology can completely change the rules of competition within an indus 0 key issue is not whether to adopt a new technology but when to adopt it 0 Technology leadership imposes costs and risks 0 not the best approach for every organization vantages And Dior Technology Leadersh mm First mover advantage Greater risks 39Gleatei ef r he 1 t iiciency Costs ofmarket development and 39Higlier p o t margin cust er education 5ustainahlr advantage rnfrastructure costs Establishment of en uy barriers defects 0pportunities to learn existing products 3 rTechnological Innovation Li A Competitive Environment cont 0 Technology followership o deciding to be a leader or follower depends on how a comp positions imelf to compete the bene ts gained through the use of a technology and the characteristics of the organization 0 can be used to support lowcost and differentiation strategies 0 adoption timing is dependent on the organization s strategic needs and technology skills as well as the bene ts of the new technology o melnpmentuftechnnlngy over time makes it easier to u o canylementmy products and technologies may be developed that may make the technology easier to u essing Technc 0 Measuring current technologies 0 technology audit process of clarifying the key technologies upon which an organization depends 0 most important dimension of a new technology is its competitive Value may alter rules of competition in the future 0 pacing tethnnlugie yet to prove full value have potential to alter the mles of competition o hare tethnulugia are commonplace in the industry offer little competitive advantage 0 Assessing external technological trends 0 several techniques used to better understand how technology is anging within an in ustIy o benchmarking process of comparing the organization s technologies with those of other companies important to consider practices of overseas competitors focus is vvhat is cunently being done 0 ramming focus is what can be done andwhat is being developed emphasizes identifying and monitoring the sources ofnevv technologles ln an lndustry I extmt of scannng detemlned by the lrnportance of staylng at the cutting edge oftechnology Framing Decis39 Ab out 39a lion Technological Inn 0 Anticipated market receptiveness o in the short run there should be an immediate application that demonstrates the value of the new technology 0 in the long mn a set of applications is the proven means to satisfy 0 Technological feasibility o visions must show the technology a market need can stay unrealized for a long time 0 technical obstacles may represent barriers to progress 0 Economic viability 0 must be a good nancial incentive for the new technolo 0 development results in costs patents help to recoup the costs r 1Framing Decisic Technological Innovation cont Anticipated competency development 0 technological innovations are the tangible product of intangible knowledge and capabilities that make up the organization s core competencies o rm s must have or develop the internal competencies needed to execute their technology strate 0 Organizational suitability o assess the t oftechnological innovation with the organization s culture and mana erial systems 0 proactive technologypush innovators o rtecum have a more circumspect posture towardinnovation anamcr allow others to prove theviability ofthe technology lgl Framing Decision Technoltgical lnnova 39 Market Receptiveness 7 Assess external Cellphones MP3 personal digital demand for the technology assistants PDAs HDTV etc Technological Feasibility 7 Evaluate Deeprsea oll orploratron physlca slze techmcal bamers to progress ofP ors c mlcroprocess Economic Vlabllltyr Examine any Solar fusron fuel cost cell for automoorles onsrderatrons and forecast profitability ystem missile defense 5 rmlne an p p Dete p rfcurrent competencres are suf cl t drgrtal technology m cameras Organizational Sultablllty 7 Assess the Steel compames focusing on creativity flt with culture and managed systems vatlon and lnno Sourcing And Acquiring New Technologies new technolo 39 0 Each industry usually has speci c sources for most of its 0 malce or buy decixion o Intern o in many industries however the primary sources of new veloprn technology are the organizations that use the technology 0 39 Lu 1 newtechnology from an outside source or develop it itself al technologypr pne ary ent potentially advantageous to keep the t in o P chase rnost technology is available in products or processes that can be openly purchase Sourcing And Acquiring New Technologies cont outside sour o Contmcted development contract development to an e o e g other companies independent research laboratories be able to license it for 0 Licensing when technology is not easily purchased may a 0 Technology trading may be used between rival companies 0 becoming increasingly co developing advanced technologies indepen t e on because ofthe high cost of technology development den ly o Researchpartn rs 39 s ea hmember enters the partnership with different skills or resources needed for successful new Sourcing And Acquiring New Technologies 1 0 Joint venture have greater permanence o outcomes result in entirely new companies 0 Acquisition of an owner of the technology 0 outright purchase of the company that owns the technology 0 acquiring a minority interest to gain access to the technology Technolo Wechnology And Managerial Roles o ChiefTechriology Of cer CTO 0 executive in charge of technology strategy and development 0 senior position at the corporate level with broad integrative responsibilities 0 coordinates technological e orts of the business unis 0 acts as a voice for technolo o supervises newtechnology dev p elo ment 0 assesses the technological implications of strategic initiatives Technolr 0y And Managerial Roles c ont Ll o A variety of critical roles in developing new technology 0 enmepreneur invents ways to produce old products to exploit new technologies 0 techmcal mnovm r person who develops a new technology or has the key skills to install and operate the technol 0 product chm ion person who promotes a new technology throughout the organization in an effort to obtain acceptance and support for it 0 executive champion an executive who supports a new technology and protects the product champion of the innovation 08y rzUnleashing Creat39 39 For An Innovative C i get goals for39r39rirrovati on Organizing For Innovation o Bureauemcy busting o bureaucracy is an enemy of innovation 0 establish special temporary project structures that are isolated from the rest of the organization 0 skunkwarkx allowedto operate under different mles 0 dug a underground research policy that allows Japanese scientists to pursue projects about which only their immediate supervisor knows o crorrfmwtional teams solve problems and create innovative s olutions o are arsrmcurm that create an environment that encourages collaboration and creativity Organizing For rovation room 0 Implementing development proj ects 0 development project focused organizational e ort to create a new product or process via technological advances 0 fall into one offour categories rereemh or adveneed developmenrpmjeet 7 designed to invent new science for application m a specific project brzuktmvmgh developman pmjeet e desigred to create the first generation of a product or process whole set offollowron projects dzn39wltivz developmenrprqeem designed to provide mcrementai improvemmts to an existing product or process Organizing For Innovation cont 0 Implementing development projects cont 0 development project cont 0 typically relies on a special crossfunctional team 0 typically conducted under intense time and budget pressures development projects have multiple bene ts organizational taming 7 important criterion for evaluatlng the success ofthe project to achieve their fullest benefit development projects should bulld on core compe encies have a guiding vision aboutwhatmustbe accomplished have a committed team instill aphllosophy ofcontlnuous im rovement Organizing For lnnt 0 Technology job design and human resources way jobs are 0 mciotechnical vrtem approach to job design that attempts to redesign tasks to optimize operation of a new technology while preserving employees interpersonal relationships and human aspects of the work 0 managerial choices on how to apply a new technology I used to llrnlt the tasks and responslbllltles ofworkers I used to achleve great accompllshmmts and lmprove the quallty of workers llves o adopting a new technology typically requires changes in the 39gned 0 consider technology s effect on human resource systems A Compensation Practices In Traditi nal And Advanced llanufa cturingr Firms Performance Focus on rmivrdml Memos Extensive use of group inamiuzs conungent retlects division oflahor and to encourage teamvmrk cooperauon separation of stages and functions andjumtprublem solving loh Use of hourly wageassumes that Use of mm assumes that can conungent ployees trihuuon are capturedin ioh classlr ioh per se to suhstmually affect dcauons andthatperformance is output The disuncuons hetween producuon system diminished Person Seniority payrewards experience Stanbased pay rewards conunuous conungent skill in a stahle environment and denved 39umlncreased tleinhility rewards loyaltyto reduce in adynamic environment MW uncmzinty Within the system naditi onal factory Int ratsrlnia nut arturiiig Foundations of Planning Bus 311 ntroduotion to Management Module 21 Begin with the end in mind If you don39f know where you are going any road will Take you There Bus 311 ntroduction to we Module 21 BUT OUR PLANS COULD Cause rigidity of action OUR PLANS WILL Set standardsgoals by which to monitor progress Become outdated if the environment alters Prevent us from relying on our own creativity and intuition Provides direction to everyone for a coordinated effort Reduce overlapping wasteful efforts Bus 311 lntroduction to Management Module 21 Types of Plans Strategic TacticalOperational Time Frame Long term 5yrs Short term less than 1yr Specificity Directional Specific Strategic Top planning executives Middle level managers operational FirstIEVEI Bus 311 lntroduction to Manage Module21 planning managers Cascading of Objectives Individual Overall organizational objectives 1 Divisional objectives 1 Departmental objectives objectives Bus 311 ntroduotion to Management Module 21 The trickle down of HP s goals Official goals Mission Strategic mm 6r MW 1 merge with Compaq develop wglolmlzadx Campr owthe new by May 1 2002 budgeted at 5 W114 3 information Wper WPer weekfrom Bus 311 ntroduotion to Management Module 21 The trickle down of Starbucks goals 7wen brpurvqwug Official goals toffo39ow Mission Strategic 7quotquot W19 n p I I witva Satdm l4 SWWHEAR MuSIC Program I WWW m motrmarea storeyfw HEAR MUSIC service lyfamuary 2004 noIdx 3 WWWMWWM Bus 311 ntroduotion to Management m m rm 1 Q Module 21 MBO Management by Objectives Now IeT me Think How do I SeT Employee Objec rives whaT are The specific sTeps in M30 again Bus 311 ntroduotion to Management Module 21 Strategic Management Strategic Management Process A process that involves strategic planning implementation and evaluation 2 3 Identify M5112 gt opportunities 1 l quot an enmrorlment threats 5 7 3 9 WWW Reassess the V I Mug 5 organization39s Formulate implement Eiraluate39 T9 mm mission and quot strategies strategies objectives and 4 5 objectives as l Analyze Identify the strengths organization39s quot and resources weaknesses Bus 311 lntroduotion to Management Module 21 An Organization s Environment trade What s the labor supply 1 Is the dollar m l I strong or weak International Industry Sector Is there a supplier we can count on What s going on with that Federal legislation on What do our to T ml M 1 80 III 0 ar e customers want Sector Sector these days Bus 311 ntroduotion to Management Module 21 Strategic Management Organization s OPDPrtunities In the reso urces environment SWOT analysis 39 Organization s 2 3 opportunities Identifyl M5122 6 gt opportunities 1 and enwronrnent threats 3 7A 8 WWI Reassess the quotWW5 nmanization39s Formr ete Implement in quotmm mission and strategies strategies and 4 5 objectives sum Marne Identify the strengths organization39s and resources weaknesses Bus 311 ntroduotion to Management Module 21 Formulating Corporatelevel strategies Concentration Diversification Vertical Integration Grand Strategies 7 Stability Retrenchment Bus 311 ntroduotion to Management Module 21 Growth Strategy seeking to increase an org s level of operations What can a company do if it wishes to grow You are The owner39 of a small pe r s ror39e Tha r ca rer39s ro suburban families You wish i r To grow Wha r are some ways you could accomplish This Bus 311 ntroduotion to Management Module 21 Growth Strategy CONCENTRATION Market penetration same product to same marketcustomer Offer promotion advertising free pet food w purchase Market development same product to new markets Open store in downtown area college campuses Product development new product to same marketcustomer Offer new line of tropical fish or line of pet Bus 311 ntroduction to Management CIOThlng Module 21 Growth Strategy 2 DIVERSIFICATION growth through new products in new markets Expand into Veterinarian or Grooming Services Open a coffee stand or selfservice laundry next door rGROQMING COFFEE SHOP Bus 311 ntroduotion to Management Module 21 Growth Strategy 3 VERTICAL INTEGRATION growth through taking over some additional piece of a firm s value chain Raw materials gt logistics gtmanufacturing gt packaging gtdistribution gtretai gt service A Bus 311 ntroduction to Management Module 21 Competitive Strategies Strategies that position an organization in such a way that it will have a distinct advantage over its competition Costleadership strategy Becoming the lowestcost producer in an industry Differentiation strategy Attempting to be unique in an industry within a broad market Focus strategy Attempting to establish an advantage such as cost or differentiation in a narrow market segment WALMART ALWAYS LOW PRICES Q kmart MGR Bus 311 ntroduction to Management Module 21


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