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Adding Value with Management

by: Jaron Rowe Jr.

Adding Value with Management BCOR 2300

Marketplace > University of Colorado at Boulder > Business > BCOR 2300 > Adding Value with Management
Jaron Rowe Jr.

GPA 3.85

Stacy Saturay

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Stacy Saturay
Class Notes
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This 8 page Class Notes was uploaded by Jaron Rowe Jr. on Friday October 30, 2015. The Class Notes belongs to BCOR 2300 at University of Colorado at Boulder taught by Stacy Saturay in Fall. Since its upload, it has received 21 views. For similar materials see /class/232073/bcor-2300-university-of-colorado-at-boulder in Business at University of Colorado at Boulder.


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Date Created: 10/30/15
MGMT KEY TERMS 2 Chapter 5 gt1 0 P39er N 509 D I D ID I LA Nb i D ID I UIlk ON NNN UIAUJ NN ION Global Economy Resources markets and competition are worldwide in scope Globalization The process of growing interdependence among elements of the global economy Global Management Involves managing operations in more than on country Global Manager culturally aware and informed on international affairs International Business Conducts for profit transactions of goods and services across national boundaries Global Sourcing materials or services are purchases around the world for local use Exporting local products are sold abroad to foreign customers Importing involves the selling in domestic markets of products acquired abroad Licensing agreement a local firm pats a fee to foreign firm for rights to make or sell its product Franchising a fee is paid to a foreign business for rights to locally operate using its name branding and methods Insourcing is job creation through foreign direct investment Joint venture operates in a foreign country though co ownership by foreign and local partners Global strategic alliance is a partnership in which foreign and domestic firms share resources and knowledge for mutual gain Foreign Subsidiary is a local operation completely owned by a foreign firm Political risk is the potential loss in value of a foreign investment due to instability and political changes in the host country Political risk analysis tries to forecast political disruptions that can threaten the value of a foreign investment World Trade Organization member nations agree to negotiated and resolves disputes about tariffs and trade restrictions Most Favored Nation Status gives a trading partner most favorable treatment for imports and exports Tariffs are taxes governments levy on imports from abroad Nontariff barriers to trade discourage imports in nontaX ways such as quotas and government import decisions Protectionism is a call for tariffs and favorable treatments to protect domestic firms from foreign competition NAFTA the NORTH AMERICAN FREE TRADE AGREEMENT and Mexico in an economic alliance European Union A political and economic alliance of European countries Euro Now the common European currency Transitional corporation a global corp or MNE that operates worldwide on a borderless basis Corruption involves illegal practices to further ones business interests Foreign Corrupt Practices Act makes it illegal for US firms and their representatives to engage in corrupt practices overseas Child Labor is the employment of children for work otherwise done by adults U N O 0 LA LAWN bUJN LAMLAUJ OOO10 Sweatshops Employ workers at very low wages for long hours in poor working conditions Culture is a shared set of beliefs values and patterns of behavior common to a group of people Culture Shock is the confusion and discomfort a person experiences when in an unfamiliar culture Ethnocentrism is the tendency to consider ones culture superior to others Cultural Intelligence The ability to accept and adapt to new cultures Low context cultures emphasize communication via spoken or written words High context cultures rely on nonverbal and situational cues as well as on spoken or written words in communication Monochronic cultures people tend to do one thing at atime Polychromic cultures time is used to accomplish many different things at once Proxemics how people use space to communicate Ecological fallacy assumes that a generalized cultural value applies equally well to all members of the culture Power distance is the degree to which a society accepts unequal distribution of power Individualism collectivism is the degree to which a society emphasizes individuals and their self interests Uncertainty avoidance is the degree to which a society tolerates risk and uncertainity MasculinityFemininity is the degree to which a society values assertiveness and materialism Time orientation is the degree to which a society emphasizes short term or long term goals Comparative management studies how management practices differ among countries and cultures Chapter 6 Entrepreneurship l Is risk taking behavior that results in new opportunities 2 is someone willing to pursue opportunities in situations others view as problems or threats 3 starts and runs businesses and nonprof1ts over and over again moving from one interest and opportunity to the next 4 First mover advantage comes from being rst to exploit a niche or enter a market 5 Intrapreneurs display J ial 39 39 39 as mp1 J of larger firms 6 is a unique form of ethical entrepreneurship that seeks new ways to solve pressing social problems 7 takes risks to find new ways to solve pressing social issues 8 Small Business has fewer than 500 employees is independently owned and operated and does not dominate its industry O N U willing to pay to view Franchise is when one business owner sells to another the right to operate the same business in another location Staltup is a new and temporary venture that is trying to discover a pro table business model for future success Lean Startups Use things like open source software while staying small and striving to keep operations as simple as possible is the use of the intemet to pursue and entrepreneurial venture Creates websites attractive to visitors and then advertisers pay to be displayed on creates websites offering value that visitors are Creates websites that collects a fee for bringing buyers and sellers together Creates websites to sell something that customers are willing to buy Family Business Is owned and controlled by members of a family Family Business Feud occurs when family members hace major disagreements over how the business should be run Succession problem is the issue of who will run the business when the current led leaves Succession plan describes how the leadership transition and related nancial maters will be handled Business Incubators Offer space shared services and advice to help get small business started Small business development centers founded with support from the US small business administration provide advice to new and existing small businesses Business plan describes the direction for a new business and the financing needed to operate it Sole proprietorship is an individual pursuing business for a profit Partnership when two or more people agree to contribute resources to start and operate a business together Corporation is a legal entity that exists separately from its owners LLC is a hybrid business form combining the advantages of the sole proprietorship partnership and corporation Debt nancing involves borrowing money that must be repaid over time with interest Equity nancing involves exchanging ownership shares for outside investment monies Venture capitalists make large investments in new ventures in return for an equity stake in the business Initial Public Offering initial selling of shares of stock to the public at large Angel investor is a wealthy individual willing to invest in a new venture in return for equity in a new venture Chapter 9 Strategy 1 N D D D D D U J u N gt O ON NN Nt I N L Competitive advantage the ability to do something so well that one outperforms competitors Sustainable competitive advantage is the ability to outperform rivals in ways that are difficult or costly to imitate is a comprehensive plan guiding resource allocation to achieve long term organization goals focuses and applies organizational energies on a unifying and compelling goal sets log term direction for the total enterprise identifies how a division or strategic business unit will compete in its product or service domain guides activities within one specific area of operations is the process of formulating and implementing strategies is the process of analyzing the organization environment and the organizations competitive position and current strategies Strategy formulation is the process of crafting strategies to guide the allocation of resources Strategy implementation is the process of putting strategies into action Mission expresses the organization s reason for existence in society Stakeholders are individuals and groups directly affected by the organization and its strategic accomplishments Core values are broad beliefs about what is or is not appropriate behavior Organizational culture is the predominant value system for the organization as a whole Operation objectives are specific results that organizations try to accomplish SWOT Analysis Examines Strengths Weaknesses Opportunities and Threats Core Competency Is a special strength that gives an organization a competitive advantage BCG Matrix analyzes business opportunities according to market growth rate and market share Growth Strategy involves expansion of the organizations current operations Concentration within a business area Diversification by acquisition of or investment in new and different business areas Vertical integration by acquiring suppliers or distributors 24 Restructuring changes the mix or reduces the scale of operations U 4 35 4 U best t local needs 32 Chapter 11 Bankruptcy under US law protects a rm from creditors while management reorganizes to restore solvency Liquidation is where a business closes and sells its assets to pay creditors decrease the size of operations Divestiture sells off parts of the organization to refocus attention on core business areas tries to X speci c performance problems adopts standardized products and advertising for use worldwide customize products and advertising to seeks efficiencies of global operations with attention to local markets Strategic Alliance organizations join together in partnership to pursue an are of mutual interest C0 opetition is the strategy of working with rivals on projects of mutual bene t offers products that are unique and different from the competition Cost leadership strategy seeks to operate with low cost so that products can be sold at low prices concentrates on serving a unique market segment better than anyone else 3 8 offers a unique product to a special market segment Focuses cost leadership strategy seeks the lowest costs of operations within a special market segment Lack of participation error is a failure to include key persons in strategic planning Corporate governance is the system of control and performance monitoring of top management Strategic control makes sure strategies are well implemented and that poor strategies are scrapped or modi ed Strategic leadership inspires people to continuously change re ne and improve strategies and their implementation Chapter 12 Human Resource Management 1 Human capital is the economic value of people with job relevant abilities knowledge ideas energies and commitments 2 Human Resource Management A process of attracting developing and maintaining a talented workforce Person job t the extent to which an idividuals skills interests and personal characteristics are consistent with the requirements of their work E 5 Person organization t is the extent to which an individuals values interests and behavior are consistent with the culture of the organization Strategic human resource management mobilizes human capital to implement organizational strategies Discrimination occurs when someone is denied a job or job assignment for reasons that are not job relevant Equal employment opportunity is the requirement that employment decisions be made without regard to race color national origin religion gender age or disability status Af rmative action is an effort to give preference in employment to women and minority group members who have traditionally been underrepresented Bona fide occupational qualification are employment criteria justified by capacity to perform job Sexual harassment behavior of a sexual nature that affects a persons employment situation 11 Comparable worth holds that persons performing jobs of similar importance should be paid at comparable level 12 Independent contractors are hired as needed and are not part of the organizations permanent workforce 13 Workplace privacy is the right to privacy while at work 14 Human resource planning analyzes staffing needs and identifies actions to fill those needs 17th studies exactly what is done in a job and V39 9 gt1 9 0 O details the duties and responsibilities of list the qualifications required of a job 18 Recruitment is a set of activities designed to attract a qualified pool of job applicants 19 External recruitment seeks job applicants from outside the organization Internal recruitment seeks job applicants from inside the organization 21 Traditional Recruitment focuses on selling the job and organization to applicants Realistic job previews provides job candidates with all pertinent information about a job and an organization both positive and negative Selection choosing individuals to hire from a pool of qualified job applicants Reliability means that a selection device gives consistent results over repeated measures N O N N N L N 4 N 00 L N 4 U Validity means that scores on a selection device have demonstrated links with future job performance Unstructured Interviews the interviewer does not work from a formal and preestablished list of questions that is asked of all interviewees Behavioral interviews ask job applicants about past behaviors Situational interviews ask job applicants how they would react in specific situation Biodata methods collect certain biographical information that has been proven to correlate with good job performance Assessment center examines how job candidates handle simulated work situations Work Sampling applicants are evaluated while performing actual work tasks Orientation familiarizes new employees with jobs coworkers and organizational policies and services Socialization process of learning and adapting to the organizational culture Training provides learning opportunities to acquire and improve job related skills Job Rotation people switch tasks to learn multiple jobs Coaching occurs as an experienced person offers performance advice to a less experienced person Mentoring assigns early career employees as proteges to more senior ones Modeling uses personal behavior to demonstrate performance expected of others Management development is training to improve knowledge and skills in the management process Performance management system sets standards assesses results and plans for performance improvements Performance appraisal is the process of formally evaluations performance and providing feedback to a job holder Graphic rating scale uses a checklist of traits or characteristics to evaluate performance Behaviorally anchored rating scale uses specific descriptions of actual behaviors to rate various levels of performance Recency bias overemphasizes the most recent behaviors when evaluating individual perdormance Critical incident technique keeps a log someone s effective and ineffective job behaviors UI ON UI ON UI Multiperson comparison compares one person s performance to anothers 360 degree appraisals includes superiors subordinates peers and even customers in the appraisal process Work life balance involves balancing career demands with personal and family needs Base compensation a salary or hourly wage paid to an individual Merit pay awards pay increases in proportion to performance contributions Bonus pay plans provide one time payments based on performance accomplishments Pro t sharing plans to distribute to employees a proportion of net profits earned by the organization Gain sharing plans allow employees to share in cost savings or productivity gains realized by their efforts Employee stock ownership plans help employees purchase stock in their employing companies Stock options give the right to purchase shares at a fixed price in the future Employee bene ts are nonmonetary forms of compensation such as health insurance and retirement plans Flexible benefits programs allow employees to choose from a range of benefit options Family friend benefits help employees achieve better work life balance Employee assistance programs help employees cope with personal stresses and problems Termination involuntary dismissal of an employee Employment at will means employees can terminated at anytime for any reason Wrongful discharge is a doctrine giving workers legal protections against discriminatory firings Labor union an organization that deals with employers on the worker s collective behalf Labor contract Formal agreement between a union and an employer about the terms of work for union members Collective bargaining is the process of negotiating administering and interpreting a labor contract


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