BMGT10060

reasons for social responsibility

- a company must be concerned for a society's welfare and corporate profits - social responsibility is good for business, morally appropriate, and important to employees

describe contemporary leadership perspectives and concepts

- 2 contemporary perspectives 1) leader-member exchange (LMX) emphasizes that leaders have different sorts of relationships with different subordinates. LMX differs because it looks at the quality of relationships between managers and subordinates. LMX assumes that leaders have distinctive relationships with each follower - the leader's attempt to delegate and assign work roles bring exchange interactions. In-group exchanges between the leader and follower form a partnership of mutual trust, respect, and liking. Out-group exchanges just have leaders as overseers who do not create a sense of mutual trust and respect - high quality LMX relationships engender positive outcomes, task performance, low turnover, and job satisfaction 2) Servant leadership focuses on providing increases service to others by meeting the goals of followers and the organization rather than yourself. It is a long-term approach to life and work. There are ten characteristics such as focus on listening, ability to empathize, focus on healing suffering, self awareness of strengths and weaknesses, use of persuasion rather than positional authority to influence others, broad-based conceptual thinking, ability to foresee future outcomes, believe they are stewards of employees, commitment to growth of people, drive to build community within and outside an organization - employees whose manager displays the characteristics are likely to be happier, more productive, more creative, and more willing to go above and beyond - 5 contemporary concepts include: 1) the power of humility believes that something greater than the self exists. It comes from high self-awareness, openness to feedback, and appreciation of others. It can lead to follower humility, follower performance, and team creativity 2) empowering leadership represents the extent to which a leader creates perceptions of psychological empowerment in others (the belief that they have control over their work). Leading for meaningfulness by inspiring and modeling desirable behaviors, leading for self-determination by delegating meaningful tasks, leading for competence by supporting and coaching employees, leading for progress by monitoring and rewarding employees 3) ethical leadership represents appropriate behavior that focuses on being a moral role model. Ethical lapses were the number 1 reason for CEO departures. Ethical leadership includes communicating ethical values to others, rewarding, ethical behavior, and treating followers with care and concern. it is driven by personal factors related to our beliefs and values. It has a reciprocal relationship with an organization's culture and climate 4) The quality of leadership depends on the qualities of the followers being led. Followers want significance in their work, community to work together, and excitement at work. Leaders want helpers and independents who can be productive, reliable, honest, cooperative, proactive, and flexible. 5) abusive supervision is when supervisors repeatedly display verbal and nonverbal hostility toward their subordinates. It can come from organizational culture and environment, individual differences, and early life experiences. It increases negative outcomes such as counterproductive behaviors at work and workers are more likely to experience depression and emotional exhaustion

Mintzberg's Managerial Roles

A manager relies more on verbal than on written communication. A manager works long hours at an intense pace. A manager's work is characterized by fragmentation, brevity, and variety.

PESTEL Analysis

Political Economic Social-cultural Technological Environmental Legal

VRIO

Value, Rarity, Imitability, Organization

Organizing

arranging tasks, people, and other resources to accomplish the work

technological

housing stock, scientific discoveries, communication technology, production technology, infrastructure

Leading

motivate, direct, and otherwise influence people to work hard to achieve the organization's goals

Controlling

monitoring performance, comparing it with goals, and taking corrective action as needed

Stakeholders

people or groups with expectations of the organization - ex: customers, communities, government

4 steps of managing

planning, organizing, leading, controlling

forecasting

predicting the future with trend analysis and contingency planning

SWOT

strengths: work processes, culture, service levels; weaknesses: same categories as strengths; opportunities: market segment analysis, technology; threats: same categories as opportunities

Skills needed to be an outstanding manager

technical, conceptual, human skills(soft)

importance of ethics and values for effective managing

- ethics are the standards of right and wrong that influence behavior, - ethical standards vary among countries and cultures - value systems are the underpinnings for ethics and ethical behavior - ethical dilemmas often take place because of an organization's value system which is the pattern of values within an organization - organizations may have two important value systems that conflict, the value system stressing financial performance vs the value system stressing cohesion and solidarity in employee relationships - schools bear some responsibility for the behaviors of executives -GVV helps individuals practice on how to voice their values so they are better prepared to do so when unethical situations arise in the workplace - businesses today try to foster an ethical climate which represents employees' perceptions about the extent to which work environments support ethical behavior - done through policies, procedures, and practices on a day to day basis - screen prospective employees with AI technology on their social media - code of ethics which state top management's expectations for all employees and how to treat customers, suppliers, competitors, and other stakeholders. - You can reward ethical behavior like whistle blowers. - the six common workplace behaviors that are considered ethical misconduct are 1) conflicts of interest: when the potential for personal benefit makes it difficult for you to make the best decision for the organization you are representing 2) abusive behaviors: behaviors that threaten or intimidate others or contribute to a hostile work environment. Behaviors such as public humiliation, insults, shouting, and ignoring subordinates. It is bullying and backstabbing. This behavior erodes employees' self-esteem, engagement, job satisfaction, and performance 3) violations of health and safety regulations: a major contributing factor to accidents and injuries across the board is the overconfidence that accompany violations over time. Workers can become so accustomed to leaky rocket boosters or loud alarms that ignoring these things eventually didn't even register as a safety violation. Examples include the Challenger space shuttle disaster and 2010 BP oil spill. 4) Corruption: when someone uses the power which they have been entrusted by the organization to achieve personal benefit. Corrupt behaviors like bribery are still a major problem across the globe 5) discrimination: making employment decisions based on class status such as sex, national origin, race, religion, age, or sexual orientation. There can be more than 100,000 cases every year. 6) sexual harassment: could be employment decisions based on a subordinate's willingness to engage in sexual conduct with a superior. It can be repeated requests or advances, offensive comments, and physical harassment.

Threat of new entrants

- fewer new entrants = more profit - entry barriers: high cost of equipment, customers loyal to established brands, lack of facilities - ex: patent protection for drugs

Power of Buyers

- greater power of buyers = less profit to supplier - power of buyer increases if buyer takes high percentage of suppliers' sales, many suppliers available, cost of switching to other suppliers is low - ex: products sold online, supermarkets like Walmart of Tesco

discuss ways that managers can control an organization

- feedforward control focuses on preventing future problems. It first collects information about past performance in order to establish new standards. Plans are then made to avoid pitfalls or roadblocks prior to starting a task or project. - concurrent control collects performance information in real time. It enables managers to measure performance and determine if employee behavior and organizational processes conform to regulations and standards. Corrective action can then be taken immediately when performance is not meeting expectations. Technology is typically used for concurrent control. - Feedback control collects performance information after a task or project is done. It can be used to correct or improve future performance. The problem is that it often occurs too late. Need frequent, simpler, and less time intensive performance reviews that can be done at any time of the year. How should managers control? - the levels of control include strategic control which ensure that strategic plans are met, tactical control which ensure that tactical plans are implemented, and operational control which ensure that operational plans are implemented - the balanced scorecard is a comprehensive approach to managerial control. It requires that managers be able to view performance in several areas simultaneously. - Financial perspective: what does success look like to our shareholders? This if found through revenue growth and productivity growth. Within this, we must look at budgets which is a formal financial projection. These are yardsticks against which managers can judge how well they are controlling monetary expenditures. Incremental budgeting allocates increased or decreased funds to a department by using the last budget period as a reference point. There are fixed budgets which allocate resources on the basis of a single estimate of costs and variable budgets which allows the allocation of resources to vary in proportion with various levels of activity. There are also financial statements such as the balance sheet, the income statement, and the statement of cash flows. Finally, you can look at financial ratios which gives indication to a company's financial information and can be compared among competitors. These can be liquidity, turnover, and profitability. - customer perspective: how do we appear to our customers? Customer satisfaction is the measure of how products or services provided by a firm meet customer expectations. You must be creative to keep a customer satisfied. Customer retention is keeping customers loyal because loyal customers tend to be repeat buyers and they tell others good things about a company's products and services. You must set customer expectations, go the extra mile, and make it personal. - Internal business perspective: what must we do extremely well? Productivity is the outputs divided by inputs. You can benchmark where a company compares its performance with others. They use internal benchmarks to set performance standards, competitive benchmarks to assess themselves against their competitors, and strategic benchmarking to when they are ready to look outside their industry. Best practices are made internally through managers' and employees' positive experiences on the job and adopt strategies which have succeeded in the past. Efficiency is to use resources effectively. Quality contributes to increasing customer loyalty, building a strong reputation, and managing costs. Safety can be a direct responsibility to not harm the community or it can be indirect to make sure your employees are safe. - innovation and learning perspective: are we equipped for continued value and improvement? Employee attitudes is not just having "happy" employees. It is increasing employee engagement, job satisfaction, and commitment. Employee turnover has functional turnover which occurs when underperformers leave a firm. Dysfunctional turnover is when a company's best performers leave. A common reason for this is low potential for advancement. Exit meetings can assist in better understanding the reasons for turnover. Resource capabilities means that managers must ensure employees have the resources they need to be successful such as investing in learning and development. Organizational culture focuses on the people-focused cultures. They are guided by theory Y that people are good, trustworthy, and productive and can flourish when they are empowered to act independently in at atmosphere that respects them. - strategy mapping: visual representation of the path to organizational effectiveness. A strategy map is a visual representation of the company's critical objectives and the crucial relationships among them that drive organizational performance. This helps employees understand how their work contributes to their employer's overall success

Bargaining power of suppliers

- high power of supplier = less profit to buyer - power of supplier if high if: buyer takes small percentage of sales, few alternatives to suppliers, cost of switching suppliers is high - ex: luxury brands, business software

describe how to develop the career readiness competency of teamwork and collaboration

- must establish common ground or sharing a common goal - be open to discussion and be proactive if behind - invite others to collaborate

three levels of strategy

1) Corporate: what business or businesses should we be in 2. Business: how should we compete in this industry 3. Functional: how can business functions support the business-level strategies

1) Team leaders 2)Nonmanagerial Employees

1) team leaders facilitate team members' activities to help teams achieve their goals, they see to it that their team members have everything they need to be successful 2) people who work directly on a job or task and have no responsibility for overseeing the work of others

benchmarking

comparing with the best

characteristics needed for career readiness

core competencies, knowledge, soft skills, attitudes

MBWA

management by wandering around

Functional Manager

responsible for just one organizational activity - Google known for unusual functional management job titles, director of organic and softlines

Planning

set goals and decide how to achieve them

discuss ways managers can build successful teams

- 1) collaboration: the act of sharing information and coordinating efforts to achieve a collective outcome. This means speaking in equal proportion and that members were very good about interpreting other members' feelings based on their tone of voice. Another saying is "disagree and commit" where grievances are heard but after everyone commits - 2) trust: reciprocal faith in others' intentions and behaviors. Trust between team leads and team members led to more effective communication and increased organizational behaviors. There must be authenticity, logic, and empathy. - 3) performance goals and feedback: teams are organized for a collective purpose. The team's purpose is defined in terms of specific, measurable performance goals with continual feedback to tell team members how well they are doing - 4) motivation and interdependence: being mutually accountable to other members of the team rather than a supervisor makes members feel mutual trust and commitment. Interdependence is when team members rely on common task-related team inputs to complete the work - 5) team composition: jobs, personalities, values, knowledge, experience, and skills of team members. Team member composition should fit the responsibilities of the team. Fit enhances effectiveness and misfit impedes it. Need to have a high tolerance for uncertainty during the early stages of team development, they need to utilize greater diversity in the way you solve problems, try to avoid assigning employees to multiple teams - 6) roles are determined expectations of how individuals should behave in a specific position. Team members should play a part in helping the team reach its goals. Tasks roles consist of behavior that concentrates on getting the team's tasks done which keep the team on track. Examples are coordinators and energizers. Maintenance roles consists of behavior that fosters constructive relationships among team members. Examples are encouragers and harmonizers. - 7) norms are general guidelines or rules of behaviors that most group or team members follow. They are there to help the group survive, to clarify role expectations, to help individuals avoid embarrassing situations, and to emphasize the group's important values and identity - 8) team processes are team members' interdependent acts that transform inputs to outcomes through activities directed towards organizing taskwork to achieve collective goals. This can be achieved by creating a team charter, engaging in team reflexivity, and giving team members a voice

identify barriers to communication and ways managers can overcome them

- 1) physical barriers are things in your physical environment that prevent effective communication. They include technology issues, noise, and physical distance - 2) personal barriers include variable skills in communicating effectively: some are better than others. Better communication skills can be learned. Variations in the way we process and interpret information: senders can communicate clearly and with enough detail and avoid misinterpretation by avoiding paraphrasing. Variations in trustworthiness and credibility: low trust can damage communication so focus on building a trusting foundation. Attentional issues: mindlessness is a state of reduced attention: need to try and focus on one thing at a time, take digital breaks. Generational differences: younger generations are growing less likely to email, oldest and youngest employees are most open to embracing new technology, organizations should provide training and support - 3) cross cultural barriers such as language differences, style differences - 4) nonverbal communication: messages sent outside written or spoken word which consists of eye contact is shown as respect in western culture but lowering one's eyes is seen as respect in Eastern cultures, facial expressions, body movements and gestures such as being open and leaned back to symbolize openness or folded arms which symbolize defensiveness, and touch - 5) gender differences with things such as taking credit where men said I and women say we or talking patterns where men are more apt to interrupt women and talk over others and women are less apt

discuss contemporary control issues

- AI can benefit organizations by enhancing control functions - it can reduce errors and defects - it can increase productivity by making decisions faster with more confidence by automating and prioritizing routine decision-making processes. It can access real-time, actionable insights from data by understanding patterns in big data that humans cannot and predict future opportunities and recommend actions to capitalize - it can enhance the supply chain - it can track and monitor employees. It can help uncover problems such as harassment and employee theft, reduce incidents of employees wasting company time, and highlight bottlenecks where employees take more time than expected in their work processes. - the disadvantages are the employee privacy. It can make an intrusive environment which signals a lack of trust. You must communicate employee expectations and apply tracking and monitoring appropriately.

describe manager's appropriate use of power and influence

- It all spans from leadership which is being able to influence employees to voluntarily pursue organizational goals. - leaders inspire others, provide emotional support, and try to get employees to rally around a common goal. They create the vision for the organization - managers typically perform functions associated with planning, investigating, organizing, and controlling. - Power is the ability to order human, informational, and other resources to get something done. It is all about influencing others so they can respond to requests. - There is personalized power which is directed at helping oneself and socialized power which is directed at helping others. - There are 6 sources of power that leaders can draw on: 1) Legitimate power is power that results from managers' formal positions within the organization 2) Reward power is power that results from the managers' authority to reward their subordinates like pay, recognition, and promotions 3) Coercive power results from the managers' authority to punish their subordinates. It can be verbal or written reprimands to demotions and terminations. It must be used judiciously or else there will be a lot of resentment among employees 4) Expert power results from one's specialized information or expertise. This is special knowledge that could be from years on the job or sophisticated like computer skills not shared with others 5) Referent power is power deriving from one's personal attraction. It characterizes strong, visionary leaders who are able to persuade their followers through their charisma 6) Informational power is power deriving from one's access to information. People who are "in the know" in organizations might withhold it to demonstrate their power. This can be toxic. - Influence tactics are conscious efforts to affect and change behaviors in others. They can be used for good or bad. - There are nine common influences tactics: 1) Rational persuasion: trying to convince someone with reason, logic, or facts 2) Inspirational appeals: trying to build enthusiasm by appealing to others' emotions, ideals, or values 3) Consultation: getting others to participate in planning, decision making, and changes 4) Ingratiation: getting someone in a good mood prior to making a request 5) Personal appeals: referring to friendship and loyalty when making a request or asking a friend to do a favor 6) Exchange: making explicit or implied promises and trading favors 7) Coalition tactics: getting others to support your effort to persuade someone 8) Pressure: demanding compliance or using intimidation or threats 9) Legitimating tactics: basing a request on authority or right, organizational rules or policies, or explicit/implied support from superiors - Rely on the first four of these because they are most effective at building commitment - be authentic and consult rather than legitimate

Explain the total quality management process

- TQM is a comprehensive approach led by top management and supported throughout the organization dedicated to continuous quality improvement, training, and customer satisfaction 1) People orientation which focuses everyone on delivering customer value. People are the most important resources - both those who create a product or service or those who receive it. Delivering customer value is most important, focus people, resources, and work processes to deliver products or services that create value for customers. People will focus on quality if given empowerment. The people actually involved with the product or service are in the best position to detect opportunities for quality improvements. TQM requires training, teamwork, and cross-functional efforts. 2) Improvement orientation: focusing everyone on continuously improving work processes. Continuous improvement is ongoing, small, incremental improvements in all parts of an organization. It is less expensive to do it right the first time. It is expensive to create high-quality products and services with training, equipment, and tools but it is less expensive than dealing with poor quality and poor customer relationships. It is better to make small improvements all the time as an everyday matter. Accurate standards must be followed to eliminate small variations by collecting accurate data. There must be strong commitment from top management. - some TQM tools include: Outsourcing is the subcontracting of services and operations to an outside vendor which reduces costs and increases productivity. - reduced cycle time is the reduction in steps in a work process which eliminates wasteful motions - statistical process control is a statistical technique that uses periodic random samples from production runs to see if quality is being maintained within a standard range of acceptability. Production can be stopped to allow corrective measures if quality is not acceptable. - Six sigma defines standard deviation as a rigorous statistical analysis process that reduces defects in manufacturing and service-related processes. It tests thousands of variables to improve quality and reduce wastes to the point of errors vanishing - ISO 9000 and ISO 14000 which aim to meet the standards of independent auditors - inhibitors to implementing TQM include the failure to provide evidence supporting previous improvement activities, the lack of champion who is responsible for improvement activities, the inability to measure or track results from the program, and the failure to develop a culture of quality or continuous learning

identify the characteristics of groups and teams

- a group is two or more freely interacting individuals who share norms, share goals, and have a common identity - a team is a small group of people working together with a common purpose, performance goals, and mutual accountability - there are formal groups which are assigned by organizations to accomplish specific goals such as a division, department, or committee - informal groups are formed by people whose purpose is for friendship or common interest, managers must be aware that informal groups don't undercut the plans of formal groups - there are work teams which have a clear purpose and are permanent - project teams are assembled to solve a particular problems or complete a task, can come from same or different departments - cross functional teams are designed to include members from different areas such as finance, operations, and sales - self -managed teams are groups of workers who are given administrative oversight for their task domains, usually work scheduling or customer interaction - virtual teams work together over time and distance via media to combine effort and achieve common goals, very flexible and efficient and driven by information and skills

Identify behaviors of successful leaders

- a leader's traits, gender, and skills directly affect their choice of behavior - behavioral leadership approaches determine the key behaviors displayed by effective leaders - 1 ) task-oriented leader behaviors ensure that human, physical, and other resources are deployed efficiently and effectively to accomplish the group's goals. - These include planning, clarifying, monitoring, and problem solving - production -centered leader behaviors emphasize the technical or task-related aspects of employees' roles. - 2) relationship-oriented leadership is concerned with the interactions with their people. It emphasizes on enhancing employees' skills and creating positive work relationships among co-workers and between the leader and the workers. They are mentors that provide career advice and it can be done by asking open questions and listening attentively - employee-centered leader behaviors emphasizes relationships with subordinates and attention to their individual needs. These promote social interactions and identification with the team and leader. Associated with leadership effectiveness, most use a blend of task-oriented and relationship-oriented behaviors when interacting with others - a leader's behavior is more important than his or her traits - there is no type of leader behavior that is best suited for all situations

describe how to develop the career readiness competencies of positive approach and emotional intelligence

- a positive approach represents a willingness to accept developmental feedback - 1) identify potentially bad attitudes 2) identify good attitude behaviors - self management is a trait of emotional intelligence 1) identify the emotional triggers and physiological responses 2) engage in emotional regulation 3) channel your emotions 4) practice mindfulness

review the different ways to increase the career readiness competency of openness to change

- applying self-affirmation theory: we have an innate need to maintain a positive overall self-view, when our positive self-view is threatened, we switch to self-protective mode, we can maintain our self-view in two ways either by maintaining self-view by denying any information related to the threat or by in creasing openness to change by affirming facets of your self-view that are unrelated to the threat - self-affirmations are positive statements that impact your subconscious mind by drawing attention to your values and positive values - practice self-compassion: tendency to be understanding, warm, and kind to yourself when you experience pain or failure rather than being self-critical or over-identifying with negative emotions

Big data and its function

- big data is stores of data so vast that conventional database management systems cannot handle them, so very sophisticated analysis software is needed - companies have spent billions to get the most talented data scientists to set up shop - it is the process of examining large amounts of data of a variety of types to uncover hidden patterns and unknown correlations - supports innovation, efficiency, and firm performance - companies need to understand what customers need. Data can assist by providing a story about consumer behavior - freestyle Coca-Cola machines provide customers with their favorite beverages but also provide them with valuable data. People added cherry to their drinks -> Spite Cherry was conceived - it improves HR practices. In the past, companies identified stars based on evaluations from managers which can be prone to bias. Now firms can use network analysis which uses data to measure the influence an employee has across an organization - companies also use big data in an effort to retain employees. Data collection and analysis system to discover why some high performers left the organization which stored the reasons during exit interviews and uncovered patterns - it enhances production efficiency with the example of Unilever which uses data from its machine to create virtual models. - it advances health and medicine through predictive medicine. Genomic data can more accurately predict illnesses. - aiding public policy: pools data from jails in order to identify mentally ill prisoners who need assistance

describe the communication process

- communication is the transfer of information and understanding from one person to another - efficient when you transmit in least time and effective when your message is understand by the other person - a medium can be an email, a written note, text, phone, video - 1) sender encodes message and selects the medium like a telephone 2) message is transmitted through a medium 3) receiver decodes the message and decides if feedback is needed 4) receiver expresses reaction or feedback through a medium - feedback is crucial because it enables the person sending the message to assess whether the receiver understood it in the same way the sender intended. They can paraphrase it back to the original sender to make sure they understand. - between all of this there is noise that can hinder the process. There can be physical (people talking all at once, distracting sounds from outside, psychological (differences in personality, attitudes, beliefs, and thoughts such as tuning someone out when we disagree with them or introverts tends to be negatively affected by noise more than extroverts), and semantic noise (different cultural sayings like touching base might not be understood in Asia), physiological noise when you're sick or you have a physical impairment - media richness involves how well a particular medium can convey information and promote learning such as face to face being the highest and social media being the lowest - rich medium is better for nonroutine situations - leaner mediums are best for routine situations to avoid overloading

change and complexity within businesses

- complexity is the study of how order and pattern arise from very complicated, chaotic systems - it is a network of many interdependent parts that interact with each other according to simple rules - closed systems have little interaction with the environment and receives little feedback from the outside - open systems continually interact with the environment. They can produce synergy which is two or more forces combined which create an effect that is greater than the sum of the individual effects

describe ways in which managers can successfully deal with conflict

- conflict is the process in which one party perceives that its interests are being opposed or negatively affected by another party. It is a natural aspect of life. - too little of conflict can lead to lack of creativity, indecision, and missed deadlines - too much conflict can erode organizational performance through aggression, turnover, and dissatisfaction - dysfunctional conflict is conflict that hinders the organization's performance or threatens its interests, this needs to be removed. - functional conflict is conflict which benefits the main purposes of the organization and serves its interests, this can lead to superior team problem solving and decision making and greater organizational effectiveness - personality conflict is interpersonal opposition based on personal dislike and disagreement - envy-based conflict: motivates people to restore equity by tearing others down or elevating self-perceptions, heightened by competitiveness, but managers must eliminate preferential treatment of employees - intergroup conflicts: we versus them among groups, teams, and departments - cross-cultural conflicts: arises from dealing with differing assumptions about how to think and act - managers can stimulate constructive conflict by spurring competition, changing the organization's culture and procedures, bringing in outsiders for new perspectives, or using programmed conflict such as devils advocacy where someone is assigned the role of the critic to strengthen critical thinking or dialectic method where two groups play differing roles of a debate to understand a proposal - teamwork/collaboration: this can be like offering an olive branch which shows you're open to their needs, willing to listen, and understand conflict is a two-way street - social intelligence is the ability to connect with others in a meaningful way, to understand another person's feelings, and to stimulate positive relationships - show empathy - openness to change: be open to trying a new form of communication if you're falling behind - emotional intelligence: ability to monitor your emotions and take a step back to reflect before entering conversations - oral/written communication: say I felt instead of you said

describe control as a managerial function

- controlling is defined as monitoring performance, comparing it with goals, and taking corrective action as needed - seeing that the right things happen at the right time in the right way - there are 6 reasons why control is needed 1) to adapt to change and uncertainty 2) to discover irregularities and errors 3) to reduce costs, increase productivity, or add value 4) to detect opportunities and increase motivation 5) to provide performance feedback 6) to decentralize decision making and facilitate teamwork

review the techniques for improving career readiness competency of networking

- create a positive mindset of developing genuine relationships rather than a job - identify your career goals: find people who can kickstart achievement of goal, then people of those people - network with a purpose: reconnect or meet new people follow that path - build personal connections: it needs to be meaningful with thoughtful questions - be mindful: maintain eye contact and don't wander - follow up

discuss the sources of workplace stress and ways to reduce it

- demands created by individual differences: the stress created by genetic or personality characteristics. Type A behavior patterns such as being impatient, hurried, deadline-ridden, and competitive types. It may boost production for some time however it can lead to heart disease and can show feelings of anger and hostility - individual task demands: the stress created by the job itself. Different jobs create different stress. Such as retail store managers or being a home-based blogger, or emotional labor jobs of pretending to be cheerful all the time can be demanding. Low-paying jobs like day care teachers or baristas can be stressful - individual role demands: the stress by others' expectations of you. Role overload is when others' expectations exceed your ability. Role conflict is when someone feels torn by different expectations of important people in one's life. Role ambiguity is when others' expectations are unknown. Jobs with high task and role demands but low levels of personal control are troublesome - work-family conflict when the demands from work and family domains are mutually incompatible. Work can interfere with family and family can interfere with work. Employee who skips department meeting to go help aging mother's doctor appointment. Organizations are taking steps to give more paid leave for both mother and father of newborn - group demands: stress caused by co-workers and managers. Co-workers and managers who stress and don't listen diminish productivity - organizational demands: the stress caused by the environment and culture: this includes stressful environments such as policing, food processing, mining, or driving. Some companies will block after-hour emails to phones on vacation.

identify trends in workplace diversity that managers should be made aware of

- diversity: represents all the ways people are unlike and alike with the differences and similarities in age, gender, race, religion, ethnicity, sexual orientation, capabilities, and socioeconomic background - at the center of the wheel is personality, then there is - internal dimensions: age, gender, race, ethnicity; - external dimensions: geographic location, income, personal habits, appearance, educational background, and religion; - organizational dimensions such as seniority, work location, functional classification, and division unit group - trends include: more older people are in the workforce with longer lifespans more than half of workers approaching retirement will return to work - there are more women working and are earning more degrees than men. There is still a pay gap however with women making $0.81 to every man's dollar. Many countries are implementing transparency laws to expose the gender wage gap. Factors such as not being subject to overwork, stereotyping, and flawed facts relating to the genders - there are more people of color in the workforce. Whites are projected to decrease in population in 2060 while African Americans, Asians, Hispanics, and American Indians will increase. Minorities are paid less than whites. Employers are less likely to negotiate higher salaries than white job seekers. Minorities are also prone to discrimination and less psychological support than whites. Tokenism is the practice of doing something to prevent criticism and give the appearance that people are being treated fairly such as hiring a small number from underrrepresented groups - LGBTQ people are becoming more visible. They are being paid equal if not more than straight men and women however a large percentage of transgenders felt that they were forced to be fired or not promoted. - people with differing mental and physical abilities. 1/4 of American population reports having a disability that impacts life activities. The Americans with Disabilities Act (ADA) has made strides however upper management are considered less committed to providing the training and accommodations that would be required for employees who required them - there is mismatches between education and workforce needs. College graduates may be in jobs for which they are overqualified. High school dropouts and others may not have the literacy skills needs for many jobs.

Threat of Substitutes

- easy to substitute = less profit to supplier and seller - substitution easier if: buyers change habits, technological developments, transport costs fall - ex: online media, new materials

explain how managers can deal with employee attitudes

- employee engagement: mental state in which a person performing a work activity is full immersed in the activity feeling full of energy and enthusiasm for the work - it can be increased in 4 ways: 1) design meaningful work: give them variety and receive timely feedback 2) improve supervisor-employee relations: people are more engaged when their manager is supportive and maintains a positive, trusting relationship with them 3) provide learning and development opportunities: the more the employees were able to develop their technical and soft skills, the better they felt about their jobs 4) reduce stressors: environmental characteristics that cause stress - job satisfaction: if you feel positive or negative about various aspects of your work such as pay, promotions, co-workers, and supervision. Job satisfaction and performance are moderately related meaning that employee job satisfaction is a key work attitude managers should consider when trying to increase performance - organizational commitment: extent to which an employee identifies with an organization and is committed to its goals; positive relationship between organizational commitment and job satisfaction, performance, turnover, and organizational citizenship behavior if managers are able to increase job satisfaction then employees may show higher levels of commitment

how to develop the career readiness competency of professionalism/work ethic

- engage in activities that facilitate a habit of showing integrity, ethicality, and concern for the greater good - reduce your carbon footprint, foster positive emotions in yourself and others, spend time in nature, get the proper amount of sleep, increase your level of exercise, expand your awareness of social realities, and fulfill your promises and keep appointments, avoid people who lack integrity

compare the communication channels used by managers

- formal communications channels are recognized as official. 1) vertical communication is the flow of messages up and down the hierarchy within the organization 2) downward communication is from a higher level to lower levels 3) upward communications is from a lower level to a higher level. recommend talking to your boss and how they want to communicate 4) horizontal communication flows within and between work units with the main purpose being coordination. It is essential for innovation, coordinating tasks, solving problems and conflicts 5) external communication flows between people inside and outside the organization to communicate with stakeholders like customers and suppliers in support of organizational goals - informal communication channels develop outside formal structure and do not follow the chain of command. 1) the grapevine is the unofficial communication system which includes a network of in-person and online gossip and rumor. Try to have an open-door policy, provide fast and transparent information, quickly respond to gossip, and be a role model 2) face to face communication: employees value authentic human time with the boss, must make time for this, listen more and talk less, deliver good news up front leading to the bad, and use webcasts when you can't be there

intensity of rivalry amongst competitors

- greater rivalry = less profit - rivalry increases when: many firms but none dominant, high fixed costs for overproduction, market growing slowly - ex: airline or newspaper

identify ways for managers to improve their listening, writing, and speaking skills

- maintain eye contact, lean toward the speaker, speak at a moderate rate, speak in a quiet, reassuring tone, smile and show animation, occasionally nod head in agreement, be aware of your facial expressions - use non-defensive communication which is assertive, direct, and powerful. Be descriptive, problem solving, straightforward, empathetic, equal, and honest and open - allow emotions and settle and manage your intentions - empathy is the ability to recognize and understand another's feelings and thoughts. Cognitive with how they think, emotional with how they feel, and compassionate with how we help - active listening is actively decoding and interpreting verbal message, 2 ears and 1 mouth. Focus on the other person. We often listen with the intent to respond instead of with the intent to hear, ask open-ended questions, approach conversations with curiosity, avoid the tendency to judge, and be mindful and fully present - writing needs to start with your purpose, write simply, concisely, and directly, know your audience, and don't show ignorance of the basics - speaking: tell them what you're going to say, say it, tell them what you said

explain the affects of values and attitudes on employee behavior

- organizational behavior: better understanding and managing people at work, tries to help managers explain and predict work behavior so they can better lead and motivate their employees to perform productively - values are abstract ideals that guide one's thinking and behavior across all situations, managers who understand an employee's values are better suited to assign them to meaningful projects and help avoid conflicts between work activities and personal values - attitudes are defined as a learned predisposition toward a given object, directly influence our behavior - 3 components of attitudes 1) affective component: "I feel", emotions of a situation 2) cognitive component: "I believe", beliefs and knowledge one has with a situation 3) behavioral component: "I intend", how one intends or expects to behave towards a situation - cognitive dissonance: psychological discomfort a person experiences between his or her cognitive attitude and incompatible behavior (people feel uncomfortable with consistency) - importance: how important are the elements creating the dissonance, control: how much control does one have over the matters that create the dissonance, rewards: what rewards are at stake with the dissonance

describe the way in which perception can cloud judgment

- perception is the process of interpreting and understanding one's environment - 5 distortions in perception: 1) stereotyping: the tendency to attribute to an individual the characteristics one believes are typical of the group to which that individual belongs; sex roles, age, race/ethnicity 2) implicit bias: attitudes or beliefs that affect our understanding, actions, and decisions in an unconscious manner, found in hiring, courts, and technology. It is basically saying how willing we are to accept that we stereotype 3) halo effect: we form an impression of an individual based on a single trait. For example height is seen as a trait of prosperity and success 4) recency effect: remember recent information better than earlier information, perhaps because when you activate your recall, the later recollections are still present in working memory 5) causal attributions: activity of inferring causes for observed behavior, tend to be self-serving and invalid 6) self- fulfilling prophecy: phenomenon in which people's expectations of themselves or others lead them to behave in ways that make those expectations come true

describe the importance of personality and individual traits in the hiring process

- personality consists of stable psychological traits and behavioral attributes that give a person his or her identity - big 5 personality dimensions include EACEO 1) extroversion of how outgoing, talkative, sociable, and assertive a person is 2) agreeableness: how trusting, good-natured, cooperative, and soft-hearted someone is 3) conscientiousness: how dependable, responsible, and achievement-oriented someone is 4) emotional stability: how relaxed, secure, and unworried a person is 5) openness to experience: how intellectual, imaginative, curious, and broad-minded someone is - 4 core self-evaluations - 1) self efficacy: belief is one's personal ability to do a task linked to academic performance, job satisfaction, and motivation 2) self esteem: the extent to which people like or dislike themselves; people with high self esteem can handle failure better and become leaders while low self-esteemers are dependent on others and are more apt to be influenced by them, managers can give positive feedback wherever possible and break larger projects into smaller tasks 3) locus of control: how much people believe they control their fate through their own efforts - internal believes in own destiny and external vice versa, internals would not like close managerial supervision while externals would 4) emotional stability: how people feel secure and unworried and how likely they are to experience negative emotions under pressure 5) emotional intelligence is the ability to monitor your and others' feelings to use this information to guide your thinking and actions

other characteristics needed for career readiness

- resilience: bounce back from adversity and remain motivated with challenges - personal adaptability: adapt to changing situations - self-awareness: realistic view of strengths and weaknesses to job context - service: needs of others before my own - openness to change: see change as a challenge to apply new ideas and processes - self-efficacy: confidence to perform across a variety of situations

discuss the ways in which manager can help employees overcome fear of change

- resistance to change is an emotional/behavioral response to real or imagined threats to an established work routine - employee characteristics: individual differences, actions, and perceptions of change - change agent characteristics: an individual who is a catalyst in helping organizations change, leadership style, personality, tactfulness, sense of timing, awareness and can empathize the employee's perspective - change agent - employee relationship: resistance to change is reduced when change agents and employees have a trusting relationship

explain how to develop the career readiness competency of self-awareness

- self-awareness increases creativity, decision quality, leadership effectiveness, and job satisfaction 1) take time to reflect. Think about past situations and answer the questions of what happened, what did I learn in general, what did I learn about me, and what will I do to improve in the future. Answer these questions in a journal 2) write down your priorities for the next day, week, month, and year. This will help you to find the things that truly matter and spend time on those. 3) learn your strengths and weaknesses. Complete self-assessments. Asks family, friends, colleagues, and mentors for feedback. 4) avoid the dunning-kruger effect which is a cognitive bias where people are incompetent at something are unable to recognize the incompetence and instead feel confident. Recognize weaknesses.

discuss the process for managing career readiness and review six tips for managing your career

- successful people do not sit back and wait for opportunities to present themselves - identify what you want to accomplish. Jobs are something we do to earn money, are temporary, and are in service of someone else. Careers belong to you, you own it, manage it, nurture it, and create it to fit your values and needs. 1) Make every day count. If you want people to perceive you as motivated, skilled, and passionate then act that way. 2) stay informed and network. Become active in professional organizations. Attend workshops or training programs. 3) Promote yourself by informing others about your value and potential impact on organizational goals. Discuss your accomplishments and the specific actions you took to make them happen. Focus on facts and figures rather than personality. Discuss the benefits your actions had on your team with a "big picture" perspective. 4) roll with change and disruption. Give yourself time to recover as research shows that job loss is one of the most stressful life events we experience 5) Small things matter during interviews. Don't lie, go into your interviews with confidence not arrogance, dress appropriately. 6) use technology for self-development and creating good habits. Listen to podcasts, utilize productivity apps, master new skills, exercise

external stakeholders

- task and general environment - the task environment includes the 10 groups that interact with the organization on a regular basis: customers, competitors, suppliers, distributors, strategic allies, employee organizations, local communities, financial institutions, government regulators, special-interest groups - the general environment includes six forces: economic, technological, sociocultural, demographic, political-legal, and international - can't control these

identify traits and characteristics of successful leaders

- the five traits that are typical of successful leaders are dominance, intelligence, self-confidence, high energy, and task-relevant knowledge - there are positive task-oriented traits such as intelligence, conscientiousness, open to experience, emotional stability, and positive affect - there are positive interpersonal attributes such as extraversion, agreeableness, and emotional intelligence - there are negative interpersonal attributes such as narcissism, Machiavellianism, and pyschopathy - Narcissism have inflated views of themselves, seek to attract the admiration of others, and fantasize about being in control of everything. They can provoke counterproductive work behaviors in others such as strong resentments and resistance and tend to perceive that someone has treated them unfairly - Machiavellianism displays a cynical view of human natures and condones opportunistic and unethical ways of manipulating people, putting results over principles and people. It means the ends justify the means and it can be counterproductive when people realize they're being manipulated - psychopathy is a lack of concern for others, impulsive behavior, and no remorse for their harm over others. These people can truly be a toxic influence in the workplace - women are still majorly underrepresented in leadership positions with 38 leading Fortune 500 companies - The ability to lead effectively doesn't hinge on gender and there is no reason to believe that gender imbalance present in corporate leadership roles stems from one gender being "better" than another - leaders also needs skills. These consist of 1) cognitive abilities which identify problems and their causes in rapidly changing situations 2) interpersonal skills influence and persuade others 3) business skills maximize the use of organizational assets 4) conceptual skills draft an organization's mission, vision, strategies, and implementation plans - trait theory offers four conclusions 1) we cannot ignore the implications of leadership traits. They affect leadership effectiveness such as focus, confidence, transparency, and integrity 2) the positive and dark triad traits suggest the qualities that are conducive and detrimental to success in leadership roles. Narcissistic leaders often have groundbreaking ideas but can't execute them because it requires the collaboration of an entire team. Personality tests can help evaluate strengths and weaknesses on these traits 3) organizations may want to include personality and trait assessments in their selection and evaluation processes 4) Cross-cultural competency is an increasingly valued task-oriented trait. You need to have a global mind set which is belief in your ability to influence dissimilar others in a global context

describe the purpose of organizational development

- think of office space guys -OD is a set of techniques for implementing planned change to make people and organizations more effective - specific to the people in the change process - known as a change agent, a consultant with a background in behavioral sciences who can be a catalyst in helping organizations deal with old problems in new ways - it is used to improve individual, team, and organizational performance - it is used to revitalize organizations - it is used to adapt to mergers - here is the process: 1) diagnosis: what is the problem, surveys, interviews, meetings to understand people's attitudes and identify problem areas 2) intervention: what should we do about it, coaching 3) evaluation: how well has the intervention worked, look at numbers of turnover or profitability or do more surveys 4) feedback: how can the diagnosis and intervention be further refined - the effectiveness of OD is through multiple interventions such as goal setting, feedback, and training. Management must support OD by being truly committed to change process. Goals geared to both short and long term results should produce positive results

describe transactional and transformational leadership

- transactional leadership focuses on clarifying employees' roles and task requirements and providing rewards and punishment contingent on performance. It encompasses setting goals and monitoring progress. It has positive association with leader effectiveness and group performance. Transformational leadership transforms employees to pursue organizational goals over self-interests. Transformational leadership gets people to do exceptional things like significantly higher levels of intrinsic motivation, trust, commitment, and loyalty that can produce significant organizational change and results - transformational leadership is influenced by 1) individual characteristics where the personalities of such leaders tend to be more extroverted, agreeable, and proactive and 2) organizational structure where adaptive, flexible organizational cultures foster transformational leadership - transactional leadership is an essential prerequisite to effective leadership and the best leaders learn to display both - there are four key behaviors of transformational leaders: 1) Inspirational motivation requires leaders to have charisma which is a form of interpersonal attraction that inspires acceptance and support. Someone with charisma is more able to persuade and influence people and make others feels comfortable and at ease. They can also communicate a vision which offers an agenda, grand design, an ultimate goal of a realistic, credible, and attractive future 2) Idealized influence emphasizes that we are here to do the right thing. they express integrity, display high ethical standards, and make sacrifices for the greater good 3) Individualized consideration give employees the chance to grow and excel as a person with challenging work, more responsibility, empowerment, and one-on-one mentoring 4) Intellectual stimulation: leaders are able to describe the great challenges that can be conquered together. Employees can then become less apt to view problems as insurmountable and view them as personal challenges. - Transformational leadership can be used to train employees at any level, it can be practiced, and it should be used for ethical reasons

SMART Goals

-Specific: stated in specific terms -attainable: goals should be realistic - results-oriented: goals should support the organization's mission - target date: goals should have deadline dates for attainment, - measurable: goals should be measurable or quantifiable ex: increase sales by 15% across by the end of the quarter - Management by objectives (MBO) is a 4 step process where 1) managers and employees set objectives for the employee which should be based on performance, behavior, and learning objectives 2) develop an action plan helps to figure out what resources are need to attain the goal 3) periodically review performance every 3 months to give feedback and update the objectives 4) give performance appraisal and rewards

describe the development of groups and teams

1) Forming: getting oriented and acquainted. Mutual trust is low and there is a good deal of holding back to see what changes are coming. There must be communication and a leader. 2) storming: individual personalities and roles emerge. This is a time of testing to determine where people's roles fit with the power structure. 3) norming: conflicts resolved, relationships develop, and unity emerges. It is what others expect me to do with guidelines. Group cohesiveness is a by-product. 4) performing: solving problems and completing the assigned tasks. Concentrate on solving problems and completing the assigned task. 5) adjourning: preparing for disbandment. Parties, ceremonies, and rituals can give the punctuation to the end.

describe the steps in the control process and types of control

1) establish standards: what is the outcome we want? A control standard is the desired performance level for a given goal. One example is to use the balanced scorecard. 2) Measure performance: what is the actual outcome we got? Performance data can be obtained from five sources: 1) employee behavior and deliverables 2) peer input or observations 3) customer feedback 4) managerial evaluations 5) output from a production process 3) compare performance to standards: how do the desired and actual outcomes differ. Managers are delighted to have performance that exceeds standards. When performance is below standards, they question is the deviation from performance significant? The greater the difference, the greater the need for action. They use control charts which is a visual, statistical tool used for quality control purposes. It sets upper and lower quality limits on a process. It is constructed based on historical data. 4) take corrective action, if necessary: what changes should we make to obtain desirable outcomes? This involves feedback. You can make no changes, recognize and reinforce positive performance, or take action to correct negative performance. When performance meets or exceeds the standards met, managers should give rewards such as bonuses, raises, and promotions. When performance falls significantly from the standards, managers should examine the reasons and take action. Sometimes the goals were too lofty, sometimes the employees weren't given the proper resources, and sometimes employees need more attention.

outline the planning/control cycle

1) make the plan 2) carry out the plan 3) control the direction by comparing the results with the plan 4) control the direction by a) correcting deviations b) improving future plans

Porter's Five Forces

1) threat of new entrants 2) threat of substitutes 3) bargaining power of suppliers 4) power of buyers 5) intensity of rivalry amongst competitors

definition of management

Getting results with and through people in the most efficient and effective manner - Peter Gruger. Efficiency is the means to use resources such as people, money, and raw materials cost effectively and wisely. Effectiveness is the ends to achieve results.

conceptual skill

ability to think analytically, visualize an organization as a whole, and understand how parts work together - more important as you move up the management ladder - Ex is that top car executives must deal with several trends like autonomous transportation, electric-powered vehicles, and Uber

outline the basis of group decision making

advantages: greater pool of knowledge, different perspectives, intellectual stimulation, better understanding of decision rationale disadvantages: few people dominate or intimidate by a group of people talking the longest and the rest of the group gives in, satisficing is seeking a decision that is "good enough" rather than push in pursuit of innovation, goal displacement is when a primary goal is displaced by a secondary goal, and group think: - cohesiveness isn't always good, members are friendly and "tight-knit" but are unable to think outside the box, failure to consider new information and loss of new ideas - they are less efficient, may be too confident, their size could affect decision quality - must use active listening skills and seek out reasons for arguments - can prevent this by allowing criticism, reflecting before group discussion, and allowing other perspectives to talk - brainstorm, devils advocate, dialectic method, post-mortem

5 conflict handling styles

avoiding: ignoring or suppressing a conflict when it is a trivial issue, obliging: allows the desires of the other party to prevail when the issue isn't important to you, dominating: ordering an outcome when an unpopular solution must be implemented, compromising: both parties give up something to gain something when both sides have opposite goals and possess equal power, integrating: cooperatively identify the problem, generate solutions for complex issues plagued by misunderstandings

environmental

climate change, water resources, energy supplies

socio-cultural

demographics, values in society, lifestyles, consumer preferences, levels of education

economic

interest and inflation rates, consumer confidence, business cycle, unemployment rates, disposable incomes, labor costs

External Stakeholders

involves both the general environment: PESTEL and the task environment: customers, competitors, suppliers, distributors, strategic allies, unions, local communities, financial institutions, government regulators, special-interest groups

technical skill

job-specific knowledge and techniques - most important for lower levels of management with employees in their first professional job and first-line managers - using resume and education to bring order to your tasks like CEO Mary Barra

Top Managers

long-term decisions about the overall direction of the organization - need to pay a lot of attention to the environment outside the organization - future-oriented, strategic, and able to deal with uncertain conditions

first-line managers

make short-term operating decisions, directing the daily tasks of non managerial personnel

describe Triple Bottom Line of people, planet, and profit

people, planet, and profit; measures an organization's social, environmental, and financial performance - an organization has responsibility to its employees and community (people), is committed to sustainable development (planet), and includes costs of pollution, worker displacement, and financial calculations (profit) - success can be measured through a social audit which is a systematic assessment of a company's performance in implementing social responsible programs - millennials and Gen Z make up a third of the workforce and care about the triple bottom line and demand ethical and meaningful work. They want experiences more than material things as a reward. - examples include the Good Bowl which donates $1 of every order to a list of charities for the customer to choose from, which brings in $30,000 in each year

informational

receive and communicate info with people inside and outside the organization -monitor: be alert for useful information -disseminator: constantly explain information that is valuable to subordinates -spokesperson: be a diplomat and put your best face on

General Manager

responsible for several organizational activities - those seen to be subject of news stories for magazines like Forbes and Bloomberg

discuss the three forms of change, Lewin's change model, and the systems approach to change

the three forms of change include - adaptive change which is the least threatening. It is the reintroduction of a familiar practice - innovative change which is somewhat threatening to employees. It is the introduction of a practice that is new to the organization. Other organizations have embraced it, but it is new to the firm - radically innovative change is highly threatening to employees and their confidence/job security. It introduces a practice that is new to the industry. - Lewin's Change Model: 1) unfreezing: create the motivation to change, employees must have motivation to change from being dissatisfied with the old way of things. 2) changing: learn new ways of doing things. Employees must have new information, new perspectives, and new models of behavior 3) refreezing: support and reinforce the change. Employees need to be helped to integrate the changed attitudes and behavior into their normal ways of doing things - systems approach to change - inputs: "why should we change and how willing and able are we to change. Ex are mission, vision statement - target elements of change: "which levers can we pull that will produce the change we want." People, organizational arrangements, methods, and social factors - outputs: "what do we want from the change." Occurs at the level of the organization, group, or individual

Discuss situational leadership

the situational approach (or contingency approach) believes that effective leadership behavior depends on the situation at hand - there are two approaches: 1) Fiedler's contingency leadership model determines if a leader's style is task-oriented or relationship-oriented and whether that style is effective for the situation at hand. To figure out your style you can fill out a LPC (least preferred co-worker) questionnaire. The higher the score, the more relationship-oriented the respondent, the lower the score, the more task-oriented the respondent. Once a leader identifies the leadership style, they can determine their level of situational control. There are three dimensions of situational control: 1) leader-member relations: do my subordinates accept me as a leader? 2) task structure: do my subordinates perform unambiguous, easily understood tasks? 3) position power: do I have the power to reward and punish? When you combine the high/low ratings for each dimensions you can figure out the predictability of influence - a task-oriented style works best in high control situations where the leader's decisions produce predictable results because they can influence work outcomes and also works best in low control situations where the leader's decisions can't produce predictable results because they can't really influence outcomes - a relationship-oriented style is best when the situations are in moderate control - it is better to match leaders with suitable situations rather than try to alter their leadership styles to better fit the situations - the next approach: House's path-goal leadership model. The effective leader makes available to followers desirable rewards in the workplace and increases their motivation by clarifying the paths or behaviors that will help them achieve those goals and provide them with support. They "clear the path" and help followers by tying meaningful rewards to goal accomplishment, reducing barriers, and providing support - leader behaviors(path-goal clarifying, achievement oriented, and group-oriented decision making) are influenced by the two contingency factors of employee characteristics(locus of control, experience, and need for achievement) and environmental factors (task structure and work group dynamics) in determining the most effective leadership (employee motivation, satisfaction, performance, leader acceptance) - House's model assumes that a leader's style is flexible - employees with an internal locus of control are more likely to prefer achievement-oriented leadership or group-oriented decision-making leadership because they believe they have control over the work environment - use more than one leadership style, help employees achieve their goals, alter your leadership behavior for each situation, provide what people and teams need to succeed - apply the situational theories by 1) identifying important outcomes 2) identifying relevant leadership behaviors 3) identifying situational conditions 4) matching leadership to conditions at hand 5) deciding how to make the match

internal stakeholders

your organization has people in it who have both an important stake in how it performs and the power to shape its future; includes employees, owners, and board of directors - employees must be treated well, feel that it is a great place to work, feel welcome, and feel proud to tell others that you work for the company - owners include all those who claim the organization as legal property like shareholder but it can also be a sole proprietorship, partnership, private investors, employee owners, and stockholders - board of directors oversee the firm's activities and ensure that management acts in shareholders' best interests. Set corporate strategy and executive compensation. Need diverse boards in order to be good, ethical companies. There are usually around 8 with some being top executives and some being outside firms .

identify the major features of an organization and explain how they are expressed in an organizational chart

- 1) common purpose: the means for unifying members and gives everyone an understanding of the organization's reason for being. All organizations are different because they have different purposes - 2) coordinated effort: working together for a common purpose. Organizational culture is an important factor in choosing how to coordinate effort. - 3) division of labor: work specialization for greater efficiency. An organization can parcel out the entire complex work effort to be performed by specialists resulting in efficiency - 4) hierarchy of authority: chain of command which makes sure the right people do the right things at the right time. It is most effective when arranged in a hierarchy because without it a lone manager would have to confer within everyone in their domain making it difficult to get things done. A flat organization is when there is one organizational structure with few or no levels of middle management between top managers and those reporting to them - there is also span of control which measures narrow versus wide. Narrow means a manager has a limited number of people reporting This is usually tall with many levels of narrow spans of control. Wide means that a manager has several people reporting and is usually with flat control. When management duties are complex or when ethical concerns are high, they are advised to have a narrow span of control. When first-line managers are directing subordinates with similar work tasks then there would be a wide span of control. - authority with how accountability, responsibility, and delegation is broken up. Authority is the right to make decisions, give orders, and utilize resources. Accountability is being responsible for performing assigned tasks. Delegation is assigning managerial authority and responsibility to managers and employees lower in the hierarchy - centralization vs decentralization. Centralized means important decisions are made by high-level managers. It means less duplication of work because fewer employees perform the same task and increased efficiencies because procedures are uniform and easier to control. Examples are very small companies and McDonalds and Walmart. Decentralized authority is important decisions made by middle or supervisory level managers. Power is delegated throughout the organization. Managers are encouraged to solve their own problems rather than escalate the decision to higher management. Decisions can then be made more quickly to increase efficiency. - vertical hierarchy shows who reports to whom from up and down. Horizontal specialization shows the different jobs from left to right

describe how artificial intelligence is used in decision making

- AI is the ability of a computer system to perform tasks that normally require human intelligence - AI has automated - business processes: which is done through robotic process automation where robots act like a human input and extracting information. It is useful in administrative and financial activities, updating company and customer records, and reconciling billing systems. Example include voice technology like Siri - data analysis: AI can detect patterns in vast volumes of data and interpret their meaning. It can use predictive analytics and machine learning where processes and algorithms can improve themselves based on experiences and observations - engages customers and employees: such as chatbots that can provide 24/7 service for tasks like password resets - AI will transform the world as we know it with humans being relieved of some manual and time labor, organizations will use it to develop competitive advantage, and enhanced decision making: AI can impact the decisions' precision, speed, and credibility and can make better day-to-day decisions to save money - ex: Ford has collaborative robots working alongside employees to make cars in record speeds, Wells Fargo AI screens transactions to detect suspicious purchases, Amtrak's chatbot has answered over 5 million questions

Porter and Welch's techniques for formulating a business-level strategy

- Porter's five competitive forces: 1) threats of new entrants: Netflix started streaming over DVDs then HBO, NBC, and CBS started streams too 2) bargaining power of suppliers: Netflix needs to procure fresh movies and shows to keep customer loyalty. This means the supplier to these may have more power because of the limited content 3) bargaining power of buyers: informed buyers can become better negotiators. Subscribers can terminate their contracts for free while also switching to new platforms by downloading an app 4) threats of substitute products or services: Netflix must make sure that its streaming is better quality than other ones mentioned. This includes video games and satellite tv too 5) rivalry among competitors: the internet has intensified the streaming wars presented - Porter's four competitive strategies 1) cost-leadership strategy: keep costs and prices low from putting pressure on low cost budgets with R&D, production, and marketing managers for a wide market like IKEA or Walmart 2) differentiation strategy: offering unique and super values for a wide market. Managers may have to spend more on R&D, marketing, and customer service. Might try to create new brands to differentiate itself from others. Warby Parker invests in making glasses and lenses "cool" by having eye exam suites look like record listening rooms rather than a doctor's office. 3) cost-focus strategy: keeping costs and prices low for a narrow market. Executed in low-end products sold at discount stores like low-cost beer 4) focused-differentiation strategy: offering unique and superior value for a narrow market. Viking cruises caters to wealthy, well-educated individuals over 55 and charge for a higher stick price but include internet, alcohol with meals, and daily shore excursions

Discuss the types and purposes of goals and plans

- a goal, also known as an objective, is a specific commitment to achieve a measurable result within a stated period of time - long-term goals are called strategic goals which span from 1 to 5 years and focus on achieving the strategies identified in a company's strategic plan - short-term goals are tactical or operational goals which span 12 months - the means-end chain shows how goals are connected or linked across an organization - a plan is setting these goals and deciding how to achieve them. It is a document outlining how goals will be met - operating plan breaks long-term output into short-term targets - action plan defines the course of action or tactics needed to achieve a stated goal - a well-executed plan can spur growth and create a competitive advantage - an example is Handshake which wanted to compete in the career services sector. It connects colleges with employers by storing resumes, cover letters, and transcripts into one place. 1 ) identify your options 2) explore conditions in your target field 3) create your action plan 4) track your progress

explain why managers must align organizational culture, structure, and HR practices to support strategy

- an organization's performance depends on three factors: organizational culture, organizational structure, and HR practices can work together to enable its strategy - leaders are the main drivers in this alignment - it finally impacts group and social processes, work attitudes and behaviors, and overall performance - each of these 3 acts like a rope that must be woven together - organizational culture: shared assumptions that a group holds and that determines how it perceives, thinks about, and reacts to its various environments. It helps employees understand why the organization does what it does and how it intends to accomplish its long-term goals. culture is the social glue that binds employees together through shared understanding. Create a culture that allows people to do their best work through your strategy - organizational structure: who reports to whom and who does what. It is a formal system of task and reporting relationships that coordinates and motivates an organization's members so they can work together to achieve the organization's goals. Leaders are encouraged to structure their organizations in ways that are most conducive to accomplishing strategic goals. It encourages relationships, attitudes, and behaviors needed to execute a strategy - HR practices: how the organization manages its talent - ensure that the employees have the necessary skills, motivation, and opportunities to contribute to the organization's unique strategic goals - it boosts employee satisfaction and performance by knowing where each individual fits within the strategy - if they are aligned it group processes run smoothly, work attitudes and behaviors are better and overall performance is boosted

identify barriers to rational decision making and ways to overcome them

- availability bias: using only the information available which is usually data from recent. Doesn't give whole picture of a situation. Big data can sometimes collect more recent data that overshadows the more relevant data. - representativeness bias: faulty generalizing from a small sample or event. Just because something happens once, doesn't mean it'll happen to you. Just because you hired a faulty worker from UCD in the past, doesn't mean the next workers from UCD will be bad. - confirmation bias: seeking information to support your POV. We need to seek out information that contradicts our beliefs in order to be open-minded. - sunk-cost bias: money already spent seems to justify continuing even thought a new path should be taken - anchoring and adjustment bias: being influenced by an initial figure. The initial figure may be irrelevant to market realities such as sticker prices on cars that are way above the value. - overconfidence bias: people's subjective confidence in their decision-making is greater than the objective accuracy. Tend to risk too much, lower profit, and risk well-being. Know your limitations - hindsight bias: the I-Knew-It-All-Along effect which occurs when we look back at a decision and reconstruct why we did something - framing bias: shaping a way a problem is presented such as success rates vs death rates of a surgery. Reframe questions to be objective - the escalation of commitment bias: feeling overly invested in a decision. Managers need to be aware of the costs of persistence which may be greater than the budgeted cost - categorical thinking bias: sorting information into buckets or classifying people based on inferred characteristics, which can become divisive. get complete information first that deals with all options and alternatives, acknowledge emotional blind spots, choose the best decision for the organization - not yourself

Rewards of being a manager

- being a manager means you have a multiplier effect: your influence on an organization is multiplied far beyond the results that can be achieved by one person alone - have an insider's understanding of how to deal with organizations from the outside, you can relate to your supervisors, you will better interact with co-workers, you will manage yourself and your career, might make more money - experience a sense of accomplishment, stretch your abilities and magnify your range, build a catalogue of successful products and services, become a mentor to help others

Two examples of social responsibility

- climate change: sustainable development is meeting the needs of the present without compromising the ability of future generations to meet their own needs - "not dying rich:" example is Bill and Melinda Gates foundations which spends billions on health, education, and overcoming poverty

role of corporate governance in assessing management performance

- corporate governance is the system of governing a company so that the interests of corporate owners and other stakeholders are protected - corporate governance is about matters such as long-term strategies, sustainable finances, accurate reporting, and positive work environment which are all tied to ethics because they are concerned with how a firm relates to and impacts its internal and external stakeholders - more CEOs were booted from their companies in 2018 for ethical violations than for other reasons - companies should actively seek to build boards (ones that are large, gender diverse, independent, and varied backgrounds for members) with characteristics that are likely to encourage the organization to be more ethical - boards are tasked with designing compensation packages for CEOs and executive managers. More firms are integrating social and environmental responsibility into executive compensation known as CSR contracting - can contribute to more ethical and socially responsible organizations - CEO accountability, board composition, and CSR contracting are important governance factors

core competencies needed for career readiness

- critical thinking: sound reasoning to analyze situations, make decisions, and solve problems. Use qualitative and quantitative data. - oral/written communication: ability to express thoughts, ideas, messages to diverse people in both forms - teamwork/collaboration: ability to work effectively and build relationships with diverse people - IT application: learn new applications as needed - Leadership: influencing people to achieve common goals - professionalism: accountability and habits such as punctuality, time management, appropriate dress, and willingness to go beyond - cross cultural competency: respect for diverse cultures and openness to interact with diverse people

compare the culture of two organizational units

- culture affects performance - culture develops as people work together, develop shared beliefs about what works which is transmitted to successive generations - culture develops from shared values, shared beliefs, norms, individuals and group behavior, and reinforcing outcomes - artefacts like visible dress features and layout influence culture compare the culture between southwest and ryanair - Hofstede's comparative analysis : 1) power distance, Brazil accepts high power inequality while UK does not 2) uncertainty avoidance, Latin American and Mediterranean countries accept tolerate ambiguity while US and Sweden are not comfortable with ambiguity 3)individualism/collectivism, US and UK value individual success and responsibility while collectivist societies stress loyalty like Asia 4)masculinity/femininity, Japan shows assertive behavior while Norway and Denmark show modest behavior 5) long-term/short-term orientation, Asia values rewards that will come in the future while US and Canada value past and present and respect tradition - culture: patterns of basic assumptions and ways of behaving that groups develop and transmit to new members - high-context has meaning that depends on shared experience and understanding like Japan and Arab countries - low-context has meaning that is clear and explicit like the US and Germany - attitudes to conflict and harmony: some countries see dissent as normal and healthy while others value harmony, attitudes to change, and attitude to time all depend on the culture

soft skills needed for career readiness

- decision making: collect, process, and analyze information in order to identify and choose from alternative solutions - social intelligence: recognize a person's feelings and thoughts to stimulate positive relationships - networking: have a broad professional network of relationships - emotional intelligence: monitor your emotions and those of others

Compare four decision-making styles

- decision-making style reflects the combination of how an individual perceives and responds to information - value orientation reflects the extent to which a person focuses on either task and technical concerns or social concerns of people when making a decision - the second dimension is a person's tolerance for ambiguity which is an individual difference in which a person needs a structure or control in their life. Lots of structure means low tolerance for ambiguity DACB: - directive style (action-oriented decision makers who focus on facts): have a lower tolerance for ambiguity and are oriented toward task and technical concerns; they are efficient, logical, practical, and systematic in their approach - analytical style (careful decision makers who like lots of information and alternative choices): much higher tolerance for ambiguity and responded well to new or uncertain situations, like to consider more information and alternatives than directive style people, they are careful decision makers who take longer to make decisions - conceptual style (decision makers who rely on intuition and have long-term perspective): high tolerance for ambiguity and tend to focus on the people or social aspects of a work situation, they take a broad perspective to problem solving and consider many options and possibilities, adopt a long-term perspective and rely on intuition and discussion with others, willing to take risks and find creative solutions to problems - behavioral style (most people-oriented decision makers): wishy-washy approach and have a hard time saying no to people, tend to avoid conflict and be overly concerned about others, people with this style work well with others and enjoy social interactions, supportive, show warmth and prefer verbal to written information

describe how to enhance your strategic thinking

- engage people, keep it simple, stay focused, keep moving - setting goals and making a plan involves identifying options, exploring conditions in the target field, creating your action plan, and tracking your progress - staying resilient during the process - must be forward-thinking and alert for opportunities that may arise, see the big picture, stay informed and know what is happening in business and society at large - must understand the business by networking and researching. The more you can align what you are doing internally to changes in the external environment - broaden your task and functional knowledge - studying abroad can enhance understanding about the nuances of cross-cultural behavior which can help in managing cross-cultural competencies

Organizations can promote ethics

- ethics need to be an everyday affair, not a one-time thing - create strong ethical climate, screen prospective employees, institute ethics codes and training programs, protect whistleblowers

describe how evidence-based management and business analytics contribute to decision making

- evidence-based management is the translation of principles based on best evidence into organizational practice, bringing rationality to decision-making process - it can be hard to evidence based. There can be too much evidence, not enough good evidence, or people may be misleading you. - the purest application of evidence-based management is the use of data analytics which is analyzing raw data sets in order to make conclusions about the information they contain - done with specialized systems and software. Examples include portfolio analysis where an investment advisor evaluates the risk of stocks using many different data sources - Netflix is able to collect data from its vast subscriber range and can discover behavior and buyer power by recommending movies and shows based on preferences - health care can share electronic health records across all sectors of health care to reduce medical errors and improve patient care. There are cost advantages too 1) treat your organization as an unfinished prototype that won't be ruined by dangerous new ideas or impossible to change because of employee resistance 2) no brag, just facts: leaders shouldn't make over the top assertions about forthcoming products, they should simply use available resources to make effective decisions 3) see yourself and your organization as outsiders do. Most managers are afflicted with rampant optimism which is inflated views about their own talents and prospects for success which causes them to downplay risks 4) evidence-based management is not just for senior executives: the best organizations are those in which everyone, not just top managers are guided by the responsibility to gather and act on data 5) like everything else, you need to sell it: you may have to identify a preferred practice based on solid and unexciting evidence and then use vivid stories to grab management's attention 6) if all else fails, slow the spread of bad practice: ignore order you know to be wrong or delay implementation 7) the best diagnostic question is what happens when people fail? There is no learning without failure

describe the process of culture change in an organization

- it is a teaching process where members instruct each other about the organization's preferred values, beliefs, expectations, and behaviors - there are 12 levers that you push or pull when changing the culture: 1) alter formal statements that describe the philosophy, mission, and values for every person 2) express culture in slogans and sayings that can describe teamwork or respect 3) rites and rituals are planned activities that can celebrate achievements 4) stories, legends, and myths about past employees or events that help symbolize the company's vision 5) leader reactions to crises sends a clear cultural message 6) role modeling, training, and coaching programs to help get employees situated 7) physical design such as office layouts 8) rewards, titles, promotions, and bonuses - people have a strong motivation to be rewarded 9) organization goals and performance criteria for recruiting, developing, and retiring people 10) measurable and controllable activities. what leaders pay attention to can help employees figure out priorities in tasks 11) organizational structure 12) organizational systems and procedures

identify the roles and effective manager must play

- managers are always working and are in constant demand - work an average of 9.7 hours a day - manager spend all their work time communicating with others - managers have to be purposeful and proactive about managing their time - rigorous calendar and being able to delegate roles include: 1. Interpersonal 2. Informational 3. Decisional

Six ways to develop career readiness:

1.Build self-awareness: asking for honest, targeted feedback from people you trust and take self-assessment surveys 2.Learn from educational activities: use proactive learning orientations which involved taking courses that you need, reading books, and searching the internet 3.Model others possessing the targeted competencies: find role models who possess the traits you need and interview them 4.Learn from on-the-job activities: asking to serve as team leader and making presentations 5.Seek experience from student groups and organizations: network and expand your resume 6.Experiment: identify new behaviors you want to master and practice them

Nonrational Decision Making

- managers find it difficult to make optimal decisions - decision making is always uncertain and risky - descriptive 1) satisficing model: satisfactory is good enough. Bounded rationality suggest that the ability of decision makers to be rational is limited by numerous constraints like time, money, complexity and their cognitive capacity of skills, habits, and values. Another characteristic is hubris which is defined as an extreme and inflated sense of pride, uncertainty, and confidence - example of Nissan-Renault CEO who did well then took advantage of funds - because of bounded rationality and hubris, managers will seek alternatives until they find one that is satisfactory, not optimal - those who are more open to new experiences, responsible, and agreeable are less likely to satisfice - can be helpful when making a decision now outweighs the delaying the decision 2) the intuition model is going with your gut and making a choice without the use of conscious thought or logical inference - it stems from expertise which is a person's tacit knowledge - those who are high in self-esteem and risk propensity are more prone to use intuition - it speeds up decision making and helps managers when resources are limited - it can be difficult to convince others that your hunch makes sense, it is affected by the same biases that affect rational decision making

rational decision making

- managers should make logical and optimal decisions - assumes managers will further the organization's best interests - process: 1) identify the problems (customer complaints, supplier breakdowns, staff turnovers) or opportunities (promotions, possibilities for exceeding existing goals). Want to change conditions from the present to desirable. Diagnosis of analyzing underlying causes 2) think up alternative solutions. Employees burning with bright ideas are an employers' greatest competitive resource 3) evaluate alternatives and select a solution by cost and quality but also is it ethical, feasible, and effective?, facilitated by AI 4) implement and evaluate the chosen solution may be a quick or long process - the rational model is prescriptive which describes how managers ought to make decisions, but doesn't describe how managers actually make decisions. Makes assumptions that managers have complete information, unemotional analysis, and can make the best deicision

compare mission, vision, and value statements

- mission statement: what is our reason for being. This is the responsibility of top management and board of directors. - vision statement: what do we want to become. It gives a clear sense of the future and the actions needed to get there. It emphasizes clarity, future focus, abstractness and challenge, and idealism. Create a vision statement for your life to be happier and lead more meaningful lives. - values statement: what values do we want to emphasize. They are the deeply ingrained principle and fabric that guide employee behavior and company decisions and actions Example can be coca cola. Mission is to refresh the world in mind, body, and spirit. Vision is to offer the world a portfolio of drink brands. Values include accountability and passion

attitudes needed for career readiness

- ownership: accept responsibility for actions - self-motivation: work productively without constant direction, instruction, and praise - proactive learning: desire to learn and improve knowledge - showing commitment: support others and positively work towards individual and company goals - positive approach: accept developmental feedback and have positive attitude at work - career management: identity opportunities for professional development

discuss effective performance management and feedback techniques

- performance management can improve firm profitability as well as employee performance, productivity, motivation, and attitudes - there are four steps 1) define performance with goals and expectations 2) monitor and evaluate performance with progress and outcomes 3) review performance by delivering feedback and coaching 4) provide consequences by valued rewards or appropriate punishment - performance appraisals are a date on the calendar which might be tense conversations of assessing employees' performance and providing them with feedback - frequent feedback can be more accurate and helpful as well as being future-oriented - there are objective appraisals which are based on numerical facts such as numbers of products sold in a month. - there are subjective appraisals which are based on perceptions of employee's traits and behaviors BARS - 360 degree assessment done by all with peers, subordinates, customers, and oneself - forced rankings distribute along some sort of a bell curve, something inherently motivating when seeing how we stack up against others

list guidelines for handling promotions, transfers, discipline, and dismissals

- promotion involves fairness which means that the step up is deserved not nepotism. Discrimination: it should not discriminate on the basis of sex, ethnicity, gender, age, or even political affiliation. Other resentments from others who are left behind need to be counseled about opportunities in the future. - transfer is the movement of an employee to a different job with similar responsibility. It might be to 1) solve organizational problems by using their skills at another location 2) to broaden their experience in being assigned their skills at another location 3) to retain their interest and motivation by being presented with a new challenge 4) to solve some employee problems such as personal differences with their bosses - discipline may involved being temporarily removed from a current job - an employee may be demoted where their current responsibilities, pay, and prerequisites are taken away - base demotions decisions need to be unbiased, well-documented evidence, you need to communicate the organization's desire to retain the employee, and you need to be honest about the performance-related issues that lead to demotion - finally dismissal involves layoffs where a person has been dismissed temporarily even though it doesn't usually improve profitability. Downsizings are a permanent dismissal in which it is due to pressure to meet investment analysts' earnings estimates rather than poor performance. Firings occur from absenteeism, sloppy work habits, failure to perform satisfactorily, or breaking the law. Should be carefully documented, remember those who stay, usually not a surprise, and they are more common in some industries than others

concept of social responsibility

- social responsibility is a manager's duty to take actions that will benefit the interests of society as well as the organization - CSR is the notion that corporations will go above and beyond following the law and making a profit - rests at the top of a pyramid of a corporation's obligations - philanthropic responsibility: be a good global corporate citizen and do what us desired by global stakeholders - ethical responsibility: be ethical and do what is expected by global stakeholders - legal responsibility: obey the law and do what is required by global stakeholders - economic responsibility: be profitable and do what is required by global capitalism - some views are against social responsibility. Some argue that the social responsibility of business is to make profits and unless a company is focused on making profits then it will become distracted and fail to provide goods and services, create jobs, and expand economic growth - those who view for social responsibility see it is good for business, morally appropriate, and important to employees

discuss the importance of strategic human resource management

- strategic human resource management is how organizations use to manage their most important assets - people -it is the process of designing and implementing systems of policies and practices that align an organization's human capital with its strategic objectives. - it is about generating competitive advantages through people - a firm's approach to its human resources becomes strategic when it is integrated into the organization in ways that drive overall performance - there is internal fit when all individual policies and practices within HR reinforce each other - employees hired on potential must be granted learning and development and focus on growth - there is external fit when the HR system is aligned with the organization's culture and structure in support of firm-level strategy - a firm that competes on cost reductions and efficiency should reward objective job performance - when companies get HR "right," they are more likely to generate the human (knowledge from competencies) and social capital (relationships from trust) necessary to implement the firm's strategies - example of Carmax being able to shift its HR policies by having management development programs and promotion opportunities presented on its website. They want employees to think about the career side of the organizational structure

role of strategic management

- strategic management is the process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals - involves all managers creating a strategy - the process is: 1) establish the mission, vision, and values 2) assess the current reality 3) formulate the grand strategy made of strategic, tactical, and operational plans 4) implement the strategy 5) maintain strategic control - for what reasons is it important? - it provides direction/momentum. If a broad range of employees are involved with the process then it can foster teamwork, promote learning, and build commitment across the organization. it helps to focus on the most critical problems, choices, and opportunities of the firm rather than day to day pressures - encourages new ideas. It stresses the importance of innovation in achieving long-range success. Firms support risk taking as part of the strategy - develop a sustainable competitive advantage. Need products that are valuable, rare, and difficult to imitate

identify the three principles underlying strategic positioning

- strategic positioning attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company 1) strategy is the creation of a unique and valuable position - few needs, many customers such as Crocs, broad needs, few customers such as Buy Buy baby which sells clothing and strollers; broad needs, many customers such as Allegiant airlines which is a low-cost travel company that offers flights and owns budget-friendly hotels 2) strategy requires trade-offs in competing - choose what to do and what not to do 3) strategy involves creating a "fit" among activities - how company's actions interact and reinforce each other. Vanguard group follows a low-cost strategy and aligns it with all its activities accordingly such as selling directly to consumers and minimizing portfolio turnover

how does an organization assess the competitive landscape

- sustainable competitive advantage exists when other companies cannot duplicate the value delivered to customers - assessments are needed to create an objective view of everything that the organization does - SWOT analysis, companies should review their internal and external environments every 18 months or less. Internal environment relies on strengths and weaknesses and external relies on opportunities and threats. -VRIO: valuable: have full competitive advantage, rare: equal competitively , inimitable: temporary competitive advantage, organizable: unexploited competitive advantage -forecasting: could be done with trend analysis which extends past series of events into the future such as a time-series forecast. Contingency planning is a scenario analysis applying alternative plans for different scenarios and using the one that best fits the situation at hand. Example of Apple did not create one when thinking about potential supply- chain problems despite heavily relying on Chinese manufacturers to assemble products - benchmarking compares performance with high-performing organizations. Can improve performance by tailoring and incorporating these best practices into their own operations by innovating. Example is fast food always watching to cut costs and increase efficiency

knowledge needed for career readiness

- task-based: ability to apply academic and practical knowledge in pursuit of organizational goals - computational thinking: ability to use numbers to conduct data-based reasoning, use big data - understanding the business: know business and strategies, needs of stakeholders - new media literacy: staying up to date on latest media trends and leverage them for interest of organization

explain how to characterize an organization's culture

- the goal is the find person-organization fit which reflects the extent to which your personality and values match the climate and culture in an organization - there are three levels of organizational culture: 1) observable artefacts which are physical manifestations such as manner of dress, awards, myths, stories about a company, rituals, ceremonies, decorations, and visible behavior of employees 2) espoused values which are the explicitly stated values and norms preferred by an organization found in the mission, vision, and value statements. However, there can be enacted values which are the values that are actually exhibited in the organization 3) basic assumptions represent the unobservable yet core values of an organization's culture that are taken for granted. These have a profound effect on employee behaviors because they informed every decision in the organization's past and are intertwined with its identity - difficult to change and do not ignore the unwritten rules - clan culture: an employee-focused culture valuing flexibility, not stability. Encourages collaboration, communication, and cohesion. High employee morale - adhocracy culture: risk taking culture valuing creativity and adaptability. High innovation and growth through quick decisions. Common in start ups, constantly changing organizations or mature organizations that need innovation - market culture: a competitive culture valuing profits over employee satisfaction. Customer focus and productivity. Employees must work hard and be proactive, those who deliver results are rewarded. High market share and profitability - hierarchy culture: structured culture valuing stability and effectiveness, capable processes, consistency. High efficiency and timeliness - many believe that culture shapes an organization's long-term success by enhancing its systems by influencing its important outcomes to get a sustainable competitive advantage

discuss what managers should know about organizational change

- the marketplace is becoming more segmented and moving toward more niche products: demassification with more loyal customer groups responding to more narrowly targeted commercial messages - more competitors are offering targeted products, requiring faster speed to market, start-ups seem to come out of nowhere and grow with no resources - some traditional companies may not survive radical change such as digitalization and technological breakthroughs - offshore suppliers are changing the way we work, globalization and outsourcing are transforming whole industries and changing the way we work, China, India, Mexico and the Philippines possess workers that are willing to work for half the pay - knowledge, not information, is becoming the new competitive advantage, knowledge work is analytic and consists of problem solving and abstract reasoning which is needed for skillful managers - there are two types of change: reactive change is making changes in response to problems or opportunities as they arise. Proactive change involves making thought-out changes in anticipation of possible problems

Corporate Governance

- the system of governing a company so that the interests of corporate owners and other stakeholders are protected -interests of professional managers often diverge from those of owners and/or citizens who use and pay for public services - governance refers to rules and processes intended to ensure transparency and accountability of those in charge - internal controls, mechanisms to limit power of individuals, process to manage relationships between groups

how can managers make decisions that are both ethical and legal

- the top reason for CEO departures among America's largest companies isn't financial performance but unethical behavior - the public has become less forgiving, the regulations are more stringent, companies are expanding operations into developing countries where ethical risks may be higher, and digital communications increase exposure to risk from hackers and whistle-blowers - high performance can sometimes tolerate low ethics or individual differences play a role - many organizations have an ethics officer which help guide employees to have day to day ethical behavior while helping to resolve dilemmas -is the proposed action legal? -if yes, does the proposed action maximize shareholder value? -if yes, is the proposed action ethical? Must manage for the best interests of the corporation which includes the interests of the larger community - if no, would it be ethical not to take the proposed action? - need to follow own ideas about right and wrong

describe the approaches toward innovation and the components of an innovation system

- the two types include: - product innovation is a change in the appearance or functionality/performance of a product or service in creation of a new one - process innovation is a change in the way a product or service is conceived, manufactured, or distributed - example is McDonalds trying to team up with Uber Elevate to deliver Big Macs piping hot. Also experimenting with robotic fryers to free up more employee space for customer service - the two focuses include: - improvement innovations: enhance or upgrade an existing product, service, or process. They are often incremental and are less likely to generate significant amounts of new revenue at one point in time - new-direction innovations take a totally new or different approach to a product, service, process, or industry. They focus on creating new markets and customers and rely on developing breakthroughs and inventing things that didn't already exist. This includes Orbital insight which can use satellite images to monitor and analyze activity on Earth. - innovation system is a set of mutually reinforcing structures, processes, and practices that drive an organization's choices around innovation and its ability to innovate successfully - components are innovation strategy: company needs to integrate its innovation activities into its business strategies; - committed leadership: especially senior leaders; - innovative culture and climate: experimentation, failure, and risk taking needed to change culture; - required structure and processes: must foster collaboration, - cross-functional communication, and agility; - necessary human capital: productive potential of an individual's knowledge and actions - need creativity, motivation, and international work experience; - human resource policies, practices, and procedures: alignment of HR reward systems with innovation-related goals; and - appropriate resources: put money where mouths are

three methods of corporate-level strategy

1) growth strategy which involves expansion as in sales revenues, market share, number of employees, or number of customers. Often takes form of innovation strategy by growing the market share or profits by innovating improvements in products or services. Example is LuluLemon which first started as a women's yoga company but has expanded into men's athleisure 2) stability which involves little to no significant change. Example is Tabasco sauce has changed since its start in the 1800s 3) defensive which involves reduction in the organization's efforts like retrenchment. Phase out products or services, declare bankruptcy, divert part of its business - there is also diversification which is moving into new lines of business. It helps to reduce risk and increase revenue through paths such as related diversification like Disney taking over 21st century Fox or unrelated such as Amazon buying Whole Foods. Vertical integration is the same company extracts and gains the inputs to give to the store's outputs like Starbucks manufacturing and roasting its own beans and selling them through Starbucks stores

describe the processes used for onboarding and learning and development

-onboarding consists of the programs designed to integrate and transition employees into new jobs and organizations through familiarization with corporate policies, procedures, cultures, and the clarification of work-role expectations and responsibilities - positive onboarding leads to increased commitment, job satisfaction, and productivity, higher customer satisfaction, and lower turnover - involve leaders: people who will be supervising the new employee must be involved -clarify expectations: clearly communicate role expectations and let the new employee know what "good" performance looks like in an organization and the job - put the pieces together: have conversations with new employees about how their roles relate to the organization's larger purpose - give it time: it is not orientation, let them feel welcomed but not overwhelmed - learning and development fills the gaps that exist between what employees currently know and what they need to know, managers need to determine where L&D can make the biggest impact on successful implementation of the firm's strategy 1) assessment: determine the needs or skill gaps that need to be improved 2) objectives: identify learning goals that will reduce skill gaps 3) selection: develop learning and development materials to be used in achieving learning goals 4) implementation: execute learning and development programs 5) evaluation: evaluate the implemented programs - L&D for facts: online courses, shared documents, and e-books are effective -L&D for skills: career readiness competencies such as role-playing, case analysis, and VR are helpful - on the job L&D: job rotation, planned work activities, training positions, and coaching - off the job L&D: takes place in classrooms, professional conferences, videoconferecing, games, and simulations

describe how to develop the career readiness competencies of critical thinking and decision making

-reflect on past decisions which can be "ready-made solutions" to use when there are unanticipated problems -establish a decision methodology by analyzing situations, seeking advice from others, conducting cost-benefit analysis, - demonstrate these competencies during a job interview by describing the process you use to make decisions

describe the eight types of organizational structure

1) Simple structure involves entrepreneurial stages. Ex: owner and administrative assistant 2) Functional structure includes people with similar occupational specialties being put together in formal groups. Ex: President and following down is VP of marketing, finance etc 3) Divisional structure people with diverse occupational specialties are put together in formal groups by products or services. Ex: President and following down western region, northern region etc based on geography 4) matrix structure combines functional and divisional chains of command in a grid to have a vertical and horizonal command structure. The functional structure doesn't change - it is the organization's normal departments such as Finance and Marketing. The divisional structure may change based on product, brand, or geographic region. Ex: is Ford which has the functional structure with you reporting vertically to president of marketing but also there is a divisional structure with the project manager. 5) horizontal structure is called the team-based design which is used to improve collaboration and work on shared tasks by breaking down internal boundaries. Managers from different functional divisions are brought together in teams. Team members also have their functional work responsibilities. Ex: Whole Food Market which has self-managed teams rather than hierarchy 6) Hollow structure: called network structure where the organization has a central core of key functions and outsources some aspects of their business to vendors who can do them faster and cheaper. Ex: 3M 7) Modular structure: differs from the hollow structure in that it is oriented around outsourcing certain pieces of a product rather than outsourcing certain processes. Ex: Apple procures component parts from a multitude of suppliers and then uses service vendors to assemble the components into a final product 8) virtual structure: an organization whose members are geographically apart, usually working with email and other forms of information technology, appears to customers as a single, unified organization. Ex: articulate fully remote e-learning company

four approaches to solve ethical dilemmas

1) Utilitarian approach: greatest good. Managers often using financial performance with efficiency and profit as the best definition to the greatest good however layoffs might provide immediate benefits for stockholders but it damages workforce morale 2) individual approach: for your greatest self-interest long term which will help others. The assumption here to is act ethical in the short run to avoid others harming you in the long run. However, one person's short-term self-gain may not be good for everyone in the long term 3) moral-rights approach: respecting fundamental rights shared by everyone. Denying people right to life, liberty, privacy, healthy and safety, and due process is unethical. 4) justice approach: respecting impartial standards of fairness. Fairness may be subjective with employees feeling resentful towards a CEO that makes a salary and bonuses a hundred time more than what they receive on a bad year

Outline the five steps in the strategic-management process

1) establish the mission, vision, and values 2) assess the current reality. Look where the organization stands and see what is working and what could be different to maximize efficiency and effectiveness in achieving the organization's mission. Do SWOT or VRIO 3) formulate the grand strategy with strategic, tactical, and operations plans. Common growth strategies include growth, stability, and defensive. Need to choose the different strategies and alter them to best fit the organization's needs 4) implement the strategy which means that top managers need to check on possible roadblocks within the organization's structure and culture to see if the right people and control systems are available to execute the plans 5) maintain strategic control which consists of monitoring the execution of strategy and making adjustments with control systems that take corrective action when things go awry

discuss ways to recruit and hire the right people

Recruitment: locating and attracting qualified applicants for job openings - internal recruiting: making people already employed by the organization aware of job openings. There are internal job postings which are formal announcements about open positions circulated within the organization. There are informal nominations which are recommendations by managers who have direct experience observing and working with specific employees. There are employee profiles which are databases that house information on individual employee competencies and qualifications. These boost retention and increase employee commitment - external recruiting: attracting job applicants from outside the organization. There may be some versions on newspapers and employment agencies but most are online now. These can be through social media, online job postings, and school partnerships. - hybrid approaches such as employee referrals tap into existing employees' social networks to fill open positions with outside applicants. Another way is boomerangs which are former employees who return to the organizations Selection: screening job applicants and choosing the best candidate for a position - devices must be reliable, valid, and legal defensible - applications forms and resumes are susceptible to dishonesty with them trying to outsmart applicant tracking systems by having the keywords in there, application forms and resumes don't always provide useful information because the types of experience may be of little use with rapid technological shifts. Pymetrics are assessment games that tell clients the likelihood that a candidate will be successful in a particular role - unstructured interviews gather information about job candidates without a fix set of questions or scoring procedure but give low reliability and high legal challenges - structured interviews involves each applicant being asked the same questions and comparing their responses to a standardized set of answers. There are situational interviews where employers learn how they would behave in a hypothetical job situation. There are behavioral -description interviews where employers learn of applicants' job-related past behaviors - there are employment tests measure skills, abilities, traits, and other tendencies. There are ability tests: workouts, performance tests: measure performance of actual job tasks, personality tests: self-esteem and locus of control, integrity tests: honesty, dependability, and trustworthiness, drug and alcohol test, and criminal checks

human skills

ability to work well in cooperation with others, ability to motivate, to inspire trust, to communicate with others - soft skills that interpersonal people are needed for success at all levels - being intelligent yet humble and approachable to brainstorm ideas with the entire group

Internal Stakeholders

employees, owners, board of directors

legal

employment law, company law, business regulations

describe how to create, execute, and control a functional-level strategy

how can business functions support the business-level strategies? - functional strategy is a plan of action by each functional areas of the organization to support higher-level strategies - higher-level corporate and business level strategies flow down to the functional strategy - this is similar to goal cascading which ensures that higher levels goals are communicated and aligned with the goals at the next levels down in organizational hierarchy - ex of functional areas include marketing, finance, HR, operations, IT example is Kroger having automated supermarkets where customers can pick what they want on the app before coming into the store. The app then shows them the more efficient way to grab their items. Functional strategy includes training employees on how to use it (operational), conveying this new store type to people (marketing), and ensuring the app is secure (information technology) - execution is the central part of a company's strategy which uses questioning, analysis, and follow-through to mesh strategy with reality. Need to deliver what you promise. CEO of Boeing did not execute on Boeing's recovery strategy after a pair of 737 MAX crashes. - 3 core processes of business include people, strategy, and operations - People: An effective leader tries to evaluate talent by linking people to particular strategic milestones, developing future leaders, dealing with nonperformers, and transforming the mission and operations of HR. Costco is able to recruit talented employees by offering generous salaries and bonuses, it is an admired company because of it - Strategy: in considering whether an organization can execute the strategy, a leader must take a realistic and critical view of its capabilities and competencies. Costco is able to make the experience fun with sample stations scattered throughout the store - operations: provides the path for people to follow, it should address all the major activities in which the company will engage. Membership is worth it for Costco because of its high-quality products, great customer service, and fun experience

Middle Managers

implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first-line managers below them - "high touch jobs" dealing with people rather than computer screens

interpersonal

interact with people inside and outside their work units -figurehead: perform symbolic tasks that represent your organization like showing visitors around the office -leader: you are responsible for the action of your subordinates and it depends on how you train and motivate -liaison: work with people outside your work unit and create alliances

7 challenges faced by managers

managing for: 1) competitive advantage: staying ahead of rivals. Competitive advantage is the ability to produce goods or services more effectively than competitors do. Must be responsive to customers, innovation: finding better ways to do processes, quality, and efficiency: do processes quickly and with the least amount of resources possible 2) information technology advances. E-commerce: the buying and selling of products online and e-business involves using the internet to facilitate every aspect of a business. Learn new applications and technologies on an ongoing basis. Handling big data through cloud computing and big data. The rise of AI and how it will change the work that will be done. Organizational changes that are not bound by time zones and location with having the virtual aspect of videoconferencing. 3) diversity: African American, Asian, and Hispanic individuals will make up increasing proportions of the U.S. population. Maximize the contributions of employees in diverse gender, age, race, ethnicity, and sexual orientation 4) globalization: need to understand differences that affect an organization's ability to manage globally. Verbal expressions and communications do not mean the same thing to everyone around the world, must understand the differences to do business. 5) ethical standards: it is an essential principle to follow in every industry especially with climate change. We hold the heads of organizations responsible even if they are not directly involved 6) sustainability: the economic system in the past assumed unlimited supply of natural resources however this has caused irreversible damage to the environment. The UN has adopted the sustainable development goals(SDGs) which focus on meeting present needs while ensuring future generations will be able to meet their needs. Businesses need to pursue strategies that are mutually beneficial to both society and the organization's bottom lines 7) happiness and meaningfulness: meaningfulness is a sense of belonging to and serving something bigger than the self. You can identify activities you love doing, find a way to build your natural strengths into your personal and work life, and go out and help someone

political

taxation policy, deregulation policy, environmental legislation, health and safety regulations, government stability

decisional

use info to solve problems or take advantage of opportunities -entrepreneur: encourage change and innovation -disturbance handler: fix the problems that arise -resource allocator: setting priorities on which resources go where -negotiator: working with others inside and outside the organization