Spring 2020 MGT 1600

From the "Company Culture" Video: What started the company culture decline and infighting?

Disagreement between the CEO and investors on how to spend money.

Which statement reflects a common problem with plans?

Mid- and lower-level managers may feel that they must follow a plan even when their experience shows it is not working.

What does "death by planning" mean?

Planning can delay or prevent action.

An example of a concurrent control is

adjusting the color of a design project as you go along.

An example of a feedback control is

an employee performance review.

Suliman manages a manufacturing plant in North Carolina. Customers are unhappy over late deliveries. Inventories of some parts are high. Others are critically short. Senior management told him he has 3 months to become profitable or the plant will close. In this case, the plant's income statement is

an operational control.

Maslow's hierarchy of needs suggests that an organization begins motivating employees by providing a safe workplace, job security, and a living wage. That is by addressing

basic needs.

Qing was upset about meeting with the lawyers. They could see risks everywhere and were very good at arguing their position. She strongly believed in her proposal. But after a long meeting, Qing and the lawyers worked out new contract language addressing each risk that they identified. In the end, the conflict was

beneficial

Most companies use some top-down controls, such as rules, regulations, and formal authority, to guide performance. Top-down controls are also known as

bureaucratic controls.

Extrinsic rewards come from outside the individual. These stimuli take the form of

commissions, bonuses, raises, promotions, or additional time off from work.

Edgar Schein, a prominent organizational psychologist, identified four key elements of an organization's structure. Schein proposes that these elements are instrumental in defining the organization's culture. The four elements are

common purpose, coordinated effort, division of labor, and hierarchy of authority

Kelly has experience and knows there is only one way to run her business—full steam ahead! Dr. Kelly will struggle with the planning cycle that recommends

considering alternatives

Strategic management

considers the entire organization and how the pieces fit together

The Deepwater oil spill in the Gulf of Mexico in 2010 was made much worse because BP Oil did not have plans in place for surprises. Planning for unexpected events is called

contingency planning

Kelly is a pediatrician who opened her own office three years ago. She took a goal-setting class and created seven goals for her organization and managers. This first step in her planning cycle is called

defining objectives

Steve Jobs of Apple was known as a perfectionist. "My job is not to be easy on people," he said. "My jobs is to take these great people we have and to push them and make them even better." Apple probably looks to hire people who are innovative and

detail-oriented.

Companies strive to provide a product or service that is distinct, or ________, in some way from their competitors.

differentiated

Studies show financial advantages to diversity in senior management. But the promotion process tends to suppress expressed differences. To be seriously considered for promotion to a top-level management position in many U.S. companies, individuals must assimilate to the company's culture. Companies can manage this through

employee training and diversity-oriented company policies.

Job rotation has a number of advantages when managers implement it in organizations. It is an effective way for:

employees to gain new skills because of cross-training in new tasks.

E-commerce includes online and smartphone sales. The younger the shopper, the more likely he or she is to conduct "business" using a smartphone. E-commerce refers to

exchanges or transactions that occur electronically

Raj is smart. He doesn't do anything unless he can see the payoff for himself, and he works all the angles. Raj is

extrinsically motivated.

Companies recruit candidates who are most likely to fit their culture. Studies have found that a good fit between a candidate's personality and the company's culture leads to better retention. Companies can also use ________ to maintain their culture.

hiring decisions and training

The planning cycle is represented with six steps in our text, but in practice, it has

innumerable steps, with many "steps" repeated and reviewed as events unfold, just as a driver checks the map or her GPS frequently

From the "Anatomy of Trust" Video: What is common enemy intimacy?

intimacy built on hating the same people

Michael Porter defined classified competitive strategies based on a grid of price strategy and target markets. What is Walmart's strategy in this grid?

overall low cost

What are the most effective methods for understanding a candidate's fit for the job and the company?

phone interviews and situational interviews

The second step of the strategy process, Strategy Formulation, includes

prioritizing the tactics most important to achieving the objectives

Many companies forbid smoking at work. This is an example of a

regulation

Shell, an energy company, creates very long range forecasts about energy. The oil and gas businesses require large upfront investments against long-term paybacks. They want to understand the risks to those paybacks. This is called

scenario planning

Mayor McDougal's administration is not doing well. Team members vehemently disagree over policy. Some have leaked information to the press, so that public opinion can pressure the administration. The administration lacks

social cohesion

When talking about goals, the acronym SMART stands for

specific, measurable, achievable, realistic, and time-bound

A nurse handling the diverse needs of patients in the intensive care unit may score high on ________, whereas new nurses aiding in the same department may feel that they perform only busy work.

task significance

Unions get much of their legal power from the Wagner Act of 1935, passed during the Great Depression. The Act set up

the National Labor Relations Board (NLRB), which oversees the rules and policies related to collective bargaining

Joe has scheduled interviews with two financial companies, American Express and Lehman Brothers. His first stop in understanding the differences between the companies is

the mission and values statements.

Procedures are steps to be followed in established and repeated operations. An investment advisor should write procedures for

the proper method for wiring funds to JP Morgan bank

Macy's online store differs from the in-store experience. The online store offers free delivery on larger purchases, free returns, extensive information about the products, and reviews from other customers. Why might Macy's do business this way?

Many of the strategies needed to succeed in e-commerce are very different from competing in a non-digital environment.

From the video "How Too Many Rules At Work Keep You From Getting Things Done": What does Morieux claim to be the key to increasing productivity in our complex, modern society?

Cooperation

________ is concerned with executing a strategy, not making strategy. This type of control functions within the framework the strategy establishes, such as standards, objectives, goals for business units, products, projects, and functions.

Operational control

People are not motivated when they do not have clear goals and do not know what is expected of them. ________ reduces uncertainty and indicates what everyone is expected to accomplish.

Planning

German society has taken a different approach to employer-employee relations. ________ allowed flexibility in wages and work conditions in exchange for promises for continued employment. Companies honored this in the recession, even paying employees to do public works projects.

Unions

Some of the visible clues to a company's culture are

how employees dress, snack areas and candy jars, and plaques and awards.

Frederick Herzberg surveyed workers to ask what was important to their motivation. He found these could be grouped into two sets of factors, which he called

hygiene factors and motivators.

According to Robert Half Management Resources, most change efforts fail because of Group of answer choices

inadequate communication.

A company is crafting a value proposition for its flagship product. The goal is to communicate to customers the main reason the product

is best suited to their needs

Management by objectives is Peter Drucker's version of goal setting. His concept was to engage the employee's intrinsic motivation. A manager should discuss the corporate goals with his employees and then

jointly agree on goals, so that the employee commits to the goals

Planning defines desired outcomes as well as mileposts to define progress. These provide a yardstick for assessing when things are progressing and when they need correction. Plans set ________.

performance standards

A competitive analysis of Google and Microsoft would look at their ________ . Both pay high salaries and offer great benefits. But their incentive structures are different. Google encourages collaboration and Microsoft encourages competition. Google's employees have been more innovative than Microsoft's.

personnel strategy

Research shows that when actions are coordinated and focused on specific outcomes, they are much more effective. The primary mechanism for coordinating and focusing staff is Group of answer choices

plans, which can direct everyone's actions toward desired outcomes

An employee development technique that should be used with every employee is

providing meaningful, actionable feedback regularly

If a manager is listing resources that can be used for a competitive advantage, which item would NOT be on the list?

the economy

Budgets are financial controls that tell a manager how much he can spend to achieve his goals. Budgets are an example of

top-down controls.

The advertisements for the Apple MacBook show an edge-on image of a MacBook with the caption "MacBook: Light. Years ahead." This refers to the lightweight design and the advanced tech inside. This is Apple's

value proposition

________ include reduced workload (part time), compressed work weeks, and remote work (telework). For example, working from home can save employees 10 hours or more of commuting time each week.

Flexible work arrangements

Not all players in an industry will be in direct competition with your organization. The first step in competitor analysis is to decide who your competitor is. For example,

Ford and Porsche both make cars, but Ford does not compete with Porsche

From the "Being Brilliant Every Single Day" videos: What is not one of the three things that HRV tells us about a person?

How high their IQ is.

Many experts, including the Boston Consulting Group, recommend ________ as a long-term strategy. They use a broader meaning which includes personality, cognitive style, education, social background, and more.

Many experts, including the Boston Consulting Group, recommend ________ as a long-term strategy. They use a broader meaning which includes personality, cognitive style, education, social background, and more.

Resources are always scarce in organizations, and managers need to make sure the resources they have are used effectively. ________ helps managers determine where resources are most needed so they can be allocated where they will provide the most benefit.

Planning

American Spoon is a small company in Petoskey, Michigan that uses fruit from local farmers to handcraft gourmet fruit preserves and condiments in small batches. Where would you first use this information in the strategic management process?

Strategic Objectives and Analysis

From the "Putting the Human back into Human Resources" video: What was the result when Mary told the grocery cashier that she had handled a rough customer well?

The cashier felt seen and appreciated.

Walmart serves cost-conscious customers. To keep prices low, it needs efficient operations. It is not particularly worried about adaptability and flexibility. Walmart uses

not a modular organization with outsourced departments

Senior management has written some policies about hiring new employees. This allows middle management to make decisions without constantly going back and asking permission. These plans are

standing plans

A ________ is a right to buy shares in a company at a fixed price, called the exercise price. This price must be fixed in advance. Apple mistakenly and illegally lowered the exercise price to make the benefit more valuable after the stock price fell. Group of answer choices

stock option

A portfolio manager liked a new product that included a swap, a financial derivative. Since he had the authority, he proceeded without asking any other departments about it. A year later, he learned that the back-office was upset with the difficulty of handling the swaps. A team approach would have improved communication and

team motivation

Organizational culture includes

the shared values, attitudes, standards, and beliefs that characterize members of an organization and define its nature.

Apple and Microsoft are competitors in selling computer operating systems, the MAC OS and Windows. Yet they have very different cultures and values. Apple is known for design and attention to detail. Microsoft is aggressive, launching products before they are finished. Both cultures reflect

their founders.

Johnson & Johnson manufactures medical devices, pharmaceuticals, and consumer health goods. Their code of ethics explicitly puts customers—doctors and patients—ahead of stockholders and profits. The code of ethics guides employees in their decisions to reflect the company's

values

From "The Danger of Hiding Who You Are" video: How much shorter is the life expectancy of lesbian and gays in a non-accepting community?

12 years

From "The Science of Persuasion" video: In the "For you nice people, here's an extra mint" scenario, how much more of a tip usually is given?

23% increase

From "The Future of Work" video: What percentage of young workers earn less than $1.25 per day?

25%

From "The Five Competitive Forces That Shape Strategy" video: The which industry did they use as an example in the video?

Airline

From the Harvard Business Review article: Creative Werks' core values are focused on what?

Client, Product, and Balance

From "The Puzzle of Motivation" video: In ROWE, the E stands for ______.

Environment

________ is a positive reaction to stress that generates a desire to achieve and overcome challenges.

Eustress

Creating resources that meet the VRIO criteria are strategically important to a firm because:

Firms that possess these types of resources may be able to experience a sustained competitive advantage.

________ focuses on employees' perceptions of the quality of the interpersonal treatment.

Interactional justice

From the "Draw Your Future" video: What does the right side of our brain do?

It is creative and fills us with possibilities.

________ are the unfortunate outcome of changes in industries or problems with individual corporations. Most often, employees are terminated because their employer has been forced to close stores, stop producing certain products, or simply save money. Group of answer choices

Layoffs

What are some of the things you would change about the class that would make it beneficial? (5 points)

Short answer

Which concepts had the biggest impact on your life this semester? (5 points)

Short answer

From the "Project Management Under 8 Minutes" video: In a critical path, why do we still need to keep track of non-critical paths?

They can become critical if we condense the critical path too much.

From the "Build a Tower, Build a Team" video: Why do kindergartners do so well?

They enjoy making prototypes.

From the video "The Magic Washing Machine": Who uses the most units of fossil fuels energy in the world? Group of answer choices

Those above the "air line"

Burger King is a fast-food restaurant with locations around the world. Because of the cultural and legal differences between countries, the restaurant management uses

a geographic departmentalization

Mustafa and Jeff argued about budget and spending on a new printer. Jeff finally conceded in the hope that Mustafa would be more flexible. The conflict was settled by

accommodating

What is an example of shadowing?

accompanying a colleague as he calls on clients

Researchers at the University of Washington found "that a later start time leads supervisors to perceive employees as less conscientious." Regardless of actual performance, "These perceptions in turn lead to lower performance ratings for employees with late start times." For employees ________, this is a warning about the risks.

using flexible work arrangements

The threat of new entrants in Porter's Five Forces analysis is often the most important force affecting an industry. In the food truck industry, for example, it is easy for new firms to enter and compete. The food truck industry would benefit if there were ________, such as required and restricted licenses.

barriers to entry

Financial strength can be a competitive advantage. In the Great Recession, General Motors went bankrupt, but Ford had acquired long-term financing beforehand that carried it through the downturn. This insight is part of

competitive analysis

From the "Your Body Language May Shape Who You Are" video: When someone strikes a dominant pose we naturally

contract to complement them.

A firm's statement of values requires a lot of pruning. There are many acceptable values, but to be effective, the list must be short. Executives choose the most important values. Therefore, the clue to ________ is in what is chosen.

culture

Identifying the target customer and asking about customer demographics (age, income, location, gender, politics, etc.) is part of

customer analysis

The five components of industry environment are

customers, competitors, suppliers, regulations, and advocacy groups

Planning activities provide an opportunity for input from the departments and people affected. Some organizations establish planning committees that intentionally include people from ________ backgrounds to bring ________ perspectives into the planning process.

diverse, new

Domestic U.S. companies conducting a PESTEL analysis consider national growth, employment, inflation, and interest rates. These are aspects of which macro term?

economic

Different working styles are also a common cause of conflicts. Bob needs analysis, statistics, and weighted reasoning. Nick needs a well-told story that lays out the dynamic of a process. They often disagree and neither listens to the other's approach. Their conflict is

emotional

In flatter organizations, employees

have greater autonomy