MGMT 309 Exam 1

Which type of organizational justice: the sales force thinks it is fair for the company to pay top sellers more

Distributive justice

Procedural justice

the degree to which members perceive that decisions affecting them are arrived at through a fair process; an employees performance is evaluated by someone very familiar with the job being performed= ethical

Distributive justice

the degree to which members perceive that the organization distributes rewards among them in a fair and equitable manner; the more people see rewards being distributed in a just and ethical manner, the more satisfied they will be with those rewards

Managerial Ethics

the ethical standards that guide managers in their work with three main areas of concern: - how the organization treats its employees - how the employees treat the organization - how employees and the organization treat other economic agents

Collectivism

the opposite of individualism, is the belief that the group comes first

Advantages of strategic alliance

- allows quick entry into market by taking advantage of existing strengths of participants - effective way to gain access to technology or raw materials - allow firms to share risk and cost of new venture

Technological and Organizational Changes

- it is easier than ever for managers to communicate with each other - it is easier for managers to work remotely, rather than commute to the office - the pace of work has increased - the rate of change in the business environment has increased To adapt to the increased demand for change, many organizations have adopted flatter structures with fewer layers of management and fewer rules.

Contemporary management issues and challenges

- unpredictable economy - managing diversity - employee privacy - working from home - globalization - working across cultures - ethics and social responsibility - social media's impact on business

Ways in which the workforce has changes in the last several decades

- younger employees often prefer smaller organizations to large ones - younger employees are likely to value flexibility of hours and work location - younger employees tend to prioritize objectives over career

Operations Management

A branch of quantitative management perspective, focuses on using mathematical models and computers to improve business operations and produce goods and services more efficiently. Examples of operations management include managing inventory, managing supply chains, and planning shipping routes.

Sarbanes-Oxley Act

A law passed in 2002 that requires CEOs and CFOs to personally vouch for the truthfulness and fairness of their firms' financial disclosures; imposes tough new measures to deter and punish corporate and accounting fraud and corruption

Select management function: Requiring employees to remain within a fixed budgetary limit when purchasing supplies and travel for the company

Controlling- tracks how the organization is doing and puts up "guardrails" to protect the organization from harm

Select management function: Deciding to increase customer satisfaction by keeping prices low instead of by stocking more types of merchandise

Decision Making- To formulate a plan, managers almost always need to decide to take one course of action over another. Decision making is a vital part of the planning function of management.

Which type of organizational justice: parents feel that the school district takes weather conditions into account before deciding whether to declare a snow day

Informational justice

Which type of organizational justice: employees feel that their managers treat them with respect

Interpersonal justice

Classical management contibutions

Laid the foundation for later developments in management theory; Identified important management processes, functions, and skills that are still recognized today; Focused attention on management as a valid subject of scientific inquiry

Select management function: Meeting one-on-one with subordinates to discuss their strengths and opportunities for improvement

Leading- the manager needs to motivate people to carry out the plan successfully. Successful leadership involves giving people the training, environment, performance feedback, and rewards they need to do their best work

Classic management limitations

More appropriate for stable and simple organizations than for today's dynamic and complex organizations; Often prescribed universal procedures that are not appropriate in some settings. Even though some writers (such as Lillian Gilbreth and Chester Barnard) were concerned with the human element, many viewed employees as tools rather than resources.

Types of Managers

Top managers- the executives who manage the overall organization (CEO, chief experience officer, and chief strategy strategy officer) Middle manager- implement the policies and plans of top managers and supervise lower-level manager (director, manager, and product owner) First-line managers- supervise operating employees (supervisor, coordinator, and lead)

Select management function: Budgeting enough money for maintenance, marketing, and development of new products

Organizing- Managers need to organize these resources so they work together in a coordinated way; otherwise, the plan will probably not be successful. Managers organize work by defining job roles, supervisory structures, and budgets

Select management function: Setting an organization's goals

Planning- Planning involves setting goals, whether for the whole organization, part of the organization, or a specific task. Plans help managers know where to invest resources. Goals, milestones, and results are key elements of plans.

Management Functions

Planning: setting an organization's oals and deciding how to achiever them. Part of planning is decision making, which is choosing a course of action from various alternatives Organizing: deciding how people, their activities, and the organizations resources should be grouped so that they work together in a coordinated way Leading: motivating and managing members of the organization to work together in the interests of the organization Controlling: monitoring and correcting the organization's progress towards its goals

Which type of organizational justice: customers think the process for determining refunds is fair

Procedural justice

Organizational justice

Refers to the perceptions of people on an organization regarding fairness; there are four basic forms- distributive justice, procedural justice, interpersonal justice, and informational justice

Type of management skill: Placing orders for materials

Technical skill- Managers who lead certain kinds of work often have at least some of the technical skills needed to do the work, even if they largely delegate this work to subordinates.

Socioculture dimension

The aspect of the general environment that includes the demographics, attitudes, and the values of the society within which an organization operates; These factors determine what products, services, and behaviors society will value. For example, society might put more or less value on being environmentally friendly, or consumer tastes might shift away from alcoholic beverages and toward caffeinated beverages.

Contingency perspective

The idea that different organizations need different approaches to management, depending on their situation

Dodd-Frank Act

a law enacted in the aftermath of the financial crisis of 2008-2009 that strengthened government oversight of financial markets and placed limitations on risky financial strategies such as heavy reliance on leverage

Tariff

a tax collected on goods shipped across national boundaries; Japan charges US tobacco producers a tariff on cigarettes imported into Japan

Market systems

cluster of countries that engage in high levels of trade with one another North America=The United States, Canada, and Mexico European Union= 27 member nations consisting of Western Europe and Eastern Europe Pacific Asia= Japan, China, Thailand, Malaysia, Singapore, Indonesia, South Korea, Taiwan, the Philippines, and Australia

Scientific management

concerned with improving the performance of individual workers; major role in the development of mass-production assembly-line technologies. By breaking jobs down into small component tasks and then standardizing how workers perform those tasks, managers were able to dramatically increase productivity. Most automobiles, motorcycles, and other motorized vehicles today are still produced using assembly line

Political-legal dimension

concerns relationship between business and government; Governments pass laws and exercise oversight that affect nearly every aspect of business; a vivid example is the legislation enacted in 2020 to respond to the spread of COVID-19. The stability and trustworthiness of a government also affects how confident an organization feels about conducting operations.

High-potential/high-growth economies

economies have been or still are relatively underdeveloped with weak industry, weak currencies, and poor consumers - Argentina, Brazil, India, South Africa, and Vietnam

Type of manager: as part of this job, you would be implementing budgetary controls to better manage costs of operations

financial manager- work is a variety of ways to manage the organizations financial resources

A manager who is primarily responsible for monitoring activities of non-managers is most likely a ________.

first-line manager

Behavioral management perspective

focuses on employee behavior in an organizational context. Industrial psychology - provided important insights into motivation, group dynamics, and other interpersonal processes in organizations - focused managerial attention on the same processes - challenged the view that employees are tools and furthered the belief that employees are valuable resources

Classical Management

had two primary thrusts. Scientific management focused on employees within organizations and on ways to improve their productivity. Noted pioneers of scientific management were Frederick Taylor, Frank and Lillian Gilbreth, Henry Gantt, and Harrington Emerson. Administrative management focused on the total organization and on ways to make it more efficient and effective. Prominent administrative management theorists were Henri Fayol, Lyndall Urwick, Max Weber, and Chester Barnard

International dimension

involves competitors from other countries, supply chains that cross national boundaries, and trade agreements between countries. Example- USMCA

Technological dimension

involves the means by which the organization can convert resources into services and products. Examples of technologies include website shopping-cart apps, solar panels, and the CRISPR genetic-engineering technique

Chester Bernard

made notable contributions to administrative management in his book The Functions of the Executive. The book proposes a major theory about the acceptance of authority. The theory suggests that subordinates weigh the legitimacy of a supervisor's directives and then decide whether to accept them. An order is accepted if the subordinate understands it, is able to comply with it, and views it as appropriate. The importance of Barnard's work is enhanced by his experience as a top manager.

Type of manager: successful candidate will have several years of experience managing the sales of products on digital platforms and in brick-and-mortar sales

marketing manager- work in a variety of ways to get more customers to purchase the organization's product or service

Power respect

people tend to accept the power and authority of their superiors simply on the basis of their position in the hierarchy and to respect their right to hold that power

Direct influence

occurs when an organization leverages its strengths to influence the environment to its advantage. For example, it might purchase a supplier to ensure access to materials, market more aggressively to customers, or lobby lawmakers or bargain with government agencies to gain a more favorable environment

Type of manager: candidates with experience redesigning manufacturing facility to improve efficiency are preferred

operations manager- ensure that the organization produces goods or services efficiently

power tolerance

orientation attach much less significance to a person's position in hierarchy

Diversity

refers to demographic differences among people; includes differences in age, gender, ethnicity, and religion

Informational justice

refers to the perceived fairness of information used to arrive at decisions; if a person feels that a decision was made based on incomplete and inaccurate or important information was ignored, he will experience less informational justice and may see the decision as having been made in a less ethical manner

Interpersonal justice

relates to the degree of fairness people see in how they are treated by others in their organization; if a boss treats his subordinates with disdain and clear lack of respect, and withholds important information and it soften ambiguous in his dealings with the subordinate, he will experience more interpersonal injustice and see the boss as being less ethical

Individualism

the cultural belief that the person comes first

Economic dimension

the overall health and vitality of the economy. Economic growth, inflation, interest rates, and unemployment are typically important factors for business.

General environment

the set of broad dimensions and forces in an organization's surroundings that create its overall context: economic, political/legal, sociocultural, international, and technological dimensions

Social Responsibility

the set of obligations has to protect and enhance the social context in which it functions; may exercise towards stakeholders, natural environment, and general social welfare

Organizational culture

the set of values, beliefs, behaviors, customs, and attitudes that give the organization a unique identity in terms of what it stands for, how it works, and what it values Influenced by: the founder, symbols, stories, heroes, slogans, ceremonies, history of success, shared experiences

Strategic alliance

two or more firms jointly cooperate for mutual gain Nestle and General Mills have a global alliance, COW. General mills provided brand recognition and propriety cereal processing techniques while nestle provided global distribution channels and marketing

Technical skills

type of managerial skill to accomplish or at least understand the work done in the organization

Environmental turbulence

unexpected, dramatic changes in one or more of the five forces (threat of new entrants, competitive rivalry, threat of substitute products, power of buyers, and power of suppliers) Examples are natural disasters, public health crisis, political unrest, major industrial accident, and workplace violence