mgmt

• Ethnocentrism

belief in the superiority of one's own ethnic group

• There will be no organization without

customer

• The classical viewpoint of and approach to management

focuses on centralized authority, labor specialization and incentives to optimize productivity in an organization and, in turn, drive profits

• Define management

getting work done through others

• SWOT analysis

identifying internal strengths (S) and weaknesses (W) and also examining external opportunities (O) and threats (T)

• Wholly owned subsidiaries

is a foreign subsidiary that is totally owned and controlled by an organization

• The major functions of management

planning, organizing, leading, controlling, coordinating

• The triple bottom line

recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth

The three contemporary management perspectives are the ______ viewpoints.

systems, behavioral, and quantitative

• Organization's internal and external stakeholders

the board of directors, employees, and owners.

Two of the primary challenges facing managers today are

Managing for a competitive advantage and diversity

SMART goals

Specific, Measurable, Attainable, Realistic, Timely

• The steps of strategic management

1. Define the mission of the business 2. Formulate the goals for the farm and family 3. Assess the resources available to the business (internal scanning) 4. Survey the world surrounding the business (external scanning) 5. Identify and select appropriate strategies 6. Implement and refine the selected strategies

• Globalization

Actions or processes that involve the entire world and result in making something worldwide in scope.

• Evidence-based management style

Consciously setting aside the accepted conventions and hierarchy of opinion, and instead, using critical thinking and the best available evidence to make decisions

• Ethics and values

Ethics • Standards of right and wrong that influence behavior. • May vary among countries and cultures. • Decisions that may go against your own self-interest Ethical Issues are situations, problems, or opportunities in which an individual must choose among several actions that must be evaluated as morally right or wrong Business ethics are the moral principles and standards that guide behavior in the world of business Values • Relatively permanent and deeply held underlying beliefs and attitudes that help determine a person's behavior.

• The father of scientific management

Frederick W. Taylor

• The WTO

The initials of the international body established in 1995 to foster and bring order to international trade. • Designed to monitor and enforce trade agreements. • Agreements based on the General Agreement on Tariffs and Trade (GATT), an international accord first signed by 23 nations in 1947. • Currently consists of 164 countries. • See Blackboard reading - WTO Trade Report • Headquartered in Geneva, Switzerland. • https://www.wto.org/ • Let's check out the headlines

• One way to think about management

The pursuit of organizational goals efficiently and effectively, integrating the work of people.

• Cultural context

The values, attitudes, beliefs, orientations, and underlying assumptions prevalent among people in a society

• Competitive advantage

a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition

• Centralized authority

an organization structure in which decision-making authority is maintained at the top level of management

• The three approaches to management

classical, behavioral, modern

• The business model

outlines the need the firm will fill, the operations of the business, its components and functions, as well as the expected revenues and expenses

planning

the process of anticipating future events and determining strategies to achieve organizational objectives in the future

• Organizational culture

the set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization

• the system of corporate governance

the system of governing a company so that the interests of corporate owners and other stakeholders are protected

• Polycentric management

type of management that considers the culture of the country in which the firm is located