MGT 200 Exam 1
In Search of Excellence ideas
- Managing Ambiguity and Paradox: Managers who can think about two ideas - Bias for action: Active decision making, getting on with it - Close to the customer: Learning from customers - Autonomy and Entrepreneurship: Fostering innovation and nurturing champions - Productivity through people: Treating rank and filing employees as a source of quality - Hands on, Value Driven: Management showing its commitment - Stick to the knitting: Stay with what you do well in/business you know - Simple Form: Simple Form, Lean Staff: Best companies have minimal HQ staff - Simultaneous Loose Tight Properties: Holding tight core properties
VRIO Analysis
-internal analysis with a series of questions -explain competitive position variable, rare, imitate, organized
What are Porter's 5 Forces How are they used
-new entrants -buyers -suppliers -substitutes -rivalry used to analyze the attractiveness of an industry
How do you do SWOT? Difference between S and O? W and T?
-organized into chart -strengths and weaknesses are internal -opportunities and threats are external s- what a company is really good at or possesses w-what a company wishes would go away o- factors external to a comp. that could help it prosper t- factors external to a company that would place it at risk
What are the key differences between a general manager and a functional manager?
A general manager is responsible for managing a clearly identifiable revenue-producing unit, such as a store, business unit, or product line. Typically, general managers make decisions across various functions and have rewards tied to the performance of the entire unit. Functional managers are responsible for the efficiency and effectiveness of a specific area of the business, such as accounting or marketing. So, general managers are in charge of everything where as functional managers are in charge of one single department.
What is a learning organization?
A learning organization is an organization skilled at creating, acquiring, and transferring knowledge, and at modifying its behavior to reflect new knowledge and insights. Good at transforming themselves.
What is a key difference between a mission statement and vision statement?
A vision statement, in contrast to a mission statement, is a future-oriented declaration of the organization's purpose and aspirations. In some ways, the mission statement outlines the organization's current "purpose for being," and the vision statement outlines, "based on that purpose, this is what we may one day become." Mission statement is now what the company is and its purpose, vision is what it wants to provide in the future
Briefly describe how to facilitate brainstorming, nominal group technique and SCAMPER. Why might you use these as a manager?
Brainstorming- no rules on ideas, random, and no judgment Nominal group technique- process of a group involving problem identification, solution generation, and decision making SCAMPER- substitute combine, adapt, modify, put to other use, eliminate, and rearrange
What is the purpose of a time and motion study? What is involved in a time and motion study that is different from other studies of employees?
Created by Frank and Lillian Gibreth and was used to improve productivity, they used shovels for their studies and measured the perfect size shovel to pick up the perfect amount of weight to increase productivity and timed their studies and experiments. First time a task was looked at and thought about what could be improved and then timed tested to find answer. This study has more to do with manual labor where as studies now more have to do with the amount of services and knowledge an employee provides.
What are goals and objectives?
Goals are a desired state, and objectives are how you know that you are there ex: goals -grow market share, improve customer service objectives - increase # of subscribers, increase overall customer satisfaction
What are the four key responsibilities of managers?
P- Planning: setting objectives and setting course of action. O- Organizing: developing an organizational structure and allocating human resources to accomplish objectives L- Leading: inspiring action of others through social influence C- Controlling: ensuring that performance meets standards
programmed v. lateral thinking. How are they related to left brain and right brain thinking?
Programmed thinking, often called left-brained thinking, relies on logical or structured ways of creating a new product or service. Lateral thinking refers to changing patterns and perceptions; it is about ideas that may not be obtainable by using only traditional, step-by-step, programmed logic. Lateral thinking is associated with a more creative approach to thinking and idea generation.
What are SMART goals?
S- specific M-measurable A-aggressive R-realisitc T-time bound
What does SWOT stand for
S- strengths W- weaknesses O- opportunities T- threats
Describe Fayol's fourteen principles
Specialization/Division of Labor Authority/Responsibility Discipline Unity of Command Unity of Direction Subordination of individual interests Remuneration Centralization Line of authority Order Equity Stability of tenure Initiative Esprit de Corps
SCAMPER
Substitute, Combine, Adapt, Modify, Put to other uses, Eliminate and Rearrange SCAMPER is a checklist tool that helps individuals think of changes that can be made to an existing marketplace to create a new product, a new service, or both.
The Nominal Group Technique
The Nominal Group Technique (NGT) is a method of facilitating a group of people to produce a large number of ideas in a relatively short time period.
Describe different types of managers.
Top (CEO), Functional (finance, payroll, specific area of the business), General (run a unit or store), Project (running projects ex. electric companies for tree lighting)
employee performance evaluation
a constructive process to acknowledge an employee's performance. Goals and objectives are critical components of effective performance evaluations because evaluation forms need to have a set of measurable goals and objectives spelled out for each area.
What is a balanced scorecard? purpose?
a framework designed to translate an organization's mission and vision statements and overall business strategy into specific, quantifiable goals and objectives and to monitor the organization's performance in terms of achieving these goals. The idea of the framework is to "balance" financial targets
Two dimensions along which all firms compete
competitive advantage - cost leadership, differentiation scope of operations - broad target, narrow target
corporate vs. business strategies
corp - larger company owns bunch of smaller companies ex: YUM owns taco bell, pizza hut, KFC business - how should we compete?
Four generic strategies
cost leadership differentiation broad target narrow target
What happens if you set impossibly difficult goals for your employees?
decreases morale, decreases credibility of management, decreases the organization's overall effectiveness, and wastes more of management's time to do what is not being done properly.
5 forces - internal or external
external
4 types of measures on scorecard
financial measures customer measures international business process measures learning and growth measures
vision statements
future aspirations
What is in-role performance v. organizational citizenship behavior?
in-role performance is things an employee does that is a requirement or a part of their job description (ex. sandwich maker making orders correctly). OCB is behavior an employee partakes in that is not part of their job description but is something extra and beneficial (ex. sandwich maker interacting with customer asking exactly how much mayo or helping a new worker).
Difference between intended and emergent strategies
intended - conceived by top management team, pursuing plans emergent - unexpected opportunities that arise over time can lead firms in much different directions that have ever been anticipated example: bloomers
internal v. external stakeholders
internal stakeholders- owners, executive team, employees, people who care about the company from within the company external stakeholder- customers, suppliers, community groups, all of these people can affect the company and the company can affect them
purpose of management by objectives
is an approach that aims to increase organizational performance by aligning the subordinate objectives throughout the organization with the overall goals set by management. create a better focus regarding where managers should spend their time and energy
What can PESTEL analysis help a manager do?
popular framework for organizing factors and trends and isolating how they influence industries and the firms within them; Used to think about the next move to proceed forward - P- political factors (tax policies, trade restrictions) - E- economic factors (interest rates, unemployment rates) - S- social factors (demographic trends in age, ethnic mix) - T- technological factors (advances in automation) - E- environmental factors (natural disasters, weather patterns) - L- legal factors (antitrust laws, employment laws)
Book publishing company - 5 forces
rivals - other publishing companies suppliers - company that produces book buyers - teachers, students, readers substitutes - magazine company
corporate values
shared principles and standards that guide behavior
Describe stakeholder interests v. stakeholder influence/power
stakeholder influence- degree of power over an organization's decisions and actions stakeholder interest - the extent to how much a stakeholder is invested in how well they do, what specifically they're interested in
briefly define strategic management, corporate strategy and business strategy.
strategic management - process by which a firm manages formulations and implementations of its strategy corporate strategy - what businesses should we be in? how does being in one business help us compete in our other businesses? business strategy - how should we compete?
mission statements
the reason why an organization exists, the role the organization plays in society.