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MNGT 3100 - Chapter 1

Terms in this set (62)

Management
The art of getting things done through the efforts of other people
Principles of management
The means by which you actually get things done through others - individually, in groups, or in organizations
1. shareholders have limited liability
2. Corporations can sue and be sued
3. Raise capital through the issuance of stock/shares
characteristics of a corporation
maximize corporate profits and shareholder value
traditional view of a corporation
corporation is a collection of interests working together for the purpose of producing goods and services at a profit considering not only shareholders but other constituencies
modern view (stakeholder)
the triple bottom line
how a firm can measure performance by emphasizing people, planet, and profit
Corporate Social Responsibility (CSR)
corporations consider the interests of society, assume responsibility for the impact of their activities
1. customers are more likely to purchase products
2. customers are more willing to pay a premium
3. companies get better ratings - impacts stock price
Why should corporations engage in CSR?
shareholders
owners of corporation
Top Management Team (TMT)
make decisions involving the firm's direction, purpose, etc.
Board of Directors
act in the interest of the owners/monitor TMT
Top
Functional
Divisional (Product)
Types of managers
Top managers
responsible for developing the organization's strategy and acting as a steward for its vision and mission
Functional managers
responsible for the efficiency and effectiveness of a specific area such as accounting or marketing
Divisional (Product) managers
lead a team that contributes directly to the products or services the organization creates
top - ensure organizations competitiveness and lower level managers; and employees' job security

lower level- implement management's strategy with loyalty and obedience
traditional roles of managers
top - support personnel development and ensure employability

lower level - empowered, responsible for the organization's competitiveness and their own development
contemporary roles of managment
Henry Mintzberg
performed a study of 5 CEOs and captured data through a technique called structured observation to determine what makes some managers more effective than others
figurehead - perform social and legal duties

leader - direct and motivate subordinates, select and train employees

liaison - establish and maintain contacts within and outside the organization
characteristics of interpersonal manager
monitor - seek and acquire work-related info

disseminator - communicate info to others within the organizations

spokesperson - communicate info to outsiders
characteristics of informational leader
entrepreneur - identify new ideas and initiate improvement projects

disturbance handler - deals with disputes

resource allocator - decides where to apply resources

negotiator - defends business interests
characteristics of decisional leader
holacracy
In 2013, Zappos implemented _________, a system that removes traditional managerial hierarchies allowing employees to self-organize to complete work in a way that increases productivity
empowerment
process of enabling or authorizing an individual to think, behave, take action, and control work and decision making in autonomous ways
organizational commitment (OC)
job satistfaction
two job attitudes that have the greatest potential to influence how we behave at work
nature of work
most important determining factor of job satisfaction
pay and promotion
least important determining factor of job satisfaction
withdrawal behavior
employees who are not committed to their organizations engage in...
affective (emotion-based)
continuance (cost-based)
normative (obligation-based)
three types of OC
affective commitment
continue working for an organization because you agree with it and desired to remain there "staying because you want to"
continuance commitment
continue working for an organization because you cannot afford to leave "staying because you need to"
normative commitment
continue working for an organization because you face pressure from others to remain "staying because you ought to"
in-role performace
individuals are recruited, selected, and hired to take responsibility for fulfilling the job description
extra-role performance
additional extras that add value but which are not part of the formal job description
organizational citizenship behaviors (OCBs)
extra-role performance is also known as
OCBO and OCBI
two types of extra-role perfomance
OCBI
helping behaviors aiming directly at specific persons. acting voluntarily to help others (altruism) assisting coworkers when needed (interpersonal)
OCBO
helping behaviors aimed at the system. obeying organizational leadership above parochial interests (organizational loyalty)
serving the interests of the organization as a whole (representative behavior)
accepting the necessity of rules and regulations (organizational compliance)
POLC framework:
Planning
Organizing
Leading
Controlling
functions of managment
global challenges
the POLC framework must be adapted to meet...
planning
-defining goals and objectives
-deciding what type of activities the
company will engage in
-determining the resources needed to achieve the organization's goals & objectives.
strategy
central, integrated, externally-oriented concept of how an organization will achieve its objectives
gain competitive advantage
key aim to both business and military strategy
competitive advantage
condition or circumstance that puts a company in a favorable or superior business position
organizing
-attracting people to the organizations
-specifying job responsibilities
-grouping jobs into work units
-marshaling and allocation of resources
-creating good working conditions
leading
-directing, motivating, and communication with employees, individually & in groups
-decision-making
strategy
the core of leading is ______: defining and communicating the company's unique position and making tradeoffs
controlling
-monitoring performance of people & units
-provision of feedback or information about progress
-identification of performance problems & actions to correct problems
Supervisory managers, or team managers
are responsible for coordinating a subgroup of a particular division or a team composed of members from different parts of the organization.
line manager
often called a product or service manager, leads a team that contributes directly to the products or services the organization creates. For example, a _________ at Procter & Gamble (P&G) is responsible for the production, marketing, and profitability of the Tide detergent product line.
staff manager
leads a function that creates indirect inputs. For example, finance and accounting are critical organizational functions but do not typically provide a clear input into the final product or service a customer buys, such as a box of Tide detergent.
project manager
responsible for the planning, execution, and closing of any project.
general managers
-responsible for managing a clearly identifiable revenue-producing unit, such as a store, business unit, or product line.
-make decisions across various functions and have rewards tied to the performance of the entire unit.
-take direction from their top executives
informational roles
link all managerial work together
interpersonal roles
ensure that information is provided
decisional roles
make significant use of the information
leadership
entrepreneurship
strategy
the principles of management are drawn from a number of academic fields, principally, the fields of...
environmental scanning
planning begins with ______
environmental scanning
collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan
strategic planning
involves analyzing competitive opportunities and threats, as well as the strengths and weaknesses of the organization, and then determining how to position the organization to compete effectively in their environment. long term
tactical planning
intermediate-range (one to three years) planning that is designed to develop relatively concrete and specific means to implement the strategic plan.
operational planning
generally assumes the existence of organization-wide or subunit goals and objectives and specifies ways to achieve them. short-range (less than a year) planning that is designed to develop specific action steps that support the strategic and tactical plans.
controlling
consists of three steps, which include (1) establishing performance standards, (2) comparing actual performance against standards, and (3) taking corrective action when necessary
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