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MNGT 3100 - Chapter 1
Terms in this set (62)
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?
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
Types of managers
responsible for developing the organization's strategy and acting as a steward for its vision and mission
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
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
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
process of enabling or authorizing an individual to think, behave, take action, and control work and decision making in autonomous ways
organizational commitment (OC)
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
employees who are not committed to their organizations engage in...
three types of OC
continue working for an organization because you agree with it and desired to remain there "staying because you want to"
continue working for an organization because you cannot afford to leave "staying because you need to"
continue working for an organization because you face pressure from others to remain "staying because you ought to"
individuals are recruited, selected, and hired to take responsibility for fulfilling the job description
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
helping behaviors aiming directly at specific persons. acting voluntarily to help others (altruism) assisting coworkers when needed (interpersonal)
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)
functions of managment
the POLC framework must be adapted to meet...
-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.
central, integrated, externally-oriented concept of how an organization will achieve its objectives
gain competitive advantage
key aim to both business and military strategy
condition or circumstance that puts a company in a favorable or superior business position
-attracting people to the organizations
-specifying job responsibilities
-grouping jobs into work units
-marshaling and allocation of resources
-creating good working conditions
-directing, motivating, and communication with employees, individually & in groups
the core of leading is ______: defining and communicating the company's unique position and making tradeoffs
-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.
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.
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.
responsible for the planning, execution, and closing of any project.
-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
link all managerial work together
ensure that information is provided
make significant use of the information
the principles of management are drawn from a number of academic fields, principally, the fields of...
planning begins with ______
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
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
intermediate-range (one to three years) planning that is designed to develop relatively concrete and specific means to implement the strategic plan.
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.
consists of three steps, which include (1) establishing performance standards, (2) comparing actual performance against standards, and (3) taking corrective action when necessary
THIS SET IS OFTEN IN FOLDERS WITH...
MNGT 3100 - Chapter 2
MNGT 3100 - Chapter 3
MNGT 3100 Chapter 5
MNGT 3100 Chapter 6
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