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MGMT 301 Midterm

Terms in this set (35)

Managment
Planning, organizing, leading, and controlling of human and other resources to achieve organizational goals efficiently and effectively
Effective
to achieve results, to make the right decisions and to successfully carry them out so that they achieve the organization's goals
Efficient
to use resources -people, money, raw materials, and the like -wisely and cost-effectively
What are the 4 functions of managment
Planning
Organizing
Leading
Controling
Planning
Set goals decided how to achieve them
(what are you going to do?)
Organizing
Arrange task/ resources/ people to accomplish the work (what do you need to do it?)
Leading
Motivate guide and direct people to work hard and achieve organizations goals
(how are you going to do it?)
Controlling
Monitor performance against the goals set. Modify as needed
(did it happen?)
Exceptional Manager (rewards)
Experience a sense of accomplishment, stretch your abilities and magnify your range, build a catalog of successful products or services.
Exceptional Manager (challenges)
1. Managing for competitive advantage- staying ahead of rivals
2. Managing for diversity- the future won't resemble the past.
3. Managing for globalization- the expanding management universe.
4. Managing for information technology.
5. Managing for ethical standards.
6. Managing for sustainability- the business of green.
7. Managing for your own happiness and life goals.
Levels of Managment
Top - make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it
Middle-make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it
First line-make short-term operating decisions, directing the daily tasks of nonmanagerial personnel
Team Leader- a manager who is responsible for facilitating team activities toward achieving key results
What skills do managers need?
Technical- job specific knowledge
Conceptual- ability to think analytically
Human- work well with others
Historical Theory of Managment
Classical Viewpoint: emphasized ways to manage work more efficiently
Behavioral Viewpoint: Importance of understanding human behavior. Motivating employees
Quantitative Viewpoint: applies quantitative techniques to managment
Contemporary perspective of managment
The Systematic Viewpoint: regards the org. as interrelated parts operating together for common purpose.
The Contingency Viewpoint: Emphasized change approach by situation
Quality-Management Viewpoint: Three approaches
Scientific managment
Emphasized the scientific study of work methods to improve the productivity of individual workers
Globalization
Trend in the world economy toward becoming a more interdependent system
Multinational Corporation vs. Organization
Corporation is a business firm with operations in several countries/ Organization is nonprofit with operations in several countries
Ethnocentric vs polycentric managers
ethno- believe that their native country, culture, language, and behavior are superior to others
poly- take the view that native managers in the foreign offices best understand native personnel and practices, and so the home office should leave them alone.
Geocentric managers
accept that there are differences and similarities between home and foreign personnel and practices and that they should use whatever techniques are most effective
Why companies expand internationally?
1. Availability of supplies
2. New markets
3. Lower labor costs
4. Access to finance capital
5. Avoidance of tariffs and import quotas
5 ways of Expanding Internationally
1. Global outsourcing
2. Importing and exporting countertrading
3. Licensing and Franchising
4. Joint ventures
5. Wholly owned subsidiaries
Culture
Shared set of beliefs values knowledge and patterns of behavior common to a group of people
planning
Coping with uncertainty by formulating future courses of action to achieve specified results
setting goals and deciding how to achieve them
3 types of planning
Top managers- Strategic planning
middle management- Tactical planning
First-line management- Operational planning
Strategic goals
Set by and for top management and focus on objectives for the organization as a whole
Tactical goals
focus on the actions needed to achieve strategic goals
operational goals
concerned with short-term matters associated with realizing tactical goals
SMART Goals
Specific, measurable, attainable, results-oriented, target dates
Management by objectives (MBO)
1. Managers and employees jointly set objectives for the employee
2. Managers develop action plans
3. Managers and employees periodically review the employee's performance
4. manager makes performance appraisal and rewards the employee according to results
Strategic management
process that involves managers from all parts of the org. in the formulation and implementation of strategies and strategic goals
why develop a strategy
1. provide direction and momentum
2. Encourage new ideas
3. Develop a sustainable competitive advantage
5 steps in strategic management process
1. establish the mission/vision/values
2. assess current reality
3. formulate strategy: strategic tactical and operational plans
4. implement strategy
5. maintain strategic control
Porters 5 competitive forces
1. Threat of new entrants
2. Bargaining power of suppliers
3.Bargaining power of buyers
4.Threat of substitute products
5. Rivalry among competitors
4 competitive strategies
1. Cost-leadership
2. Differentiation
3. Cost-focus
4. Focused-differentiation
BCG
evaluating business units on the basis of their growth rates and share of the market
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