Management Final Ch. 7 & 5

Front 1

Leadership

Back 1

To lead means to inspire others to put forth effort. Leadership comes from POWER appropriately to influence other.

Front 2

Position Power

Back 2

Power from the position you hold. Based on things managers offer to others

Front 3

Power

Back 3

The ability to get someone else to do something you want done or make things happen the way you want

Front 4

Rewards

Back 4

"If you do what I say, I'll give you a reward." Offer rewards to people.

Front 5

Coercion

Back 5

"If you don't do what I ask, I'll punish you." Punish people.

Front 6

Legitimacy

Back 6

"Because I am the boss, you must do as I ask." Do it because i said so.

Front 7

Personal Power

Back 7

You earn yourself. Based on how managers are viewed by others.

Front 8

Expertise

Back 8

As a source of special knowledge and information

Front 9

Reference/Referent

Back 9

As a person with whom others like to identify. Power you don't just get overnight.

Front 10

Empowerment

Back 10

Allowing your employees to make decisions. Increases a managers ability to get things done. Increases workers involvement, motivation, and commitment. Increases a mangers discretionary time.

Front 11

Leadership Traits

Back 11

Traits that cannot be changed. Intelligence, Knowledge and expertise, Dominance, self-confidence, high energy, tolerance for tress, honesty and integrity, and maturity

Front 12

Leadership Behavior

Back 12

______ _________ theories focus on how leaders when working with followers

Front 13

Initiating Structure

Back 13

Managers who are high in task orientation/production. Plans and defines work to be done. Assigns task responsibilities. Sets clear work standards. Urges task completion Monitors performance results

Front 14

Consideration

Back 14

Managers who are high in concern for people. Acts warm and supportive toward follower. Develops social rapport with followers. Respect the feeling of followers.

Front 15

Fielder's Contingency Model

Back 15

Good leadership depends on a match between leadership and situational demands.

Front 16

Low LPC (Least Preferred Coworker)

Back 16

Task motivated leaders. Very favorable (high control) situations. Very unfavorable (low control) situations.

Front 17

High LPC (Least Preferred Coworker)

Back 17

Relationship motivated leaders. Situations of moderate control

Front 18

Leader Participation Model

Back 18

Helps leaders choose the method of decision making the best fits the nature of the problem situation.

Front 19

Transformational Leadership

Back 19

Makes subordinates aware of the importance of their jobs to the organization. makes subordinates aware of their own needs for personal growth. Aligns individual ad organizational goals

Front 20

Transactional Leadership

Back 20

More interested in getting employees to do what you want.

Front 21

Competitive Advantage

Back 21

An attribute or set of attributes that allows an organization to outperform its rivals.

Front 22

Sustainable Competitive Advantage

Back 22

One that is difficult for competitors to imitate.

Front 23

Strategy

Back 23

A comprehensive action plan that identifies the long term direction for an organization and guides resource utilization to achieve sustainable competitive advantage.

Front 24

The Strategic Management Process

Back 24

Definition of firms mission. Analysis of the internal and external environment of the firm. Formulation and implementation of strategies to create or maintain a competitive advantage.

Front 25

Mission Statements

Back 25

Reason for an organizations existence. They identify customers, products and/or services, location, underlying philosophy. An important test of the ______ is how well it serves the organization's stakeholders.

Front 26

SWOT Analysis

Back 26

1. Identify a single purpose
2. Inform
3. Persuade
4. Instruct
5. Record/Document
6. Summarizing or Analyzing?

Front 27

Porters Five Forces

Back 27

1. New Entrants = Threat of potential new competitors
2. Customers = Bargaining power of buyers
3. Substitute Products = The threat of substitute products or services
4. Suppliers = Bargaining power of suppliers
5. Industry Competition = Rivalry among competing firms.

Front 28

Market Scope

Back 28

Cost leadership and differentiation.

Front 29

Source of Competitive Advantage

Back 29

Focused cost leadership and focused differentiation. STRATEGY INFORMATION

Front 30

Strategy Implementation

Back 30

The process of allocating resources and putting strategies into action. All organizational and management systems must be mobilized to support and reinforce the accomplishment of strategies.
Micro Level= Every Employee
Macro Level= Company Overall

Front 31

Corporate Level Strategies

Back 31

Concentration on a single industry such as iPhone and iPad.

Front 32

Diversification

Back 32

Related vs. Unrelated
Related= Diapers and Paper towels= Absorbant
Unrelated= Buy out a company that is unrelated to your company

Front 33

Vertical Integration

Back 33

Forward vs. Backward
Raw Materials > Intermediate Manufacturing > Assembly > Distribution = Forward

Front 34

Internal Expansion

Back 34

Globalization of business.
Importing and Exporting > Licensing and Franchising > Strategic Alliance (Join a company overseas) > Joint Ventures > Wholly Owned Foreign Subsidary (Operation in another country)

Front 35

Stakeholder

Back 35

Anyone who is going to be affected by the business.
Ex: Employees, Management, Customers, Suppliers, Manufacterers, and Community

Front 36

Shareholder

Back 36

Someone who actually has invested money into a business.