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27 Cards in this Set
- Front
- Back
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What do leaders do?
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-Doing the right thing
-“What should we be doing?” -Vision, mission, goals, objectives -Challenge the status quo -Long-term view -Expand people’s options and choices -Inspire and motivate people to find their own solutions -Concerned with ends, what gets done |
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What do managers do?
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-Doing things right
-“How can we do what we’re already doing better?” -Productivity and efficiency -Preservers of status quo -Short-term view -Limit others’ choices -Sole problems so that others can do their work -More concerned with means, how things get done |
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What is TRAIT THEORY?
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-Effective leaders possess a similar set of traits or characteristics
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What are leadership traits?
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Leaders are different from followers in:
-Drive -Desire to lead -Honest/integrity -Self-confidence -Emotional stability -Cognitive ability -Knowledge of the business |
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What is emotional intelligence?
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The ability to cope, empathize with others, and be
self-motivated based on several key traits |
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What are Implications of Task Behavior Models?
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-Requires balancing one’s orientation to tasks/jobs and orientation to people/employees
-Effective managers tend to have supportive or employee-centered relationships with employees Use group rather than individual methods of supervision -Set high performance goals -But these models focus on the leader rather than the followers |
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What is CHARISMATIC LEADERSHIP?
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-Is a strong form of referent power (trusted & respected)
-Is based on individual inspirational qualities rather than formal power -Generates followers who identify with charismatic leaders because of these exceptional qualities -Is rare; very few people are considered truly “charismatic” -Has a potential downside: does not always suit the situation |
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What are CHARISMATIC LEADERSHIP QUALITIES?
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-Vision
-Ability to communicate -Ability to inspire trust -Positive self-regard -Intellectually stimulating -Support and encourage subordinates |
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What is TRANSFORMATIONAL LEADERSHIP?
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Moves beyond charismatic leadership
Combines empowering and coaching followers Motivates followers to: -Ignore self-interest -Work for the larger good of the organization -Achieve significant accomplishments |
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What is Adaptive Leadership or LEVEL 5?
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Creating an environment and
establishing a set of conditions in which people are able to make decisions for themselves |
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What is PATH-GOAL LEADERSHIP MODEL (by ROBERT HOUSE)?
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Holds that the effective leader clarifies paths through which subordinates can achieve goals, both organizational and personal.
-Leader behavior must be a source of immediate or future satisfaction for followers. -Leaders must complement, not duplicate the characteristics of followers’ work environments. -Several leadership styles can be defined |
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How does globalization impact management's responsibilities?
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-Requires higher sensitivity to cultural contexts
-Shifts forms, locations and effective coordination of teams -Increases coordination on human resources and employee development -Dictates more technology solutions to support coordination. (e.g. videoconferencing, shared databases, etc) |
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How do SALES improve from an international component to your strategy
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-Maturing home market – look elsewhere for growth
-Take advantage of demand -Government incentives, reduced trade barriers -Build positions in global markets where competitors lack similar competencies and products |
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How do you "Reduce or leverage COSTS" from an international component to your strategy
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-Labor and capital costs may be cheaper
-Communication, transportation, storage costs are lower due to technological advances -Build production to drive costs down experience curve |
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How do you "Reduce or leverage RISKS" from an international component to your strategy
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-Take advantage of currency and economic cycles
-Gain technologies in other places |
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What to consider when entering a foreign market?
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Institutional Environment
-Financial and Economic System -Economic Development -Political Legal -Physical Infrastructure Cultural Dimensions -Employees -Customers Market Attractiveness -Purchasing Power – now or emerging -Markets – current and future -Competition – number and quality -Language -Costs, benefits, risks -Determine scale of entry and resource commitment |
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What is Expropriation?
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A government’s seizure of a foreign companies assets
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What is Foreign Corrupt Practices Act of 1977?
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Makes it illegal for employees of the U.S. companies to bribe political decision makers in foreign nations
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What are advantages and disadvantages of EXPORTING?
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ADVANTAGES
-Less dependence on home market sales -Greater degree of control over research, design, and production decisions DISADVANTAGES -Many exports are subject to tariff and nontariff barriers -Transportation costs can increase price -Companies may depend on foreign importers for product distribution |
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What are advantages and disadvantages of LICENSING?
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ADVANTAGES
-Allows companies to earn profits without investing more money -The licensor invests in production equipment and facilities -Helps companies avoid tariff and nontariff barriers DISADVANTAGES -Licensor gives up control over quality of the product or service sold by the foreign licensee -Licensees can eventually become competitors |
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What are advantages and disadvantages of FRANCHISING?
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ADVANTAGES
-Fast way to enter foreign markets -Good strategy when a company’s domestic sales have slowed DISADVANTAGES -Franchisors face a loss of control -Franchising success may be culture-bound |
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How do strategic alliances become and attractive means of market entry?
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-Generates scale economies
-Gains access to strategic market -Overcomes trade barriers -Acquires a needed asset or competency -Avoids the risks and costs of building a new operation from the ground floor -Uses complementary skills and assets that may increase the probability of success |
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What are advantages and disadvantages of JOINT VENTURES?
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ADVANTAGES
-Help companies avoid tariff and nontariff barriers to entry -Participating companies bear only part of the costs and risks -Advantageous to smaller local partners DISADVANTAGES -Companies must share profits -Joint ventures represent a merging of four cultures -With equal ownership, power struggles and a lack of leadership |
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What are advantages and disadvantages of WHOLLY OWNED AFFILIATES (BUILD OR BUY)?
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ADVANTAGES
-Parent company receives all of the profits and has complete control DISADVANTAGES -Expense of building new operations or buying existing business -Losses can be immense if the venture fails |
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What is Global Consistency?
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When a multinational company has offices/plants in different countries and uses the same rules, guidelines, policies, and procedures
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What is Local Adaptation?
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When a multinational company modifies its rules, guidelines, policies, and procedures to adapt to differences in foreign customers, governments, and regulatory agencies
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Describe the different global strategies.
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International
-Domestic primary w/ foreign outposts Multinational -Modify products/practices for each country Global -“World” products, central coordination/R&D Transnational -Globally efficient + Locally responsive |
