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78 Cards in this Set

  • Front
  • Back
Defining "management"
Management is defined as 1. The pursuit of organizational goals efficiently and effectively by 2. Integrating the work of people through 3. Planning, organizing, leading, and controlling the organization's resources.
Efficiency and Effectiveness
Efficient means to use resources wisely and cost effectively. Effective means to achieve results, to make the right decisions and to successfully carry them out so that they achieve organizational goals.
What is Competitive Advantage
The ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them.
Four Functions of Management
1. Planning: set goals and decide how to achieve them 2. Organizing: arrange tasks, people, and other resources to accomplish the task 3. Leading: motivate, direct, and otherwise influence people to work hard to achieve the organization's goals 4. Controlling: monitor performance, compare it with goals, and take corrective action as needed
Top Managers
Make long term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it
Middle Managers
Implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first line managers below them
First-line managers
Make short term operating decisions, directing the daily tasks of non-managerial personnel
Functional manager
responsible for just one organizational activity
General manager
responsible for several organizational activities
Interpersonal roles
managers interact with people inside and outside their work units
figurehead, leader, liaison
Informational roles
managers receive and communicate information
monitor, disseminator, spokesperson
Decisional roles
managers use information to make decision to solve problems or take advantage of opportunities
entrepreneur, disturbance handler, resource allocator, negotiator
Intrapreneur
someone who works inside and existing organization who sees an opportunity for a product or service and mobilizes the organization's resources to try to realize it
Entrepreneur
someone who sees a new opportunity for a product or service and launches a business to try to realize it
Technical Skills
job-specific knowledge needed to perform well in a specialized field
Conceptual skills
the ability to think analytically, to visualize an organization as a whole and understand how the parts work together
Human skills
the ability to work well in cooperation with other people to get things done
Evidence based management
-translating principles based on best evidence into organizational practice
-bringing rationality to the decision making process
Historical perspective
-classical
-behavioral
-quantitative
Contemporary perspective
-systems
-contingency
-quality-management
Classical viewpoint
emphasis on ways to manage work more efficiently
Scientific management
emphasized scientific study of work methods to improve productivity of individual workers
Proponents: F. W. Taylor, Frank and Lillian Gilbreth
Administrative management
concerned with managing the total organization
Proponents: Henry Fayol, Max Weber
Behavioral viewpoint
Emphasis on importance of understanding human behavior and motivating and encouraging employees toward achievement
Early behaviorists
Proponents: Mary Parker Follet, Elton Mayo
Human relations movement
proposed better human relations could increase worker productivity
Quantitative viewpoint
applies quantitative techniques to management
Management science
focuses on using mathematics to aid in problem solving and decision making
Operations management
focuses on managing the production and delivery of an organization's products or services more effectively
Henry Fayol
-French engineer and industrialist
-first to identify the major functions of management
Max Weber
believed that a bureaucracy was a rational, efficient, ideal organization based on the principles of logic
Mary Parker Follet
social worker and social philosopher
1. Organizations should be operated as "communities"
2. Conflicts should be resolved by having managers and workers talk over differences and find solutions that would satisfy both parties
3.The work process should be under control of workers with relevant knowledge
Elton Mayo
-conducted several productivity studies at the Hawthorne Plant of Western Electric Co. in Illinois
Hawthorne effect
employees worked harder if they received special attention from supervisors and thought that managers cared about their welfare
Maslow's Hierarchy of Needs
Self-actualization, esteem, social, safety, physiological
Theory-X manager
-represents a pessimistic, negative view of workers
-workers are irresponsible, resistant to change, lack ambition, hate work, and want to be led
Theory-Y manager
-represents an optimistic, positive view of workers
-workers are considered capable of accepting responsibility, self-direction, self-control and being creative
Systems viewpoint
-regarding the organization as a system of interrelated parts
-collection of subsystems
-part of the larger environment
-an "ecological" perspective
Contingency viewpoint
-emphasizes that a manager's approach should vary according to the individual and environmental situation
-most practical because it address problems on a case-by-case basis
Total Quality Management
-comprehensive approach-led by top management and supported throughout the organization-dedicated to continuous quality improvement, training, and customer satisfaction
W. Edwards Deming
Application of statistical methods
Internal stakeholders
-consist of employees, owners, and the board of directors
External stakeholders
people or groups in the organization's external environment that are affected by it
Task environment
Includes customers, competitors, suppliers, distributors, strategic allies, government regulators, special interest groups
General environment
Economic forces, technological forces, sociocultural forces, demographic forces, political-legal forces, international forces
Personality
stable physical and mental characteristics responsible for a person's identity
Internal dimensions of diversity
human difference that exert a powerful, sustained effect throughout every stage of our life
External dimensions of diversity
consist of the personal characteristics that people acquire, discard, or modify throughout their lives include an element of choice
Organizational dimensions
include management status, union affiliation, work location, seniority, work content, and division
Kohlberg's 3 levels of moral development
-Level 1, pre conventional-follows rules
-Level 2, conventional-follows expectations of others
-Level 3, post conventional-guided by internal values
Sarbanes-Oxley of 2002
established requirements for proper financial record keeping for public companies and penalties of as much as 25 years in prison for noncompliance
Corporate social responsibility (CSR)
-notion that corporations are expected to go above and beyond following the law and making a profit
Carroll's Global CSR Pyramid
-Philanthropic responsibility
-Ethical responsibility
-Legal responsibility
-Economic responsibility
Globalization
the trend of the world economy toward becoming a more interdependent system
Global village
the "shrinking" of time and space as air travel and the electronic media have made it much easier for the people of the globe to communicate with one another
Barbell economy
Small companies can get started more easily, maneuver faster, create a global presence with web site and e-business
Ethnocentric managers
-believe that their native country, culture, language, and behavior are superior to all others
Polycentric managers
-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
5 reasons firms 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
Outsourcing
using suppliers outside the U.S. to provide labor, goods, or services
Importing
a company buys goods outside the country and sells them domestically
Exporting
a company that produces good domestically and sells them outside the country
Countertrading
bargaining goods for goods
Licensing
a firm allows a foreign company to pay it a fee to make or distribute the firm's product or service (more often for manufacturing/production)
Franchising
a firm allows a foreign company to pay it a fee and a share of the profit in return for using the firm's brand name and a package of materials and services (more often for services/retail...)
Joint ventures
formed with a foreign company to share the risks and rewards of starting a new enterprise together in a foreign country, also known as a strategic alliance
Wholly-owned subsidiaries
foreign subsidiary that is totally owned and controlled by an organization
Trade barriers
Tariffs, import quotas, embargoes
Tariffs
customs duty, or tax, levied mainly on imports
Quotas
limits on the number of a product that can be imported
World trade organization (WTO)
-designed to monitor and enforce trade agreements
-agreements are based on the General Agreement on Tariffs and Trade (GATT)
-Consist of 153 countries
International Money Fund (IMF)
designed to assist in smoothing the flow of money between nations
World Bank
purpose is to provide low-interest loans to developing nations for improving transportation, education, health, and telecommunications
Trading bloc
group of nations within a geographic region that have agreed to remove trade barriers with one another
-also known as an economic community
6 important trading blocs
NAFTA, European Union, APEC, ASEAN, Mercosur, CAFTA
Advantages of globalization
Increases choices, competition, and purchasing power. Decreases the prices of food, clothing, necessities, luxuries
Disadvantages of globalization
Increase competition for jobs and environmental issues. Decrease working conditions, wages/benefits, and unionization