Management Final

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communication

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the transfer of information and understanding from one person to another

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formal communication

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communications that follow the chain of command and are recognized as official

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informal communication

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communication that develops outside the formal structure and does not follow the chain of command.

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communication process

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communication process has been said to be the process consisting of a sender transmitting a message through media to a receiver who responds.
the sender is the person wanting to share the information called a message and the receiver is the person for whom the message is intended

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encoding

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is translating a message into understandable symbols or language

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decoding

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is interpreting and trying to make sense of the message

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medium

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is the pathway by which a message travels
sender----medium---receiver

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media richness

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indicates how well a particular medium conveys information and promotes learning . the richer the better. the highest is face to face

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rich medium

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best for nonroutine situations and to avoid oversimplification

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lean medium

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best for routine situations and to avoid overloading.

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noise

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any disturbance that interferes with the transmission of a message. examples- static, fadeout, distracting facial expressions, uncomfortable meeting sites, competing voices

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semantics

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is the study of the meaning of words. we may encounter semantic difficulties when dealing with other cultures.

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downward communication

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from top to bottom. flows from a higher level to a lower level

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upward communication

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from bottom to top. flows from a lower level to a higher level

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horizontal communication

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flows within and between work units. its main purpose is coordination

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external communication

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flows between people inside and outside the organization

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grapevine

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the unofficial communication system of the informal organization

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control

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is defined as monitoring performance, comparing it with goals and taking corrective actions as needed.
6 reasons:
1- to adapt to change and uncertainty
2- to discover irregularities and errors
3- to reduce costs, increase productivity or add value
4- to detect opportunities
5- to deal with complexity
6- to decentralize decision making and facilitate teamwork.

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continuous improvement

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is defined as ongoing small, incremental improvements in all parts of an organization- all products, services, functional areas, and work processes.
- its less expensive to do it right the first time.
- its better to do small inprovements all the time
-accurate standards must be followed to eliminate small variations
- there must be strong commitment from top management

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quality circles

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consist of small groups of workers and supervisors who meet intermittently to discuss workplace and quality- related problems. a quality circle may consist of a group of 10-12 people meeting an hour or so once or twice a month with management listening

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self managed teams

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groups of workers who are given administrative oversight of activities such as planing, scheduling, monitoring, and staffing for their task domains

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special purpose teams

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meet to solve a special or one time problem

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income statements

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summarizes an organizations financial results- revenues and expenses- over a specified period of time

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balanced sheet

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summarizes an organizations overall financial worth-that is, assets and liabilities- at a specific time.

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financial ratios

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evaluated by a ratio analysis. financial ratios determine an organizations financial health the types are calculate liquidity, debt management, asset management and return

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balance scorecard

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which gives top managers a fast but comprehensive view of organization via four indicators.
customer satisfaction
internal processes
innovation and improvement activities
financial measures

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four perspectives of scorecard

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1financial perspective- how do we look to shareholders? profitability, growth, quarterly sales
2innovation and learning perspective- can we continue to improve and create value? growth of employees
3customer perspective- how do customers see us? make taking care of customers a high priority
4internal business perspective- what must we excel at? what companies must do internally

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strategy map

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is a visual representation of the four perspectives of the balanced scorecard that enables managers to communicate their goals so that everyone in the company can understand their jobs are linked to the overall objectives or the organization

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budget

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is a formal financial projection

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incremental budgeting

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allocates increased or decreased funds to a department by using the last budget period as a reference point; only incremental changes in the budget are reviewed

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zero based budgeting

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forces each department to start from zero in projecting its funds needs for the coming budget period

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fixed budget

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allocates resources on the basis of a single estimate of costs

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variable budget

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allows the allocation of resources to carry in proportion with carious levels of activity

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financial statement

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is a summary of some aspect of an organizations financial status

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productivity

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The amount of output per unit of input (labor, equipment, and capital)

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standards

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what is the desired outcome we want? or performance standards or simply standard is the desired performance level for a given goal

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control process

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establish standards 1
measure performance 2
compare performance to standards 3
take corrective action if necessary 4

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general environment or macroenvironment

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includes six forces economic, technological, sociocultural, demographic, political-legal and international

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economic forces from general environment

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consist of general economic conditions and trends- unemployment, inflation, interest rates, economic growth, that may affect an organizations performance

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technological forces from general environment

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are new developments in methods for transforming resources into goods and services

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sociocultural forces from general environment

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are influencees and trends originating in a country's, society's, or a cultures human relationships values that may affect an organization

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demographic forces from general environment

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are influences on an organization arising from changes in the characteristics of a population such as age, gender, or ethnic origin

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political-legal forces from general environment

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are changes in the way politics shape laws and laws shape the opportunities for and threats to an organization

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international forces from general environment

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are changes in the economic, political, legal, and technological global system that may affect an organization

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task environment

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consist of 11 groups that present you with daily tasks to handle: customers, competitors, suppliers, distributors, strategic allies, employee organizations, local communities, financial institutions, government regulators, special interest groups and mass media

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customers of task environment

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those who pay to use an organizations goods or services

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competitors of task environment

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people or organizations that compete for customers or resources

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suppliers of task environment

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is a person or an organization that provides supplies such as raw materials, services, equipment, labor, or energy to other organizations

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distributors of task environment

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a person or an organization that helps another organization sell its goods and services to customers

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strategic allies of task environment

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describes the relationship of two organizations who join forces to achieve advantages neither can perform as well alone

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employee organizations of task environment

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labor unions usually hold hourly paid employees

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local communities of task environment

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obviously important stakeholders when big organizations arrive and leave

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financial institutions of task environment

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loans, credit cards when revenues are down or to finance expansion

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government regulators of task environment

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regulatory agencies that establish ground rules under which organizations must operate

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special interest groups of task environment

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groups whose members try to influence specific issues

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ethics

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are the standards of right and wrong that influence behavior.

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ethical behavior

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is behavior accepted as right as opposed to wrong according to those standards

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sarbanes oxley act 2002

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often shortened to sarbox, which establishes requirements for proper financial record keeping for public companies and penalties for noncompliance. administered by the securities and exchange commission

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ethical delimma

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a situation in which you have to decide whether to pursue a course of action that may benefit you or your organization but that is unethical or even illegal

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utilitarian approach

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is guided by what will result in the greatest good for the greatest number of ppl

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individual approach

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is guided by what will result in the individuals best long term interests which ultimately are in everyones self interest

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moral rights approach

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is guided by respect for the fundamental rights of human beings

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justice approach

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is guided by respect for impartial standards of fairness and equity

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globalization

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the trend of the worlds economy toward becoming a more interdependent system

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ethnocentric

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believe that their native country, culture, language, and behavior are superior to all others

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polycentric managers

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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

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geocentric managers

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accept that there are differences and similarities between home and foreign personnel and practices and that they should use whatever techniques are most effective

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global outsourcing

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defined as using suppliers outside the united states to provide labor, goods, or services

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importing

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a company buys goods outside the country and resells them domestically

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exporting

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a company produces goods and domestically sells them outside of the country

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counter trading

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that is bartering goods and services

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licensing

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a company allows a foreign company to pay it a fee to make or distribute the first companys product or service

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franchising

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is a form of licensing in which a company allows a foreign company to pay it a fee and a share of the profit in return for using the first companys brand name and a package of materials and services

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joint venture

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also known as strategic alliance with a foreign company to share the risks and rewards of starting a new enterprise together in a foreign company

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wholly-owned subsidiary

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a foreign subsidiary that is totally owned and controlled by an organization

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free trade

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the movement of goods and services among nations without political or economic obstruction

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trade protectionism

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the use of government regulations to limit the import of goods and services

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tariff

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is a trade barrier in the form of a customs duty, or tax, levied mainly on imports

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import quota

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a trade barrier in the form of a limit on the numbers of a product that can be imported

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dumping

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the practice of a foreign company's exporting products aboard at a lower price than the price in the home market- or even below the cost of production- in order to drive down the price of the domestic product

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embargo

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is a complete ban on the import or export of certain products

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trading blocs

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also known as an economic community is a group of nations within a geographical region that have a greed to remove trade barriers with one another

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north american free trade agreement (nafta)

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a trading bloc consisting of the united states, canada, and mexico

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european union (eu)

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consists of 25 trading partners in europe covering 455 million consumers

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asia-pacific economic cooperation (apec)

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is a group of 21 pacific rim countries whose purpose is to improve economic and political ties

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mercosur

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is the largest trade bloc in latin america and has four core members, argentina, brazil, paraguay, and uruguay and two associate members chile and bolivia

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hofstede model dimensions of national culture

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there are four dimensions
individualism/collectivism
power distance
uncertainly avoidance
masculinity/femininity

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hofstede individualism/collectivism

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how loosely or tightly are people socially bonded
united states austrailia sweden france canada great britain

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power distance hofstede

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how much do people accept inequality in power
mexico india thailand panama philippines

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uncertainly avoidance hofstede

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how strongly do people desire certainty

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masculinity/femininity

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how much do people embrace stereotypically male or female traits
masculinity expresses how much people value performance such as achievement japan mexico austria germany. femininity expresses how much people embrace relationship- oriented feminine traits such as sweden norway thailand denmark costa rica france

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grand strategy

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which after an assessment of current organizational performance, then explains how the organizations mission is to be accomplished, three common grand strategies growth, stability, and defensive

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growth grand strategy

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is a grand strategy that involves expansion as in sales revenues market share number of employees or number of customers clients served

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stability strategy

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is a grand strategy that involves little or no significant change

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defensive strategy

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or a retrenchment strategy is a grand strategy that involves reduction in the organizations efforts

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SWOT analysis

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aka a situational analysis- which is a search for the strengths, weaknesses, opportunities, and threats affecting the organization

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porters model for competitive strategies

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that business-level strategies originate in five primary competitive force in the firms environment
1 threats of new entrants
2 bargaining power of suppliers
3 bargaining power of buyers
4 threats of substitute products or services
5 rivalry among competitors

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threats if of new entrants

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new competitors can affect an industry over night taking away customers from existing organization

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bargaining power of suppliers

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some companies are readily able to switch suppliers in order to get components or services but others are not

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bargaining power of buyers

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customers who buy a lot of products or services from an organization have more bargaining power then those who dont