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58 Cards in this Set

  • Front
  • Back
What are the four functions of management?
1. Planning & Strategizing
2. Organizing
3. Controlling
4. Leading & Developing
What is the difference between planning and strategizing?
Planning focuses on choosing goals, allocating responsibility, measuring success of strategies against goals; and strategizing is a continual thinking process on what action plans should be taken. Strategizing is a subset of planning.
What is the difference between leading and developing?
Leading focuses on motivating, influencing, and directing others; developing focuses on hiring, training, and rewarding them.
What are the four levels of managers?
1. Corporate-level general managers
2. Business-level general managers
3. Functional managers
4. Frontline managers
What are the responsibilities of corporate-level general managers? (4)
1. Formulating strategies that span an organization's businesses
2. Deciding which industries to do business in
3. Providing a vision for the company
4. Managing relationships with shareholders
What are the responsibilities of business-level general managers? (3)
1. Operating a business division, which occupies all the activities of the organization in a given industry
2. Formulating concrete strategies for their units
3. Reporting to corporate-level general managers performance of the division
What are the responsibilities of functional managers? (3)
1. Leading a function within a division, e.g. marketing
2. Developing strategic plans set by the business-level general manager for the division
3. Developing human capital within the function of the division
What is human capital?
The knowledge, skills, and capabilities embedded in individuals
What are the responsibilities of frontline managers? (2)
1. Managing employees who are themselves not managers
2. Maintaining the performance of a team within the function in the division
What are the three kinds of managerial roles?
1. Interpersonal
2. Informational
3. Decisional
What are the three managerial competencies?
1. Skills
2. Values
3. Motivation
What are the three managerial skills? To which managers are each most important?
1. Conceptual (important for higher level)
2. Technical (important for lower level)
3. Human (important for all)
What are enacted, espoused, shared, and ethical values?
Values are evaluative beliefs that guide our preferences or actions.

Enacted values actually guide our behavior.

Espoused values are stated by a person.

Shared values are held in common by several people.

Ethical values are ones that society expects people to follow.
What are four sources of motivation for managers?
1. Desire to compete for management jobs
2. Desire to exercise power
3. Desire to be distinct/different
4. Desire to take action
What are the five effective leadership perspectives?
1. Power-Influence
2. Trait (Competency)
3. Behavior
4. Contingency
5. Transformational
According to the trait (competency) perspective of effective leadership, what are five inborn traits that make one an effective leader?
1. Strategic thinking
2. Achievement motivation
3. Power motivation
4. Charisma
5. Emotional intelligence
What are the five key components of emotional intelligence?
1. Self-awareness
2. Self-regulation
3. Motivation
4. Empathy
5. Social skills
What assumption is made by the behavior perspective of effective leadership?
That certain leadership behaviors result in greater commitment from subordinates and higher performance
What are the three contingencies of effective leadership in Fiedler's Contingency Theory?
1. Leader-member relations
2. Task structure
3. Position power
According to Fiedler's Contingency Theory, when is people-oriented leadership effective? When is task-oriented leadership effective?
People-oriented leadership is effective when the three contingencies are moderately favorable (present).

Task-oriented leadership is effective when the three contingencies are not favorable (not present) or very favorable (pervasive).
What are the two main theses in House's Path-Goal Contingency Theory?
1. The best leadership style depends on the situation.

2. A leader can change easily between the four leadership styles in the theory.
What are the three main steps in House's Path-Goal Contingency Theory?
1. Clarifying the path - helping subordinates learn behaviors that will attain goals

2. Clearing the path - removing obstacles so subordinates can attain goals more easily

3. Identifying and offering rewards - identifying what will motivate subordinates to work and giving appropriate rewards
What are the four different leadership styles in House's Path-Goal Theory?
1. Directive
2. Supportive
3. Participative
4. Achievement-oriented
What three contingencies are stressed in House's Path-Goal Theory?
1. Task structure
2. Team dynamics
3. Formal power
What are the seven main behaviors of transformational leaders?
1. Envision a different future
2. Communicate this vision to subordinates
3. Model desired behaviors
4. Empower employees to implement transformation
5. Make meaningful changes in activities and architecture
6. Lead with integrity (maintain trust)
7. Create an enduring organization that continues to operate in the future
When is countervailing power most prevalent? (two)
1. A manager NEEDS employees to work hard
2. A lot of employees collect their power
What are the five sources of power?
1. Hierarchical position
2. Expertise
3. Control over information
4. Network of allies
5. Individual attributes
What are the four contingencies of power?
1. Substitutability
2. Centrality
3. Discretion
4. Visibility
What are the similarities and differences between legitimate, reward, and coercive power?
Legitimate power arises from hierarchical position.

Reward power comes from the legitimate power which controls rewards.

Coercive power comes from the legitimate power which controls punishments/sanctions.
What are the similarities and differences between expert and referent power?
Expert power arises from actual expertise of an individual that makes you want to associate with them.

Referent power arises from an individual's charisma or "coolness" that makes you want to associate with them.
Describe the wheel and all-channel formations of information flow. Which has a greater concentration of power?
A wheel formation has it that one locus receives information and sends it outward through the wheel's "spokes."

An all-channel formation has it that information moves freely between all channels.

The wheel formation has a greater concentration of power at the locus, as it can choose to withhold information.
What seven individual attributes confer power?
1. Energy/endurance/stamina
2. Ability to focus
3. Empathy
4. Flexibility
5. Willingness to confront
6. Eloquence
7. Integrity
What are the nine influence tactics?
1. Silent authority
2. Assertiveness
3. Network building
4. Exchange
5. Coalition formation
6. Appeal to a higher authority
7. Ingratiation
8. Impression management
9. Persuasion
What is the inoculation effect?
Warning an audience you are trying to influence them about your opponent's arguments; a persuasive tactic
What is similarity-attraction?
Telling an audience you're like them, therefore your position makes sense; a persuasive tactic
What are the three reactions to being influenced?
1. Resistance
2. Compliance
3. Commitment
What are the three points of the rhetorical triangle for persuasion?
1. Logos (logical reasoning)
2. Pathos (emotional appeal)
3. Ethos (speaker's credibility)
What are the six steps of the decision-making process?
1. Define the problem
2. Identify decision criteria
3. Allocate weights to criteria
4. Develop alternatives
5. Evaluate alternatives
6. Select the best alternative
What are the six assumptions behind the decision-making process?
1. Problem clarity
2. Known options
3. Clear preferences
4. Constant preferences
5. No time constraints
6. Looking for maximum payoff
What are the six hidden traps in the decision-making process?
1. Anchoring
2. Status-quo
3. Sunk-cost
4. Framing
5. Confirmation
6. Estimating and Forecasting
What is escalation of commitment?
Situations in which losses have been incurred from a course of action, but where there is possibility of returns/gains
What are the three biases associated with the estimating and forecasting trap?
1. Overconfidence bias
2. Prudence bias
3. Recallability bias
What are the six kinds of forces of the general external environment?
1. Political and legal forces
2. Technological forces
3. Demographic forces
4. Sociocultural forces
5. Macroeconomic forces
6. International forces
What are five forces that help business development in the economic and legal environments?
1. Freedom of ownership
2. Contract laws present
3. Elimination of corruption
4. Tradable currency present
5. Minimal taxes and regulation
What are six key demographic trends present in the United States today?
1. High population growth
2. High population growth among the elderly
3. More immigration (legal and illegal)
4. Citizens are better educated
5. Families are becoming two-income
6. Families are becoming single-parent
What are the five components of the task environment?
1. Suppliers
2. Competitors
3. Distributors
4. Customers
5. Complementors
What are three barriers to entry for potential competitors?
1. Economies of scale
2. Brand loyalty
3. Government regulation
What are the differences between plans, goals, strategies, and objectives?
A goal is a desired future state in a broad sense. A plan is a blueprint with strategies and courses of action to accomplish goals. Objectives are specific courses of action.
What are four reasons that planning is important?
1. Gives the organization a sense of direction/purpose
2. Gets managers to participate
3. Provides all parts of the firm an understanding so weight can be pulled in the same direction
4. Specifies who's in charge (controlling)
What are two sources of competitive advantage?
1. Pursuing a low-cost strategy
2. Pursuing a differentiation strategy
What are three reasons barriers of imitation exist?
1. Intellectual property rights
2. Some work processes difficult to imitate
3. Legacy constraints
Which time horizons are preferable for corporate-level, business-level, and functional-level plans?
Corporate- and business-level plans are typically long- and intermediate-term. Functional-level plans are typically intermediate- and short-term.
How does scenario planning differ from crisis management?
Scenario planning is a process of generating multiple forecasts of future conditions and how to respond to each; crisis management describes how an organization manages an unforeseen threat of great magnitude, i.e. a crisis.
What are Porter's five forces? What is the sixth potential force?
1. Threat of entry
2. Bargaining power of buyers
3. Bargaining power of suppliers
4. Threat of substitutes
5. Intensity of rivalry
6. Complementors
What are the three components of the OAS statement?
1. Objective - what we want; we also state our current market position
2. Advantage - our means to get what we want; where our competitive advantage comes from
3. Scope - the scope of our activites; what we do for customers
What are the three components of the value chain of a business or business division?
1. Internal organization architecture
2. Support activities
3. Primary activites
What are the four corporate-level strategies?
1. Focus (single-industry)
2. Vertical integration
3. Related diversification
4. Unrelated diversification
What are economies of scope?
Cost reductions associated with sharing resources across businesses