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212 Cards in this Set
- Front
- Back
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Management is the process of ________ the best way to use an organization's _________ to produce goods and services. It is the art of getting things done through ______ in the organization. |
deciding resources people |
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Efficiency is getting work done with a minimum of ______, waste, or ________. |
effort expense |
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Effectiveness is accomplishing tasks that help fulfill organizational __________. |
objectives |
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What are the four functions of management? |
Planning Organizing Leading Controlling |
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Planning is a formal process where managers choose goals, ________ actions, and ______ plans. It is used to develop overall strategies. It is also determining organizational _____ and a _____ to achieving them. |
identify revise goals means |
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Organizing is deciding _____ decisions will be made, who will do what jobs and tasks, who will work for whom in the company & how will different parts of the organization ___ ________ to accomplish the common goal. It is also assembling and coordinating the human, financial, physical, informational, and other _________ needed to achieve goals. |
where fit together resources |
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Leading is ________, ___________, and __________ others to work hard to achieve organizational goals. It also entails articulating to the followers the overall strategic _______ for the organization and becoming a tireless advocate for that vision. |
inspiring influencing motivating visions |
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Controlling is a monitoring ________ toward goal achievement and taking __________ action when progress isn't being made; without it, organizations can get lost. Another important aspect is creating ___________ that align employees' and organization's interests and to ________ people to pursue a desired course of action. |
progress corrective incentives motivate |
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What are the three types of management roles? |
interpersonal roles informational roles decisional roles
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Three examples of interpersonal roles |
figurehead leader liaison |
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Three examples for informational roles |
monitor disseminator spokesperson |
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Four decisional roles |
entrepreneur disturbance handler resource allocator negotiator |
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Figurehead managers perform ____________ duties. |
ceremonial |
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Leader managers ________ and __________ workers to accomplish organizational objects. |
motivate encourage |
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Liaison managers deal with people _______ their units. |
Outside |
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Monitor managers ____ their environment for information and receive unsolicited information. |
scan |
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Disseminator managers _____ information with ____________ and others in the company. |
share subordinates |
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Spokesperson managers share information with people ________ of the company. |
outside |
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Entrepreneur managers adapt themselves, their subordinates, and their units to ______ |
change |
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Disturbance handler managers respond to ________ so severe that they demand immediate ______. |
problems action |
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Resource allocator managers decide who will get what __________ and in what amounts. |
resources |
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Negotiator managers negotiate schedules, ________, goals, outcomes, resources, and employee _______. |
projects raises |
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What are the three types of managerial skills? |
Technical skills Human (interpersonal and communication) skills Conceptual and decision making skills |
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Techincal skills are specialized ___________, techniques, and knowledge required to get the job done. |
procedures |
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Human skills are the _________ to work well with ______. |
ability others |
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Conceptual and Decision Making Skills is the ability to see the organization as a _____, to recognize how the company fits into its external environment & _______ problems for the benefit of the organization and everyone concerned. |
whole resolve |
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Managerial values are vital characteristics of a successful manager. Values are _____, evaluative beliefs that guide our ___________ for outcomes or courses of action in a variety of situations. They are perceptions about what is _____ or ___ & tell us what we "ought" to do. They serve as moral compasses. |
stable preferences good bad |
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responsible for the overall performance of an organization or one of its major self-contained units |
top or senior managers |
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lead a particular function or subunit within a function |
middle or functional managers |
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manage employees who are themselves NOT managers |
first line or front line managers |
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Top managers: responsible for overall _________ of the organization responsible for creating a context for ______ develop employees' ___________ to and ownership of company performance create a positive organizational _______ through language and action Responsible for monitoring the business ___________ |
direction change commitment culture environment |
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Middle Managers -plant manager, regional manager, divisional manager -set objectives __________ with top management's goals -Implement subunit strategies for achieving objectives ____ and ________ resources to meet objectives -coordinate and link groups, departments, and divisions -monitor and manage subunits and ___________ managers. |
consistent plan allocate individual |
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First line managers -office manager, shift supervisor, department manager -______ and supervise the performance of non managerial employees -teach-entry level employees how to do their jobs -________, monitor, and ______ employees' performance -Make detailed _________ and operating plans -Implement the specific plans developed by middle managers |
train encourage reward schedules |
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Team Leaders -specific type of frontline manager -facilitate ____ activities toward accomplishing a goal -help team members plan and schedule work, learn to solve ________, and work effectively with each other manage internal and external _____________. |
team problems relationships |
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What are the three types of motivational competencies? |
skills values motivational preferences |
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4 Motivations to Manage |
-desire to compete desire to exercise power desire to be distinct desire to take action |
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Four factors facing managers in the new competitive landscape |
globalization technological change the importance of knowledge and ideas Collaboration across organizational boundaries |
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Competitive advantage is what makes a company __________--must be ____________ over a long period of time. |
successful sustainable |
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What happens initially when you become a manager? |
-be the boss -formal authority -manage tasks -job is not managing people |
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What happens after six months as a manager? |
-initial expectations were wrong -fast pace -heavy workload -job is to be a problem solver and troubleshoot for subordinates |
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What happens after a year as a manager? |
-no longer a "doer -communication, listening, and positive reinforcement -learning to adapt and control stress -job is people development |
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Managers are expected to set the _________ for their department or organization and to _____ behavior they expect from subordinates |
standard models |
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Managers cannot play _________ with employees, put their ____ before employees, lose their ______ with employees. |
favorites self temper |
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Successful executives are proactive, _______ planners, _____________, problem solvers. |
action responsible |
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Four points about Frederick Taylor |
worked as an engineer and got promoted to a supervisor saw people going through the motions, but not caring famous for developing time studies trying to increase efficiency |
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Scientific management is the ________ study and testing of different work methods to identify the ____, most _________ ways to compete a job. |
thorough best efficient |
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Who was the father of scientific management? |
Frederick Taylor |
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Motion study is breaking each task or job into ________ _______ and then eliminating those that are unnecessary or repetitive. Motion study typically yielded production increases of __ to ____ percent. |
separate motions 25 300 |
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Four points for Frank and Lillian Gilbreth |
really interested in understanding what motions were necessary to complete work minimize motions - reduce fatigue one of the first individuals to use recordings to study 12 children (cheaper by the dozen) |
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The gantt chart _________ indicates what tasks must be completed at which time in order to complete a project. |
visually |
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Henry Gantt was one of the first to recommend that companies _____ and _______ workers. |
train and develop |
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Quotes from Henry Gantt: "A scientific ___________ in detail of each piece of work, and the determination of the best ______ and the shortest ___ in which work can be done." "A _______ capable of teaching the ____ ______ and the _________ ____." "Reward for both teacher and pupil when the latter is __________." |
investigation method time teacher best method shortest time successful |
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Bureaucracy is the exercise of _______ on the basis of _________. |
control knowledge |
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Who created bureaucratic management? |
max Weber |
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Three points for bureaucracy: -people led by ______ of rational-legal authority -in other words, their _________, expertise, or __________. -Furthermore, the aim of bureaucracy is not to _______ authority, but to achieve an organization's goals in the most _________ way possible. |
virtue knowledge experience protect efficient |
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Who developed the 14 principles? |
Henri Fayol |
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Henri Fayol Quote: "The success of an enterprise generally depends much more on the ______________ ________ of its leaders than on their ___________ability." |
administrative ability technical |
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Who developed the 5 functions of management? |
Henri Fayol |
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Who dealt with conflict? |
Mary Parker Follett |
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Conflict is the __________ of difference, difference of ___________, of interests. |
appearance opinions |
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Three ways to solve conflict |
domination compromise integrative conflict resolution |
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one side wins and the other loses |
domination |
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each side gives up some of what they want |
compromise |
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have both parties indicate their preferences and then work together to find an alternative that meets the needs of both. |
integrative conflict resolution |
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Who came up with Hawthorne studies? |
Elton Mayo |
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Hawthorne study point 1: Human ________ related to work were found to be more important than _________ conditions or design of work. |
factors physical |
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Hawthorne study point 2: workers are not just extensions of ________, and financial incentives weren't necessarily the most important for __________ workers. |
machines motivating |
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hawthorne study point 3: Managers better understood effect of _____ _______ interactions, employee satisfaction, and attitudes on individual and group ____________. |
group social performance |
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Who had the zone of indifference? |
Chester Bernard |
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People will be __________ to managerial directives if they... -are ___________ -are consistent with organization's ________ -are __________ with people's personal interests -can actually be ________ ___ by those people |
indifferent understood purpose compatible carried out |
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What happens outside of the zone of indifference? |
People question your authority |
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Closed functions can function _______ _____________ with their environments. |
without interacting |
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Open systems interact with their environments and depend on them for ________. |
survival |
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Henry Ford __________ line production
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assembly |
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Two more points about henry ford |
before assembly lines, each car was made individually went from 2-3 weeks to make a car to 1.5 hours |
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Contingency Management: There are no __________ management theories; the most effective management theory or idea depends on the kinds of problems or __________ that managers or organizations are facing at a particular ____. |
universal situations time |
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Three inputs for organization |
raw materials capital equipment |
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Two outputs for organization |
products services |
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Three pieces of the environment |
internal specific external general external |
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General environment is the __________ and the technological, sociocultural, __________/_____, demographic & international forces/trends that indirectly affect all organizations. The general environment impacts the firm through its influence on the ____ environment. |
economy political legal task |
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Specific (task/competitive) environment is unique to a firm's industry; includes actual and potential _____________, suppliers & buyers; firms that provide ____________ products & firms that provide complements and directly affects the way its conducts _____ business. |
competitions substitute daily |
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Threat -managers typically take steps to protect the company from further ____; they arise from circumstances or developments in the external environment that may adversely affect the ability of managers to attain the _____ of their enterprise. |
harm goals |
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Opportunity -managers consider strategic ______________ for taking advantage of those events to _______ performance; arise from circumstances or developments in the external environment that if exploited through __________, enable managers to better attain the goals of their enterprise.
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alternatives improve strategies |
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A strength is an activity the organization is good at & is a potential source for ____________ ___________. |
competitive advantage |
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A __________ is an activity that the organization does not excel at and may be a source of competitive disadvantage. |
weakness |
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What are the five elements of the General environment? |
laws & regulations/political and legal economy technology demographics sociocultural issues/social values |
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What are Porter's five forces of the competitive environment? |
threat of entry of potential competitors the power of buyers the power of suppliers the threat of substitute products intensity of rivalry between established firms |
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Barriers to entry are factors that make it _______ for potential competitors to ______ an industry & compete with firms already in the industry |
costly enter |
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Barriers to exit are the _________ of barriers to entry & they ____ firms from reducing capacity even when demand is weak and excess capital exists. |
opposite stop |
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The five forces interact with each other, and some forces may be more important than other depending on the industry _______. |
setting |
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managers need to look at the ___ _______ when trying to understand the competitive forces that determine the nature of rivalry in their industry. |
big picture |
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Looking at the big picture will lead them to recognize threats & opportunities & react to them with the appropriate _________ response in order to attain the goals of their enterprise. |
strategic |
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Environmental Uncertainty: Managers do not have enough ____________ about the environment to understand or predict the ______. |
information future |
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Dynamism is the degree of discontinuous ______ that occurs within the industry. |
change |
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Complexity is the number of issues to which a manager must attend and the degree to which they are ______________. |
interconnected |
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Incremental (stable) changes are ____ and do not alter the basic ______ of competition in the task environment, usually the ____. |
slow nature norm |
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Discontinuous (dynamic) change is ____ and fundamentally __________ the nature of competition in the task environment. |
fast transforms |
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Punctuated Equilibrium is a view of industry evolution asserting that long periods of ____________ are punctuated by periods of _____ change when industry structure is revolutionized by innovation. |
equilibrium rapid |
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Environmental complexity simple: ___ environmental factors that affect organizations complex: ____ environmental factors that effect organizations Resource scarcity: the _________ or shortage of critical resources in an organization's external environment |
few many abundance |
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Five methods for dealing with uncertainty |
Collecting info: marketing research, competitive intelligence; exerting control: adapting to the environment, influencing the environment, selecting a new environment |
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organizational culture is the basic _______ of values & assumptions shared by employees within an organization and seen visibly by _________. |
pattern artifacts |
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an ___________ meritocracy may exist offering a host of opportunities for advancement, rewards for creativity, & productivity or an _____ bureaucracy may prevail that punishes change advocates, rewards only those who promote the status quo & inhibit ______________. |
enlightened inert productivity |
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What are the three levels of organizational culture? |
seen (surface level) heard (expressed values & beliefs) believed (unconscious assumptions and beliefs) |
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Shared values are values that people within the organization or work unit have in ______ and place near the top of their hierarchy of values. |
common |
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Espoused values are values people ___ they use & in many cases, think they use even if they don't |
say |
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Enacted values are values that people _________ ____ __ to guide their directions and actions. |
actually rely on |
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________ culture: the values and assumptions shared most _______ by people throughout the organization. |
dominant widely |
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Organizations have ____________ located throughout their various divisions, geographic regions, and occupational groups. |
subcultures |
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Some subcultures enhance the dominant culture by espousing ________ assumptions, values, and beliefs. |
parallel |
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Other subcultures are called ____________ because they directly _______ the organization's core values. |
countercultures oppose |
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Artifacts are the ___________ symbols and signal of an organization's culture--we can't see an organization's shared values and assumptions. |
observable |
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Some experts suggest that artifacts are the _______ of corporate culture, whereas others view them as symbols or _____________ of culture. |
essence indicators |
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Adaptive Culture is an organizational culture in which employees _____ on the changing _____ of customers and other stakeholders and support initiatives to keep ____ with these changes. |
focus needs pace |
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Organizational culture experts are starting to piece together the elements of adaptive cultures: 1. Adaptive cultures have an _________ focus. 2. Employees pay as much attention to organizational __________ as they do organizational goals. 3. Employees have a strong sense of ___________ 4. Adaptive cultures are _________ and quick. |
external processes ownership proactive |
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What are the four keys to an organizational culture that fosters success? |
adaptability employee involvement clear mission consistency |
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What are the four ways to change or strengthen organizational cultures? |
culturally consistent rewards (rewarded for good) behavioral substitution (set good examples) change visible artifacts hiring people with values and beliefs consistent with desired culture |
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What are the four strategies to merge organizational cultures? |
assimilation deculturation integration separation |
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Assimilation occurs when an acquired company willingly ________ acquiring firm's culture--rare, but does occur when acquired company has a ____, dysfunctional culture. |
embraces weak |
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Deculturation is when an acquiring firm _______ its culture on unwilling acquired firm. People who can't adapt are __________. |
imposes terminated |
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Integration is combining two or more cultures into a new _________ culture. It is a slow & risky process because many forces preserve _________ culture. |
composite existing |
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Separation is when merging companies remain ______ entities with minimal exchange of culture or organizational practices |
direct |
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Five reasons why you should plan? |
actively affect the future means for activity multiple benefits positive impacts good planning = organizational success |
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Benefits of planning intensified ______ persistence (____ __ _______) __________ creation of task strategies provides direction and purpose helps to allocate __________ helps __________ processes assigns roles & responsibilities provides _______ over the organization |
effort path to follow direction resources budgeting control |
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Pitfalls of Planning impedes ______ and prevents or slows adaptation creates a false sense of ___________ ___________ of ________ |
change certainty detachment of planners |
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A ___________ based on converting organizational objectives into ________ objectives for employees. |
philosophy personal |
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When Management by Objectives works best employees are more _____ of objectives objectives are _______ set by multiple parties MBO can be used to improve __________ |
aware jointly motivation |
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The planning process: Step 1: Situational _________ Step 2: Generate Alternative goals and plans Step 3: ________ goals and plans Step 4: Select goals & plans Step 5: Implementation Step 6: _______ & Control and Repeat Step 1! |
analysis evaluate monitor |
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What are smart goals? |
Specific, Measureable, Attainable, Relevant, and Time-bound |
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Proximal goals are _____-____ goals. |
short-term |
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Distal goals are ____-____ goals |
long-term |
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The planning horizon refers to how ___ ___ a plan is meant to apply. |
far out |
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plans that address unique events that do not reoccur |
single-use plans |
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plans used to handle events that reoccur frequently |
standing plans |
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plans formulated to address specific future events that might have a significant impact on the organization |
contingency plans |
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Scenario planning is based on the realization that the future is inherently ______________ & that an organization should plan for a range of possible futures. |
unpredictable |
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Some scenario plans are too __________, others too ______________. |
optimistic pessimistic |
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Four scenario planning traps treating scenarios as _________ failing to make scenarios global enough in scope failing to focus scenarios in areas of potential impact Treating them as _____________ only Not using an experienced ___________ |
forecasts informational facilitator |
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Options-based planning keep options ____ by making small, simultaneous investments in many ____________ plans. |
open alternatives |
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Slack resources are a ________ of resources, like extra time or money, that can be used to address and adapt to unanticipated ________ |
cushion changes |
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A _________ level strategy is concerned with deciding which industries the firm should compete and how it should enter or exit an industry. |
corporate |
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A business level strategy deals with how to compete in the selected ________. |
industry |
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An operating strategy deals with individual ________ (departments) that support the business level strategy |
function |
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Programmed decisions problem is ________, repetitive, routine with much certainty regarding cause & effect relationships Decision procedure depends on ________, rules, etc. |
frequent policies |
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Non-programmed decisions problem is novel, ____________ with much uncertainty regarding cause & effect Decision procedure needs creativity, intuition, tolerance for __________, creative _______ solving. |
unstructured ambiguity problem |
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___________ exists when you know the ________ of the decision. |
certainty results |
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___ occurs if certain reliable but ___________ information is available; precise probabilities are unknown; can perform an expected value analysis to determine the expected ______ of each known alternative. |
Risk incomplete payoff |
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___________ exists when very little or NO reliable information is available to evaluate the possible outcomes; no ____________ known. |
uncertainty probabilities |
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Four Timing Decisions Need must be recognized _____ decisions might be needed Failure to act or taking TOO MUCH ____ Bottom line is knowing when to make a decision is ____________ |
quick time complicated |
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Four barriers to decisions |
complacency defensive avoidance panic deciding to decid |
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the decision maker doesn't see the need for a decision |
complacency |
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decision maker denies the importance of danger or presence of an opportunity; or the responsibility for taking action |
defensive avoidance |
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frantic attempts to solve problems rarely produce the best results |
panic |
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accepting responsbility & challenge of decision making is critical to overall effectiveness |
deciding to decide |
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What are the three decision making models? |
rational models bounded rationality model garbage can model |
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Rationality is a _______ step by step approach to decision making with a thorough analysis of _____________ and their consequences--comes from classic economic theory. |
logical alternatives |
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a theory that suggests that there are limits upon how rational a decision maker can actually be |
bounded rationality |
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a theory that contends that decisions in organizations are random unsystematic--problems, solutions, participants, and choice opportunities are floating around randomly-if they happen to connect, a decision is made |
garbage can model |
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select the first alternative that is good enough because the costs in time & effort are too great to optimize |
satisfice |
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short cuts in decision making that save mental activity (rules of thumb) |
heuristics |
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decision making errors that we are all prone to making & have been repeatedly verified in research. Managers with good information can still make bad decisions |
cognitive biases |
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Cognitive Biases _____ hypothesis bias--prior beliefs about the relationship between two variables tends to make decisions based on those beliefs even when evidence suggests ___________ __________ commitment--committing even more resources to failing projects Reasoning by _________-oversimplifying a complex situation Representativeness-tendency to generalize from a _____ sample Illusion of Control-overemphasize one's ability to control evens Availability error-assuming the probability of an outcome based on how ____ it is to imagine Framing bias-the way in which a problem or decision is __________ can affect how it is perceived. |
prior otherwise escalating analogy small easy presented |
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Three points for participation in decision making |
involving others raises pertinent questions group or team decision making |
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Two reasons group or team decision making is superior |
less responsible more polar |
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Pitfalls of group decision making (5) |
group think takes considerable time strong willed members may dominate satisfying may occur goal displacement |
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Two points for cognitive (C type) conflict |
focuses on problem and issue-related differences of opinion willingness to examine, compare, reconcile differences to produce the best possible solution |
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Two points for Affective (a-type) conflict |
emotional reaction that can occur when disagreements become personal hostility, anger, resentment, distrust, cynicism, apathy |
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an action managers take to attain a goal of an organization |
strategy |
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Two aspects of superior performance |
high profitability growth in profits over time |
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advantage obtained when a firm outperforms its rivals. This results in higher profitability and profit growth |
competitive advantage |
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Two components of competitive advantage |
ability of the firm to lower costs ability to differentiate its products offering form that of rivals |
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Two qualities of sustainable competitive advantage |
barriers to imitation legacy constraints |
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Factors that make it difficult for a firm to imitate the competitive position of a rival |
barriers to imitation |
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prior investments in a particular way of doing business that are difficult to change and limit a firm's ability to imitate a successful rival. |
legacy |
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Four characteristics of distinctive competencies |
valuable rare imperfectly imitable non-substitute |
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strategy concerned with deciding which industries a firm should compete in and how the firm should _____ or ____ industries. |
enter exit |
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Vertical integration is moving ________ into businesses that supply inputs to a firm's core business or downstream into businesses that use the ________ of the firm's core business |
upstream outputs |
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diversification into a business related to the existing business activities of an enterprise by distinct similarities in one or more activities in the value chain |
related (concentric) diversity |
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diversification into a business not related to the existing business activities of an enterprise by distinct similarities in one or more activities in the value chain |
unrelated (conglomerate) diversity |
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Four components of BCG Matrix |
Questions Marks (high growth, small market share) Dogs (small growth, small market share) Cash Cows (small growth, high market share) Stars (high growth, high market share) |
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What do you do with Question marks? |
try to turn them into stars |
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What do you do with dogs? |
take money away from them |
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What is the relationship between diversity and risk? |
U-shaped relationship, better to have a single business or unrelated diversification than related diversification |
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What are the three kinds of grand strategies? |
growth strategy stability strategy retrenchment strategy |
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Two general positioning strategies |
cost-leadership strategy differentiation strategy |
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Five ways to segment the market |
young/old wealthy/not influence by pop culture/not care about status symbols/don't high value on luxury/not |
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Two strategies to serve a segment |
focus strategy (limited number) broad market strategy (entire market) |
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Examples of broad low cost |
wal-mart k-mart |
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examples of broad differentiation |
sears macy's |
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Examples of focused low cost |
costco dollar tree |
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examples of focused differentiation |
abercrombie & fitch Gap |
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Two components of the value chain |
primary activities (have to do with design and creation) support activities (provide inputs for primary activities) |
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If a business is to have superior performance, its business-level strategy must make sense given ________ conditions. |
industry (strategic fit) |
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Four adaptive strategies |
defenders prospectors analyzers reactors |
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seek moderate, steady growth by offering a limited range of products and services to a well-defined set of customers |
defenders |
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seek fast growth by searching for new market opportunities, encouraging risk taking, and being the first to bring innovative new products to a market |
prospectors |
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blend the defending and prospecting strategies |
analyzers |
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do not follow a consistent strategy and tend to be poorer performers than defenders, prospectors, or analyzers |
reactors |
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degree to which you serve the same markets |
market commonality |
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extent to which you have similar resources |
resource similarity |
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Two strategic direct competitive tactics |
attack and response |
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a competitive move designed to reduce a rival's market share or profits |
attack |
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a countermove prompted by by a rival's attack, designed to defend or improve a company's market share or profit |
response |
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Tactical Pricing Decisions _____ war - lowering prices to gain market share Price __________-cutting prices when new competition enters the market to sign a tough fight ahead Razor & razor blade pricing |
price signaling |
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Tactical product decisions product ___________ bundling - typing together a set of _______ products and charging a single price for them |
proliferate related |
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Three steps for the strategic planning process |
assess strategic needs conduct situational analysis choose strategic alternatives |
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should describe ends, not means, imply effort, activity, be unique and brief |
mission |
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should inspire organization employees offering a worthwhile target to achieve together |
strategic vision |
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should provide the reasoning for action |
values |
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should evolve from the mission, vision, and values |
goals |
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Components of SWOT analysis |
Internal Strengths internal weaknesses External opportunities External Threats |
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aims to protect an existing competitive advantage |
risk-avoiding strategy |
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aims to extend or create a sustainable competitive advantage |
Risk-seeking strategy |
