MGT 201 11th EditionExam # 1 Study Guide Lectures: 1 - 8Lecture 1 (January 14th)Chapter 1: Managing Management is the process of working with people and resources to accomplish organizational goals, efficiently and effectively The four functions of management:- Planning, organizing, leading, and controllingManaging Skills:-Conceptual skills: cognitive skills; ability to see the big picture and think strategically -Technical skills: ability to master the technology or methods used; analytical ability -Human/People Skills: ability to work with and through other people and to work effectively as agroup member*Refer to text for Mintzberg’s Managerial Roles Graph (Exhibit 1.8 pg. 23) Lecture 2 (January 16th) Chapter 2: History of Management Approaches to Management:1.) Scientific Management: Frederick Taylor advocated use of scientific methods to analyze work and improve efficiency & labor productivitya. Tasks were broken down into basic movements and motions were timed to determine most efficient way to complete a task b. Implemented a piece-rate system, which meant you were paid by your sales c. Stressed training, standardization, and breaks d. Littler concern for people 2.) Bureaucratic Approach: Max Weber wanted an approach based on a rational set of guidelines for structuring organizations in the most efficient manner a. Emphasis on rational methods, rules, and procedures 3.) Administrative Approach: Henri Fayol identified the five functions of management: planning, organizing, commanding, coordinating, and controlling *Need to know 4 of the 14 Principles of Management-Division of work/labor-Unity of command -Line of authority -Unity of direction Human Relations Movement: effective work comes from within the employee -The Hawthorne Studies paved the way for the Human Relations Movement because they concluded that the human element was very important in the workplace Human Resources Perspective: shifted emphasis to consider the daily tasks people perform Lecture 3 (January 21st)Chapter 3: The Environment and Corporate Culture External EnvironmentGeneral/Macro-Environment- include legal/political, economic, and other fundamental factors that generally affect all organizations Task/Competitive Environment- the immediate environment surrounding a firm Internal Environment- includes the elements within the organizations boundaries Legal-Political- includes government regulations at the local, state, and federal levels, as well as political activities designed to influence company behavior -Regulations include agencies such as:-Occupational Safety and Health Administration -Interstate Commerce Commission -Equal Employment Opportunity Commission -National Labor Relations Board Economic environment dramatically affects managers’ ability to functions effectively and influences their strategic choices -The economic environment can influence:1.) Unemployment rate2.) Interest rates3.) Consumer purchasing rate 4.) Stock market Globalization influences all other aspects of the external environment:-New competitors, customers, suppliers -Changes in social, technological, and economic trends -All organizations must compete and think globally Lecture 4 (January 23rd) Chapter 3: The Environment and Corporate CultureTechnology: -Technological advances create new products, advanced production techniques, and better ways of managing and communicating Socio-Culture and Natural Environment- demographics, culture & social values, protecting the natural environment has grown in importance Task Environment- customers, competitors, suppliers, and labor market Environmental Uncertainty- lack of information needed to understand or predict the future Environmental Complexity- number of issues a manager must attend to and the interconnectedness of these issues Environmental Dynamism- degree of discontinuous change that occurs within an industry Boundary Spanning- link and coordinate the organization with external environment seek: -Business intelligence -Competitive intelligence Inter-organizational partnerships- reduce boundaries and begin collaborating with other organizations Mergers/Joint ventures- legal combinations of operations; legal collaboration for specific projects Organizational culture- set of key assumptions, values, beliefs, understandings, and norms that members of an organization share High Performance Culture- based on solid organizational mission/purpose; share adaptive values that guide those decisions *Look at Graph 3.7- 4 types of cultures Lecture 5 (January 28th) Chapter 4: Managing in a Global Environment The Global Environment:The global economy is dominated by countries in 3 regions: North America, Western Europe, and AsiaChina & the Pacific Rim: -Japan dominated world attention the latter half of the last century -China is now on its way to becoming the world’s largest producer and consumer of many of the world’s goods India: -India is a rising power in software design, services, and precision engineering -Large English-speaking population=target for outsourcing Brazil’s Growing Presence -Currently 10th largest economy in the world General Agreement on Tariffs and Trade (GATT)-1947; 23 nations, a set of rules for fair trade World Trade Organization (WTO)-Maturation of GATT into permanent global institute European Union -1957; alliance to improve economic and social conditions among members North American Free Trade Agreement (NAFTA)-1994; merged the U.S., Canada, and Mexico into a single market -Created one of the world’s largest trading bloc Market Entry Strategies:1.) Exporting2.) Outsourcing 3.) Licensing and Franchising 4.) Direct InvestingOutsourcing vs. Offshoring-Contracting with an outside provider to produce one or more of an organization’s goods or services Global Outsourcing- moving jobs to other countries, typically where wages are low Economic Development- countries are categorized as either developed or developing based on per capita income, market size, infrastructure, government policies Political risk- risk of lost assets, earning power, or managerial control -Managers must be concerned with the political instability of global markets Greenfield venture- when a company builds a subsidiary from scratch in a foreign country Lecture 6 (January 30th) Chapter 4: International/Intercultural Communication in the Global Workplace Culture- the shared values, norms, and beliefs among members of a societyEthnocentrism- tendency to look at the world