MGT 300 1st Edition Exam 1 Study Guide Lectures 1 4 Lecture 1 September 12 I Management A pursuit of organizational goals efficiently and effectively B efficient best use of resources C effective achieve results to make right decisions D Planning how to achieve goals E Organizing F Leading motivating directing and influencing people to work hard to achieve goals G Controlling how did we do II 7 Challenges A Competitive advantage why are we better B managing for diversity things changing in future C globalization products come from foreign countries D information technology gathering whats happening E ethical standards scams protecting environment F sustainability being environmentally friends G managing your own happiness and life goals III Competitive advantage A why are we better B need to learn how to outperform other C what do we have that they do not IV Types of Managers A Top managers long term decision makers B middle managers example is deans of colleges C first line managers watching over non mangerial people D non mangerial regular employees E Functional manager one activity F general manager more than 1 activity G Mintzberg findings 1 more verbal than written communication 2 long hours intense pace 3 fragmentation V Entrepreneur vs Intrapreneur A entrepreneur new opportunity for product service launches business B intra inside company that finds better way for company to do something VI Different Perspectives A historical 1 classical 2 behavioral 3 quantitative B contemporary 1 systems VII VIII IX X XI XII XIII XIV XV 2 contingency 3 quality management Fredrick Taylor A observations more productive less jobs needed B employees didnt have incentive to go above and beyond Scientific Management A tasks and incentives time and motion studies productivity should be tied to pay Taylor Gillbreths A study parts B select workers with right abilities C give workers training to do task D use principles to plan work methods Administrative Management A Henry Foyal first to identify major functions of management B Max Weber bureaucracy C Positive bureaucracy features 1 well defined heirarchy of authority 2 formal rules and procedures 3 clear division of labor 4 impersonality 5 careers based on merit Behavioral Viewpoint A Human behavior and motivation towards achievement Human Relations A Maslows Hierarchy of needs 1 Physiological 2 safety 3 love belonging 4 esteem 5 self actualization Douglas McGregor A Theory X people wont work unless you make them work B Theory Y people want to do good and work hard News A Target closing in Canada B prices better in the US than in Canada C problem with supply chain Organizations Environment A Internal Stakeholders employees owners board of directors B Task Environment C General Environment D Economic forces 1 GDP 2 3 growth no growth in economy inflation interest ratesgrowth that may affect an organization s performance 2 unemployment rate 3 prime rate XVI I II III IV 4 10 yr t bills E Technological forces new developments in methods for transforming resources into goods and services F Sociocultural forces millenials value transforming work women in workforce Ethics A definition have to decide whether to pursue a course of action that could benefit but is unethical or illegal B ex high sales commissions used to hide kickbacks C values financial performance vs stressing cohesion and solidarity D Approaches 1 utilitarian result in greatest good for greatest number of people 2 individual individual best long term interest 3 moral rights life liberty health 4 justice respect of fairness and equality Globalization A rend of the world economy toward becoming more interdependent system B Shrinking of time and space as our travel and the electronic media have made it much easier and less costly for the people of the globe to communicate C ethnocentric their native country culture language and behavior are superior D parochialism narrow view in which people only see things through their perspective E Polycentric take view that native managers in foreign market best understand native practices 1 Example Mercedes plant have german managers Why expand A 1 availability of supplies B new markets C access to financial capital D lower labor cost main E avoid tariffs and quotas 5 ways of expanding A global outsourcing fail you can stop buying example would be buying some supplies from another country labors outside US to provide labor goods and services example is gasoline B importing exporting and countertrading C licensing and franchising car dealerships are like franchises pizza hut dominoes D joint ventures more formal both put up and investment E wholly owned subsidaries most risk a import quota steel is big with this b embargoes example cuban cigars c GATT encourage trade betweek countries if part of this wont have huge tariffs NEWS A Snow storm B Community college for free Charts to know Corporate social responsibility pyramid 5 ways of expanding internationally organizations environment 2 1 Sarbanes Oxley Act Approaches to ethical behavior trading bloc contingency viewpoint emphasizes that a manager s approach should vary according to the individual and environmental situation systems viewpoint regards organization as a system of interrelated parts collection of subsystems part of the larger environment open or closed system managers informational road includes disseminator monitor and spokesperson 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 nonmanagerial personnel