MGT 300 1st EditionExam # 1 Study Guide Lectures: 1 - 4Lecture 1 (September 12)I. ManagementA. pursuit of organizational goals efficiently and effectivelyB. efficient- best use of resourcesC. effective- achieve results to make right decisionsD. Planning- how to achieve goalsE. OrganizingF. Leading- motivating, directing, and influencing people to work hard to achieve goalsG. Controlling- how did we do?II. 7 ChallengesA. Competitive advantage-why are we betterB. managing for diversity- things changing in futureC. globalization-products come from foreign countriesD. information technology-gathering whats happeningE. ethical standards-scams, protecting environmentF. sustainability-being environmentally friendsG. managing your own happiness and life goalsIII. Competitive advantageA. why are we better?B. need to learn how to outperform otherC. what do we have that they do notIV. Types of ManagersA. Top managers- long term decision makersB. middle managers- example is deans of collegesC. first line managers- watching over non-mangerial peopleD. non-mangerial- regular employeesE. Functional manager- one activityF. general manager- more than 1 activityG. Mintzberg findings1. more verbal than written communication2. long hours, intense pace3. fragmentationV. Entrepreneur vs IntrapreneurA. entrepreneur- new opportunity for product/service launches businessB. intra- inside company that finds better way for company to do somethingVI. Different PerspectivesA. historical1. classical2. behavioral3. quantitativeB. contemporary1. systems2. contingency3. quality managementVII. Fredrick TaylorA. observations- more productive, less jobs neededB. employees didnt have incentive to go above and beyondVIII. Scientific ManagementA. tasks and incentives, time and motion studies, productivity should be tied to payIX. Taylor & GillbrethsA. study partsB. select workers with right abilitiesC. give workers training to do taskD. use principles to plan work methodsX. Administrative ManagementA. Henry Foyal- first to identify major functions of managementB. Max Weber- bureaucracyC. Positive bureaucracy features1. well defined heirarchy of authority2. formal rules and procedures3. clear division of labor4. impersonality5. careers based on meritXI. Behavioral ViewpointA. Human behavior and motivation towards achievementXII. Human RelationsA. Maslows Hierarchy of needs1. Physiological2. safety3. love-belonging4. esteem5. self-actualizationXIII. Douglas McGregorA. Theory X- people wont work unless you make them workB. Theory Y-people want to do good and work hardXIV. NewsA. Target closing in CanadaB. prices better in the US than in CanadaC. problem with supply chainXV. Organizations EnvironmentA. Internal Stakeholders- employees, owners, board of directorsB. Task EnvironmentC. General EnvironmentD. Economic forces1. GDP- 2-3% growth, no growth in economy, inflation, interest rates- growth that may affect an organization's performance2. unemployment rate3. prime rate4. 10 yr t-billsE. Technological forces- new developments in methods for transforming resources into goods and servicesF. Sociocultural forces- millenials value transforming work, women in workforceXVI. EthicsA. definition- have to decide whether to pursue a course of action that could benefit but is unethical or illegalB. ex: high sales commissions used to hide kickbacksC. values financial performance vs stressing cohesion and solidarityD. Approaches1. utilitarian- result in greatest good for greatest number of people2. individual- individual best long term interest3. moral-rights- life liberty health4. justice- respect of fairness and equality. I. GlobalizationA. rend of the world economy toward becoming more interdependent systemB. 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 communicateC. ethnocentric- their native country, culture, language and behavior are superiorD. parochialism- narrow view in which people only see things through their perspectiveE. Polycentric-take view that native managers in foreign market best understand native practices1. Example: Mercedes plant have german managers. II. Why expand?A. 1. availability of suppliesB. new marketsC. access to financial capitalD. lower labor cost-mainE. avoid tariffs and quotasIII. 5 ways of expandingA. 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 gasolineB. importing, exporting and countertradingC. licensing and franchising- car dealerships are like franchises, pizza hut, dominoesD. joint ventures- more formal, both put up and investmentE. wholly-owned subsidaries- most riska) import quota- steel is big with thisb) embargoes- example cuban cigarsc) GATT- encourage trade betweek countries, if part of this wont have huge tariffsIV. NEWSA. Snow stormB. Community college for freeCharts to know: Corporate social responsibility pyramid, 5 ways of expanding internationally, organizations environment, 2.1, Sarbanes Oxley Act, Approaches to ethical behavior, trading bloccontingency viewpoint- emphasizes that a manager's approach should vary according to the individual and environmental situationsystems viewpoint- regards organization as a system of interrelated parts, collection of subsystems, part of the larger environment, open or closed systemmanagers informational road includes- disseminator, monitor and spokespersonTop 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 non-managerial