Management Exam 1 Study Guide is the introduction of new goods and services Innovation What are the key management functions planning controlling leading organizing When Johnny realized his plan to increase sales levels among associates was not producing the results he desired he took quick action to make necessary adjustments Johnny was exercising the management function of Controlling level managers are typically concerned with the interaction between the organization and its external environment Top level One of Karl s primary activities in his career as a supervisor is creating opportunities for new growth in the business and developing non management employees Karl is a n frontline manager Leading which is a key management function focuses on a manager s efforts to motivate employees communicate with employees help employees to perform well guide employees Which type of manage is responsible for translating the general goals and plans developed for an organization into more specific activities Tactical manager What skills do managers need technical interpersonal and communication conceptual and decision making The set of skills composed of understanding yourself managing yourself and dealing effectively with others is called emotional intelligence The systematic application of scientific knowledge to a new product process or service is called technology A predictable pattern seen in a technological innovation starting from its inception and development to market saturation and replacement is called a n technology life cycle Why are the late majority of adopters od a new product so late They are skeptical of technological change indicates whether there is a good financial incentive for pulling off a technological innovation Economic viability One advantage of developing a technology within you own company is keeping the technology exclusive to the organization ABC Company maintains an advantage of having a lower cost than its competitors This is called leadership low cost Technology leadership imposes high costs and risks that technology followers are not required to bear These include developing complementary products to achieve the technology s full potential educating buyers unfamiliar with the new technology building an infrastructure to support the technology have yet to prove their full value but have the potential to alter the rules of competition by providing significant advantage Pacing technologies A product champion is someone who promotes a new technology throughout the organization A collection of people who work in the same area or have been drawn together to undertake a task but do not necessarily come together as a productive efficient unit working group Teams that operate separately from the regular work structure are exist temporarily parallel teams Describe a project development team a team that works on long term projects Work groups in which workers are trained to do all or most of the jobs in a unit have no immediate supervisor and make decisions previously made by frontline supervisors except for decisions regarding hiring and firing members are referred to as self managed teams have no managerial responsibilities Traditional work groups According to research groups what was most cited as a barrier to team success Ineffective communication occurs when individuals believe their contribution to a certain task will not make a significant difference or that they can rely on others to do the work for them Social loafing Shared beliefs about how group members should think and behave within a group are group norms A team of members spends a lot of time together even when not at work For example having lunch together What describes this team Cohesive The parading strategy for teams attempts to focus simultaneously on internal team building and external visibility NAFTA combined the economies of US Canada and Mexico One reason why managing international businesses is considered more complex than managing a local business is Managers have to learn about other cultures and have more complex coordination issues occurs when an organization contracts with an outside provider to produce one or more of the organization s products or services Outsourcing The grid for identifying the best strategy for competing in a global marketplace measures what two dimensions pressures for global integration and pressures for local responsiveness One advantage of exporting as a global expansion entry mode is that economies of scale may be realized The choice of whether to follow a global model or a multinational model is decided by comparing the pressures for global integration to the pressures for local responsiveness Happy Patty is a restaurant chain with locations in several countries The chain s policy is to give a great deal of discretion to the restaurants in each country to respond to local conditions in designing the restaurant determining the menu pricing etc Happy Patty is following the multinational model What kind of companies require effective communication and coordination networks realize pressures for local responsiveness and cost economies may centralize production facilities in one location and marketing functions in separate locations must effectively transfer core skills or know how Transnational companies An advantage of licensing as a method of entering global competition is that the licensing company takes on less risk and expense Practices aimed at discovering and harnessing an organization s intellectual resources knowledge management the excellence of your product goods or services quality The speed and dependability with which an organization delivers what customers want service keeping costs low to achieve profits and be able to offer prices that are attractive to customers cost competiveness the process of working with people and resources to accomplish organizational goals management the management function of making decisions about the goals and activities that an individual group work unit or overall organization will pursue planning the management function of assembling and coordinating human financial physical informational and other resources needed to achieve goals organizing the management function that involves the manager s efforts to stimulate high performance by employees leading the management function of monitoring performance and making needed changes controlling senior executives responsible for the overall management and effectiveness