MGMT Final Exam Review 3 Culture Chapter 9 Culture Innovation Change 1 Managers Must a Develop culture b Encourage innovation c Manage change 2 Zappos CEO Tony Hsieh a Observational things b Relaxed Casual Culture c How we write and talk about ourselves values d Core Values i Ideas of how business is run ii What makes company special and unique iii Embrace and drive change iv Passionate and determination a Cultural Fit has a high impact on people leaving their jobs b Culture is Personal i System of shared beliefs values guiding behavior INTERNAL 1 The way we do things is considered appropriate vs ii Set of signals of what inappropriate EXTERNAL 1 Structure Symbols Thinking and Acting c Culture is Organizational i Core How we write and talk about ourselves d Culture is Corporate i Shapes Attitudes ii Reinforce Beliefs iii Direct Behavior iv Set Expectations v Symbols to associate culture 1 Ex Disney cast members nonemployees vi Ex KPMG Merger and Acquisition 1 Lack of attention to culture destroys value e Culture is Global i Societal Culture or Sub Cultures 1 Academic a Type level 2 Functional a Marketing 3 Ex Nike Fitness culture 4 Examples a Geographic b Ethnic c Fitness d Style e Urban rural f Political g Religious h Club f Culture Above and Below the Waterline i Ice Berg Example 1 Visible a Dress office symbols slogans 2 Invisible a Express values ii Observable Culture 1 Core Culture values or beliefs about right ways to behave 2 Stories Heroes Symbols Rights and rituals iii Heroes 1 Cultural Benefits a Shared knowledge of hero stories b Established or represent core value 2 Intentional Culture a Sam Walton Walmart b Ken Frazier Merck Co PSU Bot 3 We tell stories of leaders a Meg Whitman CEO HP b Indra Nooyi CEO Pepsi c Ursula Burns CEP Xerox 1 Cultural Benefits a Creates connections People and orgs b Builds morale and engagement c Shared hands on experiences 2 Ex random act of kindness 3 Ex Pixar and Culture a Office creativity b Activities in atrium 1 Cultural Benefits a Common understanding of culture b Easy to recognize you and others 2 Ex Tony the Tiger 3 Ex Nittany Lion vi Stories 1 Cultural Benefits a Easily remembered and passed on b Instills deeper cultural understanding iv Rights and Rituals v Symbols 4 Innovation 2 Ex stories of success and failure stories to drive us 3 Ex Harland Sanders KFC Founder at age 62 symbol 4 Ex Dave Thomas Wendy s Founder a Where performance and culture intersect i Taking a new idea and putting it into practice ii Process of translating an idea or invention into a good service that creates value of for which customers will pay want side b Ex 3D Printing some benefits and side effects c Ex Shark Tank Innovation i Many different products 1 New incremental innovation ii Must be a business case and a story 1 Passion are you in it emotionally do you care about product d Process Product Business Model i Process Innovation 1 Lean Principles Reduction of Waste Six sigma 2 Reduction in cost 3 Increased turn around a TAKT TIME cycle time 4 Increase in output 5 Better customer satisfaction 6 Ex Vending Machines and debit cards a Changing payment system increases purchases b Incremental ideas ii Product Innovation 1 New product category extention 2 Ex Nick D Aloisio age 17 a Sold app to Yahoo 2013 for 30M 3 Investors a Marisa Mayer CEO Yahoo b Mark Pinus Zynga c Li Ka Shing and Ashton Kutcher 4 Examples a Drones DJI Phantom Vision Plus i Frank Wang negative benefits b IBM Master s Gold i Condi Rice and Darla Moore First women to play iii Business Model Innovation 1 Something that s existing and then change it in some way 2 Your approach to making money 3 Ex Dish buys Blockbuster 4 Example a Instagram i Changed picture business model ii Made digital convenient iii Kevin Systrom 1 Thought it could be universal 2 Focused on problems and how to solve them filters a Speed b Distribution e Sustainability Innovation i Going to Zero Waste Process Innovation ii How to use resources well today and the future iii Example TerraCycle CEO Tom Szaky 1 Commercialization a Use waste as a raw material b Recycling the non recyclable i Juice boxes into a bag c Recycle Reprocessed f Selling Innovation i Taking innovation to market ii Lonnie Johnson Super Soaker iii How you sell how you commercialize g Commercialization i Post it Notes 1 Minnesota Mining and Manufacturing 2 Higher end unique product 3 Tried to make super sticky substance but failed 4 Failed in market at first but succeeded after a strong commercialization plan ii Tom Szaky 1 Spent 0 on marketing 2 Experts on managing waste 3 Use Social Media a Commercialization game plan h Organization Protocols Supporting Innovation i Strategy Includes innovation ii Structure Supports innovation iii Culture Values Innovation 1 Can work on other things in your job you find interesting iv Staffing For creativity innovation 1 Recruiting v Management Supports Innovation a It s personal and organizational 4 Negative Cost Marketing 5 Change b Impact of Change on people c Death and Dying Model i Elizabeth Grief ii Fear of unknown iii Disrupted habits iv Loss of confidence v Work overload vi Poor timing vii Lack purpose viii Loss of face ix Loss of control d To make the form nature content future course etc of something different from what it is or from what it would be if left alone e Example i Money Ball 1 Oakland Athletics 2 Changed process 3 Billy Beane Oakland GM hires economist 4 Brought data into game 5 All the leadership of getting them to change fear of unknown f 2 Types of Change i Transformational 1 When opportunities or threats exist 2 A Burning Platform a People or corporations that need to change b Ex IBM Lou Gerstner 92 02 i Changed their strategy 1 One IBM One Team Strategy 2 Go Get Customers cost Change Drivers Status Quo Holders 3 Changed Culture casual Culture Confident of Ability Willing to Take Risks Seize Opportunities Expect Surprise Make Things Happen ii Incremental 1 Process improvement 2 Day to day g Change Process Kurt Lewin Model i Unfreeze Create a need for change ii Change Implement and manage the process of change iii Refreeze Stabilize the change and scan for the future h Change Leadership and Approaches to Change Threatened by Change Bothered by Uncertainty Prefer Predictability Support Status Quo Wait for Things to Happen i Who Moved My Cheese i A change allegory by Spencer Johnson ii Hem and Haw iii Haw realized the unexpected could happen iv Thought change was wrong v Realized change was
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