MKT 371 1st EditionExam 1 Study GuideChapter 1: Foundations of ManagementManagement: attainment of organizational goals in effective and efficient manner thru planning, organizing, leading and controlling organizational resources (do everything)Management Functions:Planning: - Defining goals for future performance- Deciding on tasks and resources neededOrganizing:- Assigning tasks- Group tasks- Allocating resourcesLeading:- Use influence- Motivate and achieve goalsControlling: - Monitor activities, keep on track- Make corrections (if needed)Organizational Performance:- Three Key Components- Organizationo Social Entity (two or more people) – AGDo Goal directed (designed to achieve outcome)- FBo Deliberately Structured (tasks +/responsibility assigned) Classes- Effectivenesso Achieves stated goalo Succeeds in accomplishing what it tries- Efficiency- doing more with lesso Resources (<)o Output (=/>)Management Skills- Conceptualo Ability to see the organization as a wholeo Ability to see relationships of its parts - Humano Ability to work with and thru otherso Ability to work effectively in a group- Technicalo Understanding of specific taskso Proficiency in performing specific tasks- 4 things- Knowledge, Skills, “Abilities”, AttitudeManagement Types- Vertical and Horizontal Differenceso Top Managers- Set goals, define strategies, watch external environments and Make Decisions and Organizationo Middle Managers- Responsible for Business Units and Major Departmentso First-Line Managers- Responsible for ProductionManagers Roles- use what your good at, no right answer- Informational: Obamao Monitor, Disseminator, Spokesperson- Interpersonal: Congressmano Figurehead (Queen of England), Leader, Liaison (secretary of state)- Decisionalo Entrepreneur, Disturbance handle, Resource allocator, NegotiatorSmall Businesses and Non-Profits- Manufacturing:o Soft Drinkso Electronic Computingo Prerecorded DC, Tape and record producing- Retailo Sporting goodso Electronic auctionso Convenience Stores- Misc. IT Serviceso Internet Service Providerso Web Search Portalso Internet publishing and Broadcasting- Non-Profitso $$$$ (How much money did we make) VS. Social ImpactNew Manager Challenges- Technology- Globalization- Social Values (day care)New Workplace & MGMT Competencies- Characteristicso NEW workplace vs. Old workplaceo Staying abreast of or ahead of TECHNOLOGYo Actual Work itselfo Workforce- Management Competencieso Leadership o How do we work?o RelationshipsChapter 2: EvolutionsHistorical Forces and Their Influences- Social Forceso Guide & Influence relationshipso Values, Needs and Behaviors- Political Forceso Political and Legal institutionso People and Organizations- Economic Forceso Resourceso CompetitionMajor MGMT Developments- Classical Perspectiveo Is a rational scientific approach to study of MGMT and seeks opt make Organizations efficient operating machineso 3 Subfields Scientific MGMT- Improve efficiently and labor productivity Bureaucratic organizations - Impersonal and rational, clear authority and responsibility, formal, separate MGMT-owners Administrative Principles- Focus=Total Organization vs. Individuals- Humanistic Perspectiveo Understanding behaviors, needs and attitudeso 3 Subfields Humans Relations Movement- Satisfied Needs leads to increased productivity Human Resources Perspective- Jobs and higher needs let employees use full potential- Maslow’s hierarchy, McGregor’s Theory X, and Theory Y Behavioral Sciences Approach- Apply social sciences- Sociology, psychology, anthropology, economics applied to human behaviorChapter 3: Corporate CultureCulture- a set of key values, beliefs, understandings, and norms that members of an organization shareEnvironments- General, Task, InternalGeneral Environment- technologies, natural, sociocultural, economic, legal/political/InternationalTask Environment- customers, competitors, suppliers, labor marketInternal Environment- Org. Culture, Employees, ManagementChapter 4: International ManagementEntering International Markets1. Exporting2. Global outsourcing3. Licensing4. Franchising5. Joint ventures6. Acquisition 7. Greenfield VentureInternational Environment Factors- economic, sociocultural, legal-politicalEconomic Factors- Economic development - Infrastructure- Resource and Product Markets- Per Capita Income- Exchange Rates- Economic ConditionsSociocultural Factors- Social Values, Beliefs- Language- Religion (objects, taboos, holidays)- Kin ship patterns- Formal education, literacy- Time orientationLegal- Political Factors- Political Risk- Government Takeovers- Tariffs, quotas, taxes- Terrorism, political instability- Laws, regulationChapter 5: EthicsEthics- moral obligations, separating right/wrongMorals- comes first5 Ethical Managerial Behaviors1. Be honest, trustworthy and have integrity in dealings with others2. Pay attention to all stakeholders3. Build Community4. Respect individuals5. Accomplish silent victoriesEthical Decision Making- Utilitarian Approach- Individualism- Moral-Rights Approach- Justice ApproachSocial Responsibility- Having obligations to society- Relates to organizations impact on society and goes beyond doing what is ethicalChapter 6: Planning- Goals, Plans and Planning- Organizational Planningo 1. Develop the Plano 2. Translate the Plano 3. Plan Operationso 4. Execute the plano 5. Monitor and Learn- Turbulent Environment Planso Contingency planning o Scenario building o Crisis planningChapter 7: Strategic MGMTDecisions and actions used to formulate and implement strategies providing competitively superior fit between organization and in its environment to achieve organizational goals- Strategy- plan of action- Strategic MGMT processo Evaluateo Scan Internal and External Environmentso ID Strategic Factorso Define o Formulateo Implemento Evaluateo Reevaluate Chapter 8: Decision Making- Decisions and Problemso Decisiono Decision makingo Programmed Decisiono Nonprogrammer Decisions- Certainty and Uncertaintyo Certaintyo Risko Uncertaintyo Ambiguity- Decision-Making Modelso Classicalo Administrativeo Political- Managerial Decision Making Processo 1. Recognition of Decision Requirement o 2. Diagnosis and Analysis of Causeso 3. Development of Alternativeo 4. Selection of Desired Alternativeo 5. Implementation of Chosen Alternativeo 6. Evaluation