89 Cards in this Set
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Definition of Management
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1. The pursuit of organizational goals efficiently and effectively by
2. Integrating the work of people through
3, Planning*, organizing*, leading*, and controlling* the organization's resources
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7 challenges of effective managing
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1. manage for competitive advantage
2. manage for diversity- future doesn't resemble the past
3. manage for globalization- expand across the world
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7 challenges (continued)
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4. manage for information technology
5. manage for ethical standards
6. manage for sustainability- go green
7. manage for your own happiness and life goals
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manage for competitive advantage
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- the ability of an organization to produce goods or services more effectively than competitors do- outperform
Amazon- customer service
Apple- innovation
- newspapers lost the competitive advantage
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manage for diversity
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- challenge to manage people of different races, genders, ages, ethnics
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manage for globalization
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-expand to foreign markets
-expand from local to global
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manage for info technology
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- e-management and e-communication
- faster decision-making, more conflict, and increased stress
- changes in organizational structure, jobs, goal setting, and knowledge
ex: using Skype to conference or customer feedback on websites
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manage for ethical standards
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ethical dilemmas
- business scandals
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manage for sustainability
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- go green and respect the environment
ex: Walmart and renewable energy sources
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manage for your happiness
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love your job
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4 functions of management
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1. planning
2. organizing
3. controlling
4. leading
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planning
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you set goals and decide how to achieve them
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organizing
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you arrange tasks, people, and other resources to accomplish the work
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controlling
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you monitor performance, compare it with goals, and take corrective action as needed
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leading
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you motivate, direct, and influence people to work hard to achieve the organization's goals
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3 levels of management
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1. top- determine overall direction (CEO, COO)
2. middle- implement policies and plans (regional/district manager)
3. first-line- direct daily tasks (department head, supervisor)
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3 managerial roles
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1. interpersonal roles- interact with people inside and outside their work units (figurehead, leader, liaison)
2. informational roles- receive and communicate information (monitor ,disseminator, spokesperson)
3. Decisional roles- use information to make decisions, to solve problems,…
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entrepreneur
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- the process of taking risks to create a new enterprise
- sees opportunity and launches a business
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skills and traits of managers
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1. technical skills- job-specific knowledge need to perform well in a specialized field
2. conceptual skills- ability to think analytically and understand how an organization's parts work together
3. human skills- ability to work well with other people to get things done
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2 perspectives of management
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1. historical- classical, behavioral, and quantitative
2. contemporary- systems, contingency, and quality-management
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scientific management
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- emphasized the scientific study of work methods to improve the productivity of individual workers
-Frederick Taylor and Mr. & Mrs. Gilbreth
ex: Henry Ford and the assembly line
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administrative management
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- concerned with managing the total organization
- Henri Fayol
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Max Weber bureaucracy
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- believed that a bureaucracy was a rational. efficient, ideal organization based on the principles of logic
-well-defined hierarchy of authority
-formal rules and procedures
-a clear division of labor
-impersonality
-careers based on merit
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behavioral viewpoint
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emphasized the importance of understanding human behavior and of motivating employees toward achievement
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early behaviorism
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Hugo Munsterburg and Mary Follet and Elton Mayo
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Hugo Munsterberg
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-Study jobs and determine which people are best suited to specific jobs
-Identify the psychological conditions under which employees do their best work
-Devise management strategies to influence employees to follow management’s interests
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Mary Parker Follet
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-Organizations should be operated as “communities”
-Conflicts should be resolved by having managers and workers talk over differences and find solutions that would satisfy both parties
-The work process should be under control of workers with relevant knowledge
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Elton Mayo
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Hawthorne Effect- employees worked harder if they received added attention, thought that managers cared about their welfare and that supervisors paid special attention to them
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human relations movement
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-proposed that better human relations could increase worker productivity
-Abraham Maslow and Douglas McGregor
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behavior science
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relies on scientific research for developing theories about human behavior that can be used to provide practical tools for managers
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quantitative viewpoint
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-application to management of quantitative techniques, such as statistics and computer simulations
-Management science, operations management
-Using data to improve processes
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management science
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stresses the use of rational, science-based techniques and mathematical models to improve decision making and strategic planning
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operations management
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-focuses on managing the production and delivery of an organization’s products or services more effectively
-work scheduling, production planning, facilities location and design
Ex: UPS
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Theory
X and Y
McGregor
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X- represents a pessimistic, negative view of workers
-workers are irresponsible, resistant to change, lack ambition, hate work, and want to be led
Y- represents an optimistic, positive view of workers
-Workers are considered capable of accepting responsibility, self-direction, sel…
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systems viewpoint
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-regards the organization as a system of interrelated parts
-collection of subsystems
part of the larger environment
-open or closed systems
4 Parts: (1) Inputs, (2) Transformational processes, (3) outputs and (4) feedback
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contingency viewpoint
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contingency viewpoint
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quality-management viewpoint
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(TQM)- comprehensive approach-led by top management and supported throughout the organization-dedicated to continuous quality improvement, training, and customer satisfaction
quality, quality control (minimize production errors, and quality assurance (monitor worker performance)
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Total Quality Management
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1. Make continuous improvement a priority
2. Get every employee involved
3. Listen to and learn from customers and employees
4. Use accurate standards to identify and eliminate problems
watch videos
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types of stakeholders
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-the people whose interests are affected by an organization’s activities
1. Internal stakeholders consist of employees, owners, and the board of directors
2. External stakeholders are people or groups in the organization’s external environment that are affected by it
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(external) the general environment stakeholders
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- economic forces, technological forces, sociocultural forces, demographic forces, political-legal forces, international forces
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(external) the task environment stakeholders
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customers, competitors, suppliers, distributors, allies, unions, lenders, governments, interest groups, media
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ethical dilemma
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-situation in which you have to decide whether to pursue a course of action that may benefit you or your organization but that is unethical or even illegal
Example: atomic bombing of Japan (both Germany and Japan were also developing atomic weapons)
Example: High sales com…
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ethics
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standards of right and wrong that influence behavior
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values
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relatively permanent and deeply held underlying beliefs and attitudes that help determine a person’s behavior
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4 approaches to deciding ethical questions
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1. utilitarian
2. individual
3. moral rights
4. justice
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Utilitarian approach
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-guided by what will result in the greatest good for the greatest number of people
-Cost-benefit analysis (if benefits exceed costs then its considered ethical)(dropping the a-bomb)
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individual approach
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-guided by what will result in the individual’s best long term interest, which ultimately are in everyone’s self-interest
-Individual acts ethically in the short run to avoid others harming the individual in the long run
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moral-rights approach
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-guided by respect for the fundamental rights of human beings
-Life, liberty, health, safety (Bill of Rights)
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justice approach
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-guided by respect for impartial standards of fairness and equity
-Impartial treatment in decisions regardless
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Kohlberg's
Learning Ethics
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pre-conventional
conventional
post-conventional
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pre-conventional
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based on self-interest
Stage 1 - “Bad” behavior punished
Stage 2 - “Good” behavior rewarded
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conventional
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gaining other's approval
Stage 3 – Good/Bad behavior determined by approval by others
Stage 4 – Good/Bad behavior determined by social institutions (church, university, government)
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post-conventional
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based on universal, abstract principles
Stage 5 – Good behavior conforms to democratically set social standards
Stage 6 – Good behavior is a matter of conscience based responsibly chosen ethical principles
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ethical training
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SARBANES-OXLEY ACT 2002
-Often shortened to SarbOx or SOX, established requirements for proper financial record keeping for public companies and penalties of as much as 25 years in prison for noncompliance
-Resulted from a series of corporate scandals (Ex: WorldCom and Enron) i…
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corporate social responsibility
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notion that corporations are expected to go above and beyond following the law and making a profit
Example: buying “ethical” coffee or enforcing law rules on foreign suppliers
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globalization
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-the trend of the world economy toward becoming a more interdependent system
-the “shrinking” of time and space as air travel and the electronic media make it easier and less costly for the people to communicate and do business
-offshoring and foreign direct investment in Am…
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reasons to learn about international management
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-You may deal with foreign customers or partners
-You may deal with foreign employees or suppliers
-You may work for a foreign firm in the United States
-You may work for an American firm outside the United States – or for a foreign one
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being a successful international manager (watch video)
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-Ethnocentric
-Parochialism
-Polycentric
-Geocentric
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Ethnocentric Managers
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believe that their native country, culture, language, and behavior are superior to all others
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Parochialism
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narrow view in which people see things solely through their own perspective
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Polycentric Managers
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take the view that native managers in the foreign offices best understand native personnel and practices, and so the home office should leave them alone
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Geocentric Managers
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accept that there are differences and similarities between home and foreign personnel and practices and that they should use whatever techniques are most effective
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why companies expand internationally
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-Availability of supplies
-New markets
-Lower labor costs
-Access to finance capital
-Avoidance of tariffs & import quotas
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Global Outsourcing
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using suppliers outside the U.S. to provide labor, goods, or services
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Importing
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a company buys goods outside the country and resells them domestically
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exporting
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a company produces goods domestically and sells them outside the country
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counter-trading
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bartering goods for goods
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Licensing
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a firm allows a foreign company to pay it a fee to make or distribute the firm’s product or service
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Franchising
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a firm allows a foreign company to pay it a fee and a share of the profit in return for using the firm’s brand name and a package of materials and services
ex: McDonald's
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joint-ventures
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formed with a foreign company to share the risks and rewards of starting a new enterprise together in a foreign country
also known as a strategic alliance
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wholly-owned subsidiary
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foreign subsidiary that is totally owned and controlled by an organization
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greenfield venture
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a foreign subsidiary that the owning organization has built from scratch.
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international trade
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tariffs- taxes on imports
import quotas- limits the # of product the can be imported
embargoes- ban on the import or export of products (Cuba)
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World Trade Organization (WTO)
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designed to monitor and enforce trade agreements
Agreements are based on the General Agreement on Tariffs and Trade (GATT)
Consist of 153 countries
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World Bank
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purpose is to provide low-interest loans to developing nations for improving transportation, education, health, and telecommunications
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International Money Fund (IMF)
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designed to assist in smoothing the flow of money between nations
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Trading Blocs
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group of nations within a geographic region that have agreed to remove trade barriers with one another
also known as an economic community
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major trading blocs
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NAFTA – U.S., Canada, Mexico
European Union – 27 trading partners in Europe
APEC – group of 21 Pacific Rim countries
ASEAN - trading bloc of 11 countries in Asia
Mercosur – trading bloc in Latin America
CAFTA – Central America
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Importance of National Culture
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Culture- shared set of beliefs, values, knowledge, and patterns of behavior common to a group
Low-Context Culture- shared meanings are primarily derived from written and spoken words
High-Context Culture- people rely heavily on situational cues for meaning when communicating with ot…
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The Globe Project’s Nine Cultural Dimensions
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1. power distance
2. uncertainty avoidance
3. institutional collectivism
4. in-group collectivism
5. gender egalitarianism
6. assertiveness
7. future orientation
8. performance orientation
9. humane orientation
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power distance
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how much unequal distribution of power should be in an organization's society
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uncertainty avoidance
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how much should people rely on social norms and rules to avoid uncertainty
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institutional collectivism
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how much should leaders encourage and reward loyalty to the social unit
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in-group collectivism
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how much pride and loyalty should people have for their family or organization
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gender egalitatianism
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how much should society maximize gender role differences
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Assertiveness
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how confrontational and dominant should individuals be in social relationships
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future orientation
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how much should people delay gratification by planning and saving for the future
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performance orientation
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how much should individuals be rewarded for improvement and excellence
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humane orientation
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how much should society encourage and reward people for being kind, fair, friendly, and generous
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MGT 300: EXAM 1