Ch 1-6 Flashcards
Planning
Setting objectives and how to achieve them
What are the 4 major components of the management process?
Planning, controlling, organizing, and leading
Controlling
Measuring performance
Organizing
Arranging tasks, people, and resources
Leading
Inspiring/motivating people to work hard and perform well
List and describe the current challenges to managers
- Technology
- Globalization - the worldwide interdependence of resource flows, product markets, and business competition
- ethics - set of moral standards of what good and right in ones behavior
- workforce diversity - workers’ differences in terms of gender, race, age, ethnicity, religion, sexual orientation, and able-bodiedness
Frederick Taylor
Scientific management - studies of time and efficiency
Max Weber
Bureaucracy - clear division of labor, hierarchy, rules, impersonality, careers based on merit
Elton Mayo
Hawthorne studies - Hawthorne effect: people perform as expected
Maslow’s Hierarchy of Needs
Physiological needs, safety needs, social needs, esteem needs, and self actualization needs
Douglas McGregor’s Theory X&Y
- Theory X - assume people dislike work, lack ambition, prefer to be led
- Theory Y - assume people are willing to work, like responsibility, are self-directed
Contingency Thinking
Try to match management style with situational and personal demands, adapt management style and practices to fit different employees
Jeffrey Pfeffer & Robert Sutton’s Evidence-Based Management
Make decisions based on hard facts about what actually works - as demonstrated by empirical research
Ethics: Individualism view
Focus on one’s long term self interests
Ethics: moral rights view
Focus on fundamental human rights
Ethics: utilitarian view
Focus on the greatest good for the most people
Ethics: justice view
Focus on fairness and impartiality
Distributive justice
Are rewards/outcomes distributed fairly
Procedural justice
How are outcomes determined
Interactional justice
Degree to which people are treated with dignity and respect
Content and order of the steps to take when facing an ethical dilemma
- Recognize the dilemma
- Get the facts and identify options
- Test each option: is it legal? Is it right?
- Decide
- Double check with spotlight questions
- Take action
Corporate Social Responsibility - Classical view
The business of business is business
CSR socioeconomic view
Business should simultaneously focus on social issues as well as profits
CSR shared value view
Economic progress and social progress are fundamentally connected
Virtuous circle
occurs when socially responsible behavior increases profits
Strategy of CSR: proactive
Take leadership in social initiatives
Strategy of CSR: accommodative
To minimum ethically required
Strategy of CSR: defensive
Do minimum legally required - protect org
Strategy of CSR: obstructionist
Fight social demands and focus on economic responsibilities
Code of ethics
An org’s formal statement of values and ethical standards
Cultural relativism
Belief that ethical behavior is determined by cultural context
Moral absolutism
Belief that ethical standards apply universally
Issue intensity
Degree to which issue poses ethical challenge
What are the 4 different types of ways to achieve a competitive advantage?
Cost, quality, delivery, flexibility
What are 3 types of innovation?
- product: innovative new product
- process: same product, change the way it’s manufactured/sold/delivered (Tupperware party)
- business model: change product, change delivery
Masculinity - Femininity
Assertiveness vs Relationships, quality of life
Uncertainty avoidance
comfort with risk taking, innovation
Power distance
Comfort with unequal distribution of power
Time orientation
Short-term vs long-term
Individualism
Collectivism: individual vs group accomplishments
Indulgence - restraint
Hedonism vs self control
Cultural intelligence
Ability to accept and adapt to new cultures
Global business
Global sourcing, importing/exporting, licensing and franchising
Foreign subsidiary
Local operation completely owned by a foreign firm
Transnational corporation
Operates worldwide on border less basis - have no one national home base
General traits of entrepreneurs
Self confidence, internal locus of control, persistent, deviant, achievement-oriented, independent, adaptive
Necessity based entrepreneurship
Women and minirities report starting businesses because they experience glass ceiling issues and/or are not taken seriously by employers
Myths about entrepreneurs
- Entrepreneurs are born, not made
- Entrepreneurs have to be young
- You have to have money to succeed
- You have to have a degree in business to succeed as an entrepreneur
