Chapter 13 - Management, Motivatin, and Leadership Flashcards
What are the 4 major component activities of management?
1) Planning
2) Organizing
3) Leading and motivating
4) Controlling
In planning, what are the steps for setting the agenda?
- Define the mission
- Evaluate competitive position
- Set goals
- Create strategies
- Implement strategies
- Evaluate results
What are the component of the strategic planning cycle?
- Goals (how can we improve?)
- Desired outcomes (Where do we want to go?)
- strategies (How do we get there?)
- Measures and targets (How do we measure success?)
- Results (How did we do?)
Who is involved in strategic planning?
The most senior executives.
Emphasis on Mission, Vission, and overall Strategy
What is long term planning?
It’s about SETTING THE PROCESS by which the strategic plan will be achieved.
Typically given a timeframe (5 years).
What are the 4 types (levels) of plans?
1) Strategic
2) Tactical
3) Operational
4) Contingency (response to event)
Who is involved, what is a typical time-frame, and give an example of a STRATEGIC planning question.
Senior management
5 years
Should we acquire a new company? Should we move to China?
Who is involved, what is a typical time-frame, and give an example of a TACTICAL planning question.
Middle management
1 year
Should we buy new production equipment? Should we spend more time servicing customers?
Who is involved, what is a typical time-frame, and give an example of a OPERATIONAL planning question.
First-line management
Daily, weekly, monthly
How should we schedule employees this week? When should we schedule for a new batch of this product?
What is contingency planning?
The planned response to some perceived future event that could or could not happen.
Example: What will we do if our competitors start a price war? How can we restart our business if a natural disaster destroys our plant?
How does a company decide what to do contingency planning for?
The most probable and the most harmful.
What does planning involve?
1) Analysis
2) Decision-making
What are Porter’s 5 Forces Model for analyzing competition?
1) Threat of NEW competitors
2) Degree of rivalry between EXISTING competitors
3) Bargaining power of BUYERS
4) Bargaining power of SUPPLIERS
5) Threat of SUBSTITUTE products
What are the 3 kinds of competitive strategies used by businesses?
1) Cost
2) Differential
3) Niche
What are 3 types of leadership styles and briefly describe them.
1) Autocratic - management holds all decision power
2) Democratic - share power with followers
3) Free-reign - set goals for their followers but give them freedom to decide how to accomplish those goals.
What are Maslow’s 5 theories of motivation?
1) Physiological
2) Safety
3) Social
4) Esteem
5) Self-actualization
What is the X and Y theories of motivation?
X – Negative, more controlling view of workers
Y – Positive, more encouraging view of workers
What is the Expectancy Theory of motivation?
The belief that hard work will result in good rewards.
What is the Equity Theory of motivation?
People are motivated based on whether or not they are treated fairly.
How is Generation Y bringing new challenges to management?
- Goal driven
- NOW focused
- Change oriented
- Tech savvy
- Diverse
- Idealistic
- Fulfillment focused
What are the steps in the control process?
1) Establish clear performance standards
2) Measure actual performance against standards
3) Take corrective action, if necessary
What are the 5 skills of successful managers?
1) Conceptual
2) Analytical
3) Interpersonal
4) Technical
5) Communication
What is SWOT, and what is it used to analyze?
Strengths, Weaknesses, Opportunities, and Threats.
Used to analyze a companies competitive position.
Which is the achievement of goals through planning, organizing, leading, and controlling?
Management
What involves determining the structure of both jobs and the organization?
Organizing
What are the 3 basic level types of management?
Top, Middle, First-line
What are the 3 basic types of management skills?
Conceptual, Human, Technical
According to Maslow, what motivates people?
Unmet needs
What practice assumes that challenging, creative work motivates employees?
Job enrichment
What type of planning is done by middle-managers?
Tactical
What type of planning is done by first-line managers?
Operational
What relates to source of power and control within an organization?
the degree of centralization
If a firm wants to be more responsive to customers, what type of organization should it adopt?
Decentralized organization
How has the growth in companies that are reducing middle-management affected spans of control?
It has created WIDER spans of control.
What type of leader shares their power with others and encourages ideas?
Democratic leadership
Which process includes establishing clear goals, measure performance, and take corrective action?
Controlling process
