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MGMT Exam #4 > Chapter 8: To Know > Flashcards

Chapter 8: To Know Flashcards

1
Q

Manager must

A

Develop culture
Encourage innovation
Manage change

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2
Q

System of shared beliefs/values guiding behavior (internal)

The way we do things around here

Set of signals of what is considered appropriate v inappropriate (external)

A

Culture

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3
Q

What has a high impact on people leaving their job

A

Cultural fit

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4
Q

Culture is

A

Personal
Organization
Corporate
Global

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5
Q

Financial value & culture
Skill and ability
Cultural fit

A

Zappos and tony hsieh

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6
Q

Example of organizational culture

A

Augusta National (Ginni Rometty- CEO of IBM)

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7
Q

4 elements of corporate culture

A

Shape attitudes
Reinforce Beliefs
Direct Behavior
Set Expectations

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8
Q

Emphasize authority tradition and clear roles

A

Hierarchical cultures

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9
Q

Process efficiency and slow change

A

Rational cultures

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10
Q

Emphasize change, growth, creativity, and competition

A

Entrepreneurial cultures

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11
Q

Emphasize teamwork, collaboration and trust

A

Team cultures

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12
Q

Example of corporate culture

A

Disney traditions with Mickey

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13
Q

What is the major reason why companies run into problems

A

Lack of cultural due diligence

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14
Q

KPMG study mergers and acquisitions

A

Analysis of 700 deals over 2 years, 83% failed to produce benefit & 50+ destroyed shareholder value

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15
Q

With KMPG M&A what were the four reasons only 17% added value?

A

Bankers
Lawyers
Consultants
Government Officials

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16
Q

Examples of Global Culture

A

Aircraft departures

Rail passengers

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17
Q

What we can see

A

Observed culture

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18
Q

What they say

A

Core culture

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19
Q

Values or beliefs about he right ways to behave

A

Core culture

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20
Q

Edgar Scheins (corporate) Levels of Culture and examples

A

1) visible: above water line - see
ex/ dress, office, symbols, slogans

2) invisible: (below-say)
ex/ expresses values - HP way
ex/ titanic

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21
Q

Four components of observable culture

A

Stories
Heroes
Symbols
Rites & Rituals

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22
Q

Heroes

A

Shared knowledge of hero stories
Establish or represent core values

Ex/ employees, customers, leaders
Ex/Milton hershey and hershey school

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23
Q

6 people associated with heroes and their companies

A 
Sam Walton and Walmart 
Ken Frazier and Merck 
Walt Disney and Disney 
Sheryl Sandburg and Facebook 
Indra Nooyi and PepsiCo 
Ursula Burns and Xerox
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24
Q

Rites and Rituals and example

A

Creates connections: people and org
Builds morale and engagement
Shared hands on experiences

Ex/ Nike campus tour

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25
Q

Symbols and example

A

Common understanding of culture
Easy to recognize (you and others)

Ex/ logos like Tony the Tiger for Kellogg’s and nittany lion for psu

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26
Q

Stories and examples

A

Easily tempered & passed on
Instills deeper cultural understanding

Ex/ Nordstrom and customer service: guy with suits they didn’t finish
Stories of how Harland Sanders led KFC and how Dave Thomas led Wendy’s

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27
Q

Where performance and culture intersect

A

Financial
Leadership
Culture

28
Q

What do the best companies strive toward and its how you do what

A

Culture and it’s how u make money

29
Q

Taking a new idea and putting it into practice

The process of translating an idea or invention into a good or service that creates value or for which customers will pay

A

Innovation

30
Q

Big 3 + 1

A

Process
Product
Business Model

+1 is Sustainability

31
Q

Largest category of innovation
Day to day changes in business
Makes us money and saves us cost

A

Process

32
Q

Lean Principles equals

A

Reduction of Waste

33
Q

Six Sigma equals

A

Process Improvement

34
Q

Process example

A

Vending machines and debit cards or healthier foods inside

35
Q

Product innovation

A

Something you’ve never seen before (brand new) or product enhancement ( innovate around existing)

36
Q

Examples of Product Innovation

A

Tile tracker
Slam Door/Nesting Doors
Drones

37
Q

Benefits and Side Effects to Product Innovations w Drones

A 
Benefits: 
Search and rescue 
Real estate 
Hollywood 
Photography

Side Effects:
damage property
Privacy

38
Q

Business Model

A

Create, Deliver and Capture Value

39
Q

Business Model Innovation of media, retail, education, music

A

Decline of Print
Online shopping
Online classes
Physical to digital owning to streaming

40
Q

Business Model example

A

Nick D’Aloisio: changed text
Uber and Travis Kalanick: changed taxis
Instagram and Kevin Systron: changed pictures

41
Q

Three problems for Instagram

A

Beauty
Speed
Distribution

42
Q

Examples is sustainability

A

Zero Waste at Toyota/ Subaru

Tom Szaky and TerraCycle

43
Q

Selling your ideas and examples

A

Commercialization
Ex/ Lonnie Johnson and super soaker
Post it notes

44
Q

Organizational Protocols Supporting Innovation

A

Strategy: includes innovation
Culture: values innovation
Structure & Management: Supports Innovation
Staffing: For Creativity Innovation

45
Q

3M corporation example

A

30% of revenue is new products

46
Q

It is personal and organizational
“To make the form, nature, content, future course etc. of (something different from what is is or from what it would be if left alone”

A

Change defined

47
Q

Change and People

A 
Fear of the unknown (#1) 
Loss of Control (#2) 
Disrupted habits 
Loss of confidence 
Work overload 
Poor timing 
Lack of purpose 
Loss of face
48
Q

Fundamental Change Drivers

A

Opportunity or Threat

49
Q

Elizabeth Kubler Ross (dealing w grief/ change)

X & Y axis
6 stages

A

X- time
Y- motivation/ performance

Denial 
Anger 
Bargain 
Depression 
Acceptance 
Move On
50
Q

Ex of Change drivers

A

Facebook buys Instagram.
Automakers and driver less cars
Detroit and bankruptcy: taken over by state
NCAA: schools in the big 5 leagues took over from NCAA

51
Q

Two types of change

A

Transformational

Incremental

52
Q

Opportunity/Threat

Can’t keep playing the game the same way and can’t use incremental change

A

Transformational change

53
Q

Day to Day process improvements

A

Incremental change

54
Q

What is IBM Corporations main line of business today

A

Services Provider

55
Q

Burning platform

A

Associated w transformational change
North Sea on a burning oil rig: if you stay it’s certain death and if you jump into the freezing water it’s a probable chance

56
Q

IBM as a burning platform did what

A

Strategy: downsize
Cut costs
Casual culture

57
Q

Examples of transformational change

A

IBM

Hostess

58
Q

Moneyball and Brad Pitt was an example of

A

People resisting change they didn’t want him to leave

59
Q

Kurt Lewin and Change

A

Unfreeze
Change
Refreezing

60
Q

Create a need for change: helping people understand a need for it

A

Unfreeze

61
Q

Implement and manage the process of change: helping people go through the stages displayed by Elizabeth

A

Change

62
Q

Stabilize the change and scan for the future: reinforce and make sure people don’t try to go back to old ways

A

refreezing

63
Q

1 issue in change

A

Timing

64
Q

2 issue in change

A

Communication

65
Q

Two approaches to change

A

Change driver

Status quo

MGMT Exam #4 (10 decks)

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