Exam 1 Flashcards
Definition of Management
The pursuit of goals within an organization. Managers set strategic courses of action for the firm and coordinate the efforts of the personnel.
Internal vs. external stakeholders and examples
- Internal Stakeholders are those within the company which are impacted by decisions made by the company. Those directly involved with the company
- Employees
- Managers
- etc.
- External Stakeholders are those outside of the company impacted by similar decisions
- Stockholders
- Public communities
- etc.
Human or interpersonal skills and examples
- The skills required for working with people
- Important for middle managers
- Inspire trust, communicate, motivate
Roles/functions of board of directors, top, middle, and first-line managers
- Board of directors
- Oversees the firm and ensures organization is achieving max value to its stakeholders
- Top Managers (CEO/CTO/CFO)
- conduct strategic thinking and plan the strategic direction of the firm
- Middle Managers (Store/District Manager)
- balance the directives from the top of the organization with the day-to-day realities
- Bottom Managers (PIC/Assistant)
- supervise the bulk of employees in the organization and plan daily or weekly tasks for the employees
Management Style: Theory X & Theory Y
- Theory X managers believe their employees are unmotivated, resistant to change, and require constant supervision and need everything laid out for them. More pessimistic view
- Theory Y managers believe their employees can manage themselves without being monitored and can figure things out for themselves. More optimistic view
Maslow’s Hierarchy of Needs
- From Top to Bottom
- Self-Actualization
- Esteem
- Love/Belonging
- Safety
- Physiological
Total Quality Management
- TQM
- Managers differentiate between quality control and quality assurance
- control: minimizing errors in production
- assurance: managing worker performance
- Organization is concerned with improving all stages of the organization
Business ethics and ethical dilemmas
- Business ethics is more concerned with legality than social acceptance
- Ethical dilemmas occur when two or more party’s “correct” values conflict
Corporate Social Responsibility and examples of CSR programs/initiatives
Code of Ethics
Formal set of standards set by the company on how employees should behave
Whistleblower
An employee who discloses information pertaining to practices they believe show illegal actions, gross waste, mismanagement, etc.
General external factors effecting business ethics
Weather, natural disasters, government policies, public perception, etc.
Definition of diversity and examples of programs or activities to enable diversity.
- similarities and differences between employees in terms of race, sex, religion, etc.
- programs:
Individual attributes that create diversity – Internal, External, Organizational (examples from Gardenswartz and Rowe Diversity wheel.)
Actions that individuals can take to embrace diversity in an organization.
Difference between optimism, availability heuristics and confirmation bias.
Understand what organizational culture is and examples of informal and formal aspects.
Difference between Clan, Hierarchy, Adhocracy and Market cultures.
Benefits and challenges of globalization.
Styles of international management: Polycentric, Ethnocentric, Geocentric & Multicentric.
- Polycentric
- Managers who take the position that adapting to the local approach is better
- Ethnocentric
- Managers who take the position that their nations way of managing and doing tasks is best
- Geocentric
- Mix of Poly and Ethno management styles
- Multicentric
Definition of expatriate.
Manager tasked with managing on foreign soil
Differences between Global Sourcing, Importing/Exporting, Franchising & Licensing, Joint Ventures, and Foreign Subsidiary
- Global Sourcing
- outsourcing production globally to maximize cost-effectiveness
- low risk
- contract based
- Global Sourcing
- Importing/Exporting
- selling domestic good or receiving foreign good for profit
- low risk
- contract based
- Franchising and Licensing
- Franchising
- rights to operate a satellite company
- Licensing
- rights to use/produce a certain product
- Franchising
- Joint Ventures
- cooperative enterprise between two businesses
- Foreign Subsidiary
- partially or fully owned company that is part of a larger company
- hq on foreign soil
