Fundamentals for Success in Business Flashcards
Ethics
The principles that guide a person’s behavior
Legal
Denotes if an act is permissible with the law of the land
Do laws and ethics always align?
No
What do(es) personal ethics guide?
Interactions with others both personally and professionally (treat others how you want to be treated)
Values
Stable, enduring goals a person has for life
Morals
Sets of rules individuals develop based on cultural norms and beliefs
Stable, enduring goals a person has for life
Values
Shared, sanctioned, and integrated systems of beliefs and practices based on cultural norms and beliefs
Morals
Organizational ethics
Branch of applied ethics that focuses on rules, principles, and standards in context of business activities
Societal issues
Organizational ethics relating to the world as a whole
Stakeholder issues
Organizational ethics relating to stakeholders (customers, employees, suppliers, and the community)
Internal policy issues
Organizational ethics relating to internal relationships between company and employees
Personal issues
Organizational ethics relating to how people treat others in their organization
Corporate social responsibility (CSR)
Philosophy in which a company voluntarily engages in actions that benefit society at large
What is CSR designed to do?
Increase profits and trust in the long-term while promoting positive community relations
Code of ethics
Establishes organization’s key values and describes the company’s obligation to stakeholders
Greenwashing
When ethical commitments and statements run contrary to practices
Marketing department
Face of the company
HR Department
Human Resources: Employee-related issues
R&D Department
Research and Development: New products and product improvisation
Accounting & Finance Department
Tracks and manages outgoing, incoming, and saved/stored money of the business
IT Department
Information Technology: Process data and provide purchase, setup, and security of computer systems and network
Competing values framework model (CVF)
Measures an organization’s culture and fit in its environment
Internal focus in a flexible environment
Clan
Internal focus in a controlled environment
Hierarchy
External focus in a controlled environment
Market
External focus in a flexible environment
Adhocracy
Personality trait key for clan
Agreeableness
Personality trait key for hierarchy
Conscientiousness
Personality trait key for market
Extraversion
Personality trait key for adhocracy
Openness
Mechanistic organizational structures
Relatively stable environment, top-down hierarchies of control
Organic organizational structure
Unstable, complex, changing environment with flatter structures
Attention-Selection-Attrition Model
Outlines how employees join and leave organizations
Attraction
Individuals are attracted to organizations like them in terms of personality and values
Selection
Organizations select those whose skills and values are similar to those of existing members
Attrition
Those who don’t fit in will leave an organization over time
Oral communication
Spoken word and nonverbal communication (combes from shared language/rule-governed system)
Communication style
The dominant way someone interacts and exchanges information with others
Passive communication style
Hesitant to speak about personal thoughts, beliefs, or opinions even when they feel they are being wronged
Aggressive communication style
Stands up for their opinions/rights with little-no regard for others
Assertive communication style
Respects rights of all; direct but not insulting
Passive-aggressive
Tend to be passive but later aggressive through negative, often subtle, indirect comments
Rehearsing
When the receiver has no intention of considering the message but is preparing to respond to an earlier point
Active listening
Giving full attention, taking time to understand points, asking questions, and not interrupting.
Intelligence
The ability to think, learn, and adapt
Emotional intelligence
The ability to understand and manage emotions in oneself and others
Self-awareness
The ability to accurately perceive, assess, and exhibit appropriate emotions
Self-management
The ability to channel emotions into a positive way when needed
Social awareness
The ability to empathize and understand how others feel
Relationship management
The ability to assist others in their management of their emotions and establish supportive relationships
What is the key to well-being and building a balanced life?
Emotional intelligence
Moral identity
Extent to which people see themselves as ethical
Self-regulation
Managing internal state
Motivation
Understanding emotional tendencies that impact capacity to reach personal goals
Empathy
Being attuned to the emotional signals of others and being able to relate and respond appropriately
Social skills
Broad range of behaviors related to managing relationships and responding to emotions of others
Personal competencies
Self-awareness, self-regulation, and motivation
Social competencies
Empathy and social skills
3 Aspects of emotion
Intensity, fluctuation, and contexts
Meditation
Skill of focusing 100% of your energy and attention on one specific area
Mindfulness
State of consciousness in which you are aware of the present moment
Supportive communication
Aims to preserve a positive relationship between communicators while still addressing the problem
Leadership
Influence relationship between two or more people who depend on each other to attain mutual goals in a group situation
Consideration
Relationship behaviors of a leader such as communication and respect
Initiating
Task-related behaviors of a leader such as planning, problem-solving, and scheduling
Rational persuasion
Influence tactic using facts, data, and rational arguments
Inspirational appeals
Influence tactic using values, emotions, and beliefs
Legitimate power
Comes from one’s organizational role or position
Reward power
Comes from ability to grand a reward to an employee in exchange for job performance
Coercive power
Ability to take something away or punish someone for non-compliance
Expert power
Based on knowledge and skill or experience
Information power
Based on possession of knowledge others want/need
Referent power
From trust and respect
Autocratic management
Decision-making power is concentrated in the manager
Participative management
Manager shares decision-making authority with group members, valuing individual perspectives
Laissez-faire management
Hands-off; delegates tasks to followers with little to no direction
How can a speaker overcome issues pertaining to semantics to ensure effective communication?
Be direct and clearly state what is intended
How can a manager exhibit supportive communication?
Use descriptive language
Which style of leadership is appropriate for followers who have high competence but low commitment?
Participation
Which style of leadership is appropriate for followers who have low competence and low commitment?
Autocratic
Which style of leadership is appropriate for followers who have high competence and high commitment?
Laissez-faire
A supervisor assigns an employee to work on a small project that is directly related to a corporate goal, and the employee’s skill set makes them the ideal person to accomplish the task.
What is this employee’s managerial designation?
Individual
A newly hired manager has years of experience with evaluating team performance to make improvements.
Which area of managerial skills does this new manager possess?
Analysis
Which type of leadership style is being depicted when managers clarify role expectations and set schedules for employees?
Autocratic
