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MGMT 3001 > MGMT 3001 Exam 1 > Flashcards

MGMT 3001 Exam 1 Flashcards

1
Q

What study did Frederick Taylor do?

A

Conducted time studies to say that making people work as hard as they could wasn’t as efficient as optimizing and simplifying jobs

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2
Q

What did Henri Fayol do?

A

Wrote the 6 Activities of Industry and 14 Principles of Management

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3
Q

What did Peter Drucker do?

A

Wrote about how to manage knowledge workers, said everyone should be involves in decision making, and eliminated bureaucratic rules and humiliating conditions

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4
Q

What are missions?

A

What the company does

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5
Q

What are visions?

A

Purpose of the company/what it wishes to be

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6
Q

What are values?

A

Shared principles and standards of the company

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7
Q

What is the difference between missions and visions?

A

Missions describe the what, Visions describe the why

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8
Q

Why are missions and visions important?

A

They communicate purposes to stakeholders, create strategy, and result in having measurable goals and objectives

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9
Q

What is intended strategy?

A

The strategy conceived by management

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10
Q

What is realized strategy?

A

The actual strategy that is implemented

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11
Q

What is emergent strategy?

A

Managers make decisions to change strategy to adapt to changing circumstances

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12
Q

What is the application of intended, realized, and emergent strategies with the Honda Mini Case?

A
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13
Q

What is organic structure?

A

Low centralization, low formalization, flat hierarchy, low centralization, fluid & flexible communication, innovativeness

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14
Q

What is mechanistic structure?

A

High centralization, high formalization, tall hierarchy, high centralization, resists change, limited autonomy, unsuitable for innovation, maximizes efficiency & cost

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15
Q

What is matrix structure?

A

Hybrid of functional and divisional structures. These are suited for dynamic and uncertain environments and increase communication and cooperation among departments. However, there’s usually management power struggles.

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16
Q

What is a boundless organization?

A

Breaks down traditions and constraints and hierarchies of traditional company structures

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17
Q

What does corporate strategy try to answer?

A

What business or businesses should we be in? How does being in one business help us compete in our other businesses?

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18
Q

What does business strategy try to answer?

A

How should we compete?

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19
Q

What are the four types of business strategy?

A

Cost Leadership, Differentiation, Focused Cost Leadership, Focused Differentiation

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20
Q

What is cost-leadership?

A

Attracts mass market by keeping prices low and buying massive quantities of goods from suppliers

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21
Q

What is differentiation?

A

Has superior or exclusive offerings that are so different from others that serve a broad range of customers

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22
Q

What is focused cost leadership?

A

Doesn’t offer all consumer goods but offers goods in moveable prices, attracting a narrower target

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23
Q

What is focused differentiation?

A

Has superior or exclusive offerings, but are focused on more of a niche market

24
Q

What are the two primary external analysis frameworks?

A

PESTEL and Porter’s Five Forces

25
Q

What is PESTEL?

A

Understands potential specific influences of 6 macro social dimensions (Political, Economic, Social, Technological, Environmental, Legal)

26
Q

What is Porter’s Five Forces Model?

A

Attempts to analyze attractiveness of an industry by considering 5 forces that impact industry profitability, which are:
- Threat of New Entrants (high barriers to entry results in less competition)
- Power of buyers (number of buyers, and switching costs consumers incur as a result of changing brands or products)
- Power of suppliers (number of suppliers, switching costs of suppliers)
- Threat from substitutes (how easy is your product to substitute?)
- Industry Rivalry

27
Q

How does Porter’s Five Forces define the characteristics of an attractive industry?

A

An attractive industry has higher barriers to entry, limited rivalry, weak buyers, weak suppliers, and few substitutes to products

28
Q

What does VRIO stand for?

A

Valuable, Rare, Inimitable, Organization

29
Q

How can we say a firm’s resource/capability generates sustainable competitive advantage using VRIO?

A

If it meets all of VRIO requirements

30
Q

What is a resource?

A

Individual, social, and organizational assets

31
Q

What is a capability?

A

The ability to rearrange resources, knowledge, and other forms of capital

32
Q

Use VRIO analysis to explain if a resource/capability of Trader Joe’s gives them sustainable competitive advantage

A

Good location (differentiation), unique frozen food products (differentiation), powerful buyer parent company (low cost), culture (differentiation) offer competitive advantages

33
Q

What are core competencies?

A

Combinations of resources and capabilities that offer competitive advantages and satisfy VRIO framework, which helps companies determine their strategies.

34
Q

What is SWOT Analysis? How does it relate to Internal (VRIO) & External (5 Forces & PESTEL) Analysis?

A
35
Q

Analyze Trader Joe’s with Porter’s Five Forces

A

New Entrants: retailers tried launching smaller-format grocery stores
Suppliers: goods are difficult to differentiate because they’re internal, but large consumer product/mainstream manufacturers are powerful
Buyers: sensitive to price, many alternatives but lots of loyalty
Substitutes: wholesale, online

36
Q

What is a group? What is a team?

A

Groups are a collection of individuals who interact with each other and impact actions of others, teams are a more cohesive coalitions of people working together and are smaller

37
Q

What are the stages of Group Development?

A

Forming, storming, norming, performing, adjourning

38
Q

What is forming?

A

The group comes together for the first time

39
Q

What is storming?

A

Group explores power and influence, heated discussions, creative energy released

40
Q

What is norming?

A

Handles differences without dissolving, leader becomes a facilitator, more committed to each other & group’s goal

41
Q

What is performing?

A

Group members feel themselves to be apart of a greater entity, individuality & differences are respected, group leaders become more coaches

42
Q

What is adjourning?

A

Groups dissolve

43
Q

What is cohesion?

A

A degree of camaraderie. Not amazing because it can cause internal pressure to conform, makes group members conflict avoidant, no diversity of thought, easier to see outsiders of group as inferior, lack of corrective feedback, and groupthink

44
Q

What is social loafing?

A

Tendency of individuals to put in less effort when working in a group context

45
Q

What is collective effiacy?

A

Group’s perception of its abilities to perform and how well a group thinks it can perform

46
Q

What is groupthink?

A

A group pressure phenomenon that increases the risk of the group making flawed decisions by allowing reduction in mental efficiency, reality testing, and moral judgment

47
Q

What are the four elements of organizational structure?

A

Centralization, Formalization, Levels of Hierarchy, Departmentalization

48
Q

What is centralization?

A

Degree to which decision-making authority is concentrated at higher levels in an organization

49
Q

What is formalization?

A

Extent to which an organization’s policies, procedures, job descriptions, and rules are written and explicitly articulated

50
Q

What is departmentalization?

A

How to group people, consists of functional (grouping people based on similarity in functions) and divisional (group people by products, services, etc.)

51
Q

What are hierarchial levels?

A

Levels of roles. Has tall organization (clear roles, promotion path, but little flexibility and communication) and flat organization (less levels, more employee autonomy and harder to monitor with unclear roles)

52
Q

What are the two types of corporate strategies?

A

Diversification and Synergies

53
Q

What is diversification? Why do companies diversify?

A

This exists when an organization participates in multiple businesses that are in some way distinct from each other. Companies diversify to spread risk, create synergies, and to employ underused resources

54
Q

What are synergies?

A

Exists when the interaction of 2 or more activities creates a combined effect greater than the sum of their individual efforts.

55
Q

What is punctuated-equilibrium model?

A

Five stage group model assumes a linear process, but in reality it’s more dynamic and cyclical in nature.

MGMT 3001 (1 decks)

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