MID TERM Flashcards
Definition of Management
1:The pursuit of organizational goals efficiently and effectively by 2:Integrating the work of people through 3. Planning, organizing, leading, and controlling the organization’s resources
The Management Process
1.Planning- Setting objectives and determining a course of action
2.Organizing- Arranging resources to implement the plan
3.Leading-Motivating and directing employees towards achieving organizational goals
4.Controlling-Monitoring performance and making adjustments as necessary
Operations Management- Benihana + Trader Joe’s
Operations Management: Focuses on the efficient transformation of resources into goods and services
Benihana: Restaurant chain uses a unique operational strategy that combines dining and entertainment, emphasizing a streamlined kitchen and skilled chefs who perform in front of customers, creating a distinctive customer experience while managing time and resources efficiently
Trader Joe’s: Known for its efficient supply chain and inventory management, Trader Joe’s emphasizes quality products and customer service while maintaining low operational costs through selective product offerings and limited store sizes (customers are kind and well knowledgeable)
Efficiency
Means to use resources- people, money, raw materials, and the like-wisely and cost-effectively. Ability to accomplish tasks with minimal waste of resources.
Effectiveness
Measures the degree to which an organization achieves its goals. It emphasizes the appropriateness of goals and the outcomes achieved
Open Systems
Interact with their external environment, adapting to changes and influences. Organizations are typically open systems that respond to market conditions, customer preferences, and competition
Closed Systems
Operate independently of external factors and do not interact with their environment. While rare, these systems can be self-contained and less adaptable
Multiplier Effect
Refers to the phenomenon where an initial investment or input leads to greater overall impact on the economy or organization than the initial amount would suggest.
Value Creation
Developing products or services that increase the worth to customers, leading to enhanced customer satisfaction and loyalty. Organizations that create value effectively tend to achieve competitive advantages.
Contingency Viewpoint
Management approach that says there’s no one-size-fits all solution. Instead, the best way to manage a situation depends on the specific circumstances such as organizational size, technology, and external environment.
Executive Pay
Ben and Jerry’s Model
Executive Pay: Refers to the compensation packages for top executives, which can include salary, bonuses, stock options, and benefits. The debate around executive pay often centers on its fairness and its impact on organizational culture
Ben and Jerry’s Model: Emphasizes fair pay and social responsibility. The company advocates for equitable compensation practices, ensuring that all employees are paid a living wage, which supports their commitment to social justice and employee satisfaction.
Quality Control
Focuses on the processes and techniques used to ensure that products meet certain standards and specifications. It often involves inspection and testing.
-Workers checking for cracks, leaks, or labels that are misaligned.
Quality Management (TQM)
A holistic approach that seeks to improve quality across the entire organization, emphasizing customer satisfaction, continuous improvement, and employee involvement in quality initiatives.
-Training staff regularly, gather customer feedback, and adjusting their menu based on what customers like.
Competitive Advantage
Refers to the attributes that allow an organization to outperform its competitors, which can include superior quality, cost leadership, brand loyalty, or innovation.
1.Being responsive to customers
2.Innovation
3.Quality
4.Efficiency
Ordinary vs. Extraordinary
Ordinary advantages might be easily replicated by competitors, while extraordinary advantages are unique and sustainable, offering a long-term edge in the marketplace
Continuous Improvement
Ongoing effort to enhance products, services, or processes through incremental improvements over time. It involves regularly assessing performance and seeking ways to increase efficiency and effectiveness
Klix: Customer Value
Customer Value: Perceived benefit that a customer gains from a product or service relative to its cost. It encompasses quality, price, convenience, and overall satisfaction. Businesses strive to enhance customer value by understanding needs and delivering products or services that exceed expectations.
Benchmarking
The process of comparing an organization’s processes, performance metrics, and products against those of leading competitors or industry standards. It helps organizations identify best practices, improve performance, and set achievable goals by learning from others.
10 Commandments of Steve Jobs
Learning Organization
One that actively encourages and facilitates continuous learning among its members. It values knowledge sharing, adaptation to change, and innovative thinking, enabling the organization to improve its capabilities and responsiveness over time.
Functional Managers
Oversee specific departments or functions within an organization (e.g., marketing, finance, human resources). They focus on optimizing their area’s performance and managing specialized teams.
General Managers
Responsible for overseeing an entire organization or a significant part of it, often managing multiple functions. They integrate the efforts of various departments to achieve overall organizational goals.
Virtual Organization
Flexible, decentralized network of independent entities that collaborate through technology and communication tools. This type of organization operates without a physical office, relying on digital platforms to connect employees, partners, and clients, promoting efficiency and adaptability.
Empowerment
Involves giving employees the authority, resources, and confidence to make decisions and take actions that impact their work. It fosters a sense of ownership and accountability, leading to increased motivation, job satisfaction, and organizational commitment.
Walmart vs. Costco
Walmart focuses on everyday low prices and a vast selection of products, leveraging its massive scale and supply chain efficiency to drive cost savings and attract a broad customer base
Costco operates on a membership model, emphasizing a limited selection of high-quality products at competitive prices. It relies on bulk sales and a loyal customer base, prioritizing value and customer experience.
Entrepreneurship
Refers to the process of creating, developing, and managing a new business venture, often characterized by innovation and risk-taking
Intrapreneurship
Involves employees within an organization acting like entrepreneurs, driving innovation and new initiatives while leveraging the company’s resources
3M*
Ethics
Refers to the moral principles that govern an individual’s or organization’s behavior, guiding decisions about what is right and wrong
Values
Fundamental beliefs and ideals that shape an organization’s culture and influence behavior. They serve as a foundation for ethical decision-making and organizational practices.
Manager’s Skills- Technical Skills
The ability to perform specific tasks and the job-specific knowledge related to a particular field or job.
Manager’s Skills- Human Skills
The ability to interact effectively with people. This includes communication, motivation, and conflict resolution skills, important for all levels of management.
Manager’s Skills- Conceptual Skills
The ability to think analytically, to visualize an organization as a whole and understand how the parts work together. The ability to understand complex situations and develop strategies for the organization.
Sarbanes- Oxley Act
U.S. law enacted in 2002 to protect investors from fraudulent financial reporting by corporations. It was a law from 2002 that helps protect investors by making sure companies are honest about their finances. It sets strict rules for how companies report their money and keeps them accountable to avoid fraud.
Stakeholders
Individuals or groups that have an interest in the outcomes of a business’s activities. They can include employees, customers, suppliers, investors, and the community.
Machiavellianism
Refers to a way of thinking or behaving where someone uses cunning, manipulation, and deceit to get what they want, often in politics or power struggles. It emphasizes the idea that the ends justify the means, meaning that achieving a goal is more important than how you achieve it, even if it involves unethical actions.
Theory X
Assumes that employees are inherently lazy, require close supervision, and need to be coerced into performing their jobs
Theory Y
Posits that employees are self-motivated, seek responsibility, and can be trusted to work autonomously. This theory promotes a more participative management style.
Whistleblower
Employee who reports unethical, illegal, or harmful activities within an organization to authorities or outside parties. Whistleblowers play a crucial role in promoting ethical behavior and accountability, often facing significant risks, including retaliation or job loss.
Pyramid Hierarchy
Refers to the organizational structure in which authority and responsibility are distributed in a hierarchical manner, resembling a pyramid. At the top are top-level managers, followed by middle management and then lower-level employees. This structure clarifies roles, responsibilities, and lines of communication within the organization.
Diversity
A workplace that refers to the presence of differences among employees, including race, gender, age, ethnicity, sexual orientation, and cultural background. Embracing diversity fosters innovation, enhances problem-solving, and reflects a broader range of perspectives, contributing to a more inclusive organizational culture.
Bureaucracy
Way of organizing work in large groups, like governments or big companies. It involves having clear rules, a structured hierarchy, and specific roles for everyone. This helps ensure that tasks are done efficiently and consistently, but it can sometimes make things slow or complicated.
Enlightened Organizations
Prioritize ethical practices, social responsibility, and employee well-being while pursuing business objectives. They foster a culture of transparency, collaboration, and continuous improvement, aiming for long-term success that benefits both the organization and its stakeholders.
Behaviorism
Psychological approach that focuses on observable behaviors rather than internal mental states. In management, behaviorism emphasizes the role of reinforcement and punishment in shaping employee behavior, suggesting that behaviors can be modified through appropriate management strategies
Glass Ceiling
Refers to an invisible barrier that prevents certain individuals, particularly women and minorities, from advancing to higher levels of leadership and management within an organization. Addressing the glass ceiling involves promoting equity, diversity, and inclusion in career advancement opportunities.
Culture/ Atmosphere
Culture: Refers to the shared values, beliefs, and practices within an organization that shape the behavior of its members.
Atmosphere: Created by culture, influences employee satisfaction, performance, and engagement.
Corporations: Responsible for cultivating a positive culture that aligns with ethical practices, corporate responsibility, and community impact
Employee Trust
The confidence employees have in their organization’s leadership and policies. High levels of trust lead to improved morale, productivity, and retention.
Company Trust
The belief stakeholders (customers, suppliers, etc) have in the integrity and reliability of the organization. Building trust enhances reputation and fosters loyalty.
Corporate Responsibility
Refers to a company’s commitment to conducting business ethically, contributing to economic development, and improving the quality of life for employees, their families, the local community, and society at large.
SWOT Analysis
Strategic planning tool used to identify an organization’s Strengths, Weaknesses, Opportunities, and Threats
Strengths: Give organization an advantage over others
Weaknesses: Internal factors that can hinder an organization’s performance
Opportunities: External factors that organization can take advantage of to grow or improve
Threats: External challenges that could negatively impact the organization
Chick- Fil- A
Known for its strong corporate culture focused on customer service, community engagement, and a commitment to values-based leadership
Harley Davidson
Represents a brand built on loyalty and a unique community. The company fosters a strong organizational culture that aligns with its brand identity and customer passion.
Mission
A statement that defines the purpose of an organization, outlining its core activities and values. It serves as a guiding principle for decision- making and strategy.
Vision
A forward- looking statement that describes what an organization aspires to achieve in the future. It provides direction and inspiration for employees and stakeholders.
Hierarchy
Employees: The workforce that executes the organization’s strategies and operational plans.
Customers: The end- users of products and services, whose needs and satisfaction are central to the organization’s goals and strategies
Shareholders: Individual’s or entities that own shares in the company. Their interest revolve around profitability and return on investment, influencing strategic decisions
Strategic Goals
Long- term, big picture goals that guide the overall direction of an organization.
Tactical Goals
Medium term goals that break down strategic goals into specific actions. They are usually set for one to three years and focus on how to achieve the strategic goals
Operational Goals
Short term, day to day goals that focus on specific tasks and activities. They help ensure that the tactical goals are met and are typically set for a few months to a year.
Sustainability
Operating in a manner that meets present needs without compromising the ability of future generations to meet their own needs.
Doing Well by Doing Good
This concept emphasizes that organizations can achieve financial success while also making positive contributions to society and the environment. Companies that integrate social responsibility into their business models often enhance their brand reputation and customer loyalty.
Southwest Airlines
