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MGMT > Test Dos > Flashcards

Test Dos Flashcards

1
Q

What is compete Intelligence?

A

Gaining information about one’s competitors’ activities you can anticipate their moves and react

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2
Q

What are ways to receive competitive intelligence?

A

Public prints and advertising, investor information, informal sources

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3
Q

What is environmental scanning?

A

Careful monitoring of an organization’s internal and external environments to detect early signs of opportunities and threats that may influence firm’s place

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4
Q

What is the SWOT analysis?

A

Strengths- Internal
Weaknesses-Internal
Opportunities-External
Treats-External

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5
Q

What is a forecast?

A

A vision or projection of the future.

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6
Q

What is trend analysis?

A

Hypothetical extension of a past series of events into the future

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7
Q

What is a contingency plan?

A

Creation of alternative hypothetical but equally likely future conditions.

Also called scenario planning and scenario analysis

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8
Q

What are Porter’s Five competitive forces?

A
  1. Threat of new entrants
  2. Bargaining power of suppliers
  3. Bargaining power of buyers
  4. Threat of substitute products or services
  5. Rivalry among competitors
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9
Q

What are Porter’s four competitive strategies?

A

Cost leadership-wide
Differentiation- wide
Cost-Focus-narrow
Focused-differentiation-narrrow

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10
Q

What is Cost-leadership strategy?

A

Keep the costs, and hence the prices, of a product or service below those of competitors and to target a wide market

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11
Q

What is differentiation strategy?

A

Offer products that are unique and superior value compared to those of competitors but target a wide market.

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12
Q

What is cost-focus strategy?

A

Keep costs of a product below those of competitors and to target a narrow market.

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13
Q

What is focused-differentiation?

A

Off products that are unique and superior value compared to those com competitors and to target a narrow market

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14
Q

What is single-product strategy?

A

company makes and sells only one product within its market
Benefit-focus
Risk-vulnerablilty

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15
Q

What is diversification?

A

Operating several businesses under one ownership that are not related to one another

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16
Q

What are advantages of related diversification?

A 
reduced risk (more than 1 product)
Management efficiency (administration spread over several businesses)
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17
Q

What is BCG matrix?

A

Stars, cash cows, question marks, dogs

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18
Q

What is a star?

A

Have high growth, high market share

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19
Q

What is a question mark?

A

Low market share, high market growth

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20
Q

What is a cash cow?

A

Low market growth, high market share

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21
Q

What is a star?

A

High market growth, high market share

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22
Q

What is a dog?

A

Low market growth, low market share

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23
Q

What is execution?

A

Consists of using questioning, analysis, and follow-through in order to mesh strategy with reality, align people with goals, and achieve results promised

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24
Q

What are the three core processes of business?

A 
People
Consider who will benefit you in future
Strategy
Consider how success will be accomplished
Operations
Consider what path will be followed
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25
Q

What are ways to builds a foundation of execution?

A 
Know your people and business
Insist on realism
Set clear goals and priorities
Follow through
Reward the doers
Expand the capabilities
Know yourself
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26
Q

What is rational model of decision making?

A

Explains how managers should make decisions
classical model
assumes managers will make logical choices that will optimum in furthering organization’s interest

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27
Q

What are the stages of rational decision model?

A

Identify problem
Think up alternative solutions
Evaluate alternatives and select a solution
Implement and evaluate the solution chosen

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28
Q

What is true about women investors?

A

They trade much less often than men, do more research, base investment choices on more than numbers

similar to Bufet

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29
Q

What are three assumptions of the rational model?

A

Complete information, no uncertainty
Logical, unemotional analysis
Best choice for the organization

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30
Q

What is N=non rational models of decision making?

A

Assume the decision making is nearly always uncertain and risky, making it difficult for managers to make optimal decisions

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31
Q

What is bounded rationality?

A

Suggest that the ability of decisions makers to be rational is limited by numerous constraints
Being ok is ok

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32
Q

What is a satisficing model?

A

Managers seek alternatives until they find one that is satisfactory, not optimal

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33
Q

What is an incremental model?

A

Managers take small, short-term, steps to alleviate a problem

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34
Q

What is intuition?

A

Making a choice without the use of conscious thoughts or logical inference. Sources are expertise and feelings.

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35
Q

What are things that make it hard to be evidence based?

A 
Too much evidence
Not enough good evidence.
The evidence doesn't apply
People are trying to mislead you.
People are trying to mislead you.
The side effects outweigh the cure.
Stories are more persuasive .
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36
Q

What is analytics?

A

sophisticated forms of business data analysis
portfolio analysis, time-series forecast
also called business analytics

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37
Q

What is organizational culture?

A

System of shared beliefs and values that develops within an organization and guides the behavior of its members

Corporate culture

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38
Q

What is a culture structure?

A 
Vision
Strategy
Culture
Structure and internal practices
Collective attitudes and behaviors
Achievement of goals
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39
Q

What is clan culture?

A

Internal focus
Values flexibility rather than stability
Encourages collaboration Amon employees

Family

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40
Q

What is adhocracy culture?

A

Attempts to create innovative products by being adaptable, creative, and quick to respond to changes in the marketplace

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41
Q

What is market culture?

A

Focused on the external environment

Driven by competition and a strong desire to deliver results

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42
Q

What is hierarchy culture?

A

Have a formalized structured work environment aimed at achieving effectiveness through a variety of control mechanisms

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43
Q

What is level 1 of organizational culture?

A

Observable artifacts
Physical manifestations such as manners of dress, awards, myths and stories about the company
Visible behavior exhibited by managers and employees

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44
Q

What is level 2 of organizational culture?

A

Espoused values

Explicitly stated values and norms proffered by an organization

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45
Q

What is enacted values?

A

Values and norms actually exhibited

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46
Q

What is level 3 of organizational culture?

A

Basic assumption
Core values of the organizations culture
Those taken for granted and highly resistant to change

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47
Q

What is a symbol?

A

An object, act, quality, or event that conveys meaning to others

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48
Q

What is a story?

A

Narrative based on true events, which is repeated and sometimes exaggerated upon, to emphasize a particular value

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49
Q

What is a hero?

A

A person whose accomplishments embody that values of an organization

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50
Q

What are rites and rituals?

A

Activities and ceremonies, planned and unplanned, that celebrate important occasions and accomplishments in the organizations life.

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51
Q

What are the three perspectives for enhancing economic performance?

A

Strength, fit, adaptive

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52
Q

What is the process of cultural change?

A 
Formal statements 
Slogans and sayings
Stories, legends, myths
Leader reaction to crises
Role modeling, training, coaching
Physical design 
Rewards, titles, promotions, and bonuses 
Organizational goals and performance criteria 
Measurable and controllable activities 
Organizational structure 
Organizational systems and procedures
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53
Q

What is an organization?

A

System, of consciously coordinated actives or forces of two or more people

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54
Q

What is an organization chart?

A

Box and lines illustration showing the formal lines of authority and he organizations official positions or work specialization

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55
Q

What are four common elements of an organization?

A

Common purpose, coordinated effort, division of labor, hierarchy or authority

Span of control
Authority responsibility delegation

Centralized versus decentralization of authority

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56
Q

What is authority?

A

Rights inherent in a marginal position to make decisions and utilize resources

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57
Q

What is accountability?

A

Managers must report and justify work results to the managers above them

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58
Q

What is responsibility?

A

Obligation you have to perform the tasks assigned to you

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59
Q

What is delegation?

A

Process of assigning managerial authority and responsibility to managers and employees lower in hierarchy

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60
Q

What is centralized authority?

A

Important decisions are made by higher level managers

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61
Q

What is decentralized authority?

A

Important decisions are made by middle-level and supervisory level managers

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62
Q

What is simple structure?

A

Authority is centralized in a single person with few rules and low work specialization

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63
Q

What is functional structure?

A

People with similar occupational specialties are put together in formal groups

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64
Q

What is divisional structure?

A

People with diverse occupational specialties are out together in formal groups by similar products, costumers or geographic region

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65
Q

What is matrix structure?

A

An organization combines functional am divisional chains of command in a grid so there are two command structures, vertical and horizontal

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66
Q

What is horizontal design?

A

Teams or workgroups, either temporary or permanent, are used to improve collaboration and work on shared tasks by breaking down internal boundaries

People working together

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67
Q

What is a hollow structure?

A

The organization has a central core of key functions and outsources other functions to vendors

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68
Q

What is modular structure?

A

Firm assembles product chunks, or

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69
Q

Virtual organization

A

Organization who’s members are geographically apart. But collaborate to be a single organization with real physical location

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70
Q

Virtual structure?

A

A company outside a company that

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71
Q

What are four factors in designing the best structure?

A

Environment,

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72
Q

What is differentiation?

A

Tendency of the parts of an organization to disperse and fragment

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73
Q

What is integration?

A

Tendency of the parts of an organization to draw together to achieve a common purpose

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74
Q

What are the stages of life of an organization?

A 
Stage 1birth stage
Org is created
Stage 2 youth stage
Growth and expansion 
Stage 3 midlife stage
Period of growth evolving into stability 
Stage 4 maturity stage 
Organization becomes very bureaucratic, large, and mechanistic
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75
Q

What is human resource management?

A

Consists of the activities manager perform to plan for, attract, develop, and retain an effective workforce

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76
Q

What is human capital?

A

economic or productive potential of employee knowledge, experience, and actions

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77
Q

What is a knowledge worker?

A

Someone whose occupation is principally concerned with generating or interpreting information, as opposed to manual labor

78
Q

What is social capital?

A

Economic or productive potential of strong, trusting, and cooperative relationship

79
Q

What is strategic human resource planning?

A

Consists of developing a systematic, comprehensive strategy for understanding current employees needs and predicting future employee needs

80
Q

What is job analysis?

A

Determining the basic elements of a job by observation and analysis

81
Q

What is a job description?

A

Summarizes what the holder of a job does and why they do it

82
Q

What are job specifications?

A

Describes the minimum qualifications a person must have to perform a job successfully

83
Q

What is human resource inventory?

A

Report listing your organization’s employees by name, education, training, languages, and other important information

84
Q

What is the National Labor Relations Board?

A

Enforces procedures whereby employees may vote for a union and collective bargaining

85
Q

What is collective bargaining?

A

Negotiations between management and employees about disputes over compensation, benefits, working conditions, and job security

86
Q

What is the Fair Labor Standards Act of 1938?

A

Established minimum standards for workers engaged in interstate commerce including provisions of a federal minimum wage

87
Q

What is equal employment opportunity commission?

A

Job is to enforce nondiscrimination and other employment related laws

88
Q

Discrimination

A

When people are hired or promoted or denied hiring or promotion for reason not relevant to the job

89
Q

What is affirmative action?

A

Focuses on achieving equality of opportunity within an organization including establishment of minority hiring goals

90
Q

What is sexual harassment?

A

Consists of unwanted sexual attention that creates an adverse work environment

91
Q

What is adverse impact?

A

Occurs when an organization uses an employment practice or procedure that results in unfavorable outcomes to a protected class

92
Q

What is disparate treatment?

A

Results when employees from protected groups are intentionally treated differently

93
Q

What is Quid pro quo?

A

Doing something for sexual favors

94
Q

What is a hostile environment?

A

Offensive work environment

95
Q

What is recruitment?

A

Process of locating and attracting qualified applicants for jobs open in the organization

Internal and external

96
Q

What is realistic job preview?

A

Gives candidates a picture of both the positive and negative features of the job and the organization before he is hired

Keep people happier

97
Q

What is the selection process?

A

Screening of job applicant forms, resume, reference checks

98
Q

What is an unstructured interview?

A

No fixed set of questions and no systematic scoring procedure
Involves asking probing question to find out Suzy the applicant is like

99
Q

What is a structured interview?

A

Involves asking each applicant the same questions and comparing their responses to a standardization set of answers

Situation- hypothetical situations

100
Q

What are employment tests?

A

Legally considered to consist of procedure used un the employment selection decision process

101
Q

What is orientation?

A

helping the newcomer fit smoothly into the job and the organization

102
Q

What is training?

A

educating technical and operational employees in how to better do their current jobs

103
Q

What is development?

A

educating professionals and managers in the skills they need to do their jobs in the future

104
Q

What is a performance appraisal?

A

consists of assessing an employer’s performance and providing him with feedback

105
Q

What is performance appraisal?

A

the continuous cycle of improving job performance through goal setting, feedback and coaching, and rewards and positive reinforcement

106
Q

What makes an objective appraisal?

A

based on fact and often numerical
measure results
harder to challenge legally
also called results appraisal

107
Q

What makes a subjective appraisal?

A

based on a manager’s perceptions of an employees traits and behaviors

108
Q

What is BARS?

A

rates employee gradations in performance according to scales of specific behaviors

109
Q

What is a 360-degree assessment?

A

employees are appraised not only by their managerial superiors but also by peers, subordinates, and sometimes clients.

110
Q

What is forced ranking?

A

all employees within a business unit are ranked against one another and grades are distributed along some sort of bell curve

111
Q

What is a formal appraisal?

A

conducted at specific times throughout the year and based on performance measures that have been established in advance

112
Q

What is an informal appraisal?

A

conducted on an unscheduled basis and consists of less rigorous indications of employee performance

113
Q

What is compensation?

A

wages or salaries, incentives, and benefits

114
Q

What is base pay?

A

basic wage or salary paid
employees in exchange for
doing their jobs

115
Q

What are fringe benefits?

A

are additional nonmonetary forms of compensation designed to enrich the lives of all employees in the organization.

116
Q

What is a promotion?

A

moving upward

117
Q

What is a transfer?

A

moving sideways

118
Q

What is disciplining and demotion?

A

the threat of moving downward

119
Q

What is dismissal?

A

moving out of the organization

120
Q

What are labor unions?

A

organizations of employees formed to protect and advance their members’ interests by bargaining with management over job-related issues

121
Q

What is collective bargaining?

A

negotiating pay and benefits and other work terms

122
Q

What is union security clause?

A

the part of the labor-management agreement that states that employees who receive union benefits must join the union, or at least pay dues to it

123
Q

What are two-tier contracts?

A

new employees are paid less or receive lesser benefits than veteran employees have

124
Q

What is cost-of-living adjustment?

A

clause during the period of the contract ties future wage increases to increases in the cost of living

125
Q

What are givebacks?

A

the union agrees to give up previous wage or benefit gains in return for something else

126
Q

What is a grievance?

A

a complaint by an employee that management has violated the terms of the labor-management agreement

127
Q

What is meditation?

A

process in which a neutral third party, a mediator, listens to both sides in a dispute, makes suggestions, and encourages them to agree on a solution.

128
Q

What is an arbitration?

A

process in which a neutral third party, an arbitrator, listens to both parties in a dispute and makes a decision that the parties have agreed will be binding on them

129
Q

What is Collins’ 5 stages of decline?

A 
Stage 1 Hubris Born of Success
Stage 2 Undisciplined Pursuit of More
Stage 3 Denial of Risk and Peril
Stage 4 Grasping for Salvation
Stage 5 Capitulation to Irrelevance or Death
130
Q

What is the fundamental change?

A
  • segmented & moving toward more niche products
  • more competitors offering targeted products
  • Some traditional companies may not survive radically innovative change
131
Q

What is reactive change?

A

making changes in response to problems or opportunities as they arise (BP Oil Spill)

132
Q

What is proactive change?

A

involves making carefully thought-out changes in anticipation of possible or expected problems or opportunities

133
Q

What are outside forces for change?

A 
Demographic characteristics
Market changes
Technological advancement
Shareholder & customer demands
Supplier practices
Social & political pressures
134
Q

What are inside forces for change?

A

Employee problems

Managers’ behavior

135
Q

Where are changes often needed?

A 
Changing people
Perceptions, attitudes, performance, skills
Changing technology
Changing structure
Changing strategy
136
Q

What is technology?

A

any machine or process that enables an organization to gain a competitive advantage in changing materials used to produce a finished product

137
Q

What is resistance to change?

A

an emotional/behavioral response to real or imagined threats to an established work routine.

138
Q

What is the least threatening of change?

A

Adaptive change

139
Q

What is the more threatening change?

A

Innovative change

140
Q

What is adaptive change?

A

Reintroduction of a familiar practice

141
Q

What is innovative change?

A

Introduction of a practice that is new to the organization

142
Q

What is very threatening change?

A

Radically innovative change

143
Q

What is radically innovative change?

A

Involves introducing a practice that is new to the industry

144
Q

What are reasons employees resist change?

A 
Individual’s predisposition toward change
Surprise and fear of the unknown
Climate of mistrust
Fear of failure
Loss of status or job security
Peer pressure
Disruption of cultural traditions or group relationships
Personality conflicts
Lack of tact or poor timing
Non-reinforcing reward system
145
Q

What is unfreezing?

A

creating the motivation to change

Use benchmarking- compares performance with other companies

146
Q

What is changing?

A

Learning new ways of doing things

147
Q

What is refreezing?

A

Making the new ways normal

148
Q

What are parts of Lewin’s Change Model?

A

Unfreezing, changing, refreezing

149
Q

What is organization development?

A

set of techniques for implementing planned change to make people and organizations more effective

150
Q

What is a change agent?

A

a consultant with a background in behavioral sciences who can be a catalyst in helping organizations deal with old problems in new ways

151
Q

What can OD be used for?

A

Managing conflict
Revitalizing organizations
Adapting to mergers

152
Q

What is the OD process?

A

Diagnosis
Intervention
Evaluation

153
Q

What are two myths of OD?

A

Myth No. 1: Innovation happens in a “Eureka!” moment

Myth No. 2: Innovation can be systematized

154
Q

What is product innovation?

A

change in the appearance or performance of a product or the creation of a new one

155
Q

what is process innovation?

A

change in the way a product is conceived, manufactured, or disseminated

156
Q

What is incremental innovation?

A

creation of products, services, or technologies that modify existing ones

157
Q

What is radical innovation?

A

creation of products, services, or technologies that replace existing ones

158
Q

How can an organization make innovation happen?

A

by providing 1) the right organizational culture, 2) the appropriate resources, and 3) the correct reward system

159
Q

What are four steps towards fostering innovation?

A

Recognizing problems and opportunities and devise solutions

Gain allies by communication your vision

Overcome employee resistance and empower and reward them to achieve progress
Execute well by effectively managing people, groups, and organizational processes and systems in the pursuit of innovation

160
Q

How can you gain allies

A

Showing how the product or service will be made
Showing how potential customers will be reached
Demonstrating how you’ll beat your competitors
Explaining when the innovation will take place

161
Q

What to study

A

Stages for strategic management plan
BCG Matrix
Different types of strategy (based off a scenario)
Understand rationale model of decision making
1 example analytic
Different types of planning
How decision makers are influenced
Delegation
Understand differences between organizational cultures
Understand different spans of organizational lifestyles
Interview process
MBO
Process to demote and promote

162
Q

What is strategy?

A

large-scale action plan that sets the direction for an organization

163
Q

What is strategic management?

A

process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals

164
Q

Why is strategic management important?

A

Provide direction and momentum
Encourage new ideas
Develop a sustainable competitive advantage

165
Q

When does sustainable competitive advantage occur?

A 
when an organization can stay ahead in four areas:
Being responsive to customers
Innovation
Quality
Effectiveness
166
Q

What is strategic positioning?

A

attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company

167
Q

What is the strategic-management process?

A 
Establish the mission
Establish the grand strategy
Formulate the strategic plans
Carry out strategic plans
maintain strategic control

feedback and revise as needed

168
Q

What is growth strategy?

A

involves expansion - as in sales revenues, market share, number of employees, or number of customers

169
Q

What is stability strategy?

A

involves little or no significant change

170
Q

What is defensive strategy?

A

involves reduction in the organization’s efforts

retrenchment

171
Q

What is strategy formulation?

A

process of choosing among different strategies and altering them to best fit the organization’s needs

172
Q

What is strategy implementation?

A

putting strategic plans into effect

173
Q

What is strategic control?

A 
consists of monitoring the execution of strategy and making adjustments, if necessary
Engage people
Keep it simple
Stay focused
Keep moving
174
Q

What are the internal and external factors in a SWOT analysis?

A

internal strengths and weaknesses

outside opportunities and threats

175
Q

What is risk propensity?

A

the willingness to gamble or to undertake risk for the possibility of gaining an increased payoff

176
Q

What is decision making style?

A

reflects the combination of how an individual perceives and responds to information
value orientation
tolerance for ambiguity

177
Q

What is directive decision making style?

A

people are efficient, logical, practical, and systematic in their approach to solving problems
action-oriented, decisive, and likes to focus on facts

178
Q

What is analytical decision making style?

A

considers more information and alternatives

179
Q

What is conceptual dec making style?

A

takes a broad perspective to problem solving

likes to consider many options and future possibilities

180
Q

What is behavioral dec making style?

A

supportive, receptive to suggestions, show warmth

prefer verbal to written information

181
Q

What are three effective reactions to decide?

A

importance, credibility, urgency

182
Q

What are advantages of group decision making?

A 
Greater pool of knowledge
Different perspectives
Intellectual stimulation
Better understanding of decision rationale
Deeper commitment to the decision
183
Q

What are disadvantages of group decision making?

A

A few people dominate or intimidate
Groupthink
Satisficing
Goal displacement

184
Q

When does a group help decision making?

A

When it can increase quality
When it can increase acceptance
When it can increase devlopment

185
Q

what is participative management?

A

process of involving employees in setting goals, making decisions, solving problems, and making changes in the organization

186
Q

What is a consensus?

A

occurs when members are able to express their opinions and reach agreement to support the final decision

187
Q

What is brainstorming?

A

technique used to help groups generate multiple ideas and alternatives for solving problems

188
Q

What is delphi technique?

A

group process that uses physically dispersed experts who fill out questionnaires to anonymously generate ideas which are combined and in effect averaged to achieve a consensus of expert opinion

189
Q

What is chauffuer-driven systems?

A

ask participants to answer predetermined questions on electronic keypads or dials

190
Q

What is group driven systems?

A

involves a meeting within a room of participants who express their ideas anonymously on a computer network
for anonymous networking

MGMT (3 decks)

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