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78 Cards in this Set
- Front
- Back
Defining "management"
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Management is defined as 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.
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Efficiency and Effectiveness
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Efficient means to use resources wisely and cost effectively. Effective means to achieve results, to make the right decisions and to successfully carry them out so that they achieve organizational goals.
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What is Competitive Advantage
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The ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them.
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Four Functions of Management
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1. Planning: set goals and decide how to achieve them 2. Organizing: arrange tasks, people, and other resources to accomplish the task 3. Leading: motivate, direct, and otherwise influence people to work hard to achieve the organization's goals 4. Controlling: monitor performance, compare it with goals, and take corrective action as needed
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Top Managers
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Make long term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it
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Middle Managers
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Implement the policies and plans of the top managers above them and supervise and coordinate the activities of the first line managers below them
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First-line managers
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Make short term operating decisions, directing the daily tasks of non-managerial personnel
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Functional manager
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responsible for just one organizational activity
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General manager
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responsible for several organizational activities
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Interpersonal roles
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managers interact with people inside and outside their work units
figurehead, leader, liaison |
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Informational roles
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managers receive and communicate information
monitor, disseminator, spokesperson |
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Decisional roles
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managers use information to make decision to solve problems or take advantage of opportunities
entrepreneur, disturbance handler, resource allocator, negotiator |
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Intrapreneur
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someone who works inside and existing organization who sees an opportunity for a product or service and mobilizes the organization's resources to try to realize it
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Entrepreneur
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someone who sees a new opportunity for a product or service and launches a business to try to realize it
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Technical Skills
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job-specific knowledge needed to perform well in a specialized field
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Conceptual skills
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the ability to think analytically, to visualize an organization as a whole and understand how the parts work together
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Human skills
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the ability to work well in cooperation with other people to get things done
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Evidence based management
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-translating principles based on best evidence into organizational practice
-bringing rationality to the decision making process |
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Historical perspective
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-classical
-behavioral -quantitative |
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Contemporary perspective
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-systems
-contingency -quality-management |
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Classical viewpoint
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emphasis on ways to manage work more efficiently
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Scientific management
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emphasized scientific study of work methods to improve productivity of individual workers
Proponents: F. W. Taylor, Frank and Lillian Gilbreth |
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Administrative management
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concerned with managing the total organization
Proponents: Henry Fayol, Max Weber |
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Behavioral viewpoint
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Emphasis on importance of understanding human behavior and motivating and encouraging employees toward achievement
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Early behaviorists
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Proponents: Mary Parker Follet, Elton Mayo
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Human relations movement
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proposed better human relations could increase worker productivity
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Quantitative viewpoint
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applies quantitative techniques to management
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Management science
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focuses on using mathematics to aid in problem solving and decision making
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Operations management
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focuses on managing the production and delivery of an organization's products or services more effectively
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Henry Fayol
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-French engineer and industrialist
-first to identify the major functions of management |
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Max Weber
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believed that a bureaucracy was a rational, efficient, ideal organization based on the principles of logic
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Mary Parker Follet
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social worker and social philosopher
1. Organizations should be operated as "communities" 2. Conflicts should be resolved by having managers and workers talk over differences and find solutions that would satisfy both parties 3.The work process should be under control of workers with relevant knowledge |
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Elton Mayo
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-conducted several productivity studies at the Hawthorne Plant of Western Electric Co. in Illinois
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Hawthorne effect
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employees worked harder if they received special attention from supervisors and thought that managers cared about their welfare
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Maslow's Hierarchy of Needs
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Self-actualization, esteem, social, safety, physiological
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Theory-X manager
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-represents a pessimistic, negative view of workers
-workers are irresponsible, resistant to change, lack ambition, hate work, and want to be led |
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Theory-Y manager
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-represents an optimistic, positive view of workers
-workers are considered capable of accepting responsibility, self-direction, self-control and being creative |
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Systems viewpoint
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-regarding the organization as a system of interrelated parts
-collection of subsystems -part of the larger environment -an "ecological" perspective |
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Contingency viewpoint
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-emphasizes that a manager's approach should vary according to the individual and environmental situation
-most practical because it address problems on a case-by-case basis |
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Total Quality Management
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-comprehensive approach-led by top management and supported throughout the organization-dedicated to continuous quality improvement, training, and customer satisfaction
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W. Edwards Deming
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Application of statistical methods
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Internal stakeholders
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-consist of employees, owners, and the board of directors
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External stakeholders
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people or groups in the organization's external environment that are affected by it
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Task environment
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Includes customers, competitors, suppliers, distributors, strategic allies, government regulators, special interest groups
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General environment
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Economic forces, technological forces, sociocultural forces, demographic forces, political-legal forces, international forces
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Personality
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stable physical and mental characteristics responsible for a person's identity
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Internal dimensions of diversity
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human difference that exert a powerful, sustained effect throughout every stage of our life
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External dimensions of diversity
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consist of the personal characteristics that people acquire, discard, or modify throughout their lives include an element of choice
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Organizational dimensions
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include management status, union affiliation, work location, seniority, work content, and division
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Kohlberg's 3 levels of moral development
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-Level 1, pre conventional-follows rules
-Level 2, conventional-follows expectations of others -Level 3, post conventional-guided by internal values |
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Sarbanes-Oxley of 2002
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established requirements for proper financial record keeping for public companies and penalties of as much as 25 years in prison for noncompliance
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Corporate social responsibility (CSR)
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-notion that corporations are expected to go above and beyond following the law and making a profit
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Carroll's Global CSR Pyramid
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-Philanthropic responsibility
-Ethical responsibility -Legal responsibility -Economic responsibility |
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Globalization
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the trend of the world economy toward becoming a more interdependent system
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Global village
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the "shrinking" of time and space as air travel and the electronic media have made it much easier for the people of the globe to communicate with one another
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Barbell economy
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Small companies can get started more easily, maneuver faster, create a global presence with web site and e-business
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Ethnocentric managers
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-believe that their native country, culture, language, and behavior are superior to all others
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Polycentric managers
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-take the view that native managers in the foreign offices best understand native personnel and practices, and so the home office should leave them alone
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Geocentric managers
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-accept that there are differences and similarities between home and foreign personnel and practices and that they should use whatever techniques are most effective
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5 reasons firms expand internationally
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1. Availability of supplies, 2. New markets, 3. Lower labor costs, 4. Access to finance capital, 5. Avoidance of tariffs and import quotas
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Outsourcing
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using suppliers outside the U.S. to provide labor, goods, or services
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Importing
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a company buys goods outside the country and sells them domestically
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Exporting
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a company that produces good domestically and sells them outside the country
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Countertrading
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bargaining goods for goods
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Licensing
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a firm allows a foreign company to pay it a fee to make or distribute the firm's product or service (more often for manufacturing/production)
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Franchising
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a firm allows a foreign company to pay it a fee and a share of the profit in return for using the firm's brand name and a package of materials and services (more often for services/retail...)
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Joint ventures
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formed with a foreign company to share the risks and rewards of starting a new enterprise together in a foreign country, also known as a strategic alliance
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Wholly-owned subsidiaries
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foreign subsidiary that is totally owned and controlled by an organization
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Trade barriers
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Tariffs, import quotas, embargoes
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Tariffs
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customs duty, or tax, levied mainly on imports
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Quotas
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limits on the number of a product that can be imported
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World trade organization (WTO)
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-designed to monitor and enforce trade agreements
-agreements are based on the General Agreement on Tariffs and Trade (GATT) -Consist of 153 countries |
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International Money Fund (IMF)
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designed to assist in smoothing the flow of money between nations
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World Bank
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purpose is to provide low-interest loans to developing nations for improving transportation, education, health, and telecommunications
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Trading bloc
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group of nations within a geographic region that have agreed to remove trade barriers with one another
-also known as an economic community |
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6 important trading blocs
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NAFTA, European Union, APEC, ASEAN, Mercosur, CAFTA
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Advantages of globalization
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Increases choices, competition, and purchasing power. Decreases the prices of food, clothing, necessities, luxuries
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Disadvantages of globalization
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Increase competition for jobs and environmental issues. Decrease working conditions, wages/benefits, and unionization
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