Bus 302 Final Exam Study Guide.docx - 1 What are the 3...

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1. What are the 3 things that bridge diversity within the workplace? Three phases: ¡ Hiring a diverse workforce ¡ Managing a diverse workforce ¡ Leveraging a diverse workforce 2. Question on the seven-step framework for a board of directors. 1. Manage board effectively 2. Overseeing strategy 3. Ensuring effective risk management 4. Monitoring corporate performance 5. Restructuring management compensation & evaluation 6. Maintain corporate & board values 7. Communicate effectively with shareholders 3. What are the task factors and response in the McDonald’s case? McDonald’s SOR Stimuli (Salient events and situations in External Environment) Organization (Characteristics of Internal environment as Moderating Variables) Response (What the firm did) Actions of the Firm Eco and *General Environment - **Task Environment . Economic Dimension: China’s fast food consisted of their own cultural food Competitors: American fast food wants to enter the Chinese market Owners: McDonald’s wants to enter the Chinese market and introduce western fast food Strategic Response: McDonald’s enters mainland China in 1990 Technological Dimension: Supply chain network improves due to technology Strategic Allies: Western fast food company wants to partner with local Chinese suppliers Owners: McDonald’s wants to joint venture with powerful Chinese partners Direct influence of the environment: McDonald’s establishes a local supply chain of farmers, food processing manufacturers and others.
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Sociocultural Dimension: Chinese market were not used to western norms in their food Customer: Chinese willing to pay more for an adapted culturally sensitive menu Physical Work Environment: Customer needs shaped a new work environment Organization Design and Flexibility: Chinese culture was incorporated to redesign locations and implement a 24 hour drive through to accommodate higher income customers Political Legal Dimension: Firm is shamed by newspaper for underpaid employees Regulators: China Federation Trade Union wants the workers to unionize Employees: Tier 1 state employees are underpaid Strategic Response: McDonalds’s increase the Tier 1 employees pay How socially responsible was the firm? Social Response Why did you classify this way? McDonald’s responses met the legal and ethical requirements as they entered into the Chinese market and went beyond the requirements in certain circumstances. 4. List 3 things that are continuously changing within the world Environment The environment is constantly at the mercy of our rising demand for raw materials to feed our consumerist ways Technology Almost all industries are competing to bring the latest advancements to the market automotive - eco-friendly cars, better gas mileage Health care - more effective medicine, better prices Agricultural - making our farms more efficient Political, and legal The sheer interconnectedness we share with the world now brings greater need for governments to be proactive and establish or strengthen commerce with new
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