Management 301 Final Study Guide Spring 2010

Management 301 Final Study Guide Spring 2010 - Management...

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Unformatted text preview: Management 301 Final Study Guide Spring 2010 Leadership: intentionally influencing followers towards change through shared purpose and personal responsibility. Efficiency vs. Effectiveness Efficiency: Maximize output while minimizing inputs Effectiveness: Attaining appropriate goals Max Weber: (1900s) German professor of Sociology--- 5 Principles of Efficiency 1. Managers formal authority comes from their position 2. Position comes from knowledge, skills, and abilities 3. Everyone needs a job description 4. Create an organizational chart 5. Have a well documented system of policies and procedures Emotional Intelligence: (emotionally strong and mature person) choices and actions Mood, Emotions, Feelings 3 Reasons why we behave ethically 1. To avoid harming others 2. To maintain and enhance reputation (trust is a valuable resource) 3. B/c it’s the right thing to do Ethics: 3 questions that you should ask yourself as a manager when facing an ethical decision 1. Does my decision fall within the usual accepted standards of my profession? 2. Am I willing to face and openly communicate with those who are affected? 3. Will more than on party benefit? Decision Making: is a process by which people respond to opportunities and threats by doing three things: choosing goals, analyzing options, and selecting courses of action. Group Think: a biased way of decision making when the group is striving for a unified decisions; blind commitment to a single course of action. This is worse than performing a task on your own. Creativity vs. Innovation Creativity: the ability to discover new or novel ideas and courses of action: R in R&D Innovation: taking those ideas and putting them to use: D in R&D Promoting Individual Creativity 1. You, the manager, must provide your employees with both the opportunities and abilities to take risks 2. You should also realize the word risk means failures. If there is no failure they haven’t been given the opportunity to take risks. If people take risks they will occasionally fail 3. Reward failure, do not just tolerate failure. You should only reward the right failure Forward Vertical Integration: (Matrix Structure) The person looks at the pile of raw materials, has nothing to say or nothing to do. There is a way to get people to give up their cash to get a big profit margin. All they have to do is get the material, mark it up, and sell it for a profit margin. Promoting Distributing Servicing Low Cost Strategy (Customer Structure) 1. Budget model 2. Fundamental basic strategy 3. Starter, cheaper model (efficiency) 4. Customer win b/c you have the lowest cost 5. Risk: if any technological disruption occur, you could be shut out of business Differentiation Strategy (Divisional Structure and Product Structure) 1. Executive, Luxury model, hand-made, premium 2. All the bells and whistles 3. Risks: a. image and reputation; cannot be blemished International Expansion (Geographical Structure) 1. To what extent do we customize our products for different national cultures 1....
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Management 301 Final Study Guide Spring 2010 - Management...

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