notes_MGMT101_summary of the book

Five forces assumes a zero sum game eiii it is

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Five-forces assumes a zero sum game e.iii. It is somewhat static f. Strategic groups, - have similar strategies within an industry (k-Mart and walmart). Indentifying these has many benefits: f.i. Lets firms identify the barriers f.ii. Lets firms identify groups whose competitive position is marginal f.iii. Helps chart the future direction of the group f.iv. Lets us see the implications of trends 3. Lecture 3 – goals, effectiveness, and social responsibility a. Specific goals are better than “do your best” goals a.i. Good goals: a.i.1. Make people goal-oriented a.i.2. Energize people a.i.3. Increase persistence a.i.4. Motivate people to use the knowledge they have more effectively a.ii. People must a.ii.1. Have the ability to attain it a.ii.2. The person must be committed a.ii.2.a. Monetary incentives a.ii.2.b. Make it public a.ii.2.c. A leader’s vision that galvanizes people a.ii.3. Feedback on achievement a.ii.4. Tasks that are not routine and require behavioral modifications
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a.ii.4.a. Train them a.ii.4.b. Make the goal learning-oriented a.ii.4.c. Use sub-goals a.ii.5. Situational constraints can make goals impossible b. Participation in goal-setting helps c. Seashore - Ends, time reference, hard (specific and measurable) d. Latham – specific, difficult (stretch goals), accepted by those who need to achieve them e. Evaluation – the balanced scorecard approach. How is the firm performing according to: e.i. Customer Perspective – e.ii. Internal Business perspective – what must we excel at, the best internal answers create the best results from the customer perspective e.iii. Innovation and Learning perspective – firm’s ability to innovate and create value usually more intangible e.iii.1. Human capital (skills, talent, knowledge) e.iii.2. Information Capital (information systems, networks) e.iii.3. Organization capital (culture, leadership) e.iv. Financial perspective – how do we look to shareholders e.v. Downsides to this approach e.v.1. With no support for a scorecard project it wont work e.v.2. Hard to monitor (intangibles) e.v.3. Inconsistent terminology – confusion e.v.4. Managers may make moves too soon, making wrong decisions f. Ethics f.i. Stakeholders – managers, stockholders, employees, suppliers and distributors, community and nation-state/society, customers f.ii. Rules for ethical decision making – stakeholder approach (when making decisions managers must keep in mind all of the stakeholders). While some decisions may hurt some stakeholders, in the long run all benefit from the firm’s ethical decisions f.ii.1. Utilitarian Rule – the greatest good for the greatest number. Help as many stakeholders as you can. EX: outsourcing jobs. It helps shareholders by lowering costs, but hurts employees f.ii.2. Moral Rights Rule – maintains the fundamental rights of people affected, such as safety, life, freedom, privacy, free speech, etc f.ii.3. Justice Rule – based on distributing harms or benefits in a fair way. EX: paying based on production and not race, gender, etc f.ii.4. Practical rule – make decisions based on the fact that you
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