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MGMT 101 Outline1 RM

2 time reference should past or future data be used

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Unformatted text preview: 2. Time Reference : should past or future data be used; ex. Using growth measures/targets 3. Long v . Short Run : for example, balancing the immediate risks and profits with long term investments and profit goals 4. Hard v . Soft : soft is intangible things such as satisfaction, hard is usually on paper or numbers 5. Values : some goals/measures are linear while others are curvilinear; we want to be in the middle Latham’s Goal Setting Theory : Effective goals are…. – this will lead to motivation (Motivation Theory) • Specific (measurable in a certain timeframe) • Difficult (ex. Stretch goals) • Accepted by those who are expect to achieve them (people must believe it’s possible) Participatory Goal-Setting : the more people that are involved in setting their goals, the more that people will work hard to achieve them Examples of metrics used to measure organization effectiveness: financial measures, new product development, quality, customer satisfaction, employee satisfaction, employee turnover, behaviors • Financial measures are common because they allow for a clear estimation of ones “performance gaps,” but there are some pitfalls: o They assess outcomes of past decisions—they aren’t future-oriented o Being future-oriented allows for adaptation, responsiveness, efficiency, etc o Financial goals without behavioral goals may lead to unethical decisions Ethical Decision Making : Rules: 1. Utilitarian Rule 2. Justice Rule : what’s fair for everyone is sought; all outcomes should be equitable 3. Moral Rights Rule : people have certain rights that simply cannot be denied 4. Practical Rule : do only what the average person/society would approve of Ethical Tests: Front-Page Test, Golden Rule Rest (would I be willing to be treated in the same manner?), and Personal Gain Test (is an opportunity for personal gain clouding my judgement?) Approaches to Social Responsibility (from Low to High): • Obstructionist : companies choose to behave unethically and without social responsibility • Defensive : companies are ethical to the extent they stay within the law and legal requirements • Accommodative : companies behave legally and ethically to balance stakeholder interests as the need arises • Proactive : companies embrace socially responsible behavior 3 Lecture Four: Business-Level Strategy Business-Level Strategy: strategic decisions occur at this level • How should we compete? Which products/services will we provide, to which markets, and using what technologies? • What will distinguish our organization from others? What’s our “distinctive competence” or “competitive advantage?” How is competitive advantage achieved? Overcome the Five Forces; Porter suggests: • Overall Cost Leadership : low-cost position relative to a firm’s peers • Differentiation : create products/services that are unique & for which customers pay a premium • Focus Strategy : narrow product lines, buyer segments, or targeted geographical markets o To argue this strategy, you MUST first define what the industry itself is. To argue this strategy, you MUST first define what the industry itself is....
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2 Time Reference should past or future data be used ex...

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