Management Final

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Strategic Planning as a process? (4 points): 1 - Analysis-Assessment of the internal and external conditions of the firm
2 - Formulation-Establisment of an organizational vision, goals, and corporate and business level strategies
3 - Implementation-Actions required to ensure that the corporate and business level strategy of the organization is put into place
4 - Control-Methods by which the performance of the organization is monitored
SWOT Analysis - Define: S - strengths
W - weaknesses
O - opportunities
T - threats
Strategic Analysis (3 Parts): 1 - Assessing the mission of an organization
2 - Conducting an internal analysis
3 - Conducting an external environmental analysis
General Environment - Define: General Environment - environmental forces that are beyond a firms influence and over which it has no control. i.e. - economic, sociocultural, technological, political-legal
Strategy Formulation (3parts): 1 - Casting the vision for the organization - vision statement (what you want to accomplish)
2- Setting Strategic Goals - results that an organization seeks to achieve in the long term
3 - Identifying Strategic Alternatives - Grand Strategy compared to Generic Strategy
Grand Strategies: Grand Strategy - Comprehensive, general approach for achieving the strategic goals of an organization
A - Stability Strategies - continued operations and performance
B - Growth Strategies - increase sales and profits of an organization
C - Retrenchment Strategies - reverse negative sales and profitability trends.
Generic Strategy: Generic Stategy - Fundamental way in which an organization competes in the marketplace.

A-Cost Leadership-strategy for competing on the basis of price
B-Differentiation-strategy for competing by offering products or services that are differentiated from those of competitors
C-Focus-strategy for competing by targeting a specific and narrow segment of the market
Strategy Implementation: Focusing on Results (2 parts): 1 - Formulating Functional Strategy
2 - Institutinoalizing Strategy -
A-Organizational Structure-Primary reporting relationships
B-Organizational Culture-the norms and values that help make sense of the systems in an org.
C-Organizational leadership
Strategic Control: 2 parts: Feedfoward Controls-Controls designed to identify changes in the external environment of the internal operations of the organization that may affect its ability to fulfill its mission and achieve its strategic goals
Feedback controls-controls that compare the actual performance of the organization to its planned performance.
Organizational design - Define: the way in which the activities of an organization are arranged and coordinated so that its mission can be fulfilled and its goals achieved.
Components of Organizational Design (3 points): 1-Organization Structure
2-Integrating mechanisms
3-locus of decision making
Organization Structure under Components of Organizational Design: Primary reporting relationships that exist within an organization.
-Fuctional Structure-members are grouped by their function
-Divisional Structure-members are grouped on basis of products,geographic markets, or customers.
-Matrix Structure-tasks of the org are grouped along 2 organizing dimensions simultaneously
-Network Structure-founded on a set of alliances with other organziations that serve a wide variety of functions - internal, stable(external), dynamic (outsourcing)
Managing Complexity through integration under Components of Organizational Design: Interdependence-degree to which work groups are interrelated
1-Pooled-commone resource but no interrelationship with one another
2-Sequential-units must coordinate the flow of information, resources, and tasks from one unit to another
3-Reciprocal-when information, resources,and tasks must be passed back and forth between work groups
Locus of Decision Making under Components of Organizational Design: degree to which decision making is centralized versus decentralized

- Centralized v. decentralized - top-level management more control vs. orgs can respond to envrionmental changes quickly
- Mechanistic v. Organic - High centralized; top-level power vs. dencentralized; lowest level power
- Impact of environmental stability - stable vs. turbulent environments
Adaptive organization: organization that eliminates bureaucracy that limits employee creativity, and brings the decision makers of the organiaztion closer to the customer
Strategic Human Resource Management- (SHRM) (5 points): 1-Job Analysis - Studying a job to understand whats needed for it
2-Forecasting - Demand (# of employees) & Supply (human resources)
3-Recruitment Issues - Finding and attracting qualified job candidates
4-Selection Methods - evaluating and choosing the best-qualified candidate from the pool of applicants for the position
5-Training-planned effort to assist employees in learning job-related behaviors that will improve their performance (Technical vs. management)
4 ways managers can use performance appraisal: 1-Motivation
2-Personnel movement
3-Training
4-Feedback for improvement & personal development
Problems with performance appraisal: -Halo Effect-ratin an employee high or low on all items because of one characteristic
-Rater patterns
-Contrast Error-rated relative to each other rather then on the standards
-Receny Error-rated on most recent performance rather than all of it
Legal Envrionment of SHRM: -Bona fide occupational qualification-inadvertenly discriminates, it is not illegal
-Affirmative action
-Sexual harassment - quid pro quo (favors for positive job treatment) & Hostile envrionment
3 categories of leader approaches: 1 - Leader Centered
2 - Follower Centered
3 - Interactive
Leader Centered Approach - 3 parts: 1 - Trait Focus - some people are born with certain physical characteristics that make them successful leaders.
2 - Behavior Focus - study of the behaviors that make leaders successful
3 - Power focus - ability to get something accomplished ie position power & personal power
Follower-Centered Approaches-2 points: 1 - Self-Leadership Focus
2 - Leadership Substitutes - things that guide or influence people in place of a leader
Interactive Approaches - 4 points: 1 - Situational Leadership-examines the interaction between leadership behavior, the situation, and the follower's readiness
2 - Empowerment - deegating authority to the follower and holding them accountable
3 - Transformation Leader - leader has the ability to influence subordinates to achieve more than was originally expected
4 - Transactional - concerned about states quo - keeps things going
3 C's of a Leader: 1 - Competence - Knowledge about how the organizations work
2 - Character - values and behaviors that elicit trust, commitment, & follwership.
3 - Community - result of other 2 will lead to vibrant and healthy community
Motivational Approaches (2 points): Needs-based models - focus on a person's needs as motivators
Process models - focus on understanding the thought process in influencing motivation
Maslow's Hierarchy of Needs: Motivation model stating that a person has 5 fundamental needs
1 - Physiological-water & shelter
2 - Security-safe & fair work environment
3 - Affliation-acceptance by others; group
4 - Esteem-peronal feelings of self worth & achievement
5 - Self-Actualization-realizing one's full potential
Acquired-Needs Model (3 parts): 1 - Need for achievment - drive to achieve excellence
2 - Need for power - influence & control one's environment
3 - Need for affiliation - desire for friendly & close interpersonal relationships
Reinforcement Theory: Suggests that a person will learn to continue behaviors that are positively rewarded and discontinue behaviors taht are ignored or punished

-Positive Reinforcement-student gets high grade, professor recieves high evaluation
-Negative Reinforcement-ie avoid penalties if pay taxes by April 15
-Extinction-no bonus checks
-Punishment-docked for being late
Contemporary Motivational Approaches: Money & Power
Rewarded team performance

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Number of cards 29