Chapter 8: To Know Flashcards Preview

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Flashcards in Chapter 8: To Know Deck (65):
1

Manager must

Develop culture
Encourage innovation
Manage change

2

System of shared beliefs/values guiding behavior (internal)

The way we do things around here

Set of signals of what is considered appropriate v inappropriate (external)

Culture

3

What has a high impact on people leaving their job

Cultural fit

4

Culture is

Personal
Organization
Corporate
Global

5

Financial value & culture
Skill and ability
Cultural fit

Zappos and tony hsieh

6

Example of organizational culture

Augusta National (Ginni Rometty- CEO of IBM)

7

4 elements of corporate culture

Shape attitudes
Reinforce Beliefs
Direct Behavior
Set Expectations

8

Emphasize authority tradition and clear roles

Hierarchical cultures

9

Process efficiency and slow change

Rational cultures

10

Emphasize change, growth, creativity, and competition

Entrepreneurial cultures

11

Emphasize teamwork, collaboration and trust

Team cultures

12

Example of corporate culture

Disney traditions with Mickey

13

What is the major reason why companies run into problems

Lack of cultural due diligence

14

KPMG study mergers and acquisitions

Analysis of 700 deals over 2 years, 83% failed to produce benefit & 50+ destroyed shareholder value

15

With KMPG M&A what were the four reasons only 17% added value?

Bankers
Lawyers
Consultants
Government Officials

16

Examples of Global Culture

Aircraft departures
Rail passengers

17

What we can see

Observed culture

18

What they say

Core culture

19

Values or beliefs about he right ways to behave

Core culture

20

Edgar Scheins (corporate) Levels of Culture and examples

1) visible: above water line - see
ex/ dress, office, symbols, slogans

2) invisible: (below-say)
ex/ expresses values - HP way
ex/ titanic

21

Four components of observable culture

Stories
Heroes
Symbols
Rites & Rituals

22

Heroes

Shared knowledge of hero stories
Establish or represent core values

Ex/ employees, customers, leaders
Ex/Milton hershey and hershey school

23

6 people associated with heroes and their companies

Sam Walton and Walmart
Ken Frazier and Merck
Walt Disney and Disney
Sheryl Sandburg and Facebook
Indra Nooyi and PepsiCo
Ursula Burns and Xerox

24

Rites and Rituals and example

Creates connections: people and org
Builds morale and engagement
Shared hands on experiences

Ex/ Nike campus tour

25

Symbols and example

Common understanding of culture
Easy to recognize (you and others)

Ex/ logos like Tony the Tiger for Kellogg’s and nittany lion for psu

26

Stories and examples

Easily tempered & passed on
Instills deeper cultural understanding

Ex/ Nordstrom and customer service: guy with suits they didn’t finish
Stories of how Harland Sanders led KFC and how Dave Thomas led Wendy’s

27

Where performance and culture intersect

Financial
Leadership
Culture

28

What do the best companies strive toward and its how you do what

Culture and it’s how u make money

29

Taking a new idea and putting it into practice

The process of translating an idea or invention into a good or service that creates value or for which customers will pay

Innovation

30

Big 3 + 1

Process
Product
Business Model

+1 is Sustainability

31

Largest category of innovation
Day to day changes in business
Makes us money and saves us cost

Process

32

Lean Principles equals

Reduction of Waste

33

Six Sigma equals

Process Improvement

34

Process example

Vending machines and debit cards or healthier foods inside

35

Product innovation

Something you’ve never seen before (brand new) or product enhancement ( innovate around existing)

36

Examples of Product Innovation

Tile tracker
Slam Door/Nesting Doors
Drones

37

Benefits and Side Effects to Product Innovations w Drones

Benefits:
Search and rescue
Real estate
Hollywood
Photography

Side Effects:
damage property
Privacy

38

Business Model

Create, Deliver and Capture Value

39

Business Model Innovation of media, retail, education, music

Decline of Print
Online shopping
Online classes
Physical to digital owning to streaming

40

Business Model example

Nick D’Aloisio: changed text
Uber and Travis Kalanick: changed taxis
Instagram and Kevin Systron: changed pictures

41

Three problems for Instagram

Beauty
Speed
Distribution

42

Examples is sustainability

Zero Waste at Toyota/ Subaru
Tom Szaky and TerraCycle

43

Selling your ideas and examples

Commercialization
Ex/ Lonnie Johnson and super soaker
Post it notes

44

Organizational Protocols Supporting Innovation

Strategy: includes innovation
Culture: values innovation
Structure & Management: Supports Innovation
Staffing: For Creativity Innovation

45

3M corporation example

30% of revenue is new products

46

It is personal and organizational
“To make the form, nature, content, future course etc. of (something different from what is is or from what it would be if left alone”

Change defined

47

Change and People

Fear of the unknown (#1)
Loss of Control (#2)
Disrupted habits
Loss of confidence
Work overload
Poor timing
Lack of purpose
Loss of face

48

Fundamental Change Drivers

Opportunity or Threat

49

Elizabeth Kubler Ross (dealing w grief/ change)

X & Y axis
6 stages

X- time
Y- motivation/ performance

Denial
Anger
Bargain
Depression
Acceptance
Move On

50

Ex of Change drivers

Facebook buys Instagram.
Automakers and driver less cars
Detroit and bankruptcy: taken over by state
NCAA: schools in the big 5 leagues took over from NCAA

51

Two types of change

Transformational
Incremental

52

Opportunity/Threat
Can’t keep playing the game the same way and can’t use incremental change

Transformational change

53

Day to Day process improvements

Incremental change

54

What is IBM Corporations main line of business today

Services Provider

55

Burning platform

Associated w transformational change
North Sea on a burning oil rig: if you stay it’s certain death and if you jump into the freezing water it’s a probable chance

56

IBM as a burning platform did what

Strategy: downsize
Cut costs
Casual culture

57

Examples of transformational change

IBM
Hostess

58

Moneyball and Brad Pitt was an example of

People resisting change they didn’t want him to leave

59

Kurt Lewin and Change

Unfreeze
Change
Refreezing

60

Create a need for change: helping people understand a need for it

Unfreeze

61

Implement and manage the process of change: helping people go through the stages displayed by Elizabeth

Change

62

Stabilize the change and scan for the future: reinforce and make sure people don’t try to go back to old ways

refreezing

63

#1 issue in change

Timing

64

#2 issue in change

Communication

65

Two approaches to change

Change driver
Status quo