Flashcards in Quiz 1: Chapter 1- Intro to Mgmt Deck (30):
What are the three pillars of mgmt?
1) Strategic Positioning
2) Organizational Design
3) Individual Leadership
What aspect of a firm facilitates them to continue strongly with business?
The ability to adapt and change to retain their relevance
The act of working with and through a group of people to accomplish a desired goal or objective in an efficient and effective manner
The ability to drive change and innovation through inspiration and motivation.
An effective leader chooses a style that...
Enables him/her to obtain desired results
Name the three types of skills needed by all managers/supervisors
1) Technical Skills
2) Interpersonal Skills
3) Conceptual Skills
Top Executive's require mostly which type of Management Skill?
Middle Manager's require mostly which type of Management Skill?
An equal balance between all Three skills, Conceptual, Interpersonal, and Technical
Frontline Supervisors' require mostly which type of Management Skill?
Most importantly, managers need to be...
What influence did Max Weber have in business?
Developed the concept of Bureaucratic organizational structure in the 1900s
What influence did Frederick Taylor have in business?
Developed the concept of Scientific management in the 1910s
Define Bureaucratic Organizational Structure
A clear definition of all tasks and responsibilities among individuals, set up by a hierarchy of authority. Includes standardized rules and procedures, decisions made up top, put into action down low-- UPS
Define Scientific Management
A focus on how jobs, work and incentive schemes to improve productivity using industrial engineering methods
Define Human Relations Movement
Structure which emphasized the importance of informal social relations at work- be understood as systems of independent people all striving for the success of the firm
Define Contingent View
Effective organizational structure is based on the alignment between the organization and various aspects in the environment - the social, political, and business environment
Define Business Environment
The combination of all contextual forces and elements in the external and internal environment of a firm,- anything that affects a firm
Define Managerial View
A business framework where the firm is seen as a mechanism for converting raw materials into products to sell to customers
Define Shareholder View
Job of managers is to produce the highest possible stock market value of the firms assets,
Also attempts to organize and analyze groups that interact with the firm- governments, local community organizations, customers, etc.
The Stakeholder Approach
First Step: Identify all of the important stakeholders of a firm
Second Step: Design a formal process and system to deal with the firm's stakeholders
Value stakeholders since some hold more value than others
Identify specific subgroups withing each stakeholder
Define the stakes each group of subgroup seeks through it's involvement with the firm
Remember that stakeholders are not static
Define the Strategic Review Process
The process by which senior leaders of a corporation meet with business unit managers to review progress toward specific goals - like a status check to track progress of goals
Define Environmental Scanning
A tool that managers use to scan the business horizon for key events and trends that will affect the business in the future- when engaging in this, managers receive better financial results
Define Scenario Building
Forecasting the likely result that might occur when several events and stakeholders are linked together. used to prepare for negative future events
Define Contingency Planning
The systematic assessment of the external environment to prepare for a possible range of alternative futures for the organization
Define Trend Analysis
A tool where key variables are monitored and modeled to help predict a change that might occur in the environment- helps managers better understand how certain environmental variables will affect the firm and its stakeholders
Define Contextual Intelligence
The ability to understand the impact of environmental factors on a firm and the ability to understand how to influence those same factors
It is important that managers appropriately estimate the level of uncertainty to protect future investments
BHP Mine Incident
The organization did not consider the environmental factors and ignore their stakeholders (the people of the town). The town eventually stormed the facility and help the manager hostage because their denial in having a stakeholder strategy