MAN3205 Smokin Notes Exam 2 – Flashcards
236 test answers
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4 approaches to responding to environmental uncertainty
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defenders, prospectors, analyzers, and reactors
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Defenders
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experts at producing and selling narrowly defined products and services; strive to defend dominance in their market segments, penetrating deeper into current markets; cautious and incremental growth; ignore developments outside of their narrow market segment
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when does defender strategy work
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organization operates in relatively steady environment and a mature industry
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prospectors
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focus on developing new products/services and seeking out new markets; frequently experiment with new products/approaches; initiate change; first to introduce new products; spurt like growth
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when does prospector strategy work
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organization is operating in an environment that is unstable and rapidly changing; changing technology and customer needs
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analyzers
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let other organizations take the risks of product development and marketing and then imitate what seems to work best; typically operates in both a cash cow domain and an ever-changing domain they hope will propel growth; monitor environment for opportunities and new ideas that might lead to growth; growth is normally through market penetration
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when analyzer strategy works
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organization operates in a mature but growing market in which technology and customer preferences are ever-changing
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reactors
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adjustments only made when forced to do so by environmental pressures; inability to respond usually drives down sales and forces them out of business
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when reactor strategy works
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organization operates in a market that is either highly regulated or has no competition
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3 types of business problems of the adaptive cycle
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entrepreneurial (what markets should we be in?), engineering (how are we going to produce/deliver our product? how will we reach the markets we want to be in?), administrative (what are the rules and procedures we must follow to be successful?)
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steps in planning process
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1. mission statement 2. vision statement 3. strategic planning 4. tactical planning 5. operational planning
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mission statement
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expresses the organization's purpose or reason for being; says something about the organization's purpose, business, and values
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vision statement
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expresses where the organization wants to go, what it wants to become, what it wants to accomplish, and why the vision is important
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goals
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specific commitments to achieve a measurable result within a stated period of time
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means-end chain
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hierarchy of organizational goals and constitutes the means that lead to the accomplishment of the ends
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strategic goals
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set by and for top management and focus on objectives for the organization as a whole
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tactical goals
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set by and for middle managers and focus on the actions needed to achieve strategic goals
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operational goals
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set by and for first line managers and are concerned with short term associated with realizing tactical goals
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strategic planning
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1-5 years; top managers decide on long-term goals with the resources they expect to have available
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tactical planning
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middle managers determine what contributions their departments can make with their given resources over the next 6 to 24 months
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operational planning
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first line managers determine how to accomplish specific tasks with available resources over the next 1-52 weeks
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action plan
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defines the course of action needed to achieve the stated goal
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operating plan
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defines how the business will be conducted over a one year period and identifies clear targets such as revenues, cash flow, and market share
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standing plans
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developed for activities that occur repeatedly over a period of time (policy, procedure, rule)
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policy
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standing plan that outlines the general response to a designated problem or situation
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procedure
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standing plan that outlines the response to a particular problem or circumstance
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rule
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standing plan that designates strategic required action
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single use plans
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developed for activities that are not likely to be repeated in the future (projects and programs)
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program
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single use plan encompassing a range of projects or activities
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projects
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single use plan encompassing a smaller range of tasks or activities
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management by objectives (MBO)
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4 step process with the purpose of motivating subordinates to achieve organizational goals
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4 steps of MBO
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1. set objectives jointly 2. develop an action plan 3. review performance periodically 4. appraise performance and give rewards
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3 things that need to be in place for MBO to be a success
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commitment of top management, organizational wide commitment, cascading objectives
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cascading objectives
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structuring objectives in a unified hierarchy, becoming more specific at the lowest levels
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advantages of MBO
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joint participation, employees more committed, focuses on steps need to be taken to achieve organizational goals
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disadvantages of MBO
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time consuming, managers have more negotiating power
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SMART goals
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specific, measurable, appropriate, realistic, time bound
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planning and control cycle
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1. make the plan 2. carry it out 3. control direction by comparing results with the plan 4. control the direction by taking corrective action
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benefits of planning
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employees motivated by clear goals, planning helps managers allocate scarce resources, provide a standard of performance
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limitations of planning
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false sense of risklessness, can reduce an organization's flexibility, inhibit intuition and creativity
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strategic management
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process that involves managers from all parts of the organization in the formulation and implementation of strategies and strategic goals
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why strategy matters
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provides direction and momentum, encourages new ideas, help an organization develop a sustainable competitive advantage
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Porter's 3 underlying principles of strategic planning
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1. strategy involves creating a unique and valuable position 2. strategy involves competitive trade-offs 3. strategy requires the creation of a fit among activities
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variety based positioning
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produces a subset of an industry's products or services (ex: Jiffy Lube)
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needs based positioning
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attempts to serve most or all of the needs of a particular group of customers (ex: IKEA)
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2 approaches to needs based positioning
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serving the broad needs of a few customers, serving the differing needs of similar customers
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access based positioning
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segments customers who are accessible in different ways rather than on actual differences between them (ex: Carmike Cinemas)
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5 steps of strategic management process
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1. determine a mission and vision 2. determine the grand strategy 3. generate strategic plans 4. execute the strategic plans 5. maintain control over the strategy
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3 common grand strategies
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growth, stability, defensive
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grand strategy
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explains how the organization will accomplish its mission
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growth strategy
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involves expansion as in sales revenue, market shares, number of employees, or number of customers served
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stability strategy
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involves little or no significant change; firm still faces stiff competition or a changing environment
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defensive strategy
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involves reduction of the organization's efforts
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competitive intelligence
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gaining information about competitors' activities so that one can anticipate their moves and act appropriately
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SWOT analysis
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strategic planning tool that involves the search for the strengths, weaknesses, opportunities, and threats
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organizational strengths
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skills and capabilities that give the organization special competencies and competitive advantages
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organizational weaknesses
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drawbacks that hinder an organization in executing strategies
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organizational opportunities
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environmental factors that the organization can exploit for competitive advantage
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organizational threats
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environmental factors that hinder an organization's achievement of a competitive advantage
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why is SWOT analysis useful
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helps managers set realistic goals, improve their capabilities, and establish plans to overcome weaknesses, exploit strengths, and turn threats into opportunities
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2 kinds of forecasting
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trend analysis, contingency planning
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trend analysis
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hypothetical extension of a past series of events into the future
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contingency planning
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creation of alternative hypothetical but equally likely future conditions
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Porter's 5 forces of competition
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1. threat of new entry 2. suppliers' bargaining power 3. buyers' bargaining power 4. threat of substitute products 5. competitive rivalry
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threat of new entry
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new competitors take customers away from existing organizations; higher the barriers, the more costly entry, less competition
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suppliers' bargaining power
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more concentrated the industry, the more bargaining power of suppliers
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buyers' bargaining power
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buyers have more bargaining power when there is a relatively small number of buyers
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threats of substitute products
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a firm faces more competition when there are more available substitutes for its products and services
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competitive rivalry
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more competition, less profitable; can be mitigated by differentiation
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Porter's 4 competitive strategies
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cost-leadership, differentiation, cost-focus, focused-differentiation
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cost-leadership strategy
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used to keep costs/prices low to target a wide market, focus on efficiency of their processes in order to achieve this strategy; ex: WalMart
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differentiation strategy
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used to offer products or services that are of unique and superior value to target a wide market; ex: Apple and Target
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cost-focus strategy
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keep costs/prices low to target a narrow market; ex: Dollar Store
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focused-differentiation strategy
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used to offer products or services that are of unique and superior value to target a narrow market ex: IKEA
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single product strategy
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company makes and sells only one product within its market; allows organization to focus its efforts on one product
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diversification strategy
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company operates several businesses to spread out the risk, 2 types
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unrelated diversification
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when an organization operates several unrelated businesses under one ownership; ex: Berkshire Hathaway
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related diversification
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when an organization operates several separate but related businesses ex: Disney
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factors that may influence a decision to use related diversification
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resource allocation, strategy formulation, performance control and management
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BCG matrix
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evaluates business units based on growth rate and market share
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stars
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high growth industry and have high market share; can become cash cows
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cash cows
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slow growth but high market share; finance stars and question marks
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question marks
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new ventures with a high market growth but low market share
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dogs
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low growth and low market share; should be sold or gotten rid of
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strategy implementation
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putting strategic plans into effect
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execution
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consists of using questioning, analysis, and follow-through to mesh strategy with reality, align people with goals, and achieve promised results
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3 core processes of business
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people, strategy, operations
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8 components for implementation
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1. exercising strategic leadership to drive implementation 2. shaping the work environment/culture to fit the strategy 3. using rewards and incentives appropriately 4. allocating enough resources to key activities 5. establishing policies that support strategies 6. pushing for continuous improvement 7. building an org that can successfully execute a strategy 8. installing information and operating systems to enable personnel to be more efficient
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tools for turning strategy into action
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visible leadership, clear roles and accountability, candid communication, appropriate human resources practices
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strategic control
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monitoring the execution of strategy and making adjustments if necessary
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2 ways of making decisions
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rational and emotional
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rational (classical) model
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assumes that managers are logical decision makers who strive to make the optimal decision and always act in the organization's best interest
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non rational model
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assumes that risky or uncertain environment; managers find it difficult to make optimal decisions
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4 steps of rational decision making model
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1. identify the problem or opportunity 2. generate alternatives 3. evaluate alternatives and pick one 4. implement the solution and evaluate it
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3 faulty assumptions of rational model
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1. managers have complete information 2. managers can separate emotions from their analysis 3. managers can make the best decision for the organization
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3 major nonrational decision making models
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incremental, satisficing, intuition
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incremental model
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managers take small, short term steps to alleviate a problem instead of taking one gigantic step towards a long term solution
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satisficing model
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managers seek alternatives until they find one that is satisfactory; proposed by Herbert Simon
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bounded rationality
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ability of decision makers to be rational is limited by numerous constraints
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judgmental heuristics
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shortcuts or rules of thumb
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intuition model
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making a choice without the use of conscious thought or logical inference; complement to rational decision making
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evidence based management
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requires managers to establish organizational practices based on hard data and best evidence
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Pfeffer and Sutton's 7 principles to help companies implement evidence based management
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1. act as if org is an unfinished prototype 2. don't brag or embellish 3. look at org as if you were an outsider 4. make everyone participate in evidence based management 5. sell evidence based management 6. avoid or ignore orders that are wrong 7. allow failure but try to learn from it
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4 decision making styles
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directive, conceptual, analytical, behavioral
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directive style
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efficient, practical, systematic, logical, action-oriented, decisive; prefers clear cut solutions, concerned about the short run, exercises power and control
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analytical style
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carefully considers a lot of information and alternatives, takes longer to make a decision, responds well to new situations
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conceptual style
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broad perspective, considers many options, focuses on long term, takes risks, comes up with creative solutions, enjoys new ideas, relies on intuition and discussions with others, tends to be indecisive
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behavioral style
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people-oriented and works well with others, avoids conflicts, shows concern for others, receptive to suggestions, tends to be wishy washy
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4 ineffective reactions to decision maling
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relaxed avoidance, relaxed change, defensive avoidance, panic
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relaxed avoidance
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manager decides to take no action in the belief that there will be no great negative consequences
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relaxed change
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manager realizes that complete inaction will have negative consequences and opts for the first available alternative that involves low risk
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defensive avoidance
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manger can't find good solution and procrastinates or denies the risk of negative consequences
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panic
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manger frantically tries to get rid of a problem and can't deal with the situation realistically
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3 types of organizations
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for profit, nonprofit, mutual benefit
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2 challenges in organizing role
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designing organizational structure, designing organizational culture
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3 elements of organizational architecture
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structure, culture, and human resource management systems
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4 types of organizational culture
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clan, adhocracy, market, hierarchy
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clan culture
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internal focus and values flexibility rather than stability and control, values cohesion, consensus, job satisfaction, collaboration
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adhocracy culture
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external focus and values flexibility, values adaptivity, creativity, and flexibility; innovative companies and start ups
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market culture
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external focus, driven by competition, values stability and control; profits, productivity, and results are more important
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hierarchy culture
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internal focus, values stability and control, control mechanisms in place to ensure promptness, efficiency, and effectiveness
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3 layers of organizational culture
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observable artifacts, espoused values, basic assumptions
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how culture is learned
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stories, rituals, material symbols, language
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importance of organizational culture
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provide organizational identity, facilitate collective commitment, promote social system stability, shape behavior
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3 perspectives for enhancing economic performance
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strength, fit, adaptive
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strength perspective
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strength of a corporate culture is related to a firm's long term financial performance
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fit perspective
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assumes that an organization's culture must align with its business or strategic context
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adaptive perspective
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assumes that the most effective cultures help organizations anticipate and adapt to environment changes
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process of culture change
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formal statements, slogans and sayings, stories, legends, and myths, leader reactions to crisis, role modeling, training, and coaching, physical design, rewards, titles, promotions, and bonuses, organizational goals and performance criteria, measurable and controllable activities, organizational structure, procedures for self development
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7 common elements of all organizations
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1. common purpose 2. coordinated effort 3. division of labor 4. hierarchy of authority 5. span of control 6. authority 7. centralization of authority
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4 traditional designs
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simple, functional, divisional, matrix structures
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simple structure
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centralized authority, flat hierarchy, few rules, low work specialization
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functional structure
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people with similar specialties are put together in formal groups
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divisional structure
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people with diverse specialties are put together in formal groups by similar products or services, customers or clients, or geographic regions
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matrix structure
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combines functional and divisional chains of command so that employees have 2 bosses (functional and project managers)
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horizontal design
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use of temporary or permanent teams to break down internal boundaries and improve collaboration
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3 types of boundaryless organization
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hollow, modular, and virtual structures
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hollow structures
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central core of an organization is complemented by outside, independent firms that provide outsourced goods/services and are linked to the central core via computers
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modular structure
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firm assembles product chunks/modules provided by outside contractors
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virtual structure
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firm creates a company outside a company specifically to respond to an attractive market opportunity
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contingency design
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process of fitting the organization to its environment
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mechanistic organization
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authority is centralized, tasks and rules are clearly specified and employees are closely supervised; top down communication and rigid rules
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organic organization
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decentralized authority, less rules and procedures, networks are encouraged to cooperate and respond quickly
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differentiation
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tendency of the parts of an organization to disperse and fragment
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integration
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tendency of the parts of an organization to draw together to achieve a common purpose
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7 steps of SHRM
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1. determine the mission and vision 2. determine the grand strategy 3. come up with strategic plans 4. determine what human resources are needed 5. recruit and select individuals 6. engage in orientation, training, and development 7. appraise employee performance
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constraints of HRM environment
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legislation, societal trends, changing technology
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tools of SHRM
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human capital, knowledge workers, social capital
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human capital
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economic or productive potential of employee knowledge, experience and actions
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knowledge workers
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people whose work involves generating or interpreting information rather than manual labor
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social capital
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economic or productive potential of strong, trusting, and cooperative relationships
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job analysis
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determines the basic elements of a job
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job description
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what a holder of a job does and how/why they do it
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job specification
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minimum qualifications a person must have to perform a job successfully
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3 areas EEOC laws cover
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discrimination, sexual harassment, affirmative action
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National Labor Relations Board
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created by Wagner Act, enforces procedures whereby employees may vote to have a union and engage in collective bargaining
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collective bargaining
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negotiations between management and employees about disputes over compensation, benefits, working conditions, and job security
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Fair Labor Standards Act of 1938
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banned child labor and established minimum living standards for workers engaged in interstate commerce
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Title 9 of CRA of 1964
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prohibits discrimination based on race, color, sex, religion, or national origin
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Civil Rights Act of 1991
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strengthens CRA of 1964 by increasing damages and shifting the burden of proof to employer
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ADA of 1990
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prohibits discrimination based on disability and requires employers to make reasonable accommodations
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vocational rehabilitation act of 1973
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prohibits discrimination based on mental or physical disability
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health insurance portability accountability act of 1996 (HIPPA)
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prohibits group plans from dropping sick employees and allows workers to get new coverage when they change jobs
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family and medical leave act of 1993
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requires companies to provide up to 12 weeks of unpaid leave for adoption, family emergencies, or childbirth
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equal pay act of 1963
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prohibits employers from paying males and females differently for equal work
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patient protection and affordable care act of 2010
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requires firms with 50+ employees to provide health care
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consolidated omnibus budget reconciliation act of 1985 (COBRA)
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allows employees to retain their health insurance coverage for a period of time after being laid off
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OSHA
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sets mandatory health and safety standards to which organizations must adhere
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recruitment
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process of locating and attracting qualified applicants for positions in the organization
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internal recruiting
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cheaper, boots morale and productivity, restricts competition from outsiders, may lead to promotions based on seniority over merit, doesn't fill vacancy
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external recruiting
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workers with fresh viewpoints, can be expensive and time consuming and risky
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realistic job preview
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gives a candidate a picture of both positive and negative features of the job and the organization before they are hired
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3 kinds of selection tools
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background information, interviewing, and employment tests
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unstructured interviews
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asking probing questions to find out what the applicant is like, highly subjective
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structured interviews
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involve asking each applicant the same questions and comparing their responses to a standardized set of answers
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situational interviews
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interviewer uses hypothetical situations to test the candidate's ability to do the job
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behavioral description interviews
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involve an exploration into what applicants have actually done in the past
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3 types of employment tests
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ability, performance, personality tests
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2 legal considerations for employment tests
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reliability and validity
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orientation
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process of helping a newcomer fit smoothly into the job and organization, includes job routine, mission and operations, work rules and employee benefits
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training
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educating technical and operational employees in how to better do their current jobs
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development
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refers to educating professionals and managers in the skills they need to do their jobs in the future
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objective appraisals
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based on facts and often numerical, independent of personal biases
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subjective appraisals
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based on a manager's perceptions of an employee's traits or behaviors
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BARS
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rates employee performance according to scales of specific behaviors
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360 degree assessment
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performance appraisal when employees are appraised by supervisors, peers, subordinates, and clients
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forced ranking
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ranking all employees in a business unit against one another
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formal appraisal
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conducted at specific times throughout the year and are based on performance measures that have been established in advance
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informal appraisal
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conducted on an unscheduled basis and less rigorous
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forms of compensation
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wages/salaries, incentives, benefits
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what to use to manage an effective workforce
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promotion, transfer, discipline, demotion, dismissal
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Collins' 5 stages of institutional decline
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1. hubris born of success 2. undisciplined pursuit of more 3. denial of risk and peril 4. grasping for salvation 5. capitulation to irrelevance or death
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trends in organizational change
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segmentation and niche products, targeted products with shorter time to market, radical innovation is hurting traditional companies, the effect of china and india, knowledge as a competitive advantage
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reactive change
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making changes in response to problems or opportunities as they arise
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proactive change
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carefully thought out changes made in anticipation of possible or expected problems or opportunities
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forces of change
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demographic changes, changes in the market, technological advancements, shareholder and customer demands, supplier practices, social and political pressures, problems with employees, behavior of managers
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common areas where change is needed
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people, technology, structure, strategy
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3 causes of resistance to change
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employee characteristics, change agent characteristics, change agent employee relationship
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adaptive change
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reintroduction of a familiar practice
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innovative change
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introduction of a practice that is new to the organization
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radically innovative change
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introduction of a practice that is new to the industry
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lewin's change model
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unfreezing, changing, refreezing
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Kotter's 8 steps for organizational change
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1. create sense of urgency 2. create a guiding coalition 3. develop a vision and strategy 4. communicate the change vision 5. empower broad based action 6. generate short term wins 7. consolidate gains and produce more change 8. anchor new approaches in the culture
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4 steps of organizational development
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1. diagnosis 2. intervention 3. evaluation 4. feedback
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organizational development most successful when
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multiple interventions, supported by top managers, both short term and long term results, culture is conducive
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innovation
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process of coming up with new ideas and turning them into useful applications
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product innovation
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change in the appearance or performance of a product or service, or the creation of a new one
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process innovation
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change in the way a product/service is conceived, manufacture, or disseminated
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incremental innovation
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creation of a product, service, or technology that modifies an existing one
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radical innovation
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creation of a product, service, or technology that replaces existing ones
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ways organizations encourage innovation
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1. create a culture that celebrates failure 2. devote the right amount of money, time, energy and focus to innovation 3. reward top performing innovators
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ways managers can foster innovation
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1. recognize problems and opportunities 2. communicate your vision 3. overcome resistance from employees by empowering and rewarding them 4. execute well
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environmental scanning
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practice of carefully monitoring an organization's internal and external environments to detect signs of opportunities and threats that may influence the firm's plans
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3 advantages of diversification strategy
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1. reduces risk that entire organization will fail 2. spread administrative costs over a number of businesses 3. helps an organization achieve synergy
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analytics
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sophisticated forms of business data analysis that represent the purest form of evidence based management; portfolio analysis and time-series forecasting
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predictive modeling
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data mining technique used to predict future behavior and anticipate the consequences of change
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data analytics
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process of analyzing "big data" for practical purposes, such as managing electricity grids of traffic patterns
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availability bias
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when managers use information that is readily available from memory to make judgments
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representative bias
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tendency to generalize from a small sample or a single event
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confirmation bias
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when a person seeks information that supports his or her point of view and discounts data that do not
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sunk cost bias
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when managers add up all the money already spent on a project and conclude that it would be too costly to simply abandon it
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anchoring adjustment bias
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tendency to make decisions based on an initial figure
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overconfidence bias
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when people have more subjective confidence in their decision making than their objective accuracy
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hindsight bias
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when people tend to view past events as more predictable than they really were
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framing bias
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when decision makers are unduly influenced by the way a problem or situation is presented
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escalation of commitment bias
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when a decision maker increases their commitment to a project despite negative information about it
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espoused values
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the explicitly stated values and norms preferred by an organization
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enacted values
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values and norms actually exhibited by the organization
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unity of command
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an employee should report to no more than one manager so that conflicting priorities and demands can be avoided
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adverse impact
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when an employment practice or procedure negatively impacts a protected class of individuals
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disparate treamtment
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occurs when organizations intentionally treat individuals from protected groups differently
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computer assisted instruction (CAI)
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computers are used to provide additional help or to reduce instructional time
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