Management 300 – Flashcards
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What is Ford Motors not doing right?
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Lagging behind because of brand image-- all about perceptions.
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Ford Motors competitiors
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Volkswagon and General Motors
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Why is Ford selling fewer cars in China?
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Didn't make cars big enough to accommodate to their extended families and cultures
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"Why are you in school?"
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"School is about getting a job, only to the degree that life is all about work. So if there is more to life than work, therefore your work should be very broad."
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Christine Poon asks about the 5 benefits of reading the news daily. What are they?
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1. World opens up to you 2. Understand the complexities (messiness, paradox, and ambiguous) of the world 3. Understand where you stand-- your place in the world, your vision, mission, and passion 4. Understand your own belief system better 5. You become a more well-rounded human being and that is exactly what the world needs
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What are 5 things employers are looking for?
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1. Interpersonal communication 2. Team skills/teamwork 3. Ethics 4. Knowledge of the real world 5. Analytical skills (facts)
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Four Fundamental Truths About Leadership:
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1. The Iron Clad Law of Leadership 2. The Maxwell Premise 3. The Founding Principle of Leadership Development 4. The Fundamental Question of Leadership
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The Iron Clad Law of Leadership
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"Before I can ever even expect myself to lead others, I miss first learn to manage myself."
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The Maxwell Premise
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Leadership ability grows within
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The Founding Principle of Leadership Development
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"When I become the kind of human being that I ought to be on the inside, then I may become the kind of leader I want to be on the outside."
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The Fundamental Question of Leadership
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"Am I becoming the kind of person who others WANT to follow."
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Soft Skills (7)
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1. Making small talk 2. No personality quarks 3. Punctuality 4. Critical thinking 5. Adaptability 6. Good manners 7. Work ethic
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The definition of Management:
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The science of planning, organizing, and controlling.
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Leadership's 6 part definition:
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1. Intentionally --> don't be Forrest Gump--happened all by chance (ping-pong, shrimp business, ran, bama football) 2. Influencing --> hearding cats--kind of like managing a business 3. Followers -->Volunteers--have to win their hearts 4. Toward change-->"I Have A Dream" Speech--leader is meant to have a vision and inspire 5. Through shared purpose-->Diversity of else narrow-minded--all are after the big purpose 6. And personal responsibility-->always both parties who should have personal responsibility--managers and employees/ coaches and players
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Efficiency
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maximize output/ minimize input
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Effectiveness
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Obtaining appropriate goals
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Resource
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Anything you can use that will produce a better outcome/future return. NOT AN ASSET-->financial Tangible-->textbooks, money, coal, machinery Intangible-->patents, relationships, knowledge, ideas
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Paradox
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Co-existence (existing together) of seeming opposites
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Three Levels of Bosses:
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SUPERVISOR: payroll and hiring--short term tasks EXECUTIVE: CEO and everyone reports to them --long term strategies MANAGER/MID LEVEL MANAGER: Pass info up and down the chain--translate long term tasks into actions
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Roles that Managers Fulfill CATEGORIES:
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1. Decision making 2. Information processing roles 3. Interpersonal
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Decision making=
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1. entraprenor-intraprenor 2. disturbance handler 3. resource allocator 4. negotiator
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Information processing roles=
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1. monitor 2. spread info 3. spokesperson
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Interpersonal=
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1. figure head 2. liaison 3. Leaders
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Life before management?
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The Agrarian Era (Pre industrial 1700s)
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The Agrarian Era
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-local -hands on -inefficient work
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Nepotism=
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Children and family members get higher positions in the company than others.
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Adam Smith (1776)
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Book titles "The Wealth of Nations" 4 principles of managing ORGANIZATIONS efficiently 1. Division of Labor 2. Specialization 3. Expertise 4. Efficiency
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Frederick Taylor (1900s)
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Known as "Father of Scientific Management" "One best way" = motto Time and motion studies Four principles of LABOR efficiency ex: UPS planning workers every minute of the day
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Four Principles of Labor Efficiency
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1. Managers must study every task in its smallest components 2. They must create rules/ standard operating procedures to codify the one best way to do tasks 3. Workers are seen as machinery-- best one is picked for the job and managers fit workers to the task not vise versa 4. Workers should be paid based on performance, known as piece-rate pay
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Max Weber (1900s)
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Known as the "Father of Bureaucracy" How to make an entire company efficient: 1. A managers authority is not based on kinship, but based on position of hierarchy (no nepotism) 2. Position should come from expertise, knowledge, skill 3. Everybody must have a job description 4. Job descriptions must be organized into charts 5. There must be clear policies and procedures
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Mary Parker Follett (1930s)
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Believed all work is built on people, and humans are not machines. 1. Who knows the most? The workers! 2. Whats is a managers job? -be a coach and be the facilitator 3. Create cross-functional teams, collaborate with people from many parts of the organization. 4. Authority is based on knowledge and skill, not position.
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Hawthorne Studies (1930s)
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A study done by professors at Harvard at the HAWTHORNE WORKS factory of the WESTERN ELECTRIC COMPANY, the manufacturing arm of AT&T. Manipulated different variables to find what motivates people best. "Paying attention to people produces positive productivity" AKA the "Hawthorne Effect."
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Douglas McGregor
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Theory X and Y Theory X=more rules and strict Theory Y= easier on employees LESSON: AS A MANAGER YOU MUST BE AWARE OF YOUR OWN PERSONAL ASSUMPTIONS.
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6 Major Challengers Facing Managers Today:
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1. increasing efficiency -- due to globalization 2. increasing effectiveness by improving quality of work 3. becoming more flexible and innovative in serving customers needs 4. properly utilizing IT (data) 5. Maintaining high ethical standards 6. Leveraging the power of diversity
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5 Personality Traits and the Correlation to Success:
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1. Extraversion -- high correlation 2. Negative Affect (mood) -- high correlation 3. Agreeableness -- curvilinear correlation 4. Consciousness -- VERY high correlation 5. Openness to experience -- VERY high correlation
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Locus of Control
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Fancy word for location (of control)
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Internal Locus
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YOU did poorly because of YOU YOU did well because of YOU
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External Locus
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YOU did poorly because of SOMEONE ELSE YOU did well because of SOMEONE ELSE
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Emotional Intelligence
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1. Understand where your own feelings come from 2. Understand where others' feelings come from 3. You can manage your own feelings and emotions
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Emotional Maturity and Strength
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CP-->C&A-->M/E/F = Successful work & life M/E/F/-->C&A = immaturity and weakness
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Advice from Gatton Alumni
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1. Know yourself 2. Know the company 3. Prepare interesting questions BEFORE 4. DO NOT go straight from undergrad to MBA
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What employers think of students who earn an MBA right after undergrad:
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"They are just like 5th year graduates" "We compare them with undergraduates during the interview process" "I cannot give them meaningful assignments without more professional experience on their part" "They are only qualified for entry-level jobs" "They won't get anywhere near the salary that they may be expecting"
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Which liberal arts major makes the most money over time?
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Philosophy
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Steve Jobs favorite class was...?
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Calligraphy
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If you were to add a second major and or minor...
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Add something completely different -- ranges your variety of skills On cover letters: HOW do you ADD value to their company? (More important than the actual resume)
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How many people do not end up working in the field that correlates with their major?
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72%
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Informational Interviews:
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1. Could you tell me about your career path? 2. What kind of activities and skills do you use in your field of work 3. What lessons have you learned throughout your career? DO NOT ASK: 4. What do you think I should do? 5. What do you think I am good at?
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Three questions to ask before you act on a decision:
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1. Does my decision fall within the usual and customary standards of my profession? 2.Am I willing to personally and openly communicate my decision to all affected stakeholders? 3. Will only my party benefit?
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Stakeholders: "People who have a direct financial interest in our company"
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1. Shareholders 2. Lenders 3. Managerial Employees 4. Non-managerial employees 5. Customers 6. Partners 7. Community
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What is limiting companies productivity?
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The lack of soft skills among job canidates
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How does daily news reading benefit us at work?
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Helps us with small talk
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How do some people demonstrate the lack of adaptability?
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Don't like change or are not good with change
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What mattered to Henry Ford?
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Work ethic, work smarter not harder
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What is Mr. Hainer's key task?
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To find the right people (entrepreneurial spirits)
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What is his approach to Locus of Control?
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External Locus of Control
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What is his approach to fairness?
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"I was surprised and I was angry. I thought it was unfair." LIFE AN BUSINESS ARE NEVER FAIR. We tend to use "fair" to mean "good for me," which is not what "fair" means.
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Liberal-Arts majors are seen to have more of the traits that add value for employers and clients.
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1. think more broadly 2. communicate more effectively 3. aren't stuck in a rut 4. can challenge ideas better
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What do people remember you for?
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What they think you did, not what you actually did
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Why must executives comment when troubles come up?
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So people don't assume the worst
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What religion caused so much trouble for Wells Fargo?
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Cross-selling
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Why is it important to deal in reality?
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Denial of reality does not work. Perceptions are reality.
