MGT 301 Exam 1 Study Guide PDF

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MGT 301 Exam 1 Study Guide -

Whistleblower Social Responsibility Triple-Bottom Line Small Companies Ethnocentric Maquiladores Outsourcing Import Quotas

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Dumping WTO, WB, IMF Culture Monochronic, Polychronic Expropriation Expatriate Foreign Corrupt Practices Act

Chapter 1 Section 1 -

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Organization: a group of people who work together to achieve some specific purpose. A system of consciously coordinated activities or forces of two or more people. Management: the pursuit of organizational goals efficiently and effectively by integrating the work of people through planning, organizing, leading, and controlling the organization’s resources. o Efficiency: the means; to use resources—people, money, raw materials, and the like—wisely and cost effectively. o Effectiveness: the ends; to achieve results, to make the right decisions, and to successfully carry them out so that they achieve the organization’s goals. Multiplier Effect: a manager’s influence on an organization is multiplied far beyond the results that can be achieved by just one person alone. Median income for U.S. workers is $44,688 Median income for U.S. workers with a bachelors degree is $66,092 Median income for CEO’s is $737,613 Median income general managers is $102,750 Mentor: an experienced person who provides guidance to someone new in the work world.

Section 2 -

Four Management Functions: the management process that “gets things done”: planning, organizing, leading, and controlling (POLC) Planning: setting goals and deciding how to achieve them; also, coping with uncertainty by formulating future courses of action to achieve specified results. Organizing: arranging tasks, people, and other resources to accomplish the work. Leading: motivating, directing, and otherwise influencing people to work hard to achieve the organization’s goals.

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Controlling: monitoring performance, comparing it with goals, and taking corrective action as needed.

Section 3 -

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3 Levels of Management o Top Managers: make long-term decisions about the overall direction of the organization and establish the objectives, policies, and strategies for it. o Middle Managers: implement the policies and plans of the top managers and supervise and coordinate the activities of the first-line managers. o First-Line Managers: make short term operating decisions, directing the daily tasks of nonmanagerial personnel.  Also known as supervisors Nonmanagerial Employees: either work alone on tasks or with others on a variety of teams. Functional Manager: responsible for just one organizational activity. General Manager: responsible for several organizational activities. 3 Types of Organizations o For-Profit Organizations: formed to make money or profits by offering products of services. o Nonprofit Organizations: purpose is to offer services  Examples: hospitals, colleges, social welfare agencies  Managers are known as administrators  Commonweal organizations offer services to all clients rather than some  Military services, postal service, fire and police departments o Mutual-Benefit Organizations: for aiding members; voluntary collections of members whose purpose is to advance members’ interests  Examples: political parties, farm cooperatives, labor unions, etc.

Section 4 -

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Henry Mintzberg’s 3 Findings on Managers o A manager relies more on verbal than on written communication o A manager works long hours at an intense pace o A manager’s work is characterized by fragmentation, brevity, and variety Mindfulness: the awareness that emerges through paying attention on purpose, in the present moment, and nonjudgmentally to the unfolding of experience moment by moment. 3 Types of Managerial Roles o Interpersonal Roles: managers interact with people inside and outside their work unit  Figurehead, Leader, and Liaison o Informational Roles: managers receive and communicate information with other people inside and outside the organization

 Monitor, Disseminator, and Spokesperson o Decisional Roles: managers use information to make decisions to solve problems or take advantage of opportunities  Entrepreneur, Disturbance Handler, Resource Allocator, and Negotiator Section 5 -

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Robert Katz found that through education and experience managers acquire 3 principal skills o Technical, Conceptual, and Human Technical Skills: consist of the job-specific knowledge needed to perform well in a specialized field. Conceptual Skills: consist of the ability to think analytically, to visualize an organization as a whole and understand how the parts work together. Human Skills: consist of the ability to work well in cooperation with other people to get things done o Soft Skills: interpersonal “people” skills needed for success at all levels Managers also possess these skills: o The ability to motivate and engage others o The ability to communicate o Work experience outside the United States o High energy levels to meet the demands of global travel and a 24/7 world

Section 6 -

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Disruptive Innovation: a process in which a product or service first takes root in simple applications at the bottom of the market and then moves up market, eventually displacing established competitors o Examples: Airbnb and Uber Challenge 1: Managing for Competitive Advantage – Staying Ahead of Rivals o Competitive Advantage: the ability of an organization to produce goods or services more effectively than competitors do, thereby outperforming them. o Means an organization must stay ahead in 4 areas: 1. Being Responsive to Customers 2. Innovation: finding ways to deliver new or better goods or services 3. Quality 4. Efficiency Challenge 2: Managing for Information Technology – Dealing with the “New Normal” o 4th Industrial Revolution may be upon us o E-Commerce: electronic commerce; the buying and selling of goods or services over computer networks o E-Business: using the internet to facilitate every aspect of running a business o Implications of information technology

Far-ranging electronic management: e-communication all the time Ever more data: a challenge to decision making The rise of artificial intelligence: more automation in the workforce Organizational changes: shifts in structure, jobs, goals, and management  Telecommuting: working from home or remote locations using a variety of information technologies  Videoconferencing  Knowledge management and collaborative computing Challenge 3: Managing for Diversity – The Future Won’t Resemble the Past Challenge 4: Managing for Globalization – The Expanding Management Universe Challenge 5: Managing for Ethical Standards Challenge 6: Managing for Sustainability – The Business of Green o Sustainability: economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs Challenge 7: Managing for Happiness and Meaningfulness o Meaningfulness: the sense of “belong to and serving something that you believe is bigger than the self”    

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Section 7 -

Career Readiness: represent the extent to which you possess the knowledge, skills, and attributes desired by employers 3 Largest gaps were in critical/analytical thinking, written communication, and locating, organizing, and evaluating information Knowledge: hard skills, basic knowledge employers expect you to possess Soft Skills: people skills Attitudes: beliefs and feelings directed toward specific objects, people, or events; a learned predisposition toward a given object Other Characteristics o Resilience: the ability to bounce back from adversity and to sustain yourself when faced with a challenge

QUIZ 1 1. According to Robert Katz, which three skills do managers develop through education and experience? o Technical, conceptual, human 2. Cheyanne, the regional manager of a global sales organization, gives freedom to the sales representatives on the amount spent on gifts for prospective Asian and European customers. Cheyanne is managing for o Global standards? 3. To maintain a competitive advantage, the top management of a national furniture store made the decision to increase employee training, add rewards that motivate employees, and look at improving procedures related to disciplining workers. These decisions are made by managers who play a ________ role. o Leadership 4. At times, customers have an unexpected need and require certain departments, such as production, to change their schedule to meet the demands of the sales department. When Shannon, the vice president of marketing, inspires the production team to put in the extra effort, she is playing a(n) ________ role. o Leadership 5. You work as the sales manager for a company that sells paper supplies to businesses of all sizes. Because the profit margins are razor-thin, you need to ensure that you are getting the very best prices on all paper supplies from the manufacturers. When reviewing the quarterly profit statement, you realize that your costs are higher than they should be, and you trace the higher costs back to an employee who has been lax about getting competitive bids to ensure the lowest prices. When you conduct your research to determine the reason for the higher costs, and take action to bring those costs back down, in which of the key management processes are you taking part? o Controlling 6. Emma, the marketing manager, is constantly seeking information about her competition while looking online or speaking to people. Emma is playing the ________ role. o Monitor 7. The general manager of a clothing store recently gave a motivational PowerPoint presentation to his employees on the value of being courteous to each customer. The manager’s behavior is an example of o Leading 8. Research shows that ________ is a key trait of successful people. o Resilience

9. When Clay, a general manager of a national retailer, moved to a different store in his company that was having difficulty, he knew that sales were low and after talking to his employees, he found morale was also low. At first Clay thought attitudes were poor due to low sales, but after working closely with employees, he realized that the poor attitudes were actually the cause of poor sales. Clay was able to discover the cause of the problem by utilizing ________ skills. o Conceptual 10. You have just taken a job as an entry-level manager for a company that provides rug-cleaning services. The company has a large national presence, with offices in 40 U.S. states. You know you are starting at the bottom of the management ladder, but you hope to grow and rise through the ranks to become a senior manager. What is your likely salary range when you first take the job? o $35,000-$60,000 11. Justin, a college student, has become very interested in helping his community, so he is volunteering in a neighborhood improvement organization. This type of organization is an example of a(n) ________ organization. o Mutual benefit 12. Even for nonprofits, sooner or later there will be no organization without o Customers 13. Because upper management must deal with problems that are ambiguous but that could have far-reaching consequences, ________ skills are particularly important for top managers. o Conceptual 14. According to management scholar Henry Mintzberg, which three roles do managers play? o Interpersonal, informational, decisional 15. Edgar is a chef and the kitchen manager in an upscale restaurant. He is very knowledgeable in both the culinary and restaurant management fields. Because he possesses these technical skills, Edgar can be considered a(n) ________ worker. o Knowledge 16. What are the four principal functions of management? o Planning, organizing, leading, and controlling 17. ________ is the discipline concerned with creating computer systems that simulate human reasoning and sensation. o Artificial intelligence 18. What do technical skills consist of? o Job-specific knowledge needed to perform well in a specialized field 19. The city fire department offers its services to any individual within its city limits, so even Ken, who is driving through the city on vacation, received assistance with a car fire. The fire department is an example of a ________organization. o Commonweal 20. Which is better: mindfulness or multitasking? o Mindfulness is better because you are focusing on one thing until it is completed.

21. When building a new residential development or mall, a national real estate organization typically does not remove many trees, basing its decision on the belief that natural resources are limited and the company must not compromise the ability of future generations to meet its own needs. To which philosophy is the company adhering? o Sustainability 22. Being a manager can be one of the greatest avenues to a meaningful life, particularly if the manager o Is working within a supportive or interesting organizational culture. 23. Conceptual skills consist of the o Ability to think analytically, to visualize an organization as a whole, and to understand how the parts work together. 24. Which one of the following is one way to think about management? o The art of getting things done through people 25. Rochelle, the CEO of a Fortune 500 company, met with business leaders from the local community. Afterwards, she spent time informally answering their questions about the company. In answering these questions, which managerial role was Rochelle playing? o Leadership Figurehead QUIZ 2 1. Chenglei, an IT manager, has been studying the actions that his workers perform in an attempt to improve their productivity. Chenglei is utilizing o Scientific management 2. _______ suggested that organizations should be operated as "communities," with managers and subordinates working together in harmony. For example, in a publishing company run as a community, editors, editorial assistants, and publishers would work together to determine which books should be published. o Mary Parker Follett 3. Which disciplines does the field of behavioral science include? o Psychology, sociology, anthropology, and economics 4. Hugo Munsterberg is known as o The father of industrial psychology 5. Within his company, Vernon has set up a system with inputs, outputs, transformation processes, and feedback. He utilizes a management style that varies according to the individual and environmental situation, with a strategy for minimizing errors by managing each stage of production. Vernon is utilizing a _______ perspective. o Contemporary 6. Luka, who owns a small breakfast and salad bar, has a reputation in the community as a tough manager. Many customers have heard Luka yell at his employees because he feels that workers today are lazy, lack ambition, and hate to work. Luka is a(n) ____ manager. o Theory X

7. The Ryan family had a fire that destroyed their home. Various departments of a restoration company, from the initial cleanup crew to the assistance with the Ryan family moving back in, worked together to achieve this goal. All of the company's interrelated parts working together to accomplish a goal (in this case, the restoration of the Ryan home) is an example of a(n) o System 8. A computer manufacturer is seeking to cut costs by designing an inventory system that reduces the number of finished products in stock due to overproduction and to set in place a production schedule that better matches customers' orders. These plans are an example of ____ in action. o Operations management 9. The systems viewpoint regards the various parts making up the whole system as o Subsystems 10. The classical viewpoint of management emphasized ways to o Manage work more efficiently 11. Noah’s Ark is a successful child care center. It focuses on actively developing, finding, and communicating new knowledge to its employees so that workers can modify their behavior to reflect this new knowledge. Noah’s Ark is an example of a(n) _______ organization. o Learning 12. The new chief information officer of a national fast food chain is using mathematical tools to aid in product ordering and scheduling decisions. The CIO is using o Management science 13. According to proponents of the Hawthorne effect, o Giving more attention to employees increases worker productivity 14. Sari, a movie theater manager, recently implemented a policy stating that workers who are willing to work a double shift on Friday or Saturday nights will earn a bonus on top of their regular pay. What is Sari implementing? o Differential rate system 15. Management science stresses the use of rational, science-based techniques and mathematical models to improve o Decision making and strategic planning 16. A pay structure in which more efficient workers earn higher wages, as suggested by Frederick W. Taylor, is known as a(n) _____ system. o Differential rate 17. To better meet corporate goals this year, Yumiko, a CEO, is encouraging her managers to focus on the major functions of management, which are o Planning, organizing, leading, and controlling 18. Gary Hamel suggests we need to look at management as a process and then make improvements and innovation o Ongoing and systematic

19. Jasmine, a chef in a fine restaurant, utilizes top-of-the-line equipment as she prepares meals for customers. Jasmine and her equipment are a(n) ______ in the restaurant's system. o Input 20. Abraham Maslow proposed the o Hierarchy of human needs 21. Joseph Juran defined quality as "fitness for use," which means that o A product or service should satisfy a customer’s real needs 22. The management of Omega Manufacturing is implementing a plan to minimize production mistakes by allowing teams that work in each area of the production facility to develop a plan and then monitor their area to ensure the reduction of errors. The managers are engaging in o Quality control 23. For years Print and Copy, a copier machine supplier, enjoyed strong sales and a huge share of the copier market, far ahead of its nearest competitor. However, over the years, Print and Copy seldom asked customers for feedback. So when some of Print and Copy's competition responded to customers' needs and started offering copiers with new features (such as wireless printing from laptop and tablet computers), Print and Copy lost much of its market share. Print and Copy's system is best described as o Closed 24. The behavioral science approach relies on scientific research for developing theories about human behavior that can be o Used to provide practical tools for managers 25. When a manager assesses a particular situation and decides what to do according to the individual and environmental situation, the manager is utilizing the ____ viewpoint. o Contingency QUIZ 3 1. When a food distributor considers changing the products it markets in the southern states because of an increasing percentage of customers from Central and South America, it is examining the ____ forces at work in the southern United States. o Demographic 2. Which of the following is an example of a green policy or action? o Coca-Cola has pledged to replenish (return to nature) all the water it uses to make its beverages. 3. Sustainable economic development o Meets present needs without compromising the ability of future generations to meet their needs. 4. To increase profitability, top management of a national retailer needs to decide if it will close several stores. Management knows that by closing the locations, it will save the company millions of dollars and benefit many stockholder groups and individuals. The

benefits of closing the stores outweigh the benefits of keeping them open. Keeping the stores open would be advantageous for many fewer people than closing the stores. This logic is an example of the ___ approach to deciding ethical dilemmas. o Utilitarian 5. Mackenzie, a successful store manager, leads her employees by encouraging them and showing that she genuinely believes in them. She also encourages group and team efforts. Mackenzie manages at Kohlberg's _____ level of personal moral development. o Conven...