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MGMT 371

Market entry strategy where a company in one country makes certain resources available to companies in other countries.
Licensing
Organization that receives more than 25% of its total sales revenues from op. outside home country
Multinational Corporation
Extent to which trade and investments, into ideas and political cooperation flow
Globalization
Tells managers that since something works out one place it might not at another.
Contingency View
Called the quantitative perspective, uses mathematics, statistical techniques and computer technology. (Operations research, operations management and info tech)
Management Science
Human Resources Perspective
Suggests that jobs should be designed to meet peoples higher level needs by allowing employees to use their full potential
Behavioral Science Appoach
Draws from psychology, sociology and other social sciences to develop theories about human behavior and interactions.
Hawthorne Studies
Concerned about how managers should treat workers
Stressed the satisfaction of employees basic needs as the key to increased production
Human Relations Movement
Emphasized understanding human behavior, needs, and attitudes in the workplace. (Mary Parker Follett and Chester Barnard were advocates.
Humanistic Perspective
Administrative Principles Approach
Subfield of the classical perspective; focusses on the total organization rather than the individual worker. (Henri Faxol)
Emphasizes management on an impersonal, rational basis through elements such as clearly defined authority and responsibility (May weber, introduced these)
Bureaucratic Organization Approach
Which reflects a concern with the past, present, and a high value on meeting current obligations.
Short term orientation
Reflects a greater concern for the future and a high value on thrift and preservation
Long term orientation
Degree to which people except inequality in power among intuitions and people
Power Distance
Ethnocentrism
For international managers; which is the natural tendency among people to regard their own culture.
Refers to a company risk of loss of assets, earnings, or managerial control due to political actions by government
Political Risk
Subfield of the classical perspective that emphasizes scientifically determined changes in management practices as the solution to improving labor productivity; “Father of Sceintific Management” = Frederick Winslow Taylor
Scientific Management
Pretence for a tightly knit social framework in which individuals look after one another is called
Collectivism
Which of the following countries has the highest level ranking (lowest) “individualism” as a national value
USA
Which of the following refers to the rate at which one country’s currency is exchanged for anothers?
Exchange rate
How someone should or ought to behave
Value
Classical Perspective (On management)
took a rational, scientific approach to management and sought to turn organizations into efficient operating machines.
All of the following are components of cultural intelligence EXCEPT a.Physical b.Cognitive c.Emotional d.Analytical
Analytical
Economic- Affects the availability, production and distribution of a societys resources
Political- relate to the influence of political and legal institutions on people and organizations.
Social- aspects of a society that guide and influence relationships, among people, such as their values needs and standards of behavior
Economic vs. Social vs. Political Forces
Hofstede identified four important social values that are helpful in understanding differences between national cultures which one deals with the extent of people prefer achievement over the annuity of life?
Masculinity – Femininity
Herbert Simon
The administrative or bounded rationally model of decision making was introduced by
Evaluation and Feedback
is the last step in the decision making process
The tendency of organizations to invest time and monet in a project despite strong evidence that the project is failing is referred to as?
Escalating Commitment
Is the individual who is assigned the role of challenging assumptions made by the group
Devils advocate
Experience and Conscious Thought
In decision making, intuition is based on ____, but lacking in _______
Framing
Decision bias wherein losses us gaining cause manegers to make riskier decisions
All of the following are cognitive biases that can affect managers judgement expect a.Being influenced by initial impressions b. Justifying Past Decisions c.Seeing what you dont want to see d. Overconfidence
c. Seeing what you dont want to see
Most managers settle for a ____ rather than a ____ solution
Satisfying and maximizing
____ is by far the most difficult situation for a decision maker
Ambiguity
High Context Cultute
One in which people use communication to build personal relationship; China is an example
First Line- Who are at the first or second level of the heigharchy and are responsible for overseeing groups of production employees
Functional- responsible for a dept who does a single task
General- responsible for several departments who do different functions
Manager Types
Riskiest type of direct investment. For example, company builds a subsidry from scratch in a foreign country
Greenfield Venture
Top- The apex of the organizational heigharchy and is resoponsible for the entire organization
Middle- responsible for major divisions or departments
Project- responsible for a temporary work project that involves people from various functions and levels.
Management Types
Cognitive ability to see the organization as a whole system and the relationship among its parts
Conceptual Skill
Efficiency- pertains to the amount of resources (raw materials, money, people) used to produce a desired volume of input
Effectiveness- refers to the degree to which the organization achieves a stated goal.
Efficiency vs. Effectiveness
is a social entity that is goal directed and deliberately structured
Organization
Planning- Select goals and ways to attain them
Organizing- Assign responsibility for task
Leading- use influence to motivate employees
Controlling- Monitor activities and make connections
Four Management Funcitons
The attainment of organizational goals in an effective and efficient through planning, organizing, leading, and controlling organization resources
Management
In a takeover of another automotive company, executives at Ford were surprised at the lavish benefits for what country?
Sweden
This trade alliance began in January 1994 includes the US, and created the worlds largest Trading Block.
NAFTA
Global Stage
In which of the following stages of globalization is cultural sensitivity “critically important”
Low Context Culture
People use communication primarily to exchange fact and info; USA is an example
Intention to complete enlistment
The factor that was most predictive of whether a US marine would complete his enlistment was his/her
Humanistic perspective
Mary Parker Follett contributed to which approach to management?
Bounded rationality
The concept that people have limited time and cognitive ability to process information on which to base decisions is known as
Most firms begin with which strategy to enter foreign markets?
Exporting
The decision bias wherein losses versus gains cause managers to make riskier decisions is:
Framing
Human skills
What is important for middle managers in an organization?
Classical Rational
The decision making approach that defines how a person “should” make decisions as opposed to how he or she “actually” makes decisions
Decision
_____ style refers to difference among people with respect to how they perceive problems and make decisions.
Rules of thumb
In decision-making, “heuristics” are more commonly known as:
Assigning responsibility for task accomplishment
Which of the following best describes organizing?
Conceptual
According to your text, ____ skills relate to the cognitive ability to see the organization as a whole and the relationship among its parts
First-line managers
According to your text, which of the following are directly responsible for the production of goods and services
Synergy
10+10=25 reflects which of these?
Top
Important responsibilities for ___ managers include communicating a shared vision for the organization and shaping corporate culture
Herbert Simon
The administrative or bounded rationality model of decision making was introduced by _____
Conceptual
According to your text, ____ are the most important at the top management level
Ineffective communication skills and practices
According to your text, the top reason managers fail in his or her job is _____
Recurring
According to your text, programmed decisions are made in response to _____ organizational problems
Anchoring
The decision bias where in people fail to sufficiently adjust from initial positions is
Limited time and cognitive ability to process information
As it related to decision making, the concept of bounded rationality refers to:
Management is the same as the ownership of organization
According to your text, all of the following are characteristics of the Ideal Bureaucracy (Weberian Bureacracy) Except:
Fundamental attribution error
The tendency for persons to overestimate the influence of internal factors (and underestimate the influence of external factors) on the behavior of others is called:
Total quality management
According to your text, _____ focuses on managing the whole organization to deliver quality to customers; W. Edwards Deming = Father of the Quality Movement
Availability
The decision bias wherein an event is believed to be more likely when one can recall an example of it is:
Devil’s advocate
The____ is the individual who is assigned the role of challenging assumptions made by the group
Division of work
The assembly line is most consistent with which of the following general principles of management?
Entrepreneur
According to your text, when a manager is initiating improvement projects and identifying new ideas, he or she is performing which of the following roles?
Intention to complete enlistment
As noted in class, the factor that was most predictive of whether the US marine would complete his/her enlistment was his/her:
Administrative
The approach that defines how a decision maker “actually” makes decisions as opposed to how he or she “should” make decisions is:
Technical qualifications
According to your text, the selection and promotion of employees in a Weberian bureaucracy should be based on:
Performing
Which of the following is NOT a function of management?
Anchoring
The decision bias wherein early information is given greater weight in decisions called:
Recognition of decisions requirement
According to your text, which of the following is the first step in the managerial decision making process?
Bounded Rationality
The concept that people have limited time and cognitive ability to process information on which to base decisions is known as:
Escalating commitment
The tendency of organizations to invest time and money in a project despite strong evidence that the project is failing is referred to as:
According to your text, programmed decisions are made in response to ______ organizational problems
Recurring
Anchoring-adjustment
As noted in class, a person is more likely to drive across town to save $25 on an item costing $100 versus the same $25 saving on an item costing much more. The decision bias responsible for this is called
Quantitative (MGMT Science)
Which school of magnet is most concerned with quantitative models as a manager can use in his or her role as a decision maker?
A set of interrelated parts that function as a whole to achieve a common purpose is called:
A system
Jim Goodnight
One of the videos shown in class ideal with the lavish benefits received by employees of SAS Corporation. The CEO of SAS is:
Ethnocentrism
According to your text, a cultural attitude marked by the tendency to regard one’s own country as a superior to others is called:
Most managers settle for a _____ rather than a(n) _____ solution
Satisficing; maximizing
Used poor work methods
Frederick Taylor believed that some workers were poor producers, among other things, because they:
Outsourcing
Low level jobs such as those performed at call centers, are sometimes located in other countries in order to obtain a cheaper source of labor. such international division of labor is called:
Theory Y
The “Humanistic” perspective on management is consistent with which of the following?
Individualism-collectivism
We discussed four important social values that are helpful in understanding differences beteween national cultures. which of these values deals with the extent to which people are expected to take care of themselves versus look after one another?
The “one best way”
Results of the illumination study conducted at Hawthorne appeared to violate which of the following Scientific Management assumptions?
Middle manager
According to your text, which of the following is responsible for a major division or department of an organization
Political
According to your text, which model of decision making involves bargaining and discussion among coalition members?
Contingency Planning
____ Identifies important factors in the environment and defines a range of alternative responses to be taken in that case of setbacks or unexpected conditions
Masculinity-femininity
We discussed four important social values that are helpful in understanding differences between national cultures. which of these values deals with the extent people prefer achievement, material success, and work over social relationships and quality of life?
Appeared to violate the assumption of “rationality”
Observers at the Western Electric Hawthorne plant noted that workers tended to restrict their productivity even though they would have been paid more for higher productivity. This phenomenon:
Increase the size of the “pie” ( the firm’s resources)
Frederick Taylor was concerned with improving relations between workers and management. His approach to eliminating worker-management conflict was to
Setting Goals
According to your text, which of these is the first step in the Management By Objectives (MBO) process?
It was concerned with developing principled for the operation of an organization
Which of the following best describes the Administrative Principles School of Management?
Bottom of the pyramid
_____ is the concept that proposes that corporations can alleviate poverty and other social ills by selling to worlds poorest people.
Cultural Intelligence
A persons ability to use reasoning and observation to interpret culturally unfamiliar situations and to know how to respond appropriately is known as:
Stretch Goals
____ are reasonable yet highly ambitious goals that are so clear, compelling, and imaginative that they fire up employees and engender excellence
Western Electric Hawthorne Plant
Studies of employee productivity were carried out in the Bank Wiring Observation Room, which was located at:
Canada
In 1994, NAFTA merged with the US into a trading bloc with which of the following countries?
A system
A set of interrelated parts that function as a whole to achieve a common purpose is called:
star
According to the portfolio management method developed by Boston Consulting Group (BCG matrix), a business unit with HIGH market share and a HIGH business growth rate is called a:
Classical
The bureaucratic organizations approach is a subfield within the ___ perspective.
Finding the one best way to do the job
Frederick Taylor was most concerned with:
strategic goals
Which of the following is a part of a single-use plan?
The rational man/person
Which of the following Scientific Management assumptions appeared to be violated in the Bank Wiring Observation Room at Hawthorne?
Power Distance
Which of these refers to the degree to which people accept the inequality in power among institutions, organizations, and people?
Humanistic
The human resources approach is a subfield within the ___ perspective?
Greenfield venture
Which of the following international entry strategy is associated with the highest ownership of foreign operations and the highest cost to enter foreign operations?
Value
How someone “should” or “ought” to behave in a society is a (an):
Act based on simple “sticky” models of reality
Because persons are “cognitively lazy”, they:
The Triangle Shirtwaist Company
A 1911 fire in NYC factory resulted in the death of 146 workers and influenced public perceptions of management. The factory was
Were not voluntary
In early 1900s, companies that adhered to the Human Relations perspective developed methods aimed at making employees happy(raising their job satisfaction). In contrast to similar employee friendly practices used today, many of the methods employed during the Human Relations era actually failed to make employees happy. A major reason for this failure is that the Human Relations methods:
Supply Chain Management
Which of the following refers to managing a sequence of suppliers and purchasers, covering all stages of processing from obtaining raw materials to distributing finished goods to consumers.
According to your text, which of the following is a method of management whereby managers and employees define goals for every department,project, and person and use them to monitor subsequent performance?
Management by objectives
Point-Counterpoint
Group decision making technique that breaks people into subgroups and assigns them to express competing points of view regarding the decision
1. Recognition of decision requirement
2. Diagnosis and Analysis of causes
3. Development of alternatives
4. Selection of desired alternative
5. Implementation of chosen alternative
6. Evaluation and feedback
Decision Making Process (6 steps)
Intuition and Satisficing
Intuition- aspect where decisions based on past experience, but no conscious thought
Satisficing- Choosing list alternative that satisfices minimal decision criteria
Administrative Model (Descriptive)
Includes bounded rationality and satisficing but describes how managers make decisions when faced by uncertainty and ambiguity
Descriptive: how managers ACTUALLY make a decision rather than how they should
Classical Model (Normative)
Rational based on logical decisions that are economically sensible and best interest
Normative: how a manager SHOULD make logical decisions and provide guidelines for reaching an outcome
Programmed Decision
One made in response to a reoccurring situation where managers have rules to be applied for future problems/decisions
use visible leadership, clear roles accountability, candid communication, appropriate human resources
How do managers execute strategy effectively?
transition strategy
combines global strategy with local flexibility to meet needs in different countries
a popular model for formulating business level strategy
Focus Strategy – Managers use either differentiation or cost leadership approach, but focus on a specific regional market
Cost leadership strategy – Seeks efficient facilities, cutting costs, overall efficiency
Differentiation Strategy – Seeks to distinguish products and services from others
vertical integration
type of diversification that means expanding into business that provides the supplies needed to make products or distribute a product
BCG Matrix
concept developed by Boston Counciling that evaluates SBUs with respect to business growth rate and market share classifies them as cash cows, star, dogs
portofolio strategy
mix of SBU’s and product lines that fit together in a logical way to provide synergy and competitive advantage
SBU=unique business unit, a division of the organization that has a unique mission product etc.
strategy formulation
stage of strategic management that includes planning and decision making to establish the organizations goals
the organization as a whole and the combinations of business units and products that make it up
corporate level strategy
each business unit or production line; concerns amount of advertising, direction of research and development, new product development
business level strategy
major functional departments such as manufacturing, marketing and R & A
functional level stategy
core competence
is something that the organization does particularly well compared to others
synergy
exists when the organizations parts interact to produce a joint effect that is greater than the sum of the parts
1. target customer 2. core competencies 3. synergy 4. value
four elements of competitive advantage
strategic management
refers to set of decisions, actions used to formulate strategies that provide a superior fit between the organization and its environment to achieve goals
contingency planning
identifies important factors in the enviroment and defines a range of alternative responses in case of setbacks
Management by Means (MBR)
management by means (MBR)focused on methods used to obtain results, rather than the actual results. Based on the idea that when managers pursue their activities in the right way, positive outcomes will occur
management by objective (MBO)
method whereby mangers and employees define goals for every department, project and person and use them to monitor subsequent performance
1.develop the plan 2.translate the plan 3.plan operations 4.execute the plan 5.monitor and learn
the organizational planning process (5steps)
Monitor role – involves seeking info from many sources to stay well informed
Disseminator role – Transmits info to others, both inside and outside the organization
Figurehead role – involves handling ceremonial and symbolic activities for the organization
Leader role – encompasses relationships with subordinated, including motivation, communication, and influence
Types of Roles
“Jugaad”
Refers to an innovation mindset that strives to meet customers’ needs quickly and inexpensively; also known as Frugal Engineering
Hawthorne Effect
Researchers can influence the outcome of an experiment by being too closely involved with research subjects
Uses information tech. to keep in close touch with customers, collect and manage large amounts of customer data, and provide superior customer value
Customer Relationship Management (CRM)
Belgium, Ireland, Austria, Netherlands, Singapore
Most globalized countries:
Types of Multinational Corporations
Ethnocentric – places emphasis on their home country
Polycentric – Oriented towards markets of individual host countries
Geocentric – companies that are truly world oriented
Direct Investment
Market entry strategy where the organization is directly involved in managing its production facilities in a foreign country
Joint Venture
An organization shares costs and risks with another firm in a foreign country
Wholly Owned Foreign Affiliate
A foreign subsidiary over which an organization has complete control
World Trade Organization (WTO)
Permanent membership organization started in 1995 that monitors trade and has authority to arbitrates disputes among 153 member countries
European Union (EU)
Alliance begun in 1957 to improve economic and social conditions among its 27 members
A Company’s mission
An organization’s purpose or reason for existence
Mission Statement
A broadly stated definition of the organization’s basic business scope and operations that distinguish it from similar organizations.
Strategic Goals
broad statement of where the business wants to be in the future and pertain to the business as a whole rather than to specific divisions or departments
Strategic Plans
The action streps by which or organization intends to attain its strategic goals
Tactical Plans
Designed to help execute major strategic plans and to accomplish a specific part of the company’s strategy and tactical goals
Operational Goals
Specific, measurable results that are expected from departments, work groups, and individuals; steps of action laid out by the operational plans
Strategy Map
Visual representation of the key drivers of an organizations success, showing the cause and effect relationship among goals and plans
Steps of Management by Objectives
1. Set goals
2. Develop action plans
3. Review progress
4. Appraise overall performance
Single Use Plans
Plans that are developed to achieve a set of goals that are unlikely to be repeated in the future
Standing Plans
Ongoing plans that are used to provide guidance for tasks that occur repeatedly
Steps of Crisis Preparation
1. Designating a crisis management team and spokesperson
2. Creating crisis management plan
3. Setting up effective communication systems
Decentralized Planning
The top executives or planning experts work with managers in major divisions or departments to develop their own goals and plans
Multidomestic Strategy
Competition in each country is handled independently; products and advertising are modified to suit the specific needs of individual countries
Transnational Strategy
Combines global coordination to attain efficiency with local flexibility to meet needs in different countries
Uncertainty
Occurs when managers know which goals they want to achieve, but info about alternatives and future events in incomplete
Ambiguity
Condition in which the goals or problems are unclear, alternatives are hard to define, and info about outcomes is unavailable
Risk Propensity
Willingness to undertake risk with the opportunity or gaining an increased payoff

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