GMS 200 Lecture Notes - Lecture 6: Franchising, Scenario Planning, Learning Organization

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Note: NC means Need Checking (if you have better answer to these questions please let me
know) I didn’t write the answer off book which would mean the term/questions may mean
something else completely.
What are the major functions of management?
Planning
Organizing
Leading
Controlling
What is the controlling function of management?
Controlling function of management is the process of measuring work performance,
comparing results with objectives, and taking corrective actions as needed.
Mintzberg’s 10 managerial roles
1. Monitor (Informational Roles…)
2. Disseminator
3. Spokesperson
4. Figurehead (Interpersonal roles...)
5. Leader
6. Liaison
7. Negotiator (Decisional roles…)
8. Disturbance handler
9. Resource allocator
10. Entrepreneur
What are?
Human skills (Interpersonal skill): The ability to work well in cooperation with other
people.
Conceptual skills: The ability to think critically and analytically to diagnose and solve
complex problems.
Technical skills: The ability to use a special proficiency or expertise to perform
particular tasks.
Intervention skills: The ability to intervene and solve problem that was either expected
or unexpected between people? (NC)
What is a learning organization?
It is an organization that is able to continually change and improve its performance based
upon the lessons of experience.
What is a bureaucratic organization?
It is a rational and efficient form of organization founded on logic, order, and legitimate
authority.
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What is a global marketplace?
Global marketplace is where buying or selling of goods and services of all the countries
of the world takes place. (May not be correct )
What is NAFTA?
North American Free Trade Agreement.
What is a transnational organization?
It is an (MNC – Multi National Corporation/organization) that operates worldwide on a
borderless basis.
What is a multinational organization?
It is an (MNC – Multi National Corporation/organization) with extensive business
operations in more than one foreign country.
What are the meaning of?
Exporting – Selling locally made products in foreign markets
Licensing – license means to give permission (Repeated question)
Franchising – It is when a fee is paid to a foreign business for rights to locally operate
using its name, branding, and methods. (Repeated question
Joint ventures – It is a type of direct investment strategies which is to operate in a
foreign country through co-ownership by foreign and local partners (Repeated question)
Wholly owned subsidiariesA company that is completely owned by another company
called the parent company or holding company. The parent company will hold all of the
subsidiary’s common stock. (NC)
What is an overseas manager?
An international (overseas) manager is someone who oversees a company’s global
operations. In some instances, they are responsible for all of a company’s foreign
business.
What is the meaning of ethnocentric?
It is a tendency to consider one’s own culture as superior to others.
Define:
Individualism – is the degree to which a society emphasizes individual accomplishments
and their self-interests (collectivism – collective accomplishments and the interests of
groups)
Power distance – is the degree to which a society accepts unequal distribution of power
Uncertainty avoidance – is the degree to which a society tolerates risk and uncertainty
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