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Lecture 2

Schulich MGMT 1000 Notes Week 2.docx

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MGMT 1000
Jean Adams

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MGMT1000 Notes Week 2 PowerPoint: • We can learn more about ourselves when we take the time to see ourselves the same way others do • Many people are affected or interested by our choices o Employees o Community o Competitors – wants to see how one business’ choices will affect their own • By taking on the stakeholder approach, one can build on their problem solving • Two- way relationship between stakeholders and organizations Activity Adopt The Perspective Of Key Stakeholders – NMS Think About Your Stakeholders 1. Step 1: Select a focus 1. Improve the visibility of the store 2. Asks, “who are the key stakeholders?” 2. Step 2: Ask yourself how you can learn more about their perspectives 1. How do they see the store? 2. What do they think about it? 3. How will they act and react to the problem of improving visibility? 4. What can be learned by these insights? 5. How will this change what is being done now? Stakeholder Analysis: 3. Step 1: Identify your Stakeholders 4. Step 2: Prioritize your Stakeholders 5. Step 3: Understand your Key Stakeholders Stretch benchmarking 6. Individuals and organizations can achieve exceptional levels of performance by benchmarking against models of best practice and superior accomplishment. The ability to stretch is key. Otherwise benchmarking breeds complacency. 7. Benchmarking involves at least three key steps: 1. Setting a mark by finding a new standard of "best practice" that is being achieved by a "role model" such as an individual, a team, an outstanding competitor, or an exceptional organization from inside or outside of the existing business, profession or industry. 2. Learning how the benchmarked "role model" achieves exceptional results. 3. Finding ways of achieving or surpassing these results in the context of one's own special circumstances. 8. It is important to learn from: 1. Competitors 2. Businesses outside your industry 3. Dissatisfied customers 4. Role models 5. Your own aspirations 9. Make sure you don’t copy what others are doing Bureaucratic Silos: 10. It is necessary to find ways of dissolving the boundaries that keep people apart. 11. How Does Bureaucratic Fragmentation Happen? 1. Functional divisions and departments become power centers – “We’ve got to clout exactly what we want” 2. Sub-goals, esp. those powerful departments, become more important than organizational goals – “Maybe it could work.. but it would never meet our own targets” 3. The divisions and conflicts become particularly entrenched when rewards reinforce the fragmentation – “Winning is everything” Use Multiple Views to Improve Decision Making – NewMindsets • By being open to different possibilities, you allow yourself to have lots of potential paths for development, increasing adaptability and getting new opportunities • Effective When: o In less structured environment o When you are not sure of “long term” / future challenges o When you need to consider issue of problem o If you don’t consider multiple views, run danger of locking yourself in an ineffective solution o Ex: advertisement campaign, discussing long term ways to improve rocket launch • Ineffective When: o In a structured environment o When you are “expert” ; know exactly what to do o In a situation that requires specific course of action o Ex: surgeon, rocket ship launch (in the moment) • Why are multiple views important o Navigate through difficult situations  Able to think from client, competitor, etc’s point of view and realize solution and deal with difficult situation o See the big picture rather than get distracted by detail o Enrich understanding of situation  Looking at it from different perspectives allows broader view o Discover new relationships  Nothing is cause-effect, everything is interconnected o Generate new thinking and breakthroughs o Increase adaptability • Techniques for being open to different possibilities: o Pay attention to key warning signals o Use competing teams and experiments o Int
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