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Exam Review Global Management

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Global Management Studies
GMS 200
Horatio Morgan

Exam Review Global Management 11/30/2012 120 MC 30 BASED ON LECTURE QUESTIONS Lecture 6/ Chapter 6 Planning process and Techniques 1) What is planning 2) In our evaluation of Wal-Mart’s approach t planning, we noted that it primarily gains direction from two factors. What are they? 3) What did we identify as the main responses of Loblaw’s to the entry of Wal- Mart in the Canadian grocery industry? 4) What is scenario planning? What are its benefits? 5) What is contingency planning? 6) What are organizational procedures and policies? What is the main difference between them? Lecture 7/Chapter 7 (Strategy and strategic management) 1) What is strategy? What is strategic management? 2) What are the two basic ways in which firms compete against their rivals? 3) Review Porter’s five forces framework: review its application to the Canadian auto industry- what factors are associated with greater competition, and hence a lower average price? 4) Review Porters model of generic strategies (e.g. cost leadership strategy, focused low cost strategy ; differentiation strategy, focused differentiation strategy) 5) Review the various components of SWOT analysis 6) Concepts to review: customer relationship management, supply chain management, total quality management, organizational culture. 7) Review the BCG Matrix approach 8) Concepts to review: strategic alliance, vertical integration, retrenchment strategy, restructuring, globalization strategy, multidomestic strategic, transnational strategy. Lecture 8/Chapter 11 (Leading and Leadership Development) 1) What is leadership 2) Review of concepts: emotional intelligence, transactional leadership, transformational leadership; visionary leader, charisma, symbolism, empowerment. 3) Review the following theories/models of leadership (see text and lecture notes on Mc Cain’s leadership at Maple Leaft): - Hersey-Blanchard situational model - Fiedlers contingency model - House’s path-goal leadership model - Vroom-Jago leadership participation model - Other: leadership styles (e.g. domestic, autocratic and etc.) Lecture 9/ Chapter 5 (Entrepreneurship and Small business management) 1) What is an entrepreneur? What is entrepreneurship? 2) What the myths about entrepreneurs? 3) Review the different forms of business ownership (sole proprietorship, partnership, corporation, limited liability corporation) 4) Review the financing options available to new ventures (debt, equity, venture capitalists, initial public offering) 5) Review the stages in the life cycle of an entrepreneurial firm (birth, breakthrough and maturity) 6) Review the cupcakes case from lecture 7) Concepts to review: first-mover advantage, business plan, interpreneurship. Lecture 10/ Chapter 8 (Organization Structure and Design) 1) What information do you expect to obtain from an organizational chart? 2) What are informal and formal structures? 3) Organization structures to review: functional, divisional, matrix, network (i.e Nike). 4) Contemporary organizing trends.(-6 trends) 1 is company’s being horizontal more flatter companies with less, ocean of shorter chains of command, wider spans of control means u have fewer managers or supervising many workers, empowerment, decentralization, reduction of the size of staff- smaller number of ppl doing more work) 5) Concepts to review: departmentalization, cross-functional team Other/ Miscellaneous - Review the earlier review materials for the midterm exam 1) Henry Mintzberg identified a set of two roles that managers perform- These roles are groped the following three categories: Interpersonal, informational, and decisional. 2) In individual and group decision making: we want timely decision, quality decision and commitment 3) What are the characteristics of useful information Question 4 Horizontal structures Shorter chanins of command Winder spans of control Effective delegation and empowerment Decentralization with centralized control Use of few workers Exam Review Global Management 11/30/2012 120 MC 30 BASED ON LECTURE QUESTIONS Lecture 6/ Chapter 6 Planning process and Techniques 1. Planning is the process of setting objectives and determining how to accomplish them. 2. It was Walmart’s motto of ,” respect for the individual; beliefs and also customer service” 3. Loblaw’s invested heavily in the IT department and also cut down on staff. 4. Scenario planning identifies alternative future scenarios and makes plans to deal with each. The benefits are that it involves considering different situations and perspectives, and if one does not work out then another can be chosen. 5. Contingency planning identifies alternative courses of action to take when things go wrong. 6. An organizational procedure is a precise set of actions that are to be taken in certain situations. An organizational policy is a broad guideline for the numerous actions and decisions that can be made. The main difference is a policy, is a do-it –yourself, while a procedure is a must obey situation. Lecture 7/Chapter 7 (Strategy and strategic management) 1. A strategy is a comprehensive plan guiding resource allocation to achieve long-term organization goals. Strategic Management is a way how many companies achieve “competitive advantages.” 2. I don’t know the answer to this one 3. Porter’s five forces framework consists of: • Industry competition-rivalry among competing firms • New entrants- threat of potential new competitors • Substitute products-threat of substitute products or services • Bargaining power of suppliers- the ability of resource suppliers to influence the price • Bargaining power of customers-ability of customers to influence the price, that they are willing to pay. 4. The Porter’s model of generic strategies are: (pgs 204-206) • Cost leadership strategy: has a low price, but a broad market scope • Differentiation strategy: unique product, but a broad market scope • Focused low-cost strategy: has a low price, but a narrow market scope • Focused differentiation strategy: unique product, but a narrow market scope 5. SWOT analysis examines organizational strengths, weakness, environmental opportunities and threats. SWOT stands for strengths, weakness, opportunities and threats. 6. Customer relationship management (CRM) is a widely implemented model for managing a company’s interactions with customers, clients, and sales prospects. It involves using technology to organize, automate, and synchronize business processes. Supply chain management (SCM) is the management of a network of interconnected businesses involved in the provision of product and service packages required by the end customers in a supply chain. Quality Management to ensure that an organization or product is consistent, can be considered to have four main components: quality planning, quality control, quality assurance and quality improvement. Quality management is focused not only on product/service quality, but also the means to achieve it. Quality management therefore uses quality assurance and control of processes as well as products to achieve more consistent quality. Organizational culture is the collective behavior of humans who are part of an organization and the meanings that the people attach to their actions. Culture includes the organization values, visions, norms, working language, systems, symbols, beliefs and habits. 7. BCG Matrix approach: • Stars- have high market share, and high growth • Question marks-low market share, and high growth • Cash cows-high market share, low growth • Dogs- low market share, low growth 8. Strategic Alliance is when organization join together in partnership to pursue an area of mutual interest. Vertical integration describes a style of management control. Vertically integrated companies in a supply chain are united through a common owner. Usually each member of the supply chain produces a different product or (market-specific) service, and the products combine to satisfy a common need. Retrenchment strategy is a strategy used by corporations to reduce the diversity or the overall size of the operations of the company. This strategy is often used in order to cut expenses with the goal of becoming a more financial stable business. Restructuring changes the mix or reduces the scale of operations a globalization strategy adopts standardized products and advertising for use worldwide. Multi-domestic strategy customizes products and advertising to best fit local needs. Transnational strategy seeks efficiencies of global operations with attention to local markets Lecture 8/Chapter 11 (Leading and Leadership Development) 1. Leadership is the process of inspiring others to work hard to accomplish important tasks. 2. Emotional intelligence is the ability to identify, access and influence one's own feelings and those of others. Many effective personnel managers employed in a business environment have a well developed form of emotional intelligence that allows them to manage their own emotions, as well as those of others within organization. Transactional leadership is a Style of leadership that is based on the setting of clear objectives and goals for the followers as well as the use of either punishments or rewards in order to encourage compliance with these goals Transformational Leadership Style of leadership in which the leader identifies the needed change, creates a vision to guide the change through inspiration, and executes the change with the commitment of the members of the group. A Visionary leader brings to the situation a clear sense of the future and an understanding of how to get there, Charis
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