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GMS Exam Review

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Ryerson University
Global Management Studies
GMS 200
Horatio Morgan

Exam Review Global Management 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 Wal-Mart’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. 3 Basic ways Strategic Analysis- assessing competitive position Strategy Formulation-Creating Strategies Strategy Implementation- putting strategies into action 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, Charisma is compelling attractiveness or charm that can inspire devotion in others. Symbolism is the practice of representing things by symbols, or of investing things with a symbolic meaning or character. Empowerment refers to increasing the spiritual, political, social, educational, gender, or economic strength of individuals and communities. 3. Hershey Blanchard situational leadership model:  Delegating-low task, low relationship  Participating- low task, high relationship  Selling-high task, high relationship  Telling-high task, low relationship. The Fielder’s contingency model is supposed to help with choosing what leadership style which is most suited to you. A task oriented leader will be successful in either high control or low control situations. A relationship oriented leader will be most successful in situations of moderate control. House’s Path-goal Theory:  Directive-letting subordinates know what is expected  Supportive- doing things to make work more pleasant.  Achievement-oriented- sets challenging goals.  Participative- involves sub-ordinates in the decision making Vroom-Jago leadership participation model:  Authority decision is made by the leader and then communicated to the group  Consultative decision is made by a leader after receiving information, advice or opinions from group members.  Group decision is made by the group members themselves. Lecture 9/ Chapter 5 (Entrepreneurship and Small business management) 1. Entrepreneurship is risk-taking behavior that results in new opportunities, and an entrepreneur is willing to pursue opportunities in situations others view as problems or threats. 2. Identifying Entrepreneurial Traits - Internal Locus of Control: they both gave up lucrative careers to control their own destiny in bakery business - High level of energy: both were used to working long hours in their respective careers and now they are willing to work long hours in their own business - Self- Confidence- this goes without saying since both are very confident their niche bakery will be successful - Self-reliance and desire for independence: again both gave up careers so they could rely only open themselves for success 3. A sole proprietorship is a form of business where an individual pursues a profit. A partnership is a form of business where two or more people agree to contribute resources to start and operate a business together. A corporation is a legal entity that exists separately from its owners. A limited liability corporation is a hybrid business form combining advantages of the sole proprietorship, partnership, and corporation. 4. Debt financing involves borrowing money that must be repaid over time, with interest Equity financing in
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