BUS 201 Study Guide - Final Guide: Vertical Integration, Absenteeism, Capital Expenditure
8 May 2018
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CHAPTER 6:
MANAGING THE BUSINESS ENTERPRISE
LO1: 4 ACTIVITIES OF MANAGEMENT PROCESS
· Managing: process of planning, organizing, leading and controlling
· Planning: Goal Setting
· Organizing: Mobilizing resources to achieve goals
· Leading: guiding and motivating employees
· Controlling: comparing actual performance with desired standards
LO2: TYPES OF MANAGERS
· Main:
o Top: set policies, formulate strategies and approve decision
o Middle: implement policies, strategies and decisions
o First-Line: work with and supervise employees
· Functional:
o HR:
o Finance:
o Ops:
o Marketing:
o Information:
LO3: 5 BASIC MANAGEMENT SKILLS
· Technical Skills
· Human Relations
· Conceptual Skills
· Time Management
· Decision Making
o Rational:
§ Define Problem
§ Find Alternatives
§ Evaluate Alternatives
§ Choose Alternative
§ Implement
§ Follow-up
o Behavioral:
§ Risk Propensity
§ Escalation of Commitment
§ Politics
§ Intuition
LO4: IMPORTANCE OF GOAL SETTING/STRATEGIC MANAGEMENT
· Importance of Goal Setting:
o Provide Direction/Motivation
o Define Corporate Culture
o Assess performance
o Resource allocation
· Types of Goals:
o Long: 5+ years
o Mid: 1-5 years
o Short: less than 1 year
o Smart: Specific, Measurable, Achievable, Realistic, Time Frame
o Mission/Vision
· Strategic Formulation
o SWOT
o Types
§ Corporate
· Integration
● Horizontal integration
● Vertical integration
· Growth
● Market share
● Geographic expansion
● Product development
· Divestment
· Diversification
· Concentration
§ Competition
· Cost Leaders
· Differentiation
· Focus
§ Functional
LO5: CONTINGENCY MANAGEMENT/CRISIS MANAGEMENT
· Contingency = Proactive
· Crisis= Reactive
LO6: CORPORATE CULTURE
CHAPTER 9: MOTIVATING, SATISFYING AND LEADING EMPLOYEES
LO1: BASIC FORMS OF BEHAVIOR
· Employee Behavior
· Performance Behavior
· Organizational Citizenship
· Counterproductive behavior
· Absenteeism
· Turnover
LO2: INDIVIDUAL DIFFERENCES
· Personality
o Agreeableness
o Conscientiousness
o Emotionality
o Extraversion
o Openness
· Emotional Quotient
· Attitude
o Job Satisfaction
o Work Commitment
LO3: PSYCHOLOGICAL CONTRACT/PERSON-JOB FIT
· Psychological Contract: set of expectations of what he/she is going to contribute to the business
and what the organization will provide in return
· Person/Job Fit: extent where a persons contributions and the rewards by the organization fit
LO4: MODELS OF MOTIVATION
· Classic Theory
o Taylor: $$
o Scientific: analyzing jobs and finding better ways to perform them
o Time/Motion: study and examine each component
· Early Behavioral : Human Relations/Hawthorne Effect
· McGregor Theory
o Theory X VS Theory Y
· Herzberg Theory
o Hygiene factors VS Motivator Factors
· Maslow Theory
o Hierarchy of Needs
§ Physiological Needs
§ Security Needs
§ Social Needs
§ Esteem Needs
§ Self Actualization
· Contemporary Motivational Theories
o Expectancy Theory: Motivated to get an award they think they have a chance to
achieve
Document Summary
Managing: process of planning, organizing, leading and controlling. Controlling: comparing actual performance with desired standards. Main: top: set policies, formulate strategies and approve decision, middle: implement policies, strategies and decisions, first-line: work with and supervise employees. Functional: hr, finance, ops, marketing, information: Importance of goal setting: provide direction/motivation, define corporate culture, assess performance, resource allocation. Types of goals: long: 5+ years, mid: 1-5 years, short: less than 1 year, smart: specific, measurable, achievable, realistic, time frame, mission/vision. Personality: agreeableness, conscientiousness, emotionality, extraversion, openness. Psychological contract: set of expectations of what he/she is going to contribute to the business and what the organization will provide in return. Person/job fit: extent where a persons contributions and the rewards by the organization fit. Classic theory: taylor: $, scientific: analyzing jobs and finding better ways to perform them, time/motion: study and examine each component. Mcgregor theory: theory x vs theory y. Herzberg theory: hygiene factors vs motivator factors.
