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MGMT 1000 Study Guide - Midterm Guide: Chief Financial Officer, Master Production Schedule, List Of Fables Characters


Department
Management
Course Code
MGMT 1000
Professor
Kathleen Rodenburg
Study Guide
Midterm

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MGMT*1000 Midterm Notes
Topics
- Lecture notes: October 18-November 27 *Revise*
- Textbook Notes:
- Chapter 3, LO1, LO2, LO3
- Chapter 10, LO1, LO2, LO3, LO4
- Chapter 11 LO1, LO2, LO3, LO4, LO5
- Chapter 12, LO1, LO2, LO3, LO5 (not LO4)
- How Good People Make Tough Decisions: Chapters 1 & 2 *Read/Take Notes*
Chapter 3
LO-1: Individual Ethics
- Ethics: individual standards or moral values regarding what is right and wrong or good
and bad.
- Business Ethics: ethical or unethical behaviours by a manager or employee of an
organization
- It is important to make distinction between unethical and illegal behaviour, a
given behaviour may be ethical and legal
- Jeitinho: “To find a way” in Brazilian- by using personal connections, bending the rules,
or making a contribution.
- In some cultures, ethically ambiguous practices are hallmarks of business
activity.
- Managerial Ethics: standards of behaviour that guide individual managers in their work.
- In Canada, a person cannot be fired or not hired for anything other than their
workplace performance. Discriminating in that way is both unethical and illegal.
- Conflict of Interest: Occurs when an activity benefits an employee at the expense of
the employer
- Assessing Ethical Behaviour: We determine this by using the three- step model:
- Step 1: Gather the relevant factual information.
- Step 2: Determine the most appropriate moral values. There 4 commonly used
ethical norms used to make determination. They are:
- Utility: Does this act optimize what is best for those who are affected?
- Rights: Does it respect the rights of individuals involved?
- Justice: Is it consistent with what we regard to be fair?
- Caring: is it consistent with people's responsibilities to each other?
- Step 3: Make an ethical Judgment based on the rightness or wrongness of the
proposed activity of policy.
- Technological innovations have created all sorts of new ethical dilemmas.
- Eg. cloning, email snooping, etc.
- There are three general Factors on why unethical behaviour occurs, These are:
- Pressure (The employee has a problem that cannot be solved through legitimate
means)

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- Opportunity (The employee uses their position in the organization to secretly
solve the problem)
- Rationalization (the employee sees themselves as the ethical person in an
unfortunate situation)
LO-2: Corporate Social Responsibility
- Corporate Social Responsibility (CSR): The idea that a business should balance its
commitments to individuals and groups that are directly affected by the organization's
activities.
- An example of social responsibility in action is the Fair-Trade Movement, which
is a movement designed to help workers in developing countries receive fair
payments from their work.
LO-3: The Stakeholder Model of Responsibility
- Organizational Stakeholders: Groups, individuals, and organizations that are directly
affected by the practices of an organization and therefore have a stake in its
performance. Most Companies that strive to be socially responsible concentrate on the
following Stakeholders:
- (1) Customers, (2) Employees, (3) Investors, (4) Suppliers, and (5) the local
communities where they do business.
- They are also showing increasing concern for protecting the environment.
- Managerial Capitalism: The view that a company’s only responsibility is to make as
much money as possible for its shareholders, as long as the company doesn't break any
laws.
- This may lead to unethical Behaviour
- Consumerism: A movement dedicated to protecting the rights of consumers in their
dealings with businesses. Consumers have the following six rights:
- (1) The Right to Safe Products: The right to safe products is not always honored,
(eg. Samsung Galaxy Note 7 explosions)
- (2) The Right to be Informed of all relevant aspects of a product: Food labels
must list ingredients, Clothes must be labeled about its proper care, etc.
- (3) The Right to be Heard: Company’s do things like adding toll-free numbers for
any questions consumers have, or a money back guarantee.
- (4) The Right to Choose what they Buy: Central to this right is the free and open
competition among companies.
- (5) The Right to be Educated about Purchases: All prescription drugs must have
detailed informations regarding things like dosage and side effects.
- (6) The Right to Courteous Service: This right is hard to Legislate, but consumers
are more willing to complain about bad service as they are becoming increasingly
knowledgeable.
- Unfair Pricing: interfering with competition can also mean illegal pricing practices.
Collusion among companies is against the law.
- Collusion: Secret or illegal cooperation or conspiracy, especially in order to
cheat or deceive others. This includes getting together to “fix” prices
- Ethics in Advertising: Ethics issues in advertising include:

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- Truth-in-advertising claims: This has long been regulated in canada, but it is
starting to become more noticeable on an international level.
- The advertising of counterfeit products: this is a problem in many different
product lines, including; perfume, designer clothing, and sports memorabilia.
- The use of stealth advertising: Involves consumers not being aware they are
listening to a paid spokesperson of the company. (eg. very obvious product
placement in movies)
- Advertising that is morally objectionable: This offends the the average person's
sense of what is reasonable.
- Whistle-Blower: An individual who calls out unethical, illegal, and/or socially
irresponsible practices from a business or an organization.
- Whistle-Blower’s are often demoted or fired after taking their accusations public.
- Insider Trading: The use of confidential information to gain from the purchase or sale of
stock.
- Pollution: The introduction of harmful substances into the environment. This includes
Air, Water, and Land Pollution, which are all considered socially irresponsible at a
certain point.
Chapter 10
LO-1: What Does “Operations” Mean Today?
- Service Operations: Production activities that yield tangible and intangible service
products.
- Goods Production: Production activities that yield Tangible products.
- Products (both goods and services) provide customers with Utility.
- Utility: The power of a product to satisfy a human want; something of value.
- By making a product when consumer want it, Production creates Time Utility.
- By making a product available in places convenient for consumers, production
creates Place Utility.
- By making a product that consumers take pleasure in owning, Production creates
Ownership (Possession) Utility.
- By turning raw materials into finished goods, Production creates Form Utility.
- Operations (or Production) Managment: A set of methods and technologies used in
the production of a good or service.
- Operations Managers must bring raw materials, equipment, and labour together
under a production plan that effectively all resources available in the production
facility.
LO-2: Differences Between Service and Manufacturing Operations
- Both service and Manufacturing Operations transform raw materials into finished
products.
- In service operations, the raw materials (inputs) who have unsatisfied needs or
possessions needing care or alteration.
- Service Operations are more complicated that Goods Production in four ways:
- (1) The interaction with Consumers.
- Service workers need relations skills
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