GMGT 2030 - Midterm Prep.docx

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General Management
GMGT 2060
Sean Mac Donald

GMGT 2030: Midterm Prep Terms:  Planning – a process where managers choose goals, identify actions to obtain those goals, allocate responsibility for implementing action to specific individuals, measure the success by comparing results to goals, and revise plans accordingly. o  Strategy – a plan of action, designed to achieve a specific goal  Organizing – gathering both human and physical resources, in order to execute the plan; how different parts of an organization will coordinate activities to pursue a common goal  Controlling – monitoring performance against goals, intervening when goals are not met, and taking corrective action when necessary  Functional Managers – lead a particular function, or subunit within a function  General Managers – responsible for the overall performance of an organization, or one of its major self- contained divisions  Frontline managers – manage employees who themselves are not managers  Competencies – the ability of an individual to do a job properly  Stakeholders – people with an interest in the company and how it does business; customers, distributors, employees, communities, etc  Macroeconomics forces – affect the general health and well-being of a national or regional economy, which in turn affects the profitability of firms within that economy  Incremental Change – changes that do not alter the basic nature of competition in the task environment  Globalization – the process of international integration, where national businesses and economies are becoming deeply interlinked with each other  Exporting – exchange of capital, goods, and services across international borders; producing a good at home, then shipping it to another country  Exit Voice Loyalty Neglect (EVLN) Model – organizes and understands the consequences of job- disatisfaction o Exit refers to leaving the organization; exits usually follow ‘shock events’ o Voice refers to any attempt to change, rather than escape from, a dissatisfying situation  Can be constructive (recommending changes to managers) or confrontational (filing grievances) o Loyalty is commonly described as employees who respond to dissatisfaction by patiently waiting for a problem to work itself out, or be solved by others o Neglect includes reducing work effort, paying less attention to quality, and increasing in absenteeism and lateness  Business Ethics – accepted principles of right or wrong governing the conduct of business people  Information Manipulation – occurs when managers use their control over corporate data to distort or hide information to enhance their own financial situations or the competitive position of the firm  Social Responsibility – a sense of obligation on the part of managers to build certain criteria into their decision making  Planning Horizon – refers to how far out a plan is intended to apply  Tactical Plans – outline the actions managers must adopt over the short to medium term to cope with a specific opportunity or threat that has emerged  Contingency Plans – plans formulated to address specific possible future events that might have a significant impact on the organization  Satisfice – aiming for a satisfactory level of a particular performance variable, rather than its theoretical maximum  Framing Bias – the way a problem or a decision can be framed  Competitive Advantage – when a firm outperforms its rivals  Low Cost Strategy – concerned with giving consumers value for money and focusing managerial energy and attention to do whatever possible to lower the costs of an organization  Differentiation Strategy – concerned with the increasing value of product, offering in the eyes of a consumer  Value Chain – each activity adds value to the finished product  Productivity of Labour – measured by the unit output, divided by some measure of labor input, such as hours worked and number of employees  Small Batch Production Strategy – used when consumers order in small batches, but each batch is different. o Cabinet makers  Assembly Line Production Strategy – used to produce mass volumes of a standard product  Model T Continuous Flow Production System – constantly produces a standardized output, that flow out of the system o Oil refinery  Job Shop Production System – used when items ordered individually and tend to be the unique to the requirements of a particular customer o May work as a cabinetmaker  Economies of Sale – cost advantages derived from large volume production  Flexible Production Technology – A production system in which there is some amount of flexibility, that allows the system to react to both predicted and unpredicted changes; wider range of products can be produced, without incurring a penalty  Technology – the making, modification, use, and knowledge of tools, systems, methods of organization, etc in order to solve a problem, achieve a goal, or perform a function  List and provide examples of the 4 functions of management o Planning – a formal process where managers choose, goals, assign responsibility for implementing actions to achieve those goals, measure results to goals, and revise plans as necessary  Takes place at multiple levels o Organization – decides who will perform what tasks, who reports to who, and how different departments will coordinate to achieve the overall goal  Example: dividing a business into units – marketing, sales, customer service, human resources, etc o Controlling – monitoring performance against goals, intervening when necessary, taking corrective action  Drafting plans is the first step to controlling  Creating incentives – a factor, either monetary/non-monetary, that motivates individuals to pursue a particular course of action – helps to align the interests of individual employees with those of the company  Helps to reduce the need for close personal supervision – encourages productivity o Leading – process of motivating, influencing, and directing others in the organization to work productively in pursuit of the organizations goals  Involves articulating a grand strategy for the organization, then advocating for it  Discuss managerial skills of a manager that you have observed o Conceptual skills – ability to see the big picture, to understand how the various part of the organization effect each other, and to conceptualize how those parts can be organized to improve the performance of the overall organization  The foundation for strategizing and organizing o Technical skills – enable managers to perform specific activities involving methods, processes, and techniques  Include mastery of specific equipment and correctly following procedures (like balancing the cash drawers)  Technical knowledge and skills more important for frontline managers then senior management o Human skills – the ability to communicate, persuade, manage conflict, motivate, coach, negotiate, and lead  Need to be able t
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