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GMGT 2060 Study Guide - Midterm Guide: Absenteeism, Get Rich Or Die Tryin', Switching Barriers

General Management
Course Code
GMGT 2060
Sean Mac Donald
Study Guide

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GMGT 2030: Midterm Prep
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.
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-
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
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
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Satisfice aiming for a satisfactory level of a particular performance variable, rather than its theoretical
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
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
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
o Leading process of motivating, influencing, and directing others in the organization to work
productively in pursuit of the organizations goals
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