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2. MGMT_EXAM_NOTES FULL.docx

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Department
Management
Course
MGMT 1000
Professor
Jean Adams
Semester
Winter

Description
MGMT 1000 EXAM NOTESNOTICE THESE NOTES COVER EVERYTHING IN DETAIL AS MORE THAN 4 PEOPLE HAVE DONE THE NOTES ON EACH WEEK WITH THESE NOTES YOU ARE WELL ON YOUR WAIT TO GETTING A GOOD MARK ON THE EXAMNewMindSets Lecture Readings Highlighted in RedWeek 1Importance of knowledge economyWeek 2 Importance of StakeholdersWeek 3The importance of sustainabilityWeek 4The importance of qualityWeek 5 the importance of marketing Week 6 Balancing financial expectations corporate social responsibility and social entrepreneurshipWeek 7 managing employees the importance of leadershipWeek 8 the employee as a stakeholder Week 9 globalization and the importance of external stakeholdersWeek 10 BPTP WEEK Week 11 The future emerging opportunities and challengesWeek 12 integration and reviewNewMindSets Tutorial Readings Highlighted in pinkWeek 1 Tech Savy Week 2 team work Week 3creative problem solving stress time and management Week 4managing projects and conflictWeek 5 financial literacy Week 6mid term examWeek 7presentations Week 8career planning and goal settingWeek 9BPTP REGIONAL COMPETITION Week 10valuing diversityemotional intelligence Week 11power and politics Week 12evaluating performance and givingreceiving feedbackWeek OneLecturePowerPoint NotesThe knowledge economy A world where the ownership of knowledge as opposed to the ownership of financial capital is becoming the formative force o Organizations as machines versus brains Contingency Approach Analyzing relations between organization and environmento prospector defender and analyzer organizations o Defender organizations focus on sustaining a profitable environmental niche by being highly costeffective and use price competition an emphasis on quality and other barriers to discourage entry from potential competitors Exxon Mobil o Prospector organizations focus on developing a relationship with the environment based on finding developing and exploiting new opportunities 3M o Analyzer organizations try to combine the strengths of both the defender and the prospector by developing an ability to produce a range of highquality products very efficiently while remaining open to new opportunities AppleTrained Incapacityo Individuals and organizations often miss valuable opportunities for learning and development because they have been conditioned and trained to perform in ways that have outlived their usefulness o One result of trained incapacity and selflimiting beliefs is that people can easily get locked into rigid patterns that lead them to underachieve and do the minimum o People get turned off by their work Instead of setting goals and aspirations that are energizing and challenging they accept the way things are They underperform because they feel undervalued and underchallenged o The problem of trained incapacity and selflimitation often creates corporate cultures characterized by stalemate or deteriorating performance Lecture Readings11 Meeting The Challenge of a Knowledge EconomyMore than ever we are living in a knowledge economy where the key factors of production reside in the capacities and ingenuity of the human mindAs the experts suggest this means that increasing emphasis must be placed ono Continuous Innovation Products become obsolete almost overnight successful companies are those that consistently create new knowledge o Collaborative learning Learning organizations where people continually expand their capacity to create the results they truly desire where new and expansive patterns of thinking are nurtured o Competitive advantage Competitive advantage no longer belongs to the biggest or those blessed with abundant natural resources or the most capital In the modern economy knowledge is kingThe rise of knowledge work and a knowledge economy creates a powerful synergy between individual and corporate interests in ways where all can gainKey Implications on Individuals and OrganizationsDownward pressure on wage rate resulting from automation the deskilling of work and the ability of corporations to globalize operations to take advantage of the lower labour costs worldwideThe key to success is ones ability to join the knowledge economyPeople and organizations need to lever their ability to learn and most importantly their ability to learn to learn at a rapid rate This will increase their employability and intellectual capitalKnowledge is not tied to any country it is transnational portable can be created everywhere quickly and cheaply thus anyone with a competitive advantage based on knowledge will be challenged soon and often by a total newcomer o This means that lifelong learning is now a necessityOrganizations and Workers have to work together to share this knowledge in order for both employee and organization to be successfulLarge organizations are finding ways of spawning fresh initiatives and transforming themselves Smallernewer organizations are growing fast eg Nike Nokia Netscape 12 The Rationale for Developing Learning OrganizationsIn times of change learning organizations that promote the creativity of people at every level are absolutely necessary to deal with the new challenges presented
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