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MGMT 1000 Exam Review.docx

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York University
MGMT 1000

EXAMPLES stakeholders -> frames of reference -> small changes can create large effects -> mental models -> linear thinking -> beauracratic silos -> defensive routines -> how to kill creativity linear thinking -> other forms of intelligence profit motive -> vicious loops CSR -> TBL -> changes consumers frame of refernence -> profit technology -> globalization -> knowledge economy Knowledge Economy  University – control of knowledge is control of capital – trying to join the knowledge economy  Downward pressure on wages – automation  Corporations globalizing to take advantage of lower labour costs – knowledge is not confined to one country Technology as a Catalyst for Learning  New Mindsets: o British Petroleum – virtual teams o Knowledge Network at Arthur Anderson o Information Systems – Washington DC hospital  This relates to using one situation to reinvent another  Ex. when reinventing hospitals, think about how 5 star hotels are designed; use those ideas to exceed the expectations of patients  Facebook – groups ex. Schulich 2016, MGMT 1050  Technology in globalization: provides new tools to identify potential economic opportunities for investors, consumers, businesses, etc. British Petroleum – established virtual teams – technology as a catalyst for learning – knowledge economy Other examples: knowledge network at Arthur Anderson, information systems at Washington DC hospital center Look at newmindsets for the description regarding these examples  Adding knowledge advantage, powerful way of connecting organizations  Develop new capacities for success in knowledge economy – catapult into “knowledge work” Rationale For Learning Organization  Generation of renewable resources - Solar Panels  Relate to employee as a stakeholder question number 2  Dialogue and 'Collective Learning" o Allows you to explore issues, conflicting views, penetrate 'bedrock values' and assumptions with different stakeholders o Aim is to arrive at a collective understanding Week 2: Importance of Stakeholders Nortel- executives overstate post-dot-com recovery earnings in order to earn bonuses bankruptcy - not thinking about external stakeholders Monsanto – alfalfa seed, child labour, toxic waste dumping, BGH Bureaucratic Silos Matrix organizations overcome this Using Multiple Views to Improve Decision Making – Used in BPTP, clubs etc Promotes dialogue and collective learning Learning from stakeholders:  Think win-win  Create stretch benchmarks to learn from role models – collective learning  Cultivate trust – embrace multiple points of view Look at Week 6 : Benefits of CSR Case – stakeholder section Week 3: The Importance of Sustainability  Look at 1.6 The Contingency Approach: Analyzing Relationships Between organizations and Environment  Environmental Aspect – Triple Bottom Line: o recognized-for-carbon-reductions-climate-leadership/ o Nike, 3m and others recognized for carbon reductions and climate leadership  SWOT o business planning – preparing for corporate earthquakes TBL  Proactive approach  Evaluated using balanced scorecard  Values stakeholders  Tim Horton's  Though they are a coffee shop they run a program each summer, SEND A KID TO CAMP, where they donate a lot of $$$ to camps so children can go and play this is Timmies way of saying we socially responsible  Use balanced score card to evaluate TBL  Look at CSR Case in Week 6 Vicious Loops  Relates to treating employees as stakeholders Week 4: Engaging Customers: Products, Services $ Importance of Quality 4.1 – Using the rules of one situation to reinvent another  ex. when reinventing hospitals, think about how 5 star hotels are designed; use those ideas to exceed the expectations of patients o Information Systems in Washington DC Hospital – knowledge economy 4.2 Developing new products and services  - “Creative reference points: a creative way to generate new product/service ideas is integrating key design principles from three of four completely different products and services outside your field o Example of Swatch, Swiss company famous for turning watches into fashion accessories o Apple – combined phone and ipod, combined watch and mp3 player  ex. when designing a chain of senior‟s residences (the problem), you consider the pros and cons of a fun fair (creative reference point) such as fun and excitement, lots of activities or crowds of people and laughing children (these are the key principles that you want to use or avoid). Use those pros and cons when thinking of ideas for your problem. 4.3 Promote quality and continuous learning as core values  Louis Vuitton  Poor quality – expensive o Relates to vicious loops o it‟s a vicious loop: poor quality production systems -> low productivity -> lots of defects and waste materials -> annoyed customers -> few new customers -> business has to spend more on marketing because of the poor sales -> end result is low quality and poor profitability  to be effective, the pursuit of quality has to be a mindset, not just a technique; it also has to break bureaucratic boundaries o ex. pulling the cord at Toyota – every employee takes responsibility for improving the quality and effectiveness of actions. This philosophy is called kaizen. If any worker sees a problem on the production line they can “pull a cord” to stop the machines. Then, they all collaborate to fix the problems and improve the quality.  Apple iPad o Excellent business analysis and production development o iPad is still in the growth stage seeing as not everyone has it o Excellent quality, it gives off a prestigious aroma to owners 4.4 New Product Development (NPD)  lt.html 4.5 Product Life Cycle  Relates to BPTP – introduction, growth, maturity, decline o Covered every phase in plan when doing report 4.6 Perfection or bust – Creative Organization Theory (Morgan)  the company Design Inc, run by CEO Klee was obsessed with perfection= dwindling in motivation, lack of employee confidence  they offered low salaries and long work hours but they promised employees they would learn to be at their best  one employee resigned because work was too time consuming  after months of interviews, Klee still couldn‟t find a replacement that was perfect enough because he picked at little details  after a while, overall employee morale dropped and they became very unhappy Week 5: The Importance of Marketing 5.1 Mental Models  was in mental model coming into Schulich and working on bptp – thought I was smarter than everyone  See relation to marketing mix – marketers target mental models  Relates to strategic planning to generate new thinking (see week 9 tutorial) o Scenario planning allowed Shell to anticipate energy crisis, breaking of Soviet Union, and global warming – challenged mental model and thus changed action and behaviour – opportunity for learning o Search conferencing:  Bristol Siddeley was a merger between two companies. By enabling search conferencing, the executive team was able to reach a final conclusion and develop a new cooperative plan for the future of the company.  Hanover has developed many ways of making the recognition and challenge of mental models a core feature of corporate life. For example, a network of "internal boards" comprised of two to four senior managers advise local general managers. They help to bring an outside perspective and aid the managers in gaining new insights on their situations. They also create a more open mode of inquiry than that which usually develops in one-to-one reporting relationships. The boards are particularly useful in preventing people from getting into a rut, and help to generate learning throughout the organization. The company has a well-established "credo" for working with mental models to create a shared understanding of the values underlying the process, and to affirm the importance of challenging assumptions on how the organization does business Small Changes Can Create Large Effects  Time management – made small change of doing my work first – was more productive and focused – produced higher quality work – no stress – higher mark – more time for other assignments  Long siege example – threw over the ox  General manager cleaned one brick in printing plant in Dublin  An action can reframe the way the BPTP is done  Small-change-large-effect theory can change how stakeholders interact with the business  Can cause major revamps of quality of products Marketing Mix  Social media marketing – easy to relate to  Mental models are previous formulated assumptions based on generalizations. Deeply held images and assumptions that can shape our perceptions and actions  Allows advertisers to play on mental models in order to promote their products. Markets should be aware of these assumptions to appropriately position a product so that it falls in line with the mental models of their target markets. Week 6: Balancing Financial Expectations: Corporate Social Responsibility and Social Entrepreneurship Linear Thinking  See newmindsets examples on bathroom, retirement plan savings, nile river electricity source o Examples of oversimplification, side effects ignored, problem solutions made other problems Vicious Loops  See newmindsets examples of personal tragedy, super bugs, destructive team conflict  Example of non-vicious loop:  Business case for CSR:   Advantages:  stronger financial performance and profitability through operational efficiency gains  e.g. eco-efficiency; increased transparency; effective risk-management o improved relations with the investment community and better access to capital o integrating social responsibility into the criteria for mutual funds o enhanced employee relations that yield better results respecting recruitment, motivation, retention, learning and innovation, and productivity o therefore, less demands for wage-increases o stronger relationships with communities and enhanced licence to operate o more credibility, so community is more trusting o improved reputation and branding o CSR as an investment: - virtuous loops  Businesses can view CSR as an investment into its human resources, environmental protection, community involvement, etc. as a way to differentiate its image and good and services.  o What made it vicious: extreme reaction to each circumstance o Reduced or reversed: o by „stabilizing factors‟ e.g. outside person coming in and soothing the people involved o Changing own reaction to the circumstance (not drinking) o Good luck/external change (a job appears) Social Entrepreneurship  Ian Gill (Ecotrust Canada “helps local businesses, institutions and communities to take part in the conservation economy by raising and brokering capital; by consulting on marketing, finance, management, and human resources; and by connecting conservation entrepreneurs to each other and to the marketplace.” ), Dr. Muhammad Yunus (microcredit), Dr.Gilles Julien (care for children that are affected by social problems – emotional, physical care, empower families), Tzeporah Berman (Forest Ethics – protect endangered forests, work with businesses like Staples to change their buying habits), Jeff Skoll (Skoll Foundation and Participant Productions – “investing in, connecting and celebrating social entrepreneurs and the innovators who help them solve the world‟s most pressing problems” ) Bill Drayton, Chairman and CEO of Ashoka (launch social entrepreneurs, help them succeed).  Free the children, Trees Ontario Week 7: Leadership Informal Leadership  Socioemotional leaders – craig keilburger etc – engages others on emotional and social level Week 8: The Employee as a Stakeholder  Relate to sustainability o If organizations are concerned with sustainability they will treat employees as stakeholders and encourage the development of critical skills  Ripple effects of words and actions  Butterfly effect  Vicious loop (see previous examples)  Be sure to have an exit  Importance of mutual trust in an organization/group/team  examples: BPTP, ethics presentation  Speakers  Think out of the box can be successful  work hard and pushing boundries will define success  Keep insight that others do influence you  Family is not always right but important to find your own way  Things done on daily basis can impact something  Retail important part of business  Network will help – find the company and role  Empower people in an organization  Apple, Youtube, Google etc.  Non-verbal communication: self image and presentation  The art of small talk workshop helped solidify some of these concepts Cultivating Trust  Think win-win  Cultivating trust: it cannot be bought; must be earned o In my bptp group, as someone in an unofficial leadership role, i used all of the 6 steps for trust development in my approach  How can I win if you don‟t lose? Games where the winner doesn‟t take all  Anatol Rapoport, UofT professor, illuminates the falseness in believing in real life scenarios that a winner takes all, leaving the “losers” with nothing.  He uses the Prisoner‟s Dilemma. The winner of this game succeeds by sharing and never attempting to outdo an opponent. Instead a winner follows their opponent and only defends themselves by immediate retaliation.  Life involves the clashing of interests and desires and calls for the need of cooperation and collaboration.  Main idea: It’s better to cooperate!  The game was invented in the 1950s and since then has been growing with popularity  Specifics of the Prisoner‟s Dilemma: Each prisoner is given two choices: if they keep quiet they both get a sentence of 2 years, but if one rats he will get off free while the other serves 5 years. If bother of them rat out each other, they both will get 4 years. The best scenario is for one prisoner is to rat out the other, while the other remains quiet. But who can be trusted?  Tit for tat= you do not have to deprive others to succeed, do unto others as you would have them do to you  Lesson: develop trust, don‟t be selfish, the success of another can ultimately lead to your own.  People‟s interests collide and partly conflict, it‟s better to negotiate than stay stubborn and not cooperate, cooperation leads to better outcomes for both players  Workoholics: o Perfection or Bust; Design inc. company was very focused on perfection and being the absolute best; all the employees were extremely motivated but this eventually was detrimental to their family life, etc. one employee quit and couldnt find replacement (can also be related to small change big effect; one employee had a huge impact on the organization as a whole)  Ripple Effect: o Hermain Cain and presidential campaign (being a leader etc) o Using Ryanair (major European airline) and their CEO, Michael O‟Leary as an example, the company has been labeled as very unethical due to one man‟s words and actions. O‟Leary does anything possible to skim his customers for money. For example, no returns or refunds on flights, swearing at customers and the press, finding loop holes in laws, and bluntly not caring about many of his stakeholders. his actions have caused a bad public image for his company  Strategic Planning Example: -HP‟s employment strategy has evolved dramatically over 40 years as technology, mergers, and globalization affected the company. In the early days of the company, loyalty played a big factor in job retention and many employees would stay in the company all of their life. As globalization and technology development set in, company loyalty began to fade off and many job descriptions changed. Flexible work schedules and telecommuting also changed the work environment for HP. Other factors, such as mergers and splits within the company also took place and many previous employees suddenly began working for different companies (because of the splits within HP)  Understanding Ripple Effects of Words and Actions  Using Ryanair (major European airline) and their CEO, Michael O’Leary as an example, the company has been labeled as very unethical due to one man’s words and actions. O’Leary does anything possible to skim his customers for money. For example, no returns or refunds on flights, swearing at customers and the press, finding loop holes in laws, and bluntly not caring about many of his stakeholders. The meaning of ripple effect of words and actions is that people are following your steps because you are a leader. This way they can have a better understanding of what is more likely to come.  Hooked on Work  Relates to vicious loops Week 9: Globalization and the Importance of External Stakeholders  Dialogue offers a means of exploring issues where different stakeholders hold deep/conflicting views. Its aim is to arrive at a collective understanding rooted in a deep appreciation of core i
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