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MGMT1000 Final Sample

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MGMT 1000
Jean Adams

2011 MGMT1000 Tutorial : B7 Student # : 211417615 TA: Majid Abdi [MGMT FINAL 2011] MGMT Finala) Power is an integral quality in any relationship, and is often found in every business issue. In terms of trained incapacity, stakeholders, social media, teamwork, and empowerment, the use of power is used as leverage by one party over another, intentionally or not, to either gain an advantage or the other party, or to create vicious problems. The concept of abused power helps us understand trained incapacity. Some corporations and institutes often enforce and condition their employees to adhere to a strict guideline of morals and beliefs. Furthermore, the power, or lack thereof, given to the employees, cause them to begin limiting themselves, leading to missed opportunities for learning and development simply due to the ways that they have been conditioned and trained. (NMS,week 1) Stakeholders are a key contributor to the decisions made by a company. They hold significant leverage over the company, as companies must be extremely mindful of the necessities and demands of their stakeholders. By analyzing the needs of a companys stakeholders by conducting a stakeholder analysis, companies are able to: 1. Use opinions of powerful stakeholders to improve their ideas and gain their support 2. Gain more resources from powerful stakeholders 3. Anticipate the populations reaction to a project, and work around the findings As defined in the key aspect of the Office of 2020 (NMS, Week 1), social media will be the community halls of the future. The effective utilization of social media as a marketing tool will vastly improve a companys profitability and brand awareness. (NSM, Week 5) Many companies, even the smaller up-start companies, have designated positions for social media marketing. At the YSBAs (York Sports Business Association) inaugural Sports Business Conference, Monika Platek, the Social Media Lead at Lead at Canada's Olympic Broadcast Media Consortium, provided a speech about the rising importance of social media marketing, and the leverage that companies that have invested in social media marketing have gained over their counterparts who have stuck to older, less advanced methods. Social media marketing is a true indicator of the importance of a knowledge economy, and the benefits of being innovative and
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