BCOR 1010 Final Exam Review

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University of Colorado - Boulder
Business Core
BCOR 1015
Beth Cross

1. Is it good or bad to give workers a say in their job? What motivation theory supports this? a. Theory Z supports this motivation theory. It is good that workers have a say in all aspects of the companies decision making because the employees know the job the best. Managers do not know every aspect of each position so by having the employee’s input on how to improve the job you are making it better. Also, by letting employees have a say it makes them work hard to achieve the goals set by the managers and employees together. b. Directly make the decision so it motivating to achieve the goals of the decision. Since employees are making decisions they will produce better quality and more efficient products/services. 2. Ethical more time at treated fairly. Not treated right could join unions, which mangers do not want. 2. Target is globalizing, what 3 business functions will be affected, give Examples Finance- Risk, control and profit, worry about how much risk (taking lots of risk when globalizing) control ( loss control when you separate out) profit ( cost money to expand and don’t know if you will be profitable in another country) Accounting because you have to account in different currencies. Take into account when recording financial information that currencies differ in each country, when globalizing. Here in the USA we use GAAP. Going global you have to use IFRS. Operations-laws and regulations change from country to country. What works well in one country may not in another. You need to make product addable to the different countries. BI- not all countries follow/respects intellectual property Marketing-you has different target markets, if your business has a diverse workforce it is better because you can relate to the different cultures and perspectives. HR-Cultural barriers, different work times, holidays, language barriers. 3. Why do businesses care about their competitive environment? B) What can businesses do to demand their market share? What can gov do to prevent this? Market share-Enlighten self interest?  Perfect comp. consumers can get the best prices for the highest quality of goods.  business can keeps tabs on consumers and then can attract more consumers by showing different features (marketing) advertising ect.  Penetrations-because you start low there is no comp. under you and it scares off comp and captures most market share, control of the market and economy.  Diversity, market to more target markets, Companies care about their competitors because they want to be price makers not takers. They want to set the price of the goods on the markets. They want to come, as close to being a monopoly as possible. Promote brand awareness, equity and create costumer loyalty through high quality products. More comp. Consumers get best price for the highest quality of goods. Business can keep tabs on what they comp. Is doing so they have an advantage in attracting costumers with different features such as prices comp. Penetrations-scares off comp and captures most market share. Marketing branding efforts have to be innovative, and the gov can prevent formation of monopoles by anti-regulations and other Gov. regulations like limiting externalities. Because they do not want monopolies. 4. How do labor unions affect HR management processes? Increase business cost and decrease control over the workforce. Labor unions outline job descriptions for positions. They loss control because if an employee is asked to do something they can say no because it may not be in their job description. Unions make it hard for companies innovate by setting the outline for job descriptions. Workers will have no incentives to work harder if it is not in their job specification, or if they will not get paid more. Effects compensation. Because say they want certain pay and benefits, Unions set standards for termination and protect employees from termination even if they employee is unwilling and unable. Unions may require training for all employees, which benefit everyone in the workplace. Makes them more skilled and all around better workers. Pay hour and working conditions, collective bargaining? Work load, load content, termanation. Decrease business control. 5. GM, cirque, or Bryant, explain how the different functions of business are Interrelated. 3 examples, 3 different functions. GM- Marketing didn’t market product well. HR didn’t higher the correct people, which then affected the marketing of the cars. Because GM made the ugliest car on the market, even though it’s safety rating were great. Poor leadership- went through so many. Since there was so many poor leaders employees had no following and did not feel connected to the higher powers in the management field. Because of this employees had no motivation to work? BI_OM were not flowing efficiently because they had to many models and were not making them properly. did not use information well enough. To many cars. They ran out of engines. Given to them from BI properly so they did not get the correct amount of Management- continued to pay workers even though there were layed off. Had union issues, Unions increase business cost and decreases management control. Finance continued to pay them and did not set aside enough money to market the cars well. 6. Define diversity, what are ethical and economic reasons for valuing diversity, how is the US workforce changing? Recognizing and accepting differences and incorporating the unique persecpectivese of others is what diversity is. Ethical and economic reasons for valuing diversity are by treating workers with respect, equality and fairness and giving them equal opportunities. This will bring in qualified workers with new ideas and different cultural perspectives that generate innovation in the workpl
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