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Management Midterm Exam Review.docx

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Xi Wang

Management Midterm Exam Review 10/22/13 Four main topics: 1) Management overview and evolution 2) Strategic management 3) Organization management 4) Performance management Evolution of mgmt. a) Scientific – Frederick Taylor; analyze process of labor and look for ways to refine it to the one best way b) Human relations – Hawthorne studies; two unexpected factors explain why workers improve – group dynamics and engaged by management in soliciting and providing feedback; not about changing lighting or work conditions etc.; Drucker and McGregor c) Strategic- driven by economics and industry perspective, a more thoughtful process of looking at how business were being managed for success; Henderson, Drucker, Galbrath, went through turbulent periods and evolved out of that turbulence; Porter and value chain; extensive research – roles that leadership plays, also how strategic development and innovation helps companies that do these things and makes them better than companies who do not d) Value chain – various activities from productive development, management, distribution, marketing, etc. create value for customers and business; support activities for value chain – infrastructure, HR activities, IT activities, and finance What is mgmt? a) Review slides for this Strategic Management a) What is strategy? - Action plan for outperforming competitors and achieve superior profitability - Break into vision, mission, values - Key purposes: financial performance, strengthen competitive position, gain competitive advantage (through cost or differentiation) - Five stages: 1) Vision, mission, values 2) Setting objectives 3) Crafting strategy to achieve objectives 4) Executing strategy 5) Monitoring and adjusting External
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