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Schulich MGMT 1000 Notes Week 1.docx

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York University
MGMT 1000
Jean Adams

MGMT 1000 Notes Week One PowerPoint Notes • The 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 environment.  o 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 high-quality products very efficiently, while remaining open to new opportunities (Apple) • Trained Incapacity:  o 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 self-limiting 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 under- perform because they feel undervalued and under-challenged. o The problem of trained incapacity and self-limitation often creates corporate cultures characterized by stalemate or deteriorating performance Readings 1.1 Meeting The Challenge of a Knowledge Economy • More than ever, we are living in a knowledge economy where the key factors of production reside in the capacities and ingenuity of the human mind. • As the experts suggest, this means that increasing emphasis must be placed on: o 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 king • The rise of knowledge work and a knowledge economy creates a powerful synergy between individual and corporate interests in ways where all can gain Key Implications on Individuals and Organizations • Downward 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  worldwide • The key to success is one’s ability to join the knowledge economy • People 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 capital • Knowledge 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 necessity • Organizations and Workers have to work together to share this knowledge in order for both  employee and organization to be successful • Large organizations are finding ways of spawning fresh initiatives and transforming themselves.  Smaller/newer organizations are growing fast (e.g. Nike, Nokia, Netscape) 1.2 – The Rationale for Developing Learning Organizations • In times of change learning organizations that promote the creativity of people at every level are absolutely necessary to deal with the new challenges presented. • Old styles of thinking, and organizational routines that stifle creativity, have to give way to fresh approaches th
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