MAN 320F Test 1 (ch.1,6,8,10,12)
CHAPTER 1 - -
-Management is getting work done through others. What does this mean in practice? - -
Managers are not responsible for knowing how to operate all the machines, but instead
enabling and equipping people in the company to do their jobs as best as possible.
-What are the two primary concerns that managers are driven by? - -efficiency and
effectiveness; it is important that managers are concerned with both not just one or the
other.
-Give examples of why management needs to focus on efficiency AND effectiveness. - -A
company that is highly efficient in delivering goods to a customer, but not effective at
making them (low quality) will not be successful. A company that makes the best hats in
town but takes ten times as long as its competition is also not going to be successful.
-In order to have effective management you must have what 5 things? - -1. High
productivity
============
2. High job satisfaction
3. Low absenteeism
4. Low turnover
5. Organizational citizenship behaviors
-What are the 4 functions of management? - -Planning, Organizing, Leading and
Controlling- managers who perform these well are more successful and gain promotions
and profits for their companies
-The four different kinds of managers are: - -top managers, middle managers, first line
managers, and team leaders (look these up in the book for more details-definitons are on
the sheet) Read pg. 7-10
-Team Leaders facilitate team activities toward accomplishing a goal. Some of the things
that they do are... - -Help team members plan and schedule work, learn to solve problems,
and work effectively with each other. They also manage internal and external relationships.
-Henry Mintzberg developed the idea that... - -managers fulfill 3 major roles-
interpersonal, informational, and decisional roles (everything on slide is on vocab sheet so
read more in book)
-The 3 skills needed at different levels of management are technical skills, human skills,
and conceptual skills. Which skill does every manager need the same amount of? - -Human
skills! Very important at every level
,-What skills are important for top managers? - -conceptual skills and human skills, not so
much technical
-It is important for lower level managers to have what skills - -technical skills and human
skills, not so much conceptual skills
-What do managers do (Luthans)- on vocab sheet don't memorize (the 4 management
activities) - -Traditional management, communications, human resource management,
networking
-Effective managers have what breakdown of the 4 management activities? - -44%
COMMUNICATION, 26% human resource management, 19% traditional, 11% networking
-Successful managers have what breakdown of the 4 management activities? - -48%
NETWORKING, 28% communication, 13% traditional, 11% human resource management
-What is the difference between a successful manager and an effective manager? - -a
successful manager has speedy promotion, while an effective manager has high work
quality/quantity and high employee satisfaction
-What is the allocation of activities by time for average managers? - -very even breakdown
between the 4 management activities
-What are 10 mistakes managers make? - -1. insensitive to others: abrasive, intimidating,
bullying
2. Cold, aloof, arrogant
3. Betray trust
4. Overly ambitious- thinking of next job, playing politics
5. Specific performance problems with the business
6. Overmanaging- unable to delegate or build a team
7. Unable to staff effectively
8. Unable to think strategically
9. Unable to adapt to boss with different style
10. Overdependent on advocate or mentor
-Looking at the mistakes managers make is another way to... - -understand what it takes to
be a manager
-What did Jeffery Pfeffer find to be the difference between a successful and a failing
company? - -the way they treat their people
-Pfeffer found that some of the things that mangers in top-performing companies did were
ideas like... - -employment security, selective hiring, self-managed teams and
decentralization, high pay contingent on the company's performance, extensive training,
reduced status distinctions between managers and employs, and extensive sharing of
financial information.
, -Pfeffer found that these top-performing companies who did the things listed above had
financial performance ____% higher than that of other companies - -40%
-By investing in people the way Pfeffer explained, these companies develop work forces
that are... - -smarter, better trained, more motivated, and more committed. These
employees in turn provide better customer service and performance that give their
companies a distinct advantage over competitors.
-LOOK AT THE 1.7 CHART: COMPETITIVE ADVANTAGE THROUGH PEOPLE - -learn what
each of the things mean
-Management practice: employment security - -the ultimate commitment a company can
make to employees, they can innovate without fearing the loss of their job
-Selective hiring - -the company needs to aggressively recruit and selectively screen
applicants to hire the most talented people available
-In what 3 ways is the manager's job changing? - -Importance of Customers, Innovation,
and Importance of Sustainability
-What does importance of customers mean? - -managers need to manage customer
relationships, this is the responsibility of all employees and is essential for survival
-What does it mean that managers now need to be more innovative? - -doing things
differently, exploring new territory, taking risks. Requires culture and management
support
-What does the importance of sustainability mean? - -Managers need to achieve business
goals, maximize long-term shareholder value AND achieve economic, environmental, and
social goals
-Business and Society Chapter 3 (5 questions): READ THIS AND ANSWER QUESTIONS
Define stake and stakeholder
Describe origin of these concepts
Differentiate among the production, managerial, and stakeholder views of the firm
Differentiate among the 3 values of the stakeholder model
Explain the concept of stakeholder management
Identify and describe the five major questions that capture the essence of stakeholder
management
Identify the 3 levels of stakeholder management capability
Describe the key principles of stakeholder management - -READ
-What was Camp Bow Wow and why was it in lecture? - -Sue Ryan of Camp Bow Wow
hired experienced pet care worker Candace Stathis who came on as a camp counselor and
now is the general manager because she can work with both pets and clients. At Camp Bow
, Wow store managers have distinct roles from camp counselors. Camp counselors take care
of dogs, answer phones, and book reservations while managers must know how to run all
operations and manage people as well.
-CHAPTER 6 - -
-What is strategy? - -the plans that a company uses to find success, or in some cases
recover after a failure
-What is the definition of strategy as a verb and a noun? - -Noun= a plan for achieving
goals (how a firm will compete and how will it attract/satisfy customers)
Verb= decisions/actions that determine organization's performance
-What is a business model? - -design for how a company plans to profit from its strategies
-What are the three different kinds of strategies? - -corporate-level, industry-level, and
firm-level
-what question does corporate-level strategy address? - -"What business or businesses are
we in or should we be in?"
-what question does industry-level strategy address? - -"How should we compete in this
industry?"
-what question does firm-level strategy address? - -"How should we compete against a
particular firm?"
-A competitive advantage is providing a greater value for customers than competitors can.
What do company's use to do this? - -they use their resources- assets, capabilities,
processes, employee time, information
-The goal of most organizational companies is to... - -create and sustain a competitive
advantage
-Is a sustainable competitive advantage the same thing as a long lasting competitive
advantage? Why? - -No. Companies do want their competitive advantage to last a long
time, but in order to be sustained, competitors must have tried to duplicate the advantage,
couldn't do it, and gave up.
-In order to gain a sustainable competitive advantage resources must be... - -valuable
(allow companies to improve efficiency and effectiveness)
rare
imperfectly imitable
nonsubstitutable
exploitable
(3-5 years is considered sustainable)
CHAPTER 1 - -
-Management is getting work done through others. What does this mean in practice? - -
Managers are not responsible for knowing how to operate all the machines, but instead
enabling and equipping people in the company to do their jobs as best as possible.
-What are the two primary concerns that managers are driven by? - -efficiency and
effectiveness; it is important that managers are concerned with both not just one or the
other.
-Give examples of why management needs to focus on efficiency AND effectiveness. - -A
company that is highly efficient in delivering goods to a customer, but not effective at
making them (low quality) will not be successful. A company that makes the best hats in
town but takes ten times as long as its competition is also not going to be successful.
-In order to have effective management you must have what 5 things? - -1. High
productivity
============
2. High job satisfaction
3. Low absenteeism
4. Low turnover
5. Organizational citizenship behaviors
-What are the 4 functions of management? - -Planning, Organizing, Leading and
Controlling- managers who perform these well are more successful and gain promotions
and profits for their companies
-The four different kinds of managers are: - -top managers, middle managers, first line
managers, and team leaders (look these up in the book for more details-definitons are on
the sheet) Read pg. 7-10
-Team Leaders facilitate team activities toward accomplishing a goal. Some of the things
that they do are... - -Help team members plan and schedule work, learn to solve problems,
and work effectively with each other. They also manage internal and external relationships.
-Henry Mintzberg developed the idea that... - -managers fulfill 3 major roles-
interpersonal, informational, and decisional roles (everything on slide is on vocab sheet so
read more in book)
-The 3 skills needed at different levels of management are technical skills, human skills,
and conceptual skills. Which skill does every manager need the same amount of? - -Human
skills! Very important at every level
,-What skills are important for top managers? - -conceptual skills and human skills, not so
much technical
-It is important for lower level managers to have what skills - -technical skills and human
skills, not so much conceptual skills
-What do managers do (Luthans)- on vocab sheet don't memorize (the 4 management
activities) - -Traditional management, communications, human resource management,
networking
-Effective managers have what breakdown of the 4 management activities? - -44%
COMMUNICATION, 26% human resource management, 19% traditional, 11% networking
-Successful managers have what breakdown of the 4 management activities? - -48%
NETWORKING, 28% communication, 13% traditional, 11% human resource management
-What is the difference between a successful manager and an effective manager? - -a
successful manager has speedy promotion, while an effective manager has high work
quality/quantity and high employee satisfaction
-What is the allocation of activities by time for average managers? - -very even breakdown
between the 4 management activities
-What are 10 mistakes managers make? - -1. insensitive to others: abrasive, intimidating,
bullying
2. Cold, aloof, arrogant
3. Betray trust
4. Overly ambitious- thinking of next job, playing politics
5. Specific performance problems with the business
6. Overmanaging- unable to delegate or build a team
7. Unable to staff effectively
8. Unable to think strategically
9. Unable to adapt to boss with different style
10. Overdependent on advocate or mentor
-Looking at the mistakes managers make is another way to... - -understand what it takes to
be a manager
-What did Jeffery Pfeffer find to be the difference between a successful and a failing
company? - -the way they treat their people
-Pfeffer found that some of the things that mangers in top-performing companies did were
ideas like... - -employment security, selective hiring, self-managed teams and
decentralization, high pay contingent on the company's performance, extensive training,
reduced status distinctions between managers and employs, and extensive sharing of
financial information.
, -Pfeffer found that these top-performing companies who did the things listed above had
financial performance ____% higher than that of other companies - -40%
-By investing in people the way Pfeffer explained, these companies develop work forces
that are... - -smarter, better trained, more motivated, and more committed. These
employees in turn provide better customer service and performance that give their
companies a distinct advantage over competitors.
-LOOK AT THE 1.7 CHART: COMPETITIVE ADVANTAGE THROUGH PEOPLE - -learn what
each of the things mean
-Management practice: employment security - -the ultimate commitment a company can
make to employees, they can innovate without fearing the loss of their job
-Selective hiring - -the company needs to aggressively recruit and selectively screen
applicants to hire the most talented people available
-In what 3 ways is the manager's job changing? - -Importance of Customers, Innovation,
and Importance of Sustainability
-What does importance of customers mean? - -managers need to manage customer
relationships, this is the responsibility of all employees and is essential for survival
-What does it mean that managers now need to be more innovative? - -doing things
differently, exploring new territory, taking risks. Requires culture and management
support
-What does the importance of sustainability mean? - -Managers need to achieve business
goals, maximize long-term shareholder value AND achieve economic, environmental, and
social goals
-Business and Society Chapter 3 (5 questions): READ THIS AND ANSWER QUESTIONS
Define stake and stakeholder
Describe origin of these concepts
Differentiate among the production, managerial, and stakeholder views of the firm
Differentiate among the 3 values of the stakeholder model
Explain the concept of stakeholder management
Identify and describe the five major questions that capture the essence of stakeholder
management
Identify the 3 levels of stakeholder management capability
Describe the key principles of stakeholder management - -READ
-What was Camp Bow Wow and why was it in lecture? - -Sue Ryan of Camp Bow Wow
hired experienced pet care worker Candace Stathis who came on as a camp counselor and
now is the general manager because she can work with both pets and clients. At Camp Bow
, Wow store managers have distinct roles from camp counselors. Camp counselors take care
of dogs, answer phones, and book reservations while managers must know how to run all
operations and manage people as well.
-CHAPTER 6 - -
-What is strategy? - -the plans that a company uses to find success, or in some cases
recover after a failure
-What is the definition of strategy as a verb and a noun? - -Noun= a plan for achieving
goals (how a firm will compete and how will it attract/satisfy customers)
Verb= decisions/actions that determine organization's performance
-What is a business model? - -design for how a company plans to profit from its strategies
-What are the three different kinds of strategies? - -corporate-level, industry-level, and
firm-level
-what question does corporate-level strategy address? - -"What business or businesses are
we in or should we be in?"
-what question does industry-level strategy address? - -"How should we compete in this
industry?"
-what question does firm-level strategy address? - -"How should we compete against a
particular firm?"
-A competitive advantage is providing a greater value for customers than competitors can.
What do company's use to do this? - -they use their resources- assets, capabilities,
processes, employee time, information
-The goal of most organizational companies is to... - -create and sustain a competitive
advantage
-Is a sustainable competitive advantage the same thing as a long lasting competitive
advantage? Why? - -No. Companies do want their competitive advantage to last a long
time, but in order to be sustained, competitors must have tried to duplicate the advantage,
couldn't do it, and gave up.
-In order to gain a sustainable competitive advantage resources must be... - -valuable
(allow companies to improve efficiency and effectiveness)
rare
imperfectly imitable
nonsubstitutable
exploitable
(3-5 years is considered sustainable)
