Shared Flashcard Set

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Clevenger's Exam 2
This class is stupid.
128
Management
Undergraduate 4
10/03/2009

Additional Management Flashcards

 


 

Cards

Term

 

 

 

 

Strategic Management

Definition

 

 

 

 

The set of managerial decisions and actions that determine the long-run performance of an organization

Term

 

 

 

 

Why is Strategic Management important?

Definition
  • Can make a difference in how well an organization performs
  • Continually changing situations
  • Nature of organizations: composed of diverse divisions, units, functions and work activities
  • Involved in many decisions that managers make
Term

 

 

 

 

Strategic Management Process

Definition

 

 

 

A six step process that encompasses strategic planning, implementation, and evaluation.

Term

 

 

 

Step 1 of Strategic Management Process

Definition

 

  • Identifying the organization's current mission, objectives and strategies 
  • Mission: a statement of purpose
  • What is our reason for being in business?
  • Defining organization's mission forces managers to identify the scope of its products
Term

 

 

 

 

Step 2 of Strategic Management

Definition
  • External Analysis
  • What competition is doing, what pending legislation might affect the organization 
  • Managers should examine both the specific and general environments
  • Opportunities: Positive Trends in External Environmental factors
  • Threats: Negative trends in External Environmental Factors
Term

 

 

 

 

Step 3 of Strategic Management Process

Definition
  • Financial capital, technical expertise, skilled employees, experienced managers
  • Strengths: any activities the organization does well or any unique resources that it has
  • Weakness: activities the organization does NOT DO well or resources it needs but does not posses
  • Core Competencies: The organization's major value-creating skills, capabilities, and resources that determine its competitive weapons
  • Organization's culture is crucial: managers should be aware that strong and weak cultures have different effects on strategy
  • Culture can promote or hinder an organization's strategic action
  • SWOT analysis: an analysis of the organization's strengths, weaknesses, opportunities and threats
Term

 

 

 

 

Step 4 of the Strategic Management Process

Definition
  • Formulating Strategies
  • Once SWOT is complete, managers need to develop and evaluate strategic alternatives and then select strategies that capitalize on the organization's strengths and exploit opportunities on or correct the organization's weaknesses
  • This step is complete when managers have developed a set of strategies that give the organization a relative advantage over its rivals
Term

 

 

 

 

Step 5 of the Strategic Management Process

Definition

 

  • Implementing Strategies
  • After strategies are formulated, they must be implemented
Term

 

 

 

 

Step 6 of Strategic Management Process

Definition

 

  • Evaluating Results
  • How effective have the strategies been?
  • What adjustments are necessary?
Term

 

 

 

 

Top Level (Corporate-Level) Management Organizational Strategies

Definition

 

 

 

An organizational strategy that seeks to determine what business a company should be in or wants to be in

 

 

Term

 

 

 

Vertical Integration (backward vertical integration)

 

 

Definition

 

 

 

gain control of inputs by becoming its own supplier

Term

 

 

 

Forward Integration

Definition

 

 

 

Gaining control of outsputs by becoming its own distributor

Term

 

 

 

 

Horizontal Integration

Definition
  • A company grows by combining with other ogranzations in the same industry (combining operations with competitors)
  • U.S. Federal Trade Commission must approve any proprosed horizontal strategy
Term

 

 

 

 

Related Diversification

Definition

 

 

 

When a company grows by mearging with or acquiring firms in different, but related industries

Term

 

 

 

Stability Strategy

Definition
  • A corporate-level strategy characterized by an absence of significant change
  • Continuing to serve the same clients by offereing the same product or service, maintaining market share, and sustaining the organization's return-on-invesetment
  • Facing slow or no-growth opportunities 
  • Allows time to analyze their strategic moves
  • May feel successful enough, meet their personal goals and don't want the hassle of a growing business
Term

 

 

 

 

Renewal Strategy

Definition

 

 

A corporate-level strategy designed to address organizational weakness that is leading to performance declines

Term

 

 

 

 

Growth Strategy

Definition
  • a Corporate-level strategy that seeks to increase the organization's operations by expanding the number of products offered or markets served
  • Wants to increase sales revenues, # of employees, and market share
  • Achieved when organization concentrates on its primary line of business and increase the # of products offered or market served in this primary usiness
  • Company chooses to grow by increasing its own business operation
Term

 

 

 

 

Retrenchment (Renewal) Strategy

Definition
  • Short-run renewal strategy
  • Used in situations when performance problems aren't as serious
Term

 

 

 

Turnaround (renewal) strategy

Definition

 

 

 

A renewal strategy for situations in which the organization's performance problems are more serious

Term

 

 

 

 

Corporate Porfolio Analysis (BCG Matrix)

Definition
  • Developed by Boston Consulting Group
  • A strategy tool that guides resource allocation decisions on the basis of market share and growth rate of SBUs
  • Cash cow: low growth, high market share
  • Stars: high growth, high market share
  • Question marks: high growth, low market share
  • Dogs: low growth, low market share
Term

 

 

 

 

Middle Managers business strategies

Definition

 

Strategic business Units (SBUs): single business of an organization in several different businesses that are independent and formulate their own strategies

Term

 

 

 

 

Competitive Advantage

Definition
  • What sets an organization apart; its distinct edge
  • The organization does somethign that others cannot or does it better
  • Quality as a Competitive Advantage: focuses on customers and continuous improvement. Can satisfy customers' need for quality 
  • Sustaining Competitive Advantage: keep its edge despite competitior's actions or evolutionary changes in the industry
Term

 

 

 

Competitive Strategies (Michael Porter): Resources and Capabilities

Definition
  1. Threat of new entrants: economics of scale, brand loyalty, and capital requirements determines how easy or hard it is for new competitors to enter an industry
  2. Threat of substitutes:factors such as switching costs and buyer loyalty determine the degree to which customers are likely to buy a substitute product
  3. Bargaining power of buyers: factors such as # of customers in the market, customer information, and the availability of substitutes determine the amount of influence that buyers have in an industry
  4. Bargaining power of suppliers: factors such as the degree of supplier concentration and availability of substitute inputs determine the amount of power that suppliers have over firms in the industry
  5. Current rivalry: factors such as industry growth rate, increasing or falling demand, and product differences determine how intense the competitive rivalry will be among firms currently in the industry
Term

 

 

 

 

Cost Leadership Strategy

Definition

 

 

 

a business-level strategy in which the organization is the lower-cost producer in its industry

Term

 

 

 

Differentiation Strategy

Definition

 

  • A business-level in which a company offers unique products that are widely valued by customers
  • ie: high quality, extraordinary service and innovated design
Term

 

 

 

Focus Strategy

Definition

 

 

A business-level strategy in which company persues a cost or differentiation advantage in narrow industry segment

Term

 

 

 

Stuck in the middle

Definition

 

 

 

A situation where an organization hasn't been able to develop either a low cost or a differentiation competitive advantage.

Term

 

 

 

 

Functional-level Strategy

Definition

 

 

Organization that have traditional functional departments such as manufacturing, marketing, human resources, research and development, and finance, these strategies need to support the business-level strategy

Term

 

 

 

 

Lower level managers (Functional level strategies)

Definition
  • The Rule of Three: competitive forces in an industry, if kept relatively free of government interference or other special circumstances, will inevitably create a situation where 3 companies dominate any given market
  • 3 large dominate players: "full-line generalists", "Super niche players", and "ditch dwellers"
Term

 

 

 

 

Full-line Generalists

Definition
  • Dominate and hold most of the industry market share. (Exceptions; the soft-drink industry)
  • 2 Companies tend to lead to monopolistic pricings or mutual destruction
  • 4 companies encourage continual price wars, which can be detrimental
  • Marketshare is 70-90%
  • Out of control growth can send specialists into the ditch
  • Ditch companies have the worst financial performance and have little chance of surviving
Term

 

 

 

 

Super Niche Players

Definition

 

 

Specializing through either product or market segmentation

Term

 

 

 

 

Ditch Dwellers

Definition

 

 

 

Not one of the highly efficient generalist or highly focused niche, they are weak

Term

 

 

 

 

Strategies for Applying e-Business Techniques

Definition
  • Create knowledge bases that employees can tap into anytime 
  • Turned customers into collaborative partners who help design, test and launch new products
  • Become virtually paperless in specific tasks such as purchasing and filing expense reports
  • Managed logistics in real time
  • Changed the nature of numerous work tasks throughout the organization
Term

 

 

 

 

Customer Service Strategies

Definition

 

 

  • Communication
  • Customer feedback
  • Training
Term

 

 

 

 

Innovation Strategies

Definition

 

  • Ways to improve and enhance
  • First mover (Pioneer): an organization that first's to bring a product innovation to the market or to use a new process innovation.
  • Followers: mimic the first movers
Term

 

 

 

Group

Definition

 

 

two or more interacting and interdependent individuals who come together to achieve particular goals

Term

 

 

 

 

Formal Groups

Definition
  • Are groups defined by the organization's structure that have designated work assignments and specific tasks
  • Command Groups: determined by the organization chart, individuals who report directly to a given manager
  • Task Groups: individuals brought together to complete a specific task
  • Cross-Functional Teams: group brings together the knowledge and skills of individuals from various work areas
  • Self-Managed Teams: groups that are independent 
Term

 

 

 

 

Informal Groups

Definition

 

 

 

Are social, occur natural in the workplace in response to the need for social contact. Form around friendships and common interest

Term

 

 

 

 

Stages of Group Development

Definition

 

  • Forming
  • Storming 
  • Norming
  • Performing 
  • Adjourning
Term

 

 

 

 

Forming

Definition

 

  • The first stage of group development in which people join the group and then define the group's purpose, structure, and leadership
  • Completed when member begin to think of themselves as part of a group
Term

 

 

 

 

Storming

Definition
  • The second stage of group development which is characterized by intra-group conflict
  • Conflict over who will control the group
  • Resist the control that the group imposes
  • Completed when there is a clear hierarchy of leadership within the group and agreement on the group's direction
Term

 

 

 

 

Norming

Definition
  • The third stage of group development, which is characterized by close relationships and cohesiveneness
  • Strong sense of group identity and camaraderie
  • Completed when the group structure solidifies and the group has assimilated a common set of expectations of what defines corerction member behavior
Term

 

 

 

 

Performing

Definition

 

  • The forth stage of group development when the group is fully functional and accpeted
  • Group energy has moved from getting to know and understand each other to performing the task at hand
  • Performing is the last stage in the development of PERMANENT work groups
Term

 

 

 

 

Adjourning

Definition
  • The final stage of group development for temporary groups during which members are concerned with wrapping up activities rather than task performance
  • The group prepares to disband
  • High levels of task performance are no longer the group's top priority; attention directed at wrapping up activities
Term

 

 

 

 

Group Member Resources

Definition

 

 

 

Members' knowledge, abilities, and skills

Term

 

 

 

 

Group Member Resources in Cross-cultural Groups

Definition

 

 

 

Managers need to clearly understand the cultural characteristics of the groups and and the group members they manage (Global Organizations)

Term

 

 

 

Group Structure

Definition

 

 

 

Shapes members behavior and makes it possible to explain, predict, and influence

Term

 

 

 

 

Internal Structure of Group

Definition
  • Defines member's roles, norms, conformity, status systems, group size, group cohesiveness, and formal leadership positions
  • Roles: a set of behavior patterns expected of someone occupying a given position in a social unit
  • Norms: acceptable standards or expectations shared by groups' members. For example: work output levels, absenteeism, promptness and amount of socializing allowed on the job  
  • Conformity: group members feel extensive press to align to their opinions with other's opinions
  • Status
  • Group Size
  • Group Cohesiveness
Term

 

 

 

 

Status

Definition

 

 

  • A prestige grading, position, or rank within a group 
  • Significant motivator
  • Behavioral consequences when individuals see a disparity between what they perceive their status to be and what others perceive it to be
Term

 

 

 

 

Group Size

Definition

 

 

 

Small groups are faster at completing task than larger groups

Term

 

 

 

 

Social Loafing

Definition
  • The tendency for individuals to expend less effort when working collectively than when working individiually
  • Some in the group are not carrying their fair share
  • See others as lazy or inept
Term

 

 

 

 

Group Cohesiveness

Definition

 

 

 

The degree to which group members are attracted to one another and share the group's goals

Term

 

 

 

 

Group Processes

Definition

 

 

The communication patterns used by members to exchange information, group decision processes, power dynamics, conflict interaction and the like.

Term

 

 

 

 

Group Decision Making

Definition

 

 

 

Uses committees, task faces, review panels, study team, or similar groups to make decisions

Term

 

 

 

 

Advantages for Group Decisions

Definition

 

  • Generate more complete information and knowledge
  • Generate more diverse alternatives
  • Increase acceptance of a solution
  • Increase legitimacy
Term

 

 

 

 

Disadvantages for Group Decisions

Definition

 

  • Time consuming
  • Minority domination
  • Pressures to conform
  • Ambiguous responsibility
Term

 

 

 

 

Conflict

Definition

 

 

 

Perceived incompatible difference that results in interference or opposition

Term

 

 

 

 

Traditional View of Conflict

Definition

 

 

 

 

The view that all conflict is bad and must be avoided

Term

 

 

 

 

Human Relations View of Conflict

Definition

 

 

 

The view that conflict is natural and inevitable outcome in any group

Term

 

 

 

 

Inter-actions view of conflict

Definition

 

 

 

 

The view that some conflict is necessary for a group to perform effectively

Term

 

 

 

 

Functional Conflicts

Definition

 

 

 

Conflicts that support a group's goals and improve its performance

Term

 

 

 

Dysfunctional Conflicts

Definition

 

 

 

Conflicts that prevent a group from achieving its goal

Term

 

 

 

 

Task conflict

Definition

 

 

 

Conflicts over content and goals of the work

Term

 

 

 

 

Relationship Conflict

Definition

 

 

 

 

Conflict based on interpersonal relationships

Term

 

 

 

 

Process Conflict

Definition

 

 

 

 

Conflict over how work gets done

Term

 

 

 

 

5 Conflict Resolution

Definition

 

  • Avoidance
  • Accommodation
  • Forcing
  • Compromise
  • Collaboration
Term

 

 

 

 

Group Tasks

Definition

 

 

 

Tasks can be generallized as either simple or complex

Term

 

 

 

 

Work Teams

Definition
  • Groups whose members work intensely on a specific, common goal using their positive synergy, individual and mutual accountability, and complementary skills
  • Problem-Solving: a team of 5-12 employees from the same department or functional area who are involved in efforts to solve specific problems
  • Self-Managed Work Teams: A type of work team that operates without a manager and is responsible for a complete work process or segment
  • Cross-Functional Teams: a type of work that's a hybrid grouping of individuals who are experts in various specialties and who work together on various tasks
  • Virtual Team: A type of work team that uses computer technology to link physically dispersed members in order to achieve a common goal
Term

 

 

 

Creating Effective Teams

Definition
  • Clear Goals: know what's expected and understand how they will work together to achieve the goals
  • Relevant Skills: technical and interpersonal skills
  • Mutal Trust
  • Unified Commitment: dedication to the teams goal's and a willingness to expend extraordinary amounts of energy to achieve them
  • Good Communication: verbally and nonverbally
  • Negotiating Skills: flexibility, confront and reconcile differences
  • Appropriate Leadership: clarifying goals, demonstrating that change is possible by overcoming inertia, increasing the self confidence of team members and help members to more fully realize their potential
Term

 

 

 

Final Condition needed for an effective team is ________.

Definition

 

  • A supportive climate
  • Internally: sound infrastructure which means having proper training, clear and reasonable measurement
  • Externally: managers should provide the team with the resources needed to get the job done
Term

 

 

 

Leader

Definition

 

 

 

Someone who can influence others and who has managerial authority

Term

 

 

 

 

Leadership

Definition

 

  • The process of influencing a group toward the achievement of goals
  • Not all leaders should be managers: the fact that an individual can influence others does not mean that he/she can also plan, organize and control.

 

Term

 

 

 

 

Trait Theories

Definition
  • Physical stature, appearance, social class, emotional stability, fluency of speech and sociability
  • Proved to be impossible to identify a set of traits that would always differentiate
  • Traits alone are not sufficient for explaining effective leadership
  • Ignores the interactions of leaders and their group members as well as situational factors
Term

 

 

 

 

Behavioral Theories

Definition

 

 

 

Leadership theories that identify behaviors that differentiated effective leaders from ineffective leaders

Term

 

 

 

 

University of Iowa Studies

Definition
  • Autocratic Style: A leader who tended to centralize authority, dictate work methods, make unilateral decisions, and limit employee participlation
  • Democratic Style: A leader who tended to involve employees in decision making, delegate authority, encourage participlation in deciding work methods and goals, and use feedback as an opportunity for coaching employees
  • Laissez-faire Style: A leader who generally gave the group complete freedom to make
Term

 

 

 

 

The Ohio State Studies

Definition
  • Initiating structure: The extent to which a leader was likely to define and structure his or her role and the roles of the group members in the search for attainment
  • Consideration: the extent to which a leader had job relationships characterized by mutual trust and respect for group members' ideas and feelings
  • High-high leader: a leader high in both initiating structure and consideration behaviors
Term

 

 

 

 

University of Michigan Studies

Definition

 

Managerial Grid: a 2-D grid of two leadership behaviors: concerns for people and concern for production which resulted in 5 different leadership styles

Term

 

 

 

Fiedler Model

Definition
  • Leadership theory that proposes that effective group performance depends upon the proper match between a leader's style of interacting with his or her followers and the degree to which the situation allows the leader to control and influence
  • Key factor in leadership success was an individual's basic leadership style, either task oriented or relationship oriented
  • Least-preferred co-worker (LPC) questionnaire: a questionnaire that measured whether a leader was task or relationship oriented
  • Leader-member relations: one if Fiedler's situation contingencies that described the degree of confidence, trust, and respect employees had for their leader
  • Task Structure: One of Fiedler's situational contingencies that described the degree to which job assignments were formalized and procedurized
  • Position Power: One of Fiedler's situational contingencies that described the degree of influence a leader had over power based activities such as hiring, firing, discipline, promotions and salary increases
Term

 

 

 

 

Hersey and Blanchard's Situational Leadership Theory

Definition
  • Situational leadership theory (SLT): a leadership contingency theory that focuses on followers' readiness
  • The emphasis on the followers in leadership effectiveness reflects the reality that it is the follower who accept or reject the leader
  • SLT uses the same two leadership dimensions that Fiedler identified: task and relationship behaviors
Term

 

 

Hersey and Blanchard's considers each (task and relationship behaviors) as either high or low and then combining them into

4 specific leadership styles

Definition
  • Telling (high-task, low relationship): leader defines roles and tells people what, how, when and where to do various tasks
  • Selling (high-task, high relationship): leader provides both directive and supportive behavior
  • Participating (low-task, high relationship): leader and follower share in decision-making; main role of the leader is facilitating and communicating
  • Delegating (low-task, low relationship): the leader provides little direction or support
Term

 

 

 

 

Final component in the model is

4 stages of follower readiness

Definition
  • R1: People are both unable and unwilling to take responsibility for doing something. They are neither competent nor confident
  • R2: People are unable but willing to do the necessary job tasks. They are motivated but currently lack the appropriate skills.
  • R3: People are able but unwilling to do what the leader wants. 
  • R4: People are able and willing to do what is asked of them.
  • SLT essetnailly view the leader-follower relationship as analogous to that of a parent and a child
Term

 

 

 

 

SLT if followers are _____ and _____ , the leader needs to ______.

Definition
  • SLT says if followers are unable and unwilling to do a task, the leader needs to give clear and specific directions
  • SLT says if followers are unable and willing, the leader needs to display high task orientation to compensate for the follower's lack of ability and high relationship orientation to get followers to "buy into" the leader's desires
  • SLT says if followers are able and unwilling, the leader needs to use a supportive and participative style
  • SLT says if employees are both able and willing, the leader doesn't need to do much.
Term

 

 

 

 

Readiness

Definition

 

 

 

The extent to which people have the ability and willingness to accomplish a specific task

Term

 

 

 

 

Leader Participation Model

Definition

 

  • A leadership contingency model that related leadership behavior and partcipation in decision making
  • A sequential set of rules (norms) that a leader followed in determining the form and amount of participation in decision making.
Term

 

 

 

 

Path-Goal Theory

Definition

 

  • A leadership theory that says it's the leader's job to assist his or her followers in attaining their goals and to provide the direction or support needed to ensure that their goals are compatible with the overall objectives of the group or organization
  • Assumes that the same leader can display any or all these leadership styles
Term

 

 

 

 

House identified 4 leadership behaviors

Definition
  • Directive Leader: Lets subordinates know what's expected of them, schedules work to be done, and gives specific guidance on how to accomplish tasks
  • Supportive Leader: Friendly and shows concern for the needs of followers
  • Participative Leader: Consults with group members and uses their suggestions before making a deicion
  • Achievement-Oriented Leader: sets challenging goals and expects followers to perform at their highest level
Term

 

 

 

 

General Assumptions of House and his theories

Definition

 

  • Assumes that leaders are flexible
  • Environment: outside the control of the follower; tasks structure, formal authority system and the work group
  • Part of the personal characteristics of the follower: including locus of control, experience and perceived ability
Term

 

 

 

 

Some Predictions from Path-Goal Theory

Definition
  • Directive leadership leads to greater satifaction tasks are ambiguous or stressful than when they are highly structured and well laid out.
  • Supportive leadership results in high employee performance and satifaction when subordinates are performing structured tasks.
  • Directive leadership is likely to be perceived as redundant among subordinates with high-perceived ability or with considerable experience.
  • Subordinates with an internal locus of control will be more satisfied with a participative style.
  • Subordinates with an external locus of control will be more satisfied with a directive style
  • Achievement-oriented leadership will increase subordinates' expectancies that effort will lead to high performance when tasks are ambiguously structured
  • Employee performance and satisfaction are likely to be positively influenced when the leader compensates for shortcomings in either the employee or the work setting. 
  • However, if the leader spends time explaining tasks that are already clear or when the employee has the ability and experience to handle them without interference, the employee is likely to see such directive behavior as redundant or even insulting.
Term

 

 

 

 

Transactional Leaders

Definition

 

 

 

Leaders who guide or motivate their followers in the direction of established goals by clarifying role and task requirements

Term

 

 

 

 

Transformational Goals

Definition
  • Leaders who provide individualized consideration and intellectual stimulation, and who possess charisma
  • Inspires followers to transcend their own self-interest for the good of the organization  
  • Transformational leadership is built over transactional
  • Transformational leaders are more effective, higher performers, and more promotable than their transactional coutnerparts
  • Transformational leaders correlated with lower turnover rate, higher productivity and higher employee satisfaction
Term

 

 

 

Charistmatic Leader

Definition
  • An enthusiastic, self-confident leader whose personality and actions influence people to behave in certain ways

5 Characteristics that differentiate charismatic leader from non-charismatic ones

  • They have a vision
  • Articulate that vision
  • Willing to take risks to achieve that vision
  • Are sensitive to both environmental constraints and follower needs
  • Exhibit behaviors that are out of the ordinary
Term

 

 

 

 

Visionary Leadership

Definition
  • The ability to create and articulate a realistic, credible and attractive vision of the future that improves upon the present situation

Skills Visionary Leaders Exhibit

  • Ability to explain the vision to others by making the vision clear in terms of required goals and actions through clear oral and written communication.
  • Ability to express the vision not just verbally but through behavior, which requires behaving in ways that continually convey and reinforce theh vision.
  • Ability to extend or apply the vision to different leadership contexts. i.e. vision has to be meaningful to the people in accounting as it is to those in production
Term

 

 

 

 

Team Leadership: Challenge for Managers

Definition
  • Learning how to become an effective team leader
  • Learn skill such as having patience to share information
  • Trust others
  • Give up authority
  • Know when to intervene
  • Master the difficult balancing act of knowing when to leave their team alone and when to get involved
Term

 

 

 

 

Common Responsibilities of all Leaders

Definition
  • Coaching
  • Facilitating
  • Handling disciplinary problems
  • Reviewing team and individual performance
  • Training and communication
  • Two Priorities: Managing the team's external boundary, facilitating the team process 
  • 4 Specific Leadership Roles: Liaisons with external constituencies, troubleshooter, conflict managers, coaches
Term

 

 

 

 

Legitimate Power

Definition

 

 

 

 

The power a leader has as a result of his or her position in the organization

Term

 

 

 

 

Coercieve Power

Definition

 

 

 

The power a leader has because of his or her ability to punish or control. Followers react to this power out of fear of negative results.

Term

 

 

 

 

Reward Power

Definition

 

 

 

The power a leader has to give positive benefits or rewards. I.E. Money, favorable performance appraisals, promotions, etc..

Term

 

 

 

 

Expert Power

Definition

 

 

 

Influence, special skills, or knowledge

Term

 

 

 

 

Referent Power

Definition

 

 

 

Power that arises because of a person's desirable resources or personal traits. Developed out of admiration of another and desire to be like that person.

Term

 

 

 

 

Credibility

Definition

 

 

The degree to which followers perceive someone as honest, competent, and able to inspire.

 

 

Honesty is the main component of credibility.

Term

 

 

 

Trust

Definition
  • Belief in the integrity, character, and ability of a leader

5 Dimensions that make up Trust

  • Integrity: most critical
  • Competence
  • Consistency
  • Loyalty
  • Openness
Term

 

 

 

 

Empowerment

Definition

 

 

Increasing the decision-making discretion of workers

 

Important because of the need for quick decisions and implement changes quickly

Term

 

 

 

 

Cross-Cultural Leadership

Definition

 

 

 

 

Effective leaders DO NOT use any single style:

They adjust their style

Term

 

 

 

 

Women's Typical Leadership Style

Definition

 

  • Tend to adopt a more democratic or participative style
  • Share power and information, and attempt to enhance followers self-worth
  • Rely on charisma, expertise, contacts, and interpersonal skills
Term

 

 

 

 

Men's Typical Leadership Style

Definition
  • More likely to use directive, command-and-control style
  • Rely on formal position authority for their influence
  • Use transactional leadership, handing out rewards for good work and punishment for bad
  • The tendency for women to be more democratic than males declines when women are in male-dominated jobs.
Term

 

 

 

 

Change

Definition

 

 

  • Can be overwhelming
  • Alternative ways to deal; make challenging and fun
Term

 

 

 

 

8 Step Formula (Change)

Definition
  1. Sense of urgency (increase): remove people from complacency
  2. Build the guiding team
  3. Get the vision right
  4. Communicate for buy-in
  5. Empower action
  6. Create short-term wins
  7. Don't let up
  8. Make change stick
Term

 

 

 

 

Why is it important to understand Change?

Definition

 

 

  1. Not much experience for dealing with change well
  2. Seeing it work
  3. Knowing the formula
Term

 

 

 

 

How can we get started with our own change process?

Definition

 

  1. Creative Ways
  2. Urgency
  3. Change processes
  4. Creating an experience that creates attention
  5. Be diligent
  6. Speaker
  7. Do away with complacency
Term

 

 

 

 

What are the obstacles to change?

Definition

 

  • Complacency
  • Anxiety
  • Anger (feelings)
Term

 

 

 

 

How can you overcome people's anxieties around change?

Definition

 

 

 

Help people see the upside and honesty (see, hear, feel)

Term

 

 

 

What can we learn about Warren Buffett and Berkshire Hathaway?

Definition
  1. More people understand the better
  2. Easier for Senior Management to make things happen
  3. Pamphlets from executives, to bottom of organization
  4. Smart, fast and effective way
Term

 

 

 

What are some of the common mistakes organization makes?

Definition
  • People don't recognize complacency
  • People aren't too scared or mad
  • Not strong enough team to delegate projects
  • Credibility
  • Understanding
  • Empower
  • Short-term wins
Term

 

 

 

 

Why is it important for people to understand the process of change?

Definition

 

 

 

See that it is easy!

Term

 

 

 

 

How can we get started with our own change?

Definition

 

  • Creative ways: creating an experience that catches attention 
  • Show to employees: Customers, Suppliers and Financial
  • Pick more than one thing that is practical
Term

 

 

 

 

Corporate Culture and Performance

Definition

 

 

  • Culture: Norms and behavior (how we behave and expect others to behave)
  • Shared Values
Term

 

 

 

 

Why culture is important?

Definition
  • Can be powerful integrating force helping to implement a business strategy
  • Can greatly help or hinder the capacity to adapt and the development and implementation of new strategies
  • Tendency to perpetuate over time
Term

 

 

 

 

The Arrogance Test

Definition

 

  • Do managers look outside the firm for new ideas?
  • Do they behave humbly with customers and employees?
  • Do they know their real strengths and weaknesses?
Term

 

 

 

 

The Internal Focus Test

Definition

 

  • Do managers talk to customers
  • Do they go out to evaluate competitors
  • Do they talk to stalkholders
  • Do executives talk to non-management employees
Term

 

 

 

 

The Bureaucracy Test

Definition

 

  • How centralized is decision making
  • How large are staff groups
  • How much do managers delegate
  • How risk averse is management
Term

 

 

 

 

Adaptive Cultures

Definition

 

  • Constituency Focused
  • Management cares deeply about customers, stockholders and employees
  • Open, candid discussion and decision making
  • Non-political atmosphere
Term

 

 

 

 

Leadership Focus

Definition

 

  • Responsibility given to lower levels
  • Small central staff
  • Decisiveness and risk talking encouraged
  • Issue oriented
  • Substance over form
Term

 

 

 

 

Manager: Well spot trends

Definition

 

 

  • External focus
  • Devising new strategies
Term

 

 

 

 

High Performance (Adaptive) Cultures

Definition

 

  • Constituency focused, leadership encouraged
  • Do well in short-term, long-term: help to adapt
  • Managers adapt to changing environment, new strategies and tactics initiated
  • Superior long-term economic performance
Term

 

 

 

 

Process of Culture Change

Definition

 

  • Creating sense of vision
  • Activity that gets people attention
  • Belief it is necessary
  • Sense of crisis
  • Creating shared opportunity
  • Gathering facts
Term

 

 

 

Relationship between Cohesiveness and Productivity

Definition
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Term

 

 

 

 

Work teams vs. Group teams

Definition
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Term

 

 

 

 

Drawbacks and Benefits of Managing Global Teams

Definition
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