Term
| What is a Mission Statement? |
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Definition
A description or declaration of why a company is in operation (sense of purpose)
It provides the ramework or context within which strategies are formulated (sense of direction) |
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Term
| What are the 3 main components of a mission statement? |
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Definition
- Mission or vision
- Values and business culture that drive the actions and behavior of employees
- Major goals or objectives |
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Term
| What are the goals of business management? |
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Definition
Maximize shareholder wealth (for corporations this means maximizing stock price)
and
Balanced scorecard |
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Term
| What are the components of a balanced scorecard? |
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Definition
- Financial Goals (besides shareholder wealth)
- Customer goals (market share, customer satisfaction)
- Internal Goals (productivity, costs, quality)
- Learning and growth goals (innovative products and services, employee growth, ethical issues |
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Term
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Definition
Specific
Measurable
Attainable
Realistic
Timely |
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Term
| The determination to achieve a goal is increased by what? |
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Definition
- Setting goals participatively
- Making goals reasonable (achieve 2 our of 3 times)
- Making goals public
- Obtaining top management support |
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Term
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Definition
More challenging goals, acheived 1 out of 3 times, they are extremely abitious, initially employees don't know how to accomplish them
Stretch goals are more than just demanding more from employees
Give employees the tools to succeed
Don't punish failure |
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Term
Smart vs. Stretch
1.Which is more superior?
2. What combination would you choose personally?
3. What combination would management likely assign to you?
4. Why would environmental contingencies make a difference, such as for a recession?
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Definition
1. Neither
2. Dependent on personality (Stretch for high achievers)
3. Depends on the level of economy
4. All things make a difference. (doesn't really answer questions, but this is what was said in class) |
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Term
| What is the purpose of tactical plans? |
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Definition
| Specify how a company will use resources, budgets and people to accomplish goals |
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Term
| What is the purpose of Management by Objectives (MBO)? |
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Definition
| To develop and carry out tactical plans |
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Term
| What are the four steps of Management by Objectives (MBO)? |
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Definition
- Discuss goals
- participatively select goals
- jointly develop tactical plans
- meet to review performance |
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Term
| What are the key drivers of Sustainable Competitive Advantage? |
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Definition
Innovation (Change Approach, Four change techniques)
Productivity (Motivation)
Quality ( Products, Services, Six Sigma)
Speed ( Delivery Time, Lean Kaizen)
Profitabilty and Customer Satisfaction |
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Term
| What needs does Satisfaction motivate? |
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Definition
Needs - Physical or psychological requirements
Must be met to ensure survival and well being
- Unmet needs motivate people
Three approaches :
- Maslow
- Alderfer
- McClelland |
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Term
| In the Hawthorne Effect study, what did the researchers first think was the thing that motivated people the most? |
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Definition
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Term
| In the Hawthorne Effect study, what was the actual best motivator for employees? |
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Definition
| 1- Group performance incentive |
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Term
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Definition
| Relates more to basic needs (physiological and safety) |
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Term
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Definition
| Relates to more higher order needs (social, esteem, and self- actualization) |
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Term
| What does Theory Z relate to? |
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Definition
participative style
(Y/Z : empowerment, intrisic satisfaction) |
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Term
| What does Theory F relate to? |
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Definition
Fear is the primary motivator
(X/F - $, rewards, recognition, criticism) |
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Term
| What are the extrinsic rewards? |
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Definition
(X/F)
Tangible and visible to others
Given contingent on performance
The 4 P's - Pay, Pat on back, promotion, perks |
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Term
| What are the intrinsic rewards? |
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Definition
(Y/Z)
Natural rewards
associated with the task for its own sake
(Inside the person) Satisfaction, pride, or enjoyment with work outcomes or work processes
Include - Sense of accomplishment
- Feeling of responsibility
-chance to learn something new
- the fun that comes from performning an interesting, challenging and engaging task. |
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Term
| Are extrinsic or intrinsic rewards more important to people? |
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Definition
| Intrinsic (Important and meaningful work) |
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Term
| What Theories were referred to in the Dirty Rotten Scoundrels clip? |
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Definition
| Y and Z. Appealed to self-actualiztion needs, not fulfilling unmet lower order needs |
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Term
| What is Zig Ziglar's advice on goal setting? |
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Definition
- Writing down goals is important
- Create a manageable list of goals
- Plan for goal attainment
- Goals provide people with direction |
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Term
| What makes an effective leader? |
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Definition
- Ability to influence
- Has a vision
- "sells" the vision
- Encourage followers to establish appropriate implementation |
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Term
| What are substitutes for Leadership? |
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Definition
- Organizational structure
- Reward and recognition systems
- Empowerment (self-direction) |
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Term
| What defines a charismatic leader? |
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Definition
- articulate a clear vision, based on values
- model values consistently with vision
- Communicate high perofrmance expectation
- display confidence in followers abilites |
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Term
| What is transactional leadership? |
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Definition
- Contingent rewards and sanctions (clarifying goals and tasks)
- Management by exception |
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Term
| What is transformational leadership? |
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Definition
-Idealized (charismatic) influence
-Inspirational (visionary) motivation
- Intellectual stimulation
- individualized consideration |
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Term
| Which type of leadership, tranactional or transformational, is generally considered best today? |
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Definition
| Transformational leadership |
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