Principles of Management Test 2

Ethics
The moral code of principles that sets standards as to what is good or bad, or right or wrong, in ones conduct
Checklist for Dealing w/ Ethical Behavior (1)
Recognize the ethical dilemma
Checklist for Dealing w/ Ethical Behavior (2)
Get the facts & identify your options
Checklist for Dealing w/ Ethical Behavior (3)
Test each option: Legal? Right? Affects? Benefits?
Checklist for Dealing w/ Ethical Behavior (4)
Decide which option to follow
Checklist for Dealing w/ Ethical Behavior (5)
Double check w/ spotlight questions: “How will I feel if my family finds out about my decision?”
Checklist for Dealing w/ Ethical Behavior (6)
Take Action
Environments of Organization (1)
Economic Environment:
– economic growth
– unemployment rate
– disposable income
Environments of Organization (2)
Legal-Political: – laws & regulation
– business forms
– political trends
Environments of Organization (3)
Natural Environment: – “green” values
– recycling infrastructure
Environments of Organization (4)
Sociocultural Environment: – population demographics
– education system
– health/nutrition values
Environments of Organization (5)
Technological Environment: – IT systems/infrastructure
– broadband internet access
Forms of Global Organization (How Companies Go Global) (1)
Global Sourcing – Materials or services are purchased around the world for local use
Forms of Global Organization (How Companies Go Global) (2)
Exporting – Local products are sold abroad to foreign customers

Importing – selling in domestic markets of products acquired abroad

Forms of Global Organization (How Companies Go Global) (3)
Licensing – a local firm pays a fee to a foreign firm for rights to make or sell its products

Franchising – a fee is paid to a foreign business for rights to locally operate using its name, branding & methods

Forms of Global Organization (How Companies Go Global) (4)
Insourcing – job creation through foreign direct investment

Joint Venture – operates in a foreign country through co-ownership by foreign & local partners

Strategic Alliances – partnership in which foreign & domestic firms share resources & knowledge for mutual gains

Forms of Global Organization (How Companies Go Global) (5)
Foreign Subsidiaries – a local operation completely owned by a foreign firm

Greenfield Venture – foreign subsidiaries built from the ground up by the foreign owner

Cultural Challenges for a Domestic Manager in a Foreign Country (1)
Context:

Low-Context – emphasize communication via spoken word

High-Context – rely on nonverbal and situational cues as well as a spoken or written words in communication

Cultural Challenges for a Domestic Manager in a Foreign Country (2)
Time:

Monochronic Cultures – people tend to do one thing at a time

Polychronic Cultures – time is used to accomplish many different things at once

Cultural Challenges for a Domestic Manager in a Foreign Country (3)
Space:

Proxemics – how people use space to communicate

Cultural Challenges for a Domestic Manager in a Foreign Country (4)
Power Distance – the degree to which a society accepts or rejects the unequal distribution of power among people in organization and the institutions of society
Cultural Challenges for a Domestic Manager in a Foreign Country (5)
Individualism-Collectivism – the degree to which a society emphasizes individual accomplishment & self-interests versus collective accomplishments and the interests of grups
Cultural Challenges for a Domestic Manager in a Foreign Country (6)
Uncertainty Avoidance – the degree to which a society in uncomfortable w/ risk change, & situational uncertainty, versus having tolerance for them
Cultural Challenges for a Domestic Manager in a Foreign Country (7)
Masculinity-Femininity – the degree to which a society values assertiveness and materialism versus feelings, relationships, and quality of life
Cultural Challenges for a Domestic Manager in a Foreign Country (8)
Time Orientation – the degree to which a society emphasizes short-term or long-term goals & gratifications
Personal Time Management Tips (1)
Do say “No” to requests that divert you from what you really should be doing
Personal Time Management Tips (2)
Don’t get bogged down in details that you can address later or leave for others
Personal Time Management Tips (3)
Do have a system for screening telephone calls, e-mails, and requests for meetings
Personal Time Management Tips (4)
Don’t let drop-in-visitors or instant messages use too much of your time
Personal Time Management Tips (5)
Do prioritize what you will work on in terms of importance and urgency
Difference between Strategic & Tactical Plans
Strategic Plans – ideally set forth the goals and objectives needed to accomplish the organization’s vision in terms of mission or purpose and what it hopes to be in the future

Tactical Plans – often take the form of functional plans that indicate how different components of the enterprise will contribute to the overall strategy