Review Mid-Term Exam NOTE: THIS INFORMATION IS DESIGNED TO SUPPLEMENT YOUR MID-TERM EXAM PREPARATION, AND NOT TO BE YOUR ONLY SOURCE OF REVIEW INFORMATION To help prepare you for the mid-term exam, be sure to review: Mid-term exam chapters (1, 2, 3, 4, and 8) – the exam is based on the textbook material and will start at 1:30pm on Tuesday, February 26th in SE06 209 Textbook chapter summaries Your lecture and class notes The weekly chapter quizzes The material uploaded to the course Learning Hub site The textbook website material (i.e., flip cards, audio lectures, quizzes, etc.) Chapter Management Copyright © 2018 by Nelson Education Ltd Learning Outcomes After studying this chapter, you will be able to… Describe what management is Explain the four functions of management Describe different kinds of managers Explain the major roles and subroles that managers perform in their jobs Copyright © 2018 by Nelson Education Ltd Learning Outcomes After studying this chapter, you will be able to… Explain what companies look for in managers Discuss the top mistakes that managers make in their jobs Describe the transition that employees go through when they are promoted to management Explain how and why companies can create competitive advantage through people Copyright © 2018 by Nelson Education Ltd MGMT = E (p – 5) Efficiency Getting work done through others Effectiveness Copyright © 2018 by Nelson Education Ltd The Four Functions of Management (p – 7) Copyright © 2018 by Nelson Education Ltd Four Functions of Management Defined • Planning: • Determining organizational goals as a means for achieving them • Deciding where decisions will be made, who will what jobs and tasks, and who will work for whom in the company • Organizing: • Leading: • Inspiring and motivating employees to work hard to achieve organizational goals • Monitoring progress toward goal achievement and taking corrective action when progress isn’t being made • Controlling: What the Four Kinds of Managers Do (p – 11) Jobs Responsibilities Top Managers Change Commitment Culture Environment Middle Managers Resources Objectives Coordination Subunit performance Strategy implementation First-Line Managers Nonmanagerial worker supervision Teaching and training Scheduling Facilitation Team Leaders Facilitation External relationships Internal relationships Copyright © 2018 by Nelson Education Ltd Mintzberg’s Managerial Roles (p 11 - 16) Copyright © 2018 by Nelson Education Ltd Using Groups to Improve Decision Making (p 81 – 85) • Groupthink • Structured conflict • Nominal group technique • Electronic brainstorming • Brainwriting Copyright © 2015 by Nelson Education Ltd Chapter Organizational Strategy Learning Outcomes After reading this chapter, you should be able to: Specify the components of sustainable competitive advantage and explain why it is important Describe the steps involved in the strategymaking process Explain the different kinds of corporate-level strategies Describe the different kinds of industry-level strategies Explain the components and kinds of firm-level strategies Copyright © 2017 by Nelson Education Ltd Sustainable Competitive Advantage (p 88 – 91) Resources • The assets, capabilities, processes, information, and knowledge that the organization controls Competitive Advantage • Providing greater value for customers than competitors can Sustainable Competitive Advantage • A competitive advantage that other companies have tried unsuccessfully to duplicate •Copyright © 2017 by Nelson 86 Requirements for Sustainable Competitive Advantage (p 90 – 91) Valuable Valuable Rare Rare Resources Resources Resources Resources Sustainable Sustainable Competitive Competitive Advantage Advantage Imperfectly Imperfectly NonNon- Imitable Imitable Substitutable Substitutable Resources Resources Resources Resources 87 Copyright â 2017 by Nelson Education Ltd Strategy-Making Process (p 91 – 94) Step 1: Assess the need for strategic change Step 2: Conduct situational analysis Step 3: Choose strategic alternatives Dissonance Look for Inertia Avoid Competitive 88 Strategic Copyright â 2017 by Situational Analysis (p 92) Copyright © 2017 by Nelson 89 Choosing Strategic Alternatives: Strategic Reference Points Copyright â 2015 by Nelson Education Ltd Corporate-Level Strategies (p 94 – 99) What business(es) are we in or should we be in? Corporate-Level Strategies Portfolio Grand Strategy Strategy Copyright â 2017 by 91 BCG Matrix (p 96 - 97) Copyright â 2017 by Nelson Education Ltd Problems with Portfolio Strategy (p 98) 93 Copyright â 2017 by Nelson Industry-Level Strategies: How Should We Compete in This Industry? (p 99 – 103) Five Industry Forces Adaptive Positioning Strategies Strategies Copyright â 2017 by 94 Copyright â 2017 by Nelson 95 Education Ltd Firm-Level Strategies (p 103 – 107) How Should We Compete Against a Particular Firm? Direct Competition Resource Similarity Market Commonality Strategic Moves Attacks Responses •Copyright © 2017 by Nelson 96 Education Ltd Review Mid-Term Exam – The End ...To help prepare you for the mid- term exam, be sure to review: Mid- term exam chapters (1, 2, 3, 4, and 8) – the exam is based on the textbook material... summaries Your lecture and class notes The weekly chapter quizzes The material uploaded to the course Learning Hub site The textbook website material (i.e., flip cards, audio lectures, quizzes,... Copyright © 2018 by Nelson Education Ltd Four Functions of Management Defined • Planning: • Determining organizational goals as a means for achieving them • Deciding where decisions will be