Which important stakeholders might you intentionally exclude from a mission and vision statement?

Management Exam 1

What roles do leadership, entrepreneurship, and strategy
play in good principles or management?
Can you be an effective organization by employing
strong leadership, entrepreneurship, or strategy?

Three specific areas- Leadership, entrepreneurship, and strategy. Leadership helps us understand who leads the organization forward and what the critical characteristics of good leadership might be. Entrepreneurs identify opportunities and solve problems.

What are the management functions that compromise the POLC framework?

Planning, organizing, leading, controlling

Why is financial performance important for organizations

Economic performance is very important to a stakeholders outcome ( investors or owners ) because this performance eventually provides them with a return on their investments. Other stakeholders like employees also benefit.

What are some examples of financial performance metrics?

Simply put, an organization makes a profit when it's revenues are more than it's costs in a given period of time such as 3-6 months or year.

What dimensions of performance beyond financial are included in the triple bottom line?

social and environmental dimensions

How does CSR relate to the triple bottom line?

Corporate Social Responsibility
A concept where organizations consider the interests of society by taking responsibility for the impact of their activities on customer, suppliers, employees, shareholders, communities, and all aspects of work environment.

Describe the pros and cons of the triple bottom line approach

all three facets of performance- economic, social, and environmental is challenging. Advocates of CSR argue that achieving success in each type of performance is possible, & consideration of all stakeholders should be the way firms are evaluated. Evidence

What is in-role performance?

It consists of tasks individuals perform in their job, and those things that add value but are not part of a formal job description.

If extra-role performance is not directly recognized by reward systems, what motivates employees to display these behaviors?

Employees perform extra role behaviors in order to benefit the organization as a whole.

What makes a team different from a group? Is this distinction an important one?

A collection of people is not a team. A team is a cohesive coalition of people working together to achieve the team agenda. Being on a team is equal to total subordination of personal agendas, but it does require a commitment to the vision and involves ea

Who are the targets or beneficiaries of different types of citizenship behaviors?

Includes coworkers, colleagues, superiors, various groups and departments

What commonalities do you see between organizations and social movements

corporations are becoming more like social movements, and social movements are taking on more permanence. Just as companies are outsourcing specific jobs, so social movements can contract out tasks like lobbying and fundraising.

How can social networks help managers plan, organize, lead, and control?

Companies are applying the online social networking model of open and closed groups to their corporate intranets, creating secure sites for employees in different locations to collaborate on projects based on common interests, management directives, and i

What are the potential advantages and potential disadvantages of a virtual organization?

Virtual organizations allow individuals who would otherwise not be able to work together due to physical distance to do so. However, they also pose management challenges.

What are the consequences of unethical behavior?

Without integrity & ethical behavior there can be no trust among managers & their subordinates, b/c leadership's based on trust. Ethics drive effectiveness
b/c employees know they can do the right thing decisively and with confidence. Ethical behavior ear

What are some of the typical errors, or optical illusions that we experience when we observe physical objects

from the info available to us and may see things that are not actually there. When we look at the objects that are partially blocked, we see a whole.

Describe self- fulfilling prophecy

When an established stereotype cause one to behave in a certain way, which leads the other party to behave in a way that makes the stereotype come true.

What is the difference between job satisfaction and organization commitment?

Job satisfaction- the feelings people have towards their job. organization commitment- the attachment people have towards their employer.

How can companies assess person-job fit before hiring employees? What methods do you think would be helpful? What can they do to increase person-job and person-organization fit after they hire employees?

Person-job fit is the degree to which a person's abilities & other characteristics match the job's demands. Many companies assess employee attitudes through surveys of worker satisfaction and through exit interviews. The usefulness of such info is limited

When would high satisfaction not be related to high performance?

The connection between work attitudes & behaviors depends on the attitude in question. Attitudes are more strongly related to intentions to behave in a certain way.

How important is pay in making people attached to a company and making employees satisfied

There is a high degree of overlap between job satisfaction & organizational commitment bc things that make us happy with our job often make us more committed to the company as well.

What is the difference between performance and organizational citizenship behaviors

While job performance refers to the performance of duties listed in one's job description, organizational citizenship behaviors involve performing behaviors that are more discretionary.

Are citizenship behaviors always beneficial to the company?
Can you think of any citizenship behaviors employees may perform with the intention of helping a company but that may have negative consequences overall?

Organizational citizenship behaviors (OCB) are
voluntary behaviors employees perform to help others and benefit the organization. By devoting too much time to OCB employees could reduce their overall productivity for which they were hired.

How might mission and vision influence organizational design?

Organizational design integrates the
people, info, & technology of an organization. It is used to match the form of the organization as closely as possible to the purpose the organization seeks to achieve. Through the design process, organizations act to

How might mission and vision influence leadership practices?

Mission and vision guide choices about organizational culture. Mission & vision are most effective when they pervade the leadership of the entire organization,
rather than being just the focus of senior management.

Which aspects of controlling do a mission and vision influence?

(1) establishing performance standards, (2) comparing actual performance against standards, and (3) taking corrective action when necessary. Since people make the place, ultimately strategic human resources management must bring these pieces together.

What factors do you think help contribute to creativity?

Creativity in business is critical to innovation and progress so factors would include being adaptable to change and seeing possibilities for the future.

Why is creativity relevant to vision and vision statements?

Leaders possession different types of creativity will likely act in distinct ways that align with certain visions and vision statements more closely than others.

What are some useful creativity tools?

programmed and lateral thinking. SCAMPER and the nominal group technique

What is passion and how is passion relevant to vision and vision statements?

Passion in business refers to an intense, driving, or overmastering feeling or conviction. A vision statement should reflect and communicate something that is relatively novel and unique, & such novelty and uniqueness are the products of creativity & pass

Whats the relationship between passion and engagement?

passion can help an entire business thrive. Studies suggest that fostering engagement, a concept related to passion in employees, has impact on the bottom line.

What are stakeholders and why are they relevant to mission and vision?

Stakeholders are individuals or groups who have an interest in an organization's goods and services.
Managers develop mission & vision statements to clarify the organization's larger purpose & meet or exceed the needs of its key stakeholders.

Are stakeholders equally relevant to all parts of POLC or only mission and vision?

Stakeholders include the CEO and management, employees, customers, vendors, local community therefore stakeholders are relevant to all parts of the management function.

What is stakeholder analysis? What are the 3 identification steps?

Stakeholder analysis refers to the range of techniques or tools used to identify & understand the needs & expectations of major interests inside & outside the organization environment. The 3 identification steps include determining influences on mission,

How does stakeholder analysis help in crafting a mission and vision
statement?

Managers perform stakeholder analysis to gain a better understanding of the range & variety of groups/ individuals who have a vested interest in the organization's performance. Managers develop mission & vision statements to clarify the organization's lar

Which important stakeholders might managers intentionally exclude from a mission or vision statement?

They may exclude stakeholders that have little influence or who not influenced by the org.

What are the risks of not conducting stakeholder analysis as an
input to the formulation of mission and vision?

stakeholder analysis can help managers identify parties that might derail strategies and plans, failing to conduct it can lead to the failed implementation of
otherwise well thought out mission & vision statements.

What is an intended strategy?

conceived by the top management team.

What is realized strategy?

actual strategy that is implemented

Why is it important to understand the difference between intended and realized strategy

intended strategy is the result of negotiation and compromise at the upper level of management.

Why is there not a perfect match up between realized and intended strategy?

The intended strategy may simply be poorly constructed. In others, competitors may be able to undermine the advantages of the planned strategy. A plan could make sense conceptually but fail due to poor execution.

What is strategic focus and why is it important?

Strategic focus occurs when an organization is very clear about its mission & vision and has a coherent, well-articulated strategy for achieving those strategic
elements. It is a common characteristic across successful organization, & a lack of it in orga

What are Porter's generic strategies?

They are generic business-level strategies that can be used independently or in combo to create a defendable position & to outperform competitors,
whether they are within an industry or across nations. The strategies involve 1)overall cost leadership, 2)

Can a firm simultaneously pursue a low- cost & a differentiation strategy?

Low cost strategies are related to producing more efficiently than competitors, differentiation strategies are related to producing better products than competitors. A business can produce better products at a lower cost than their competitors if they are

what is the objective of internal analysis

understand the unique resources, capabilities, and cores of organizations that may enable them to outperform their competitors

What is the difference between a resource and capability?

Resource refers to what an organization owns. Capabilities refer to the organization can do.

What is the difference between a tangible and an intangible resource or capability?

Tangible resources are assets that can be seen & qualified, while intangible resources are those that are rooted deeply in the firm's history & have accumulated over time. They are relatively difficult for competitors to analyze & imitate.

What is a core competency?

A resource or capability that serves as a source of a firms competitive advantage over rivals. It distinguishes a company competitively from its rivals

What are the elements in SWOT analysis?

strengths, weaknesses, opportunities, threats

what are the elements in VRIO analysis?

valuable, rare, Inimitable, and organization support

What are the 6 dimensions of the environment that are of broad concern when you conduct a PESTEL analysis?

political, economic, social, technical, environmental, or legal

what are the five forces referred to in the porter framework?

new entrants, rivalry, substitutes, buyers, and suppliers

Is there a dimension of industry structure that Porter's model appear to omit

leaves out stakeholders such as employees and customers who have a great deal of impact on industry trends

What does a balance scorecard include?

financial and customer measures, internal business process measures, and learning and growth measures

Provide examples of performance measures for each Balanced Scorecard dimensions relevant to understanding the performance of a coffee shop.

Financial: Is there a profit, what is the return on investment
Customer: What is level of customer satisfaction
Process: Are customers being served quickly enough
Learning & growth: is training provided to employees

How are goals and objectives related to employee performance evaluation

They are critical components of effective performance evaluations bc evaluation forms need to have a set of measurable goals and objectives spelled out for each area

What kinds of goals and objectives might be best for performance
evaluation to be most effective?

Objective and goals are specific, challenging, and will help stretch capabilities and allow evaluations to be effective

What should be included in an employee performance plan

should include the agreed upon set of goals and objectives established by a supervisor & employee

What performance evaluation best practices appear to most directly involve goals and objectives?

Deciding what you are hoping to achieve from the
system; developing goals & objectives that inspire, challenge, and stretch people's capabilities; & planning to modify the performance management system over time.

what does corporate social responsibility mean?

how companies manage their business processes to produce an overall positive effect on society

Why might an organization pay greater attention to adding social and environmental goals and objectives today than 10 years ago?

those organizations that do not establish such goals will risk not being as transparent as competitors. In this way, smaller companies who are establishing & publishing such goals may distinguish themselves from their peers.

How does a Balanced Scorecard help managers develop social and
environmental goals and objectives

Financial: Can they participate & still meet goals?
Customer: how important is it to customers
Process: Will socially responsible processes prevent the company from growing
Learning & growth: Are employees willing to retrain and learn new methods of perfo

In what ways does achievement of CSR goals and objectives strategically differentiate an organization

increases transparency to customers which can improve business

What stakeholders are relevant to an organization's mission and vision?

Who are the stakeholders in a mission statement?

What are the 4 key stakeholders?

Why do stakeholders need to understand a companies mission and vision statements?