MGMT 301 Fall 2015 Study Guide for Exam #1

Introduction to Management (Ch.1)/Appendix A

- Four main tasks of managers
o Three steps of planning
- Organizational performance
- Efficiency and effectiveness
- What should managers (at various levels) be concerned with?
o Importance of employee commitment
- Levels of management
- Competitive advantage
- Restructuring/downsizing - consequences
- Outsourcing
- Empowerment how? When is it more effective?
- Theory X / Theory Y
- Hawthorne Studies
- Who was Frederick Taylor?
Management Environment (Ch. 4)
- What is meant by the environment of managers?
- What are the levels of the environment?
- How do the levels differ?
- What specific factors are involved in each of the levels?
- How does the environment impact the firm? (directly/indirectly)
- On what factors do firms compete with one another?
o think beyond price and product
- Barriers to entry
- Globalization
- National culture (individualism/collectivism & power distance) how it can affect behavior
- Ethical conduct how is unethical conduct inadvertently promoted and what can managers do about it?
Decision Making (Ch. 5)
- Group decision making (from text)
- Rational vs. irrational decisions
- Programmed/non-programmed decisions
- Satisficing
- Bounded rationality
- Intuition
- Prospect theory
- Framing
- Representativeness heuristic
- Anchoring and adjustment
- Availability heuristic
- Devils Advocate
Planning/Strategy (Ch. 6)
- Purpose of mission statements
- Process of planning why its so difficult
- Strategic leadership
- SWOT analysis
- Porters five forces
o What do they help us to predict?
o The relationship between each one and industry profitability
- Porters generic strategies
- Blue Ocean Strategy difference between red and blue oceans; the E-R-R-C grid
- Vertical integration
- Diversification (related/unrelated)
- International expansion strategies