Principles oof management
Chapter 3
Part 1, Chapter Review
Q1. Ancient civilizations contributed to management thought by writing and trade, communication, coordination, and standardizing accounting; John Florio translated the Italian documents into English language, multinational corporations, coordinating and span control, labor division, corporations, and beau acracy.
Q3. The industrial revolution changed business and economy in some ways, which included trade was higher as a result of the growth of the British Empire, creation of steam transport lowered the cost of traveling, development of specialization idea and division of labor by Adam Smith, there was the formation of international corporations, and most goods were bought and sold thus market places became popular.
Q4. Scientific management is standardizing labor; before scientific management, products’ quality was not consistent. There were disagreements between workers and management, workers’ concerns like health were not addressed, and prices were low after scientific management lifted the status of the workers.
Q5. The key contributors to scientific management were Frank Gilbreth, Frederick Winslow Taylor, and Charles Babbage.
Q9. Open system states that the management is interconnecting with their environment, including the employees and the people outside.
Part 2, Managerial Decision
Q1. I found Fayol to be the most influential because he developed a systematized managerial approach that other management scholars came to build and modifications to the systematized management approach.
Chapter 4
Part 1, Chapter review
Q.1. The legal factor constitutes the effects of the government in business. The factor encompasses the trade licensing conduct as permission given by the government to operate a business within a specified locality. Moreover, there is the technological factor that involves the use of know hoe technologies to advance business.
Q3 The large-scale business, for instance, the Coca-Cola company, fits well within the spectrum of the organization forces, while the Small scale business is finding it difficult to fit into the prevailing environmental factors.
Q5 Mechanistic. This is because the business structure is formally centralized. It offers a chance for an individual to be assigned one task which is stable and easy to control.
Part 2, Managerial decision-making excise.
Q1 I would find more about my employee’s complaints by calling them in the office and asking why the individual finds it challenging to work within the organization’s functionality structure. I would assist the individual by offering training services to the individual.
Q3 From my learning, in this chapter, I would suggest that the team employ the market-based divisional structure; the factor works mainly by giving close adherence to the meeting of an employee’s exceptions.
Part 3, Critical thinking skills
Q1 The lower-level employees were not meeting their target to open accounts in Wells Fargo bank.
Q2 The poor business policy that was put in place within the Wells Fargo company. The employees worked under pressure and feared losing their jobs.
Q3 In my perceptional, the organizational structure of the Wells Fargo company of being Multidivisional might have aspirated the employees to have a fear of their superiors.
Q4 I would offer a diagnosis of top the scandal by advising the company to employ the matrix organizational structure. I believe the scandal arose from the carelessness of the managerial appointees. Hence responsible for the cause of the scandal.
Chapter five
Part 1, Chapter review
Q2 A normative ethic can be described as a form of moral philosophy focused on identifying what is morally wrong and right.
Q4 The primary contrast between instrumental and terminal values is that instrumental values are often used while the terminal values are described as the highest values that a person may have.
Q6 The ethical principles consist of numerous components, including the fact that all individuals are expected to have equal chances through treating them equally, fair decision practices, all people are subjected to equal opportunities in the society, and anyone who causes harm to the other is served a punishment. In contrast, compensation is given to people who cause harm to others.
Part 2, managerial decision making
I would focus more on my professional relationship skills and put away the personal relationship skills. For example, my coworkers and the supervisor are facing a disagreement. I would tell the workers to communicate with the human resource manager about the situation. In addition, I may give the co-works emotional support depending on my abilities in the profession.
From my perception, I would do nothing but only to allow the department concerned with the human resource to handle that case since they understand better about the case than me. Through the HR management, the colleague is guaranteed compensation according to how the law of the company state.
Part 3, critical thinking
Q2. The primary decision-makers were Carrie and Tolsdedt, the former head of retail banking, and John Stumpf, the company’s CEO.
Q4. The Fraudulent and illegal activities were delivered to the public by the federal regulators.
Q6. The everyday unethical activities that took place were that the employees used to open accounts for their clients without their permission. But, on the other hand, the employees were distributing customers’ funds so that they could feed the new accounts.
Q8. The stakeholders would prevent the crisis by directing the senior leaders in the organization to act in favor of the stakeholders instead of their interests. Through the involvement of the stakeholders, the senior leader would set more realistic and measurable goals better profit margins
Chapter 6
Part 1, chapter review
Q1 International management is a crucial area where the students should familiarize themselves since globalization has created interconnection and trade between the nations, which is significantly increasing (Morden, 2017). But, on the other hand, the trade barriers are vanishing, creating a perfect trade.
Q3 Power distance is a component of a social measurement concerned with how the culture considers the connections related to authority between people. The concept of power is considered unevenly distributed.
Q5 Country clusters can be described as a method that is used to improve the relationship that may occur between different nations.
Q7 This is a kind of training that helps prepare people to face different circumstances and be ready for an upcoming assignment. Moreover, post-arrival cross-cultural training is provided after the arrival of an expatriate in a fixed destination. Predeparture cross-cultural training is the best method since it is concerned with making better skills in the future.
Q9 Global strategy is thinking in an advanced way by taking into consideration all the aspects of the business. The strategy generates new sales, ensuring awareness of a brand globally and diversifying risks. A regional strategy is a discrete family that is applied jointly with global and local initiatives.
Part 2, managerial decision making.
Q1 I may consider matters such as cultures, the business case, foreign government consideration of the legal and regulatory barriers. The global integration perspective would work the best.
Q5 The best method would be the high-rigor cross-cultural because it will enable them to know more about the cultures in the foreign countries. The aspects of the training would be field experiences, role-playing, and simulations.
Part 3, critical thinking
Q1 McDermott’s sources of competence had different challenges, including training in sales, which enables him to have an attention of numerous cultures, and their interest in different matters. Due to the experience, he was able to have more innovation and development.
Q2 He discovered how Americans gain attention in their organizations; additionally, they have a prolonged time for pitch in their sales.
Q3 On assessment, the lessons were successful ways to find the difference between cultures.
Chapter Seven
Part 1, Chapter Review
Q2. An entrepreneur takes a high risk, high investment, and high growth while small business owners manage an established business and the product is also established and customer base.
Q4. Potential business owners can find new ideas by exploring their passion, building their strength, discovering business ideas in their corporate jobs, and analyzing trends.
Q6. The impact of ethics in decision-making with small business owners is that their decision is duly influenced by legality and profits.
Q8. Benefits of a small business doing business abroad include vast opportunities; there is an untapped market opportunity, a large pool of talent, laws, and business regulations are friendly, among other benefits.
Q10. Trends that will influence your small business include the rise of the millennial generation, the rise of the data economy, virtual marketplaces that have grown, and the aging workforce.
Part 2, Management Skills Application
Q3. Travel service for college and high school students
This travel sector will be made up of relationships between destination market organizations and travel agents who will be coordinating the trips. The objective of the business is to provide quality services to students and improve the travel experience of students. We will develop these services by advertising them using the best platforms and methods. For example, in terms of finance, we might look for lenders like SBA.
Chapter 8
Part 1, Chapter review
Q1 SWOT analysis enables one to identify a business’s possible opportunities and threats and its strength and weakness. However, it might ignore the little strength and weakness as a drawback.
Part 2, managerial decision making
a) Falls under the industry rivalry five model
b) Fall under the threat of substitute products
c) A threat of new market players
d) Power of consumers
e) Industry rivalry
f) The threat of new market players
g) Industry rivalry
h) Power of customers.
Part 3, Critical questions
Q1 Climate change, the expansion of the environmental programs, and the rising standards of wasted disposal aided in tesla success. At the same time, the layoffs and a loss of consumer reports recommendation led to challenges being imposed on the tesla company.
Q2 Since 2003 the strategic point of aim of tesla has been to “enter the high end of the market.” from making cars that would move with gas transmission to electric fueled.
Q3 From tesla competitors, I would anticipate that they will be considering coming up with ideas that outnumber the tesla ideas of coming up with an electric car.
Chapter 9
Part 1, chapter review
Q1. A mission statement defines the company’s business and the objectives and how it will reach those objectives. It also describes the position of the company in the future.
Q2. Levels of strategy levels are corporate, business, and functional. Whereby in the corporate level strategy of your organization is formulated, at the business level formulation of strategy is done to make the vision into reality. Finally, at the functional level, the formulation of strategy realizes the business goals and objectives.
Part 2, managerial decision making
a. there will be better delivery service in Amazon.
b. Starbucks should make at least ten thousand drinks in one minute.
The sales associate should sell at least one million cars for current month.
d. McDonald’s needs at least 1000 consumers in evening meals.
e. FedEx wants to defeat UPS in competition with a high rate.
f. Boxed need to assess more than 100 million clients.
g. Lyft need to take the income to a higher level compared to the previous one.
Part 3, Critical thinking.
Q1 From my perception, the employees could have demonstrated a tense mood as they were unsure whether the leading company would still be under its level after the New CEO changed the vision and its mission.
Q2 Since all the seven fonts of sustainability are stipulated within the company’s vision and mission to achieve an intelligent goal, I would work towards implementing a change that would favor the company’s continuity.
Q4 Rewards constitute what keeps the employees at their feet in achieving the organization’s set goal. It is the rewards that will motivate the employees to achieve the sustainability part of the business.
References
Morden, T. (2017). Principles of management. Routledge.
