Mgmt 303 midterm graded docx

Page 1
Question 1. 1. (TCO 1) The shared values, principles, and traditions can be described as (Points :
5)
stakeholder culture.
team culture.
employee culture.
organizational culture.
Question 1.1. (TCO 1) One example of a firm studying its
supply available to the company. (Points : 5)
is an annual assessment of the labor
organizational culture
internal environment
external environment
organizational mission
Question 2. 2. (TCO 2) The Ford Motor Company sold an auto parts company because
profitability was low. The main environmental dimension considered was (Points : 5)
sociocultural.
technological.
economic.
political/legal.
Question 2.2. (TCO 2) Various social networks have enabled people to stay in contact with each other.
It also hurts relationships when too much information is shared. This reflects the
general environment. (Points : 5)
economic
task
political/legal
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element of the
sociocultural
technological
Question 3. 3. (TCO 3) A leader who wants to encourage ethics within the company should do
all of the following EXCEPT (Points : 5)
be a good role model by being ethical and honest.
be willing to admit personal failures.
communicate personal values with employees.
hide information.
Question 3.3. (TCO 3) The United Nations says that companies should have core values that include all
EXCEPT (Points : 5)
anti-corruption
concern for stockholders
human rights
labor standards
the environment
Question 4. 4. (TCO 4) Which of the following is usually the second type of international
business in which a company gets involved? (Points : 5)
Licensing strategy
Joint venture
Importing/exporting
Direct investment
Question 4.4. (TCO 4) With whom is the United States involved in an agreement which creates a vast
economic bloc? (Points : 5)
The African Union
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The Latin American Integration Association
The Caribbean Common Market
Canada and Mexico
Pacific Asia
Question 5. 5. (TCO 5) You have decided to become a small business owner. On your business
plan, you state that the business will offer exceptional customer service while providing locally
grown vegetables and fruits that are organically grown. What part of the business plan does this
represent? (Points : 5)
A strategic goal
An operational plan
A mission statement
A strategic plan
Question 6. 6. (TCO 6) Which of the following is a source of equity financing provided by a
professionally managed pool of investors? (Points : 5)
Financial institutions
Personal financial resources
Angel investors
None of the above
Question 6.6. (TCO 6) An organization or an entrepreneur can look for opportunities in different external
areas according to Peter Drucker. When the opportunity is due to a change by altering the types and
quantities of products and services desired and cutomers’ buying power, this is
. (Points : 5)
industry and market structure changes.
demographics changes.
perception change.
the unexpected or unanticipated change.
none of the above.
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Question 7. 7. (TCO 1) What are the functions of a manager? Describe each function. (Points :
10)
The five functions of a managers are planning, organizing, staffing, coordinating and controlling.
Planning entails defining the organizational goals and deciding the most efficient course of action to
attain the goals. Organizing involves controlling the structure of the company. On the other hand,
staffing involves the recruitment of the best possible human resources and placing them in the right
positions. Coordinating entails the management of the organizing, planning, and staffing functions.
Finally, controlling ensures all the other functions run smoothly.
Question 7.7. (TCO 1) Mintzberg studied managerial roles and created a model with managerial roles.
What are those roles? What does each role require? (Points : 10)
According to our text, Henry Mintzberg created three managerial roles. These roles include
interpersonal, information, and decisions roles. The interpersonal role requires a figurehead, leader,
and a liaison. Informational roles require monitor, disseminator, and a spokesperson. Or in other
words, informational roles involve “collecting, receiving, and disseminating information” (Pg 11).
Decision roles need an entrepreneur, disturbance handler, resource allocator, and negotiators.
According to Mintzberg, decisional roles should involve thinking and doing.
Question 8. 8. (TCO 2) Identify and comment on three organizational stakeholders. (Points : 10)
The three organizational stakeholders are investors, employee and customers.
Investors-An organization promises the investors an income that is better than what they could get
from any other place. As a result, they invest their hard-earned money in the organization.
Employees- The employees produce and sell the products and services to the external customers.
Essentially, employees are selling a big part of their lives and must receive equitable pay.
Customers- The customers provide the money that allows an organization to meet its obligations to
the first three stakeholders. An organization must have satisfied customers to meet those obligations.
Question 8.8. (TCO 2) Explain the differences between global sourcing, strategic alliance, and foreign
subsidiary. (Points : 10)
According to our textbook, global sourcing is the practice of purchasing goods and services from the
around the world wherever it is least costly (Pg 82). A strategic alliance is a partnership between two
entities in which they both share their resources and knowledge with each other in order to develop
and design new products and/or building production facilities. Oftentimes organizations are partnered
with other foreign companies to make this strategic alliance (Pg 83). A foreign subsidiary is when a
company or organization directly invests into a foreign country by setting up independent offices or
production facilities (Pg 83).
Question 9. 9. (TCO 3) What are the three general areas that should be included in a company’s
code of ethics? Give two examples of a specific thing that would be found in each of these
general areas. (Points : 10)
The code of ethics is the set of behavioral rules employees should follow to ensure the company’s
values are reflected in all business dealings. The three general areas that should be included in a
company are 1.) Values 2.) Principles 3.) Management Support
Business values typically are expressed in terms of how the company performs its day-to-day
interactions with suppliers, employees and customers. Customer satisfaction, business profitability
and continuous improvement are key factors in documenting business principles. Corporate
responsibility to the environmentally friendly use of natural resources is another business principle
that often is found in code of ethics.
Question 9.9. (TCO 3) Give five arguments for and five against a company being socially
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responsible. (Points : 10)
The arguments for and against being socially responsible are as follows:
For:
1) Public expectations
2) Ethical obligation
3) Long-run profits
4) Better environment
5) Balance of responsibility and power
Against:
1) Violation of profit maximization
2)Dilution of purpose
3) Costs
4) Lack of skills
5) Too much power
Our text actually lists several more examples of for and against a company being socially responsible
on page 132.
Question 10. 10. (TCO 4) Culture varies by country. Give five of the dimensions and one
country that is likely to be high and one that is likely to be low for each dimension. (Points : 10)
Five dimensions by culture
1.
Power distance
2.
Individualism
3.
Uncertainty avoidance
4.
Masculinity
5.
Achievement vs Ascription
Power distance: In the USA, the power distance would be low while in China it could be high.
Individualism: In the USA, individualism is high because people prefer to mind their business while in
China; it is low because of the socialist nature of the society.
Masculinity: In the USA it is low while in China it is high.
Uncertainty Avoidance: In the USA, uncertainty avoidance is high while in China it is low.
Achievement vs. Ascription: It is high in the USA and low in China.
Question 10.10. (TCO 4) What is the World Trade Organization and why is it important to the global
environment? (Points : 10)
“The World Trade Organization is a worldwide organization of 155 countries that deals with the rules of
trade among nations” (Pg 80). The WTO is important to the global environment because for instance,
the major goal of the WTO is to help these selected countries conduct trade through set rules in order
to prevent inconsistent trading. During global economical crisis, the World Trade Organization has
helped all the partnered nations stay active in trading. WTO Director-General Pascal Lamy said,
“During these difficult times, the multilateral trading system has once again proven its value. WTO
rules and principles have assisted governments in keeping markets open and they now provide a
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platform from which trade can grow as the global economy improves.”
Question 11.11. (TCO 7) Briefly describe the bureaucratic model of organizational design. (Points : 10)
The bureaucratic model of organizational design involves six key elements in order for organizational
design to be successful. The first element is organizing. Organizing involves arranging and structuring
work to accomplish the organization’s goals. The second element is organizational structure. This
includes the formal arrangement of jobs within a specific organization. The organizational chart is
another key factor in organizational design. The chart helps give visual representation of an
organizations structure and design. The last element would be organizational design itself. This
element involves creating or changing an organization’s structure completely (Pgs 332-333).
In summary, the bureaucratic model of organizational design includes reports that consist of financial
activities pertaining to expenses and revenues of the organization. This model also outlines the
procedure each company has in order to accomplish their mission and to assist their customers.
Question 12.12. (TCO 4) Describe three environmental challenges of international management. (Points
: 15)
Three of the most important environmental challenges of international management include
economic, political/legal, and cultural challenges. The economic environment has three aspects of its
own that contribute into the challenges of international management and those are the economic
system, natural resources, and infrastructure. Each one of these I have mentioned has their own
elements that are extremely important for management to consider.
The political/legal environment has four different components such as: government stability,
incentives for international trade, controls on international trade, and economic communities. All of
these are just as important to consider before entering into an international business.
The cultural environment includes values, symbols, beliefs, language, and individual behaviors across
culture. The cultural environment appears to be the most challenging one because it requires
management to learn and deal with all of the issues that I previously stated, while at the same time
considering their economic environment, as well as their political/legal environment. It takes a high
level of skills to be able to perform as a management internationally.
Question 2. 2. (TCO 5) What are the differences between strategy formulation and strategy
implementation? (Points : 15)
Strategy formulation is concerned with the crafting and designing of strategies, and picking the best
strategy for execution, in order to achieve the desired organizational goals and objectives. It is the
second stage of the Strategic Management Process. The following are the three major aspects of
Strategy Formulation:
•
Corporate Level Strategy
•
Business Level or Competitive Level Strategy
•
Functional Level Strategy
Strategy formulation involves evaluating the current business strategy and determining measures to
improve them. Ascertaining the major areas where business needs any help from the external
environment of business. In this phase, the present issues and problems of the organization are
resolved first. Alternative courses of action are prepared, taking all the items into account. Thereafter,
the strategy is formulated accordingly for implementation, after all considerations.
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Strategic implementation is the execution of a strategic plan. The team proceeds according to the
plan as much as possible, although unforeseen events and unintended consequences are sure to
occur. The implementation team might be able to overcome minor obstacles without compromising
the objectives of the plan, but some eventualities spell doom for a strategic plan. For example, if a
company forecasts high consumer demand for a product but the market shifts before the product can
hit the shelves; the entire project could be a failure. The following activities are involved in it:
•
Allocation of resources like man, material, money, machinery etc.
•
Designing the organizational structure for handling new strategy.
•
Training manpower.
•
Ascertaining functional process.
•
Devising system in the organization.
Question 13.13. (TCO 5) Identify a company and write a brief SWOT analysis for that company. (Points :
15)
The company that I did my SWOT analysis on was Visa Credit Card. Here is a brief SWOT Analysis for
them.
Strength:
The VisaNet. The backbone of Visa is its VisaNet, which provides real-time global networks. It enables
about 40,000 transactions to be authorized, cleared, and settled per second, and claimed to be fully
operational 99.99999% of the time. Through this system, Visa is able to support and advance
financial inclusion around the world -for emerging, developed and developing markets. It gives the
company the confidence that it has the infrastructure, the products, and expertise to secure and
foster its relationship to its clients by offering secure and reliable tools (Visa Inc., 2013).
Weakness:
Weak Presence in China. While Visa is strong in Western countries and other developing countries, its
presence is considered weak in China. China, being one of the world’s biggest and growing markets
for payment cards, provides great opportunities for expansion. However, China is currently dominated
by UnionPay mainly due to its government’s prolonged protectionism policy. With the country’s
adherence to WTO and direction to allow foreign providers to issue credit cards, there is a huge
potential market that Visa has yet to explore (Gentili, N., et.al, 2013).
Opportunity:
Continued Growth in Global Economy. Visa’s business grows as world economy grows with personal
consumption expenditure as the main driver. This year, OECD reported that although the annual
global economic may have decelerated to 3.2%, it continues to pick up. This is primarily brought by
US economy’s bouncing back from its last financial crisis dilemma (Hannon, 2014). This poses a
healthy opportunity for Visa to grow.
Threat:
Evolving Technologies for Network Access and Partnerships. While this may pose as opportunities, it
can also bring challenges to Visa at the same time. If Visa does not keep pace with improvement in
technology, other rival payment networks can grab its share of the market. Investing in technology
meant continuous innovation and capital requirement. It can be challenging in Visa’s business
environment that is becoming heavily regulated (Visa Inc, 2013).
Visa Inc. (2013). Annual Report; Retrieved from
http://investor.visa.com/files/doc_downloads/annual%20meeting/Visa%20Annual%20Report
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%202013%20final%20website.pdf
Gentili, N, Rojo, A and Shain, B (Apr 2013). Visa Strategy Report. Bridges Consulting.
Retrieved from http://economics-files.pomona.edu/jlikens/SeniorSeminars/Likens2013/reports/visa.pdf
Hannon, P (Sep 2014). Global Economic Growth Picked up in Second Quarter Says OECD. The
Wall Street Journal. Retrieved from http://online.wsj.com/articles/global-economic-growth-picked-up-insecond-quarter-1410429823
SWOT—acronym that stands for Strengths, Weaknesses, Opportunities, and Threats.
The best strategies are (1) exploit opportunities and strengths, (2) neutralize threats, and (3) avoid (or
correct) weaknesses.
Question 14.14. (TCO 6) Describe three major important roles of entrepreneurship in the American
economy. (Points : 15)
The three major important roles of entrepreneurship in the American economy would be the following:
1) Employment
2) Research and Development
3) Wealth
When people become entrepreneurs, they become self-supporting citizens while at the same time,
helping other people acquire employment, which in return helps the economy grow. Each
entrepreneur has their own goals, ideas, opportunities, and visions, which is unique even though the
type of business might be located down the block. Almost all of the innovations made today are done
by entrepreneurs. If there wasn’t any entrepreneurs or inventors, there wouldn’t be as much global
development. Finally, wealth is a large factor in entrepreneurship in the American economy, not only
for individual entrepreneurs, but for the nation as a whole. The larger the entrepreneurship, the larger
the contribution to the nation is, by both employment as well as taxation.
Question 4. 4. (TCO 7) Briefly describe the matrix form of organization design. List its
advantages and disadvantages. This structural form is most likely to be used under what
conditions? (Points : 15)
The matrix organizational structure is atypical because it brings together employees and managers
from different departments to work toward accomplishing a goal. The matrix structure is a
combination of the functional and divisional structures.
Advantages
In a matrix organization, instead of choosing between lining up staff along functional, geographic or
product lines, management has both. Staffers report to a functional manager who can help with skills
and help prioritize and review work, and to a product line manager who sets direction on product
offerings by the company. This structure has some advantages:
•
Resources can be used efficiently, since experts and equipment can be shared across projects.
•
Products and projects are formally coordinated across functional departments.
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•
Information flows both across and up through the organization.
•
Employees are in contact with many people, which helps with sharing of information and can
speed the decision process.
•
Staffers have to work autonomously and do some self-management between their competing
bosses; this can enhance motivation and decision making in employees who enjoy it.
Disadvantages
Internal Complexity
A disadvantage of the matrix structure is that it can result in internal complexity. Some employees
may become confused as to who their direct supervisor is. For example, an employee may receive
different directions concerning the same thing from supervisors in different departments. The dual
authority and communication problems may cause division among employees and managers.
Miscommunication and ineffective managing can result in employee dissatisfaction and low morale.
Prolonged issues may cause an organization to experience high employee turnover.
Expensive to Maintain and Internal Conflict
Another disadvantage of the matrix organizational structure is that it is expensive to maintain. A
company’s overhead cost typically increases because of the need for double management. The extra
salaries an organization must pay can put a strain on its resources. The sharing of employees may
cause unhealthy competition between managers within a company. The expertise that employees
bring to the table makes them valuable, which causes managers to seek their assistance. The
competition for scarce resources may cause hostility within the workplace and hinder production.
Question 15.15. (TCO 7) In what ways are virtual and learning organizations different from the typical
organization? (Points : 15)
Virtual and learning organizations consist of a small amount of full time employees and outside
contractors hired when they are needed to work on projects. Most typical organizations are companies
that manufacture goods or provide services. The main difference between these two types of
organizations is that virtual and learning organizations usually have less amount of employees than
typical organizations. Most virtual and learning organizations have a strong internal organizational
culture that allows all of the employees to have the same mindset and willingness to work mutually. In
typical organizations, like manufacturing organizations, this isn’t usually the case.
A virtual organization is one with little or no formal structure. A virtual organization tends to conduct
most, if not all, of its business online. This organization usually has few permanent workers, a small
staff, and an administrative facility. Depending on the needs, temporary workers can be brought in as
needed and facilities can be leased when there is a need. A virtual organization tends to outsource
much of the basic services. A virtual organization exists in response to its specific needs.
A learning organization is one that works to facilitate the lifelong learning and personal development
of all of its employees while continually transforming itself to respond to changing demands and
needs. The focus of the learning organization is improved quality, continuous improvement, and the
measurement of performance. The thought is that by constantly enhancing and upgrading the talents,
skills, and knowledge of employees, the organization will be strategically positioned to take advantage
of emerging trends or changes in the economy, thus creating a competitive advantage for the
organization
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