Showing posts with label MGT230. Show all posts
Showing posts with label MGT230. Show all posts

MGT230_r6_week5_Management_Action_Plan_Template

Mangement Action Plan Template

 

Complete the following chart in a total of 700 to 1050 words to develop your Management Action Plan.

 

 

Functions of Management

 

 

Skills Needed

 

Planning

 

What type of planning activities will you need to use as a manager?

 

 

 

Review planning activities from the textbook to help describe the planning process you would use as a manager.

 

Organizing

 

How will you use organizing as a manager?

 

 

 

Review organizing approaches from the textbook to help describe the organizing approaches you would use as a manager.

 

Leading

 

What type of leadership characteristics do you want to demonstrate?

 

 

 

Review leadership characteristics from the textbook to help describe the leadership approaches you would use as a manager.

 

Controlling

 

Which controlling techniques would you use to measure performance?

 

 

Review controlling techniques from the textbook to help describe the controlling approaches you would use as a manager.

 

 

        


MGT230_r6_week2_Nordstrom_case_study_analysis

Nordstrom Case Study Analysis

 

Nordstrom—"High Touch" with "High Tech"

 

How does Nordstrom stay profitable despite dips in consumer spending, changing fashion trends, and intense competition among retailers? One answer: Acute attention to detail and well-laid plans.

 

All in the Family

 

The fourth generation of family members that runs Nordstrom has brought the store's time-honored and successful retail practices into a new era. "Nordstrom, it seems, is that rarity in American business: an enterprise run by a founding family that hasn't wrecked it," says one business writer. The company provides a quality customer experience via personalized service, a compelling merchandise offering, a pleasant shopping environment, and increasingly better management of its inventory.

 

Secret of Success

 

The secret of this company's success lies in its strategic planning efforts and the ability of its management team to set broad, comprehensive, and longer-term action directions, all of which are focused on the customer experience. The current generation of Nordstrom family members was quick to spearhead an ultramodern multimillion-dollar, Web-based inventory management system. This upgrade helped the company meet two key goals: (1) correlate purchasing with demand to keep inventory as lean as possible, and (2) give customers and sales associates a comprehensive view of Nordstrom's entire inventory, including every store and warehouse.

 

Demand Planning

 

Instead of relying on one-day sales, coupon blitzes, or marking down entire lines of product, Nordstrom discounts only certain items. "Markdown optimization" software assists in planning more profitable sale prices. According to retail analyst, Patricia Edwards, this helps Nordstrom calculate what will sell better at different discounts and forecast which single items should be marked down. If a style is no longer in demand, the company can ship it off to its Nordstrom Rack outlet stores. It's all part of Nordstrom's long-term investment in efficiency. "If we can identify what is not performing and move it out to bring in fresh merchandise," says Pete Nordstrom, "that's a decision we want to make."

 

Inventory Planning

 

Although inventory naturally fluctuates, Nordstrom associates can easily locate any item in another store or verify when it will return to stock. Customers on their smart phones and associates behind sales counters see the same thing—the entire inventory of Nordstrom's stores is presented as one selection, which the company refers to as perpetual inventory. "Customer service is not just a friendly, helpful, knowledgeable salesperson helping you buy something," says Robert Spector, retail expert and author of The Nordstrom Way. "Part of customer service is having the right item at the right size at the right price at the right time. And that's something perpetual inventory will help with."

 

The upgraded inventory management system was an immediate hit. As of launch day, Nordstrom found that the percentage of customers who purchased products after searching the website for an item doubled. It also learned that multi-channel customers—those who shop from Nordstrom in more than one way—spend on average four times more than one-source customers. This profit more than offsets the cost of hiring additional shipping employees to wrap and mail items from each store. Now Nordstrom doesn't have to turn away the customer who spied a red Marc Jacobs handbag but found it out of stock in her local store. She can buy it online or at the store counter and it will be shipped to her, even from a store located across the country.

 

Keeping It Lean

 

By displaying stock both on its website and in its stores, Nordstrom has realized some very meaningful sales and customer service results. Items don't stay in stock very long. The chain turns inventory about twice as fast as its competitors, thanks to strong help from online sales.

 

Fast-turning inventories are a sign a retailer is well managed, making it more attractive to investors. "The old, classic Nordstrom way is that if you sell more stuff, that compensates for any deficiency you may have in terms of technology," says Robert Spector. "They didn't want to replace the high touch with the high-tech. The challenge, not only for Nordstrom, but for other retailers, is how you strike that balance between having up-to-date systems and giving that personal service." "Traditional retailers have traditional ways of doing things," echoes Adrianne Shapira, Goldman Sachs retail analyst, "and sometimes those barriers are hard to break down." But Nordstrom's commitments to planning are paying dividends.

 

Source: Schermerhorn Jr., J.R., Bachrach, D.G. (2016) Nordstrom—"High Touch" with "High Tech". In Exploring Management (Cases for Critical Thinking).

 

Case Analysis Questions

 

Answer the following in up to 350 words each.

 

1.     Determine the specific planning objectives and measures Nordstrom could use to assess the success of its Web-based inventory integration.

 

2.     Explain how Nordstrom could make use of participatory planning for continuous improvements in areas such as product purchasing, floor displays, and sales associates' job satisfaction.


3.     Nordstrom wants to grow in a number of different areas.

 

Research one of its strategies and project it into the future. 


4     Refer back to one of Nordstrom's strategies for growth. 

 

What changes, revisions, or updates would you plan for the company? What stretch goals come to mind?


  

 

MGT230_r6_week1_amazon_case_study_analysis

Amazon.com Case Study Analysis

 

Amazon.com—Keeping the Fire Hot

 

Amazon.com has gained the No. 1 spot as the world's largest Internet retailer. But never content to rest on past laurels, CEO Jeff Bezos keeps introducing and upgrading Amazon products and services.

It's hard to keep pace with new versions of the Amazon Kindle Fire, Prime Instant Video TV, and movie content streamed on demand. There's a variety of cloud computer services. And, Bezos keeps increasing investments in new distribution centers staffed increasingly by robots. It's all part of a push to make Amazon the go-to choice for fast—even same-day—deliveries of as many of the products we consume as possible.

 

Decision Making and Innovation

 

From its modest beginning in Jeff Bezos's garage in 1995, Amazon.com has grown into the most megalithic online retailer. Bezos continues to diversify Amazon's product offerings and broaden its brand. Beyond simply finding more and more products and services to offer, he knows that he has to innovate in order to prevent his brand from becoming stagnant. No one is ever sure what will come next under Bezos's guidance. His guiding question is: "What kind of innovation can we layer on top of this that will be meaningful for our customers?"

 

Amazon's Kindle almost single handedly launched the ebook revolution. Also, Amazon Prime could be seen as a revolution. Prime members get free two-day shipping and discounted one-day shipping as well as access to Amazon Instant Video, movie, TV and music streaming, and free content. It's all designed to keep customers plugged into Amazon. Bezos calls Amazon Prime "the best bargain in the history of shopping, and it's going to keep getting better."

 

There's no shortage of competition. Amazon has squared off against Netflix, Apple, and Google in realms of both hardware and digital entertainment. It bought top-shelf audio book vendor Audible.com and later added shoe and clothing merchant Zappos.com. Then came acquisition of Boston-based Kiva Systems. Kiva's automated guided robots deliver product to workers at pick stations, allowing Amazon increased efficiency (and reduced labor costs) in its worldwide distribution centers.

 

Bezos as a Decision Maker

 

Rather than sticking to just the analytical step-by-step process, Bezos isn't afraid of informed intuition. He uses creativity, flexibility, and spontaneity when making key decisions. He seems comfortable with abstraction and lack of structure when making decisions and also isn't afraid to fail.

 

Seeming not to worry about current earnings per share, Bezos keeps investing to make his company stronger and harder to catch. Its millions of square feet of distribution fulfillment space keep growing domestically and around the globe. The firm's products and services are continuously upgraded and expanded. Drones are ready to fly Amazon deliveries to customers. But will these investments pay off? Is Bezos making the right long-term choices?

 

Even as Amazon's stock values fluctuate, Bezos still believes that customer service, not the stock ticker, defines the Amazon experience. "I think one of the things people don't understand is we can build more shareholder value by lowering product prices than we can by trying to raise margins," he says. "It's a more patient approach, but we think it leads to a stronger, healthier company. It also serves customers much, much better."

 

 

What's Next?

 

Amazon.com has quickly—not quietly—grown from a home operation into a global ecommerce giant. By forging alliances to ensure that he has what customers want and making astute purchases, Bezos has made Amazon the go-to brand for online shopping. After its significant investments in new media, services, and distribution, does the company risk losing its original appeal? Will customers continue to flock to Amazon, making it the go-to company for their each and every need?

 

Source: Schermerhorn Jr., J.R., Bachrach, D.G. (2016) Amazon.com—Keeping the Fire Hot". In Exploring Management (Cases for Critical Thinking).

 

Case Analysis Questions

 

Answer the following in up to 350 words each.

 

  1. Bezos once said: "Amazon may break even or even lose money on the sale of its devices." The company expects to recoup the money later through the sale of products, with a further boost from its annual Prime membership fee.

 

Explain how this strategy shows Bezos as a systematic and intuitive thinker.


2. It seems like everyone is streaming these days and there are a growing number of providers. Amazon is a player in the digital entertainment market, but hasn't taken a clear lead.

 

Determine, based on the strengths of the company, what decisions should be made to ensure that Amazon jumps ahead and becomes the "No. 1" source for digital content streams.


3. Compare the latest initiatives coming out of Amazon with those of the actual or potential competition.



4. Conclude whether or not Bezos is making the right decisions as he guides the firm through today's many business and management  challenges.


  

 

 


MGT230 Week-5 Final exam (34 out of 35 correct)

1)     leadership invites colleagues at the same level to solve problems together. 

·        

Collegial

·        

Horizontal

·        

Linear

·        

Lateral

 

 

2)     Planning involves which of the following?

·        

Implementing necessary changes

·        

Determining rewards for goals achievement

·        

Motivating employees

·        

Analyzing current situations

 

 

3)     Globaltech, a computer software company, is in the process of eliminating hierarchy levels in the organization.  Globaltech has carefully analyzed all of the positions in the company and strategically determined which positions to keep.  It plans to protect its most talented people and help the others with special attention.  Globaltech is beginning to​

·        

​downsize.

·        

​develop a new information system.

·        

​complete its retirement plan.

·        

​avoid cyclical hiring.

 

 

4)     Two out of three companies said they had broadened their diversity programs recently as a result of

·        

​Potential or actual discrimination lawsuits.

·        

​Decreased cultural distinctions.

·        

​Affirmative action.

·        

​Globalization.

 

5)     _________ trends regarding how people think and behave have major implications for management of the labor force, corporate social actions, and strategic decisions about products and markets.

·        

Technological

·        

Societal

·        

Economic

·        

Psychological

 

6)     Advances in genetic engineering and biotechnology are expected to produce some food products that will become available year-round even in northern climates. These changes will provide grocers with an opportunity to reduce their shipping costs while at the same time, offering fresher produce to their customers. These advances are an example of changes in the

·        

technological environment

·        

ecological environment

·        

political environment

·        

economic environment

 

 

7)     An organization with departmentalization that groups units around products, customers, or geographic regions is called a

·        

divisional organization

·        

matrix organization

·        

virtual organization

·        

centralized organization

 

8)     The correspondence between actions and words that include characteristics such as honesty and credibility is known as

·        

integrity

·        

self-confidence

·        

knowledge of the business

·        

drive

 

9) _______ is specifying the goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals.

·        

Leading

·        

Staffing

·        

Planning

·        

Organizing

 

10) Tactical planning would include which of the following?

·        

Human resources requirements

·        

Profit goals

·        

Return on investment

·        

Design, test, and install the equipment needed to produce a new product line

 

 

11) An aspect of the organization's internal environment created by job specialization and the division of labor is called

·        

specialization

·        

differentiation

·        

integration

·        

division of labor

 

 

12) An evaluation of the effectiveness and efficiency of various systems within an organization is called a(n):

·        

​Budget audit.

·        

​Management audit.

·        

​Internal audit.

·        

​External audit.

 

 

13) Your manager is speaking to a group of employees about a problem in your department. Employees are not complying with the rules regarding clocking in and clocking out each day. The rules in this situation are very important as employees will not receive their correct pay if the clocking procedures are not followed. There are three suggestions being considered to address this problem.

 

1.   Employees will be monitored at the entrance during shift changes to make sure that each complies with the procedure.

2.   Reports will be reviewed at the end of each pay period. The reports will contain data tracking the number of employees not complying with the procedures each shift. Employees violating the procedure will be counseled to correct the problem.

3.   A new procedure will be developed describing an easier procedure for employees to follow. Training will be conducted so that each employee knows the policy and the procedure before it is enacted.

 

Option 1 describes which approach to bureaucratic control?

·        

Feedback

·        

Concurrent

·        

Market

·        

Feedforward

 

 

14) Behavior that gives purpose and meaning to organizations, while envisioning and creating a positive future, is known as

·        

organizational leadership

·        

supervisory leadership

·        

task leadership

·        

strategic leadership

 

 

15) Which of the following statements about matrix organizations is true?  

·        

A matrix organization is the same as a functional organization.

·        

A matrix organization is considered out-of-date compared to the organic organization.

·        

A matrix organization is a hybrid of the functional and divisional organizational forms.

·        

A matrix organization is the same as a product organization.

 

 

16)  The trait known as leadership motivation suggests that great leaders

·        

can motivate others to work hard

·        

can motivate others to become leaders

·        

want to lead

·        

can motivate others to join

 

 

17)  In the study by Lawrence and Lorsch, companies in complex, dynamic environments developed _____ levels of differentiation; and _____ levels of integration.

·        

low; low

·        

low; high

·        

high; low

·        

high; high

 

 

18)  Once a problem is identified and properly diagnosed, the next stage in the decision making process involves:​

·        

​Generating alternative solutions.

·        

Evaluating consequences.

·        

Evaluating the decision.

·        

Evaluating alternatives.

 

 

19)  Giving exposure and experience in line jobs to a wide range of employees in order to make senior management positions more available to them is known as​

·        

​forming a support group.

·        

​career development.

·        

​systems accomodation.

·        

​mentoring.

 

 

20)  Suppose you are interviewing the CEO of a large company. The CEO is telling you about his or her job as a manager and how he or she spends time. Using the description below, which function of management is the CEO most likely describing in this example?

 

"My job, for some part of each day, is to empower our employees to think of things in new and different ways, not just to come to work and complete the tasks on a list." 

·        

Leading

·        

Controlling

·        

Organizing

·        

Decision making

 

 

21)  Your organization faces an ethical question. There has been a problem with your accounting process that has resulted in lower profits being reported than were actually earned. You are attending a meeting where senior management is deciding how to handle the situation. The people at the table have varying views of what action to take and why. John wants to report the error immediately because he believes that it is the right thing to do and that will keep them all out of jail. Bruce wants to report the error because it is the honest thing to do. After hearing his colleagues' opinions, Carlos says he wants to report the error as well because he believes the group is right.

 

Carlos is using which ethical system for his decision making?

·        

Relativism

·        

Virtue ethics

·        

Utilitarianism

·        

Universalism

 

22)  Leaders who relate to others to serve their needs and enhance their personal growth while strengthening the organization are known as

·        

lateral leaders

·        

servant-leaders

·        

bridge leaders

·        

shared leaders

 

23)  The moral principles and standards that guide behavior in the world of business are called​

·        

​business philosophy.

·        

​business principles.

·        

​business ethics.

·        

​business development.

 

 

24)  The management function of _______________ is specifying the goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals. 

·        

​leading

·        

​planning

·        

​strategizing

·        

​organizing

 

 

25)  The basic goal of managing diversity is to

·        

enhance organizational cohesiveness

·        

understand and value employee differences

·        

treat all people the same

·        

increase the numbers of ethnic minorities in business

 

 

26)  The targets or ends the manager wants to reach are called

·        

goals

·        

missions

·        

visions

·        

strategies

 

 

27)  Managers have more ________ over their subordinates than they do over their peers and bosses.

·        

​referent power

·        

​expert power

·        

​legitimate power

·        

coercive power

 

 

28)  A leadership perspective that attempts to identify what effective leaders do and the behaviors they exhibit is referred to as the

·        

transformational leadership

·        

strategic approach

·        

behavioral approach

·        

trait approach

 

 

29)  Authority is defined as​

·        

​The assignment of new or additional responsibilities to a subordinate.

·        

​The procedures that link the various parts of the organization to achieve the organization's overall mission.

·        

​The legitimate right to tell other people what to do.

·        

​The expectation that staff will take corrective action when necessary.

 

 

30)  Senior managers at ZebraCorp, a manufacturer of striped leather sofas, have been working with a consultant to implement ISO9001.  They have established a vision and goals, and have been working hard to establish trust with their employees.  Given this scenario, ZebraCorp can be said to have strong​

·        

​information and analysis.

·        

​strategic quality planning.

·        

​process quality management.

·        

​leadership.

 

 

31)  The two dimensions upon which the competing-values model of culture is define are

·        

​flexibility vs. control AND internal vs. external focus of the organization.

·        

​leadership type vs. levels of hierarchy.

·        

​level of environmental scanning vs. level of environmental influence.

·        

​levels of hierarchy vs. levels of empowerment.

 

 

32)  The internal analysis component of the strategic management process assesses the organization's

·        

performance levels

·        

competitors

·        

product substitutions in the market

·        

industry growth rate

 

 

33)  Sports International (SI) began business by making shoes for athletes. They soon expanded into making shoes for non-athletic purposes. They now manufacture and distribute clothing, sporting equipment, and protective sports gear worldwide. They are departmentalized by products sold to serious athletes, products sold to "weekend" athletes and products sold to sports teams. SI has utilized which form of departmentalization?

·        

Geographic

·        

Customer 

·        

Matrix

·        

Functional

 

 

34)  Which of the following is a step in the decision-making process?

·        

Delegating a task

·        

Good business planning

·        

Evaluating the decision

·        

Generating an idea

 

 

35)  Suppose you face a question regarding how to handle a defective piece of equipment that your company sold. To tell the customer would cost you a substantial amount of money but if the equipment fails, it could lead to serious injury of the customer. You are going to choose between three options presented by colleagues:

 

1. Option 1: Keeping quiet about the defect.

2. Option 2: Review company policy, industry practices, and advice from colleagues.

3. Option 3: Disclose the defect and suggest alternatives to eliminate the risk of injury.

 

Option 3 employs which ethical approach?        

·        

Universalism

·        

Virtue ethics

·        

Relativism

·        

Egoism