MGMT10002 Study Guide - Final Guide: Swot Analysis, Crisis Management, Cost Leadership
19 Jun 2018
School
Department
Course
Professor
PRINCIPLES OF MANAGEMENT: Course overview
Foundations of management:
Scientific management
-Mechanical
-Known set of tasks
-One right way of doing something
Human relations
-Organic and physiological
-Needs emotional investment from employees for full investment in tasks
External Environment and organisational planning:
General environment:
Has the potential or affect organisation
-PEST (Political, Economical, Socio-cultural and Technological)
Task environment:
Effects organisation daily
-Competitors, transaction partners, stakeholders.
When planning for a turbulent environment consider contingency/scenario planning, crisis management planning and
decentralised emergent planning.
Management by objectives (MBO):
1. Set goals
2. Develop action plans
3. Review progress
4. Appraise overall performance
Strategy and decision-making:
Strategic management: Refers to the set of decisions and actions used to formulate and implement strategies (or plans)
that aim to give an organisation its competitive advantage ( what sets the organisation apart and gives it its edge
in the market).
SWOT analysis:
Business-level strategy:
Porters generic “trade-off” strategies to gain a competitive position in the market and outperform competitor’s:
-Differentiation (competing on quality)
-Cost leadership (competing on price)
-Focus (competing via specialisation)
Porters 5 forces:
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Needs emotional investment from employees for full investment in tasks. When planning for a turbulent environment consider contingency/scenario planning, crisis management planning and decentralised emergent planning. Management by objectives (mbo): set goals, develop action plans, review progress, appraise overall performance. Porters generic trade-off strategies to gain a competitive position in the market and outperform competitor"s: Porters 5 forces: threats of potential entrants; 2. competitive rivalry; 3. Identify problem: monitor environment, define problem (and associate decisions), specify decision objectives, analyse problem. Solve problem: identify/develop alternative solutions, evaluate alternatives, choose best alternatives. Bounded rationally: intention to be rational", heuristics- based judgement. Problemistic search: limited attention and search effort, sequential evaluation of options. Politics and chaos: coalition formation and political bargaining, solutions looking for problems. Stable, consistent and precise preferences; heroic attentional and computational capacities; behaviour driven by expectation of consequence. Actor: embedded actor, changing and inconsistent preferences, limited cognitive capacities; behaviour driven by routine, rules.
