MEGA REVIEW DOCUMENT 2025 PDF

Business Leadership Unit 1: TWO TOPICS, managerial skills and organization structures. 1. Management Skills Planning ○ how to get to the goal Organizing ○ organizing teams, resources towards the goal Leading ○ motivate people Controll...

Business Leadership Unit 1: TWO TOPICS, managerial skills and organization structures. 1. Management Skills Planning ○ how to get to the goal Organizing ○ organizing teams, resources towards the goal Leading ○ motivate people Controlling ○ monitor results Mintzberg’s 10 managerial roles Interpersonal Roles Informational Roles Decisional Roles How a manager Managing information How a manager uses information interacts with other Monitor- scanning in decision making people for information Entrepreneur Figurehead Disseminator- Disturbance handler ○ Sets the goals shares information ○ taking corrective and policies Spokesperson- action Leader official communicator Resource allocator Liaison Negotiator ○ Coordinates and talks to others within the company Katz’s Essential Managerial Skills Conceptual (Problem solving) Human (interpersonal) Technical (expertise) Ability to break down The ability to work The ability to apply problems into smaller well in cooperation expertise and perform a problems to solve it with other persons special task with proficiency Top Manager Middle Manager First-Line Manager Front-Line Worker/ Supervisor Non-Managerial Workers Team leader Make “big report to top someone in charge of a Carry to the day to day tasks, picture” managers while small work group report to supervisors decisions- being in charge of composed of responsible for relatively large non-managerial performance of departments or workers. an organization divisions as a whole or for Plant manager, SUPERVISE FRONT one of its larger human resource LINE WORKERS AND parts. director, deans in TRAIN universities Eg. CEO,COO,CFO, Vp of Marketing Characteristics of managerial work … Managers work long hours. Managers work at an intense pace. Managers work at fragmented and varied tasks. Managers work with many communication media. Managers work largely through interpersonal relationships 2. Organization Mission statements - TODAY Visionary statements - FUTURE Tall, flat structures ○ Tall: Each person controls fewer people (narrow span of control) Tend to be more rigid (more rules-based) Less freedom to employees ○ Flat: Wider spans of control (there are fewer bosses but each one controls more people) Tends to be less rigid, more freedom Organizational Theory Max Weber invented a theory that believed that hierarchy is the most important within a successful organization. Each person must have specialized tasks. This is called division of labour. Unit 2 (3 QUESTIONS WILL BE GIVEN) 1. Teamwork Synergy: maximizing collaboration to achieve above and beyond the goal Belbin’s Team Roles: a checklist to confirm you have the correct mix of people (8) Coordinator, shaper, innovator, monitor, implementer, resource investigator, team work, completer, specialist. Coordinator: person who sets the agenda and makes the team Shaper: tries to influence group decisions (usually extroverted) Plant/innovator: generates ideas to solve problems Monitor/evaluator: analytical and objective, gives criticism Implementer: turns ideas into action Resource investigator: find required resources and tries to find out what competition is up to Team worker: brings team together to sort out any interpersonal issues Completer/finisher: tries to get the job done at any cost; ensures quality Specialist: technical expert in the field Tuckman's stages of group development Forming - initial orientation and interpersonal testing Storming - conflict over task and ways of working as a team Norming - Attempting to work effectively around task and operating agendas Performing- teamwork and focused task performance Adjourning - task accomplishment and eventual disengagement How forming build teams Establishes relationships, members begin to understand each others backgrounds and personalities which lay groundwork for trust Clarifying goals, allows everyone to align on a common purpose Creating a safe environment which ` open communication and fosters a sense of belonging Norming builds team by Developing trust and cooperation, as members become more familiar with each other, trust builds, leading to collaboration and support Establishing norms and roles: agreement on acceptable behavior, roles and responsibilities Group process The way the members of any team work together as they transform inputs (e.g., people, talents, materials, resources) into outputs (e.g., a finished product, a result) 2. Business communication Documentation for effective communication Memorandums (Memos) E-mails Letters Presentations Biases from perception, why people may not accept their mistakes Fundamental Attribution Error ○ blaming on self Self-Serving Bias ○ blaming on external factors Stereotyping Halo Effect ○ one good trait equates to being perfect Selectivity ○ Only seeing what you want to see based on your beliefs, values, or need Projection 3. Leadership/Management Styles, Theories MANAGEMENT STYLES Autocratic: best for crisis situations, clear direction, lower morale, stifle creativity, create dependency Laissez faire: best for creative/research fields, Democratic leadership: commitment to task and people, participation in decision making, best for complex projects that require diverse expertise, when team members are competent and knowledgeable, to build trust and morale, time consuming, may lead to indecision. Transactional:based on exchanges between leaders and followers, followers received rewards for meeting objectives or punishments for failing , reward/punish their employees for their efforts Visionary/transformational leadership: leaders inspire and motivate team to achieve a shared vision, leader brings a clear and compelling sense of the future. It inspires innovation, builds strong company culture, and high employee engagement. However, it can be emotionally draining and may neglect short term objectives MANAGEMENT THEORIES - Blake and Mouton Leadership Grid Team management - High task concern, high people concern - Fosters armstrong team culture and support professional development Authority obedience management (task management) - Lack of concern for people, high task concern Country Club management - High people concern, low task concern - Managers might organize social events and focus on team bonding - Lack of accountability for the manager Impoverished management - Low task concern, low people concern - Managers show little interest in either the team’s well being or the task at hand - Only attends meeting to fulfill obligations and avoids making decisions Middle of the road manager - Non committal for both task concern and people concern - This leader tries to balance team relationships and task completion but ends up achieving only moderate success in both areas. - Team may perform adequately, but not exceptionally. Hershey Blanchard’s Situational Leadership - There's no single best way to be a leader, you have to modify your leadership style based on employee readiness and maturity. - How ready your employees are, are how mature your employees Telling, followers unable, unwilling, insecure, high task low relationship style Selling, followers unable, willing, confident, high task, high relationship style, leader explains decisions Participating, followers able, unwilling, insecure, moderately mature, lazy, low task, high relationship style Delegating, followers able, willing, confident, motivated and mature, low task, low relationship style, leader allows group to take responsibility for decisions LEADERSHIP THEORIES Classical: Scientific, Fayol’s administrative principles and Weber’s Bureaucratic Organization Fayol. Essentially, managers should command and control people towards one common goal to ensure efficiency. managers: Authority, Unity of Command, Unity of Direction, Centralization, Scalar Chain, Order, Equity. ACCDOSE employees: division of labour, discipline, Subordinate Interests: company interest, Renumeration, Personnel Tenure: No turnover, Initiative, Espirit de corps: cohesion in the organization PIEDDSR RULES: FORESIGHT, ORGANIZATION, COMMAND, COORDINATION AND CONTROL Weber Organizations should be more efficient. Clear tasks, authority, and rules are needed to reach an organization’s potential. essentially, higher authority controls lower Too many people in authority positions are only there because of social standing; not because of their skills. Clear division of labor, Clear hierarchy of authority, Formal rules/procedures, Impersonality, Careers based on merit IMLAR Disadvantages Rigid to continually changing needs Resistant to the ideal of change Creates apathetic (uncaring) employees Modern: Drucker, Theory Z, PW Theory Z: japanese and western management, takes a slow approach to management, promotions and employees stay there long term, democratic PW: Managers should analyse and observe their employees to see their needs to motivate them. consider the feelings of them, lead to productivity. 360 feedback, recognition of success, transformational, walking abt Druker: customers is the main focus, manage by objectives, set-plan-motivate-complete Human: Argyris, Maslow’s Hierarchy of Needs, Hawthorne Studies, McGregor’s Theory X and Theory Y Maslow: From bottom to top Physiological → Safety → Love → Self Esteem (respect from others) → Self Actualization (morality, creativity, achieving one's true potential) Hawthrone→ Human supervision and relationships drive motivation in employee productivity Arygris → Treat employees like adult, don’t be immature manager Theory x and y → X, managers believe employees are lazy and only motivated by money, Y is the opposite, believing that they are motivated Leadership Moulds Superleaders - Introduced by Charles Manx and Henry SIms Jr, which focuses on empowering individuals to take charge of their own actions and decisions Charismatic leader - Uses communication skill, persuasiveness and charm to help them get the most out of everyone - Work within the status quo, rather than new vision Issues current leaders are facing today - Emotional intelligence, the ability to manage themselves their relationships effectively - Ability to recognize, understand, manage and influence emotions in oneself and others - Moral leadership *in the exam* - Leadership based on morals, a clear moral compass, being transparent, being accountable - Example of a person with moral leadership - Pierre Trudeau - Importance of moral leadership - Leaders have a moral obligation to build performance capacity by awakening people’s potential - Long-term, sustainable success requires ethical behavior - Moral leadership builds trust and credibility - Gender and leadership Motivation - the internal and external factors that influence a person's drive Reward Intrinsic reward, internal satisfaction Extrinsic rewards: tangible benefits provided to individuals by external sources ex. promotions Needs Humans are motivated by their needs Unfulfilled physiological and psychological dreams of an individual Motivation theories Herzberg’s two factor theory (aka motivation hygiene theory) Suggests that there are two distinct sets of factors that influence employee motivation and job satisfaction - Hygiene (dissatisfaction) - Do not necessary motivate employees with present - Motivator - Factors that lead to job satisfaction and motivate individuals to perform better McClelland’s Acquired Needs Theory Suggests that individuals are motivated by three primary needs that are acquired over time through experiences and socialization - Need for achievement - High need for achievement, seek and excel accomplish tasks, solve problems, and do better or more efficiently - Need for affiliation - Desire to establish and maintain friendly and warm relations with other people. Motivated by a desire to belong, be accepted and maintain harmonious relationships with others - Need for power - People who want power seek to influence, control, lead and have impact on others - Personal power, social power Understanding an individual's dominant need can help managers tailor their motivation strategies. Unit 3 1. Change management  Top down change ○ FROM TOP MANAGER, IMMEDIATE CHANGES, LOWER AND MIDDLE WORKERS WORK TOWARDS IT ○ DISADVANTAGE? NO EMPLOYEE SUGGESTION AND INNOVATION bottom up change ○ FROM BOTTOM EMPLOYEES, OVERALL ORGANIZATION- CREATES INNOVATION ○ DISADVANTAGE? LACK OF STRUCTURE AND CONFUSION, CAN BE SLOW… integrated change ○ ADVANTAGES OF BOTH, IDEALLY BEST WAY Degree of change Transformational change ⎯ major and comprehensive redirection. Incremental change ⎯ adjusting existing systems and practices. Stages Of Change Unfreezing ○ The phase in which a situation is prepared for change and needs for change are developed. Changing ○ The phase in which something new takes place in the system, and change is actually implemented. Freezing ○ The phase of stabilizing the change and creating the conditions for its long-term continuity. Strategies to change Force-coercion ○ Uses power bases of legitimacy, rewards, and punishments to induce change. Rational persuasion ○ Bringing about change through persuasion backed by special knowledge, empirical data, and rational argument. Shared power ○ Engages people in a collaborative process of identifying values, assumptions, and goals from which support for change will naturally emerge.  1. 2. Why might people fear change? unknown breaking the routine scared of losing position poor communication 2. Business strategies Porter’s Generic Strat 1. Focused differentiation - concentrates on a NICHE MARKET, and appeals through product 2. Differentation - where the organizations resources and attention are directed toward making its products appear different from those of the competition 3. Focused cost leadership - LOWEST COST IN THE INDUSTRY 4. Cost leadership - organization’s resources and attention are directed toward minimizing costs to operate more efficiently than the competitions Porter’s five forces 1. Rivalry/Competition 2. Substitute 3. Consumer bargaining power 4. Supplier bargaining power 5. New entrants SWOT analysis, strengths, weaknesses, opportunities and threats PESTLE - political, economic, societal, technological, legal, environment BCG Matrix Star - high market share and growth Question mark - low market share (who will buy?), high growth in industry Cash cow - High market share, low growth Dog - low market share low growth 3. Control Types of control: Feedforward, Concurrent, Feedback ○ ensures that directions and resources are correct before the work begins ○ focuses on what happens during the work process ○ takes place after an action is completed, post-action controls 3. Input standard, 2. Monitor, 3. Compare Results (Historical, Engineering, Relative) 4. Corrective Action SMART GOALS 4. Planning Rational Comprehensive Planning (RCP) ○ Focuses on logical decision-making approach ○ Statistical (mathematical option) ○ Easy to understand, not realistic Incrementalism ○ Look at policy that differs incrementally from existing policies planning method Budget Forecast Contingency Scenario Benchmark Participatory