Irhr Study Notes
HINT 1 – Hofstedes cultural dimensions – know them – in textbook
HINT 2 – Porter’s five forces model – know model – in textbook
HINT 3 – Contingency Factors
HINT 4 – Differences between content and process theory (motivation)
HINT 5 – Know one leadership theory really well
(Look on blackboard for topics not covered today – worksheets are provided)
Topic 1: The environment and organisational culture
Four external factors impacting managerial decisions in the specific environment: 1. Customers: managers must meet needs of customers, also keep up with consumer demand 2. Suppliers: Affects the cost of production, need a steady inflow of supplies at a low cost, availability of supplies also matters 3. Competitors: Managers must consider price wars, price collusion, 1st mover advantage 4. Pressure groups: public groups affect managerial decisions e.g. sustainability -> green peace
List the six conditions that influence the general environment: 1. Economic conditions: inflation, tax, Global Financial Crisis, interest rates within financial institutions -> higher interest rates when borrowing money means that business will borrow less money. 2. Political/Legal conditions: laws within country affect business, and the differences in operation between countries. 3. Sociocultural conditions: The way society shifts to accommodate trends 4. Demographic conditions: age groups, gender, sex, religion, education 5. Technological conditions: Rapid change in tech affects cost of equipment, more depreciation. Also need to accommodate change through training staff to use new technology. 6. Global conditions: Exchange rate, importing and exporting goods.
What is organisational culture?
The shared values, principles, traditions and the ways of doing things that influence the way organisational members act.
How might managers promote an ethical culture?
(Pg.107 in textbook) * Be a visibly good role model *
HINT 2 – Porter’s five forces model – know model – in textbook
HINT 3 – Contingency Factors
HINT 4 – Differences between content and process theory (motivation)
HINT 5 – Know one leadership theory really well
(Look on blackboard for topics not covered today – worksheets are provided)
Topic 1: The environment and organisational culture
Four external factors impacting managerial decisions in the specific environment: 1. Customers: managers must meet needs of customers, also keep up with consumer demand 2. Suppliers: Affects the cost of production, need a steady inflow of supplies at a low cost, availability of supplies also matters 3. Competitors: Managers must consider price wars, price collusion, 1st mover advantage 4. Pressure groups: public groups affect managerial decisions e.g. sustainability -> green peace
List the six conditions that influence the general environment: 1. Economic conditions: inflation, tax, Global Financial Crisis, interest rates within financial institutions -> higher interest rates when borrowing money means that business will borrow less money. 2. Political/Legal conditions: laws within country affect business, and the differences in operation between countries. 3. Sociocultural conditions: The way society shifts to accommodate trends 4. Demographic conditions: age groups, gender, sex, religion, education 5. Technological conditions: Rapid change in tech affects cost of equipment, more depreciation. Also need to accommodate change through training staff to use new technology. 6. Global conditions: Exchange rate, importing and exporting goods.
What is organisational culture?
The shared values, principles, traditions and the ways of doing things that influence the way organisational members act.
How might managers promote an ethical culture?
(Pg.107 in textbook) * Be a visibly good role model *