Examples of Buy-in in the following topics:
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- Especially effective under strict time and resource constraints and in highly-specified projects, this approach adheres to the status quo and employs a form of management that pays close attention to how employees perform their tasks.
- A transformational approach focuses on individual strengths and weaknesses of employees and on enhancing their capabilities and their commitment to organizational goals, often by seeking their buy-in for decisions.
- Transactional leaders reward and punish in traditional ways according to organizational standards; transformational leaders attempt to achieve positive results from employees by keeping them invested in projects, leading to an internal, high-order reward system.
- Transactional leaders appeal to the self-interest of employees who seek out rewards for themselves, in contrast to transformational leaders, who appeal to group interests and notions of organizational success.
- Differentiate between transactional leaders and transformational leaders in a full-range approach, particularly from a behavioral perspective
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- Organizations need to be productive in order to achieve their goals.
- While leadership is normally static in a hierarchical environment, high-performance teams benefit from shared leadership by utilizing the different talents and perspectives of each team member in the decision-making process.
- Culture is defined by creating its own consciousness in an organization, indicating shared norms and values.
- These shared values are central elements of the organization, as they generate buy-in and dedication from employees.
- In short, shared values are key to creating strong team dynamics.
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- In his observations, Kotter concluded that the organizations that are the most successful in implementing change go through the following series of eight steps.
- Communicate for buy-in: Involving as many people as possible, managers must communicate the essentials and appeal and respond to people's needs.
- Create short-term wins: Managers must set aims that are easy to achieve in manageable chunks.
- A step in Kotter's model of change is to celebrate short-term wins while working toward an overall goal of change.
- Employ John Paul Kotter's eight step model to outline steps toward smooth and efficient change in an organization
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- A business must practice ethics in organizational communication to establish and maintain a positive image.
- In these tools, the use of corporate jargon should be limited; its content should be easily accessible for both internal and external stakeholders.
- In order to be truly effective, a company's ethics must not only be articulated in static documents such as an employee handbook but should also be incorporated into multiple aspects of a company's culture and internal communication.
- For example, if a company can certify their product as "green," customers may be more willing to buy it than one that has not been certified because they perceive the "green" product to be of higher value.
- This may instill a sense of faith and goodwill in customers and cause them not only to feel better about buying the product in the first place but also to feel better about buying it again in the future.
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- Researching the failure of companies, such as Best Buy and Home Depot in China, and bench-marking this against the success of Pizza Hut or BMW, provides substantial insights as to the importance of localization to global managers.
- The figure (see ) highlights the remarkable growth rates in developing economies such as China, but fails to note the human rights and legal complications for multinationals in approaching these markets in an ethical manner.
- With lower standards of livings in certain regions, as well as differences in capitalistic philosophies and legalities, sensitivity to cultural differences is absolutely crucial in sidestepping the pitfalls of merging cultures that contradict one another.
- Researching the failure of companies, such as Best Buy and Home Depot in China, and bench-marking this against the success of Pizza Hut or BMW, provides substantial insights as to the importance of localization to global managers.
- This graph shows growth in gross domestic product in various advanced economies, accumulated over the periods 1990–1999 and 1990-2006.
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- In strategic management, it often refers to the mergers and acquisitions of many smaller companies into much larger ones.
- Mergers and acquisitions (M&A) are aspects of corporate strategy, corporate finance, and management that deal with the buying, selling, dividing, and combining of different companies and similar entities.
- The distinction between a "merger" and an "acquisition" has become increasingly blurred in various respects (particularly in terms of the ultimate economic outcome), although it has not completely disappeared.
- In an acquisition, one organization buys out another, with the acquired company usually placing its processes under the brand name of the acquirer.
- Both companies' stocks are surrendered and new company stock is issued in its place.
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- For example, Starbucks must regularly buy a huge volume of coffee beans.
- This refers to a series of events in production in which inputs of different quality and quantity are combined into products of different quality and quantity.
- Income distribution - Income distribution process refers to a series of events in which the unit prices of constant-quality products and inputs change, causing an alteration in the income distribution among those participating in the exchange.
- The magnitude of the change in income distribution is directly proportionate to the change in the price of the outputs and inputs and to their quantities.
- Market value process refers to a series of events in which investors determine the market value of the company in the investment markets.
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- In this state, available profits for all firms are driven to normal profit rates.
- Ideal industries will have low threats from each of these forces (i.e., low buy power, low rivalry, low risk of new entrants, etc.).
- This results in many new competitors and eventually decreases profitability for all firms in the industry.
- Take transportation as an example: General Motors (GM) would view city subways as a substitute to someone buying a new car.
- An important question to ask is: "What will make a company able to compete in this environment?
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- In assessing the current understanding of cultural differences in decision making, it is important to consider first the three decision-making models:
- In this model the assumption is that cultural inclinations are omnipresent, and will emerge in all contexts.
- Peer Pressure - While this is a common term in other contexts, in this context the idea of peer pressure refers to collectivist cultures, who are more apt to align their actions and decisions with that of the society at large.
- Indeed, more dogmatic cultures are less likely to feel the need to explain their decisions (i.e. which cola to buy), and thus arrive at conclusions differently.
- This is, in many ways, a contrast to peer pressure.
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- Prominent social innovators include Bangladeshi Muhammad Yunus, the founder of Grameen Bank, which pioneered the concept of microcredit for supporting innovators in multiple developing countries in Asia, Africa, and Latin America.
- On occasion, it also overlaps with innovation in public policy and governance.
- The act of social innovation in a sector encompasses diverse disciplines within society.
- There are many examples of social innovation making a meaningful difference across the globe—from huge organizations like the Bill and Melinda Gates Foundation funding multinational initiatives to small groups of community leaders collecting money to help buy new high school textbooks.
- Prominent social innovators include Bangladeshi Muhammad Yunus, the founder of Grameen Bank, who pioneered the concept of microcredit for supporting innovators in multiple developing countries in Asia, Africa, and Latin America.