Fundamental drivers of competitive advantage
Speed, innovation, service, sustainability, cost competitiveness, quality
Effectively creating ____ requires full considering a new/challenging set of stakeholders and issues
By _____ managers make sure the org resources are being used as planned and that the org is meeting its goals such as quality and safety
Which of the four managerial functions are most necessary for managers to devote adequate attention and resources?
Planning, organizing, leading, and controlling
Why is it important in a business career to be both a specialist and a generalist?
Being a spec. provides specific skills that help you provide concrete, identifiable value to your firm and customers, generalist over time gives knowledge about a variety of business disciplines so you can think strategically with different perspectives
the key to success of a company is the _____ advantage the company holds and how well the company can sustain the advantage
knowledge management supports ____ across boundaries
Frontline managers are AKA
operational managers, supervisors, lower-level managers
traditional functions of management
controlling, organizing, planning, leading
three essential skill categories include:
technical, conceptual and interpersonal
Major waves of change that are part of the challenges of managing in the new competitive landscape
globalization, importance of knowledge/ideas, collaboration across org boundaries, technological change
companies must realize the need to serve the _____ drives everything
the best managers achieve high performance by focusing on:
efficiency and effectiveness
_____ is the effort to minimize the use of resources, esp those that are polluting/non renewable
____is the process of working with people and resources to accomplish org goals.
____describes the monetary amount associated with how well a job, task, good, or service meet’s users needs
roles/ responsibilities of a successful manager
focus on customers (internal/external), knowledge of all business functions, coordinate resources and do real work with lower people, accountable for results, think strategical, translate strategies into objectives
factors that drive successful performance for a company, ultimately leading to competitive advantage
Quality, service, innovation
in order to improve better customer experience, Detroit institute of arts did:
ID ways to customize services, ID ways to make experience more pleasant, analyzed types of customer interaction that occur in a museum
frontline managers are:
lower-level managers who supervise operational activities of an org
organizing activities include
marshalling/allocating resource, grouping jobs into work units, attracting ppl to org, specifying job responsibilities
A____exective would be responsible for overall management and effectiveness of the org
_______ is the excellence of a product, whether its goods or services
a ______ skill is the ability to perform a specialized task that involves a certain method or process.
3 types of skills needed to be an effective manager?
Conceptual/decision skills, tech skills, interpersonal/communication skills
____ is the intro of new goods/services
qualities of total quality management
preventing defects before they occur, achieving zero defects in manufacturing, operating with a philosophy of continuous improvement, designing products for quality
speed refers to fast and timely execution, response and_____of results
what is the management function of specifying the goals to be achieved and deciding in advance the appropriate actions to achieve these goals?
practices aimed at discovering/harnessing an orbs intellectual resources are called:
skills pertaining to the ability to ID and resolve problems for the benefit of the org and its members are called:
conceptual and decision skills
to be _____ is to achieve org goals. to be____is to achieve goals with min. waste of resources
managers located in the middle layers of the org hierarchy, reporting to the top level execs are called
mid-level managers. duh.
What are ways quality can be measured?
product performance, conformance to standards, durability, customer service, aesthetics, reliability
role of knowledge management in successful innovation
capitalize on ppls expertise, find intellectual assets of ppl, help ppl colloboate/learn, help ppl generate and develop ideas into innovation
over time, individuals should learn to be a _____, knowing enough about a variety of business disciplines so they can think strategically and work with different perspectives
the management function of systematically making decisions
definition of controlling
monitoring performance and making needed changes
helps a company gain a competitive advantage
cost competitiveness, speed, quality, innovation, service
____means giving customers what they want or need, when they want it
3 essential categories of skills for successful manager
interpersonal/communication skills, technical skills, conceptual and decision skills
_____ is stimulating people to be high performers
cost _______ means keeping costs low enough so that the company can realize profit and price its products at levels that are attractive to the consumer.
____is giving people what they want or need when they want it
what is the role of knowledge management in modern business?
help people generate new ideas, develop new ideas into successful innovations, help people collaborate and learn, find human assets
three essential skill categories are
technical, interpersonal and conceptial
____ is the intro of new goods/services
components of total quality management
operating w/ philosophy of continuous improvement, preventing defects before they occur, achieving 0 defects, designing products for quality
assembling /coordinating human, financial, informational and other resources need to achieve goals is called_____
ways that wal mart manages its workforce to increase cost competitiveness?
computerized schedule based on store sales, transactions, units sold and customer traffic, schedule just enough workers, require employee flexibility
Cost Competitiveness involves:
lowering costs to increase profits. Cost competitiveness means keeping costs low enough so that the company can realize profits and price its products (goods or services) at
levels that are attractive to consumers.
Interpersonal and communication skills are sometimes known as:
people skills. Interpersonal and communication skills influence the manager’s ability to work well with people. These skills are often called people skills. Managers spend the great majority of their time interacting with people, and they must develop their abilities to lead, motivate, and communicate effectively with those around them.
The planning function for the new business environment is described as:
delivering strategic value.The planning function for the new business environment is more dynamically described as delivering strategic value.Planning is specifying the
goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals.
Which of the following is true of the common practices of successful executives?
They take responsibility for decisions. Successful executives ask “What needs to be done?” not just “What do I want to do?”They take responsibility for decisions. This requires
checking up, revisiting, and changing if necessary.
Which of the following occurs when a person rises higher in a company?
Conceptual skills become more important than technical skills. Technical skills are most important early in a person’s career. Conceptual and decision skills become more important than technical skills as one rises higher in the company. But interpersonal skills are important throughout one’s career, at every level of management.
Which of the following is a characteristic of the management function of controlling?
Monitoring performance and making necessary changes. The fourth function of management, controlling, monitors performance and implements necessary changes. By controlling, managers make sure the organization’s resources are being used as planned and the organization is meeting its goals such as quality and safety.
Managers who have to create and articulate a broad corporate purpose with which people can identify, and one to which people will enthusiastically commit are known as:
top-level managers. Traditionally, the role of top-level managers has been to set overall direction by formulating strategy and controlling resources. But now top
managers are more commonly called on to be not only strategic architects but also true organizational leaders. As leaders, they must create and articulate a broader corporate purpose with which people can identify—and one to which people will enthusiastically commit.
______is one of the ongoing challenges that characterize the current business landscape.
Technological change. The four ongoing challenges that characterize the current business landscape are globalization, technological change, the importance of
knowledge and ideas, and collaboration across organizational boundaries.
The skills of understanding oneself, managing oneself, and dealing effectively with others is called:
emotional intelligence. Businesspeople often talk about emotional intelligence, or EQ—the skills of understanding oneself (including strengths and limitations),
managing oneself (dealing with emotions, making good decisions, seeking and using feedback, exercising self-control), and dealing
effectively with others (listening, showing empathy, motivating, leading, and so on).
_____ means keeping costs low enough so that the company can realize profits and price its products at levels that are attractive to customers.
Cost competitiveness. Cost competitiveness means keeping costs low enough so that the company can realize profits and price its products (goods or services) at
levels that are attractive to consumers.If a firm can offer a desirable product at a lower price, it is more likely to sell.
Companies that want to grow often:
tap into international markets where incomes are rising and demand is increasing.
One of the key activities of an operational manager is:
creating and pursuing new growth opportunities for the business. Frontline managers, or operational managers, are lower-level managers who supervise the operations of an organization. One of the key activities of an operational manager is creating and pursuing new growth opportunities for the business.
Which of the following is true of the modern approach to quality?
It focuses on preventing defects before they occur. W. Edwards Deming, J. M. Juran, and other quality gurus convinced managers to take a more complete approach to achieving total quality. This includes preventing defects before they occur, achieving zero defects in manufacturing, and designing products for quality.
Which of the following is one of the most important processes of knowledge management?
Planning. One of the most important processes of knowledge management is to ensure that people in different parts of the organization collaborate effectively with one another. Collaboration across boundaries occurs within and even beyond the boundaries of the organization itself.
The goodwill stemming from one’s interpersonal relationships is known as:
Social capital. Social capital is the goodwill stemming from one’s social relationships, and it can be mobilized on one’s behalf. It aids career success, compensation, employment, team effectiveness, successful entrepreneurship, and relationships with suppliers and other outsiders.
A more complete approach to achieving total quality would include:
achieving zero defects in manufacturing. W. Edwards Deming, J. M. Juran, and other quality gurus convinced managers to take a more complete approach to achieving total quality.
This includes preventing defects before they occur, achieving zero defects in manufacturing, and designing products for quality. The goal is to solve and eradicate from the beginning all quality-related problems and to live a philosophy of continuous improvement in the way the
_____ workers are those who primarily contribute their ideas and problem-solving expertise.
Knowledge. Workers whose primary contributions are ideas and problem-solving expertise are often referred to as knowledge workers. Managing these workers poses some particular challenges such as knowing if they are doing a good job.
Which of the following is characteristic of frontline managers?
They are the link between management and non-management personnel.Frontline managers are directly involved with non-management employees, implementing the specific plans developed with middle managers. This role is critical in the organization because these operational managers are the link between management and non-management personnel.
Which of the following is considered as an interpersonal role?
Monitor. One of the interpersonal roles required in a manager is liaison—maintaining a network of outside contacts who provide information and favors.
Products do not sell forever, and competitors are introducing new products all the time. Therefore, a firm must _____, or it will die.
Innovate. A firm must adapt to changes in consumer demands and to new competitors. Products don’t sell forever; in fact, they don’t sell for nearly as long as they used to because so many competitors are introducing so many new products all the time. A firm must innovate, or it will die.
Pluto Inc. is computer technology corporation that has been manufacturing laptops for the last five years. Recently, in the face of sinking
market share, Pluto reduced its dependency on laptops by venturing into tablets and smartphones. This is an example of _____.
Diversification.Diversification occurs when a firm invests in different types of businesses or products or when it expands geographically to reduce its dependence on a single market or technology.
Which of the following is a controllable environmental factor that can affect an organization?
Cost leadership strategy. External factors that influence an organization are often uncontrollable. Examples include recession, government regulations, competitors’ actions, and other factors. However, managers should not ignore controllable internal management issues.
Complexity and dynamism in the environment result in:
environmental uncertainty.Environmental uncertainty means that managers do not have enough information about the environment to understand or predict the future. Uncertainty arises from two related factors: complexity and dynamism.
Which of the following refers to the immediate environment surrounding a firm, including suppliers, customers, rivals, and new entrants?
Competitive environment. The competitive environment is the immediate environment surrounding a firm. It includes suppliers, customers, rivals, new entrants, and substitute products.
Which of the following is an example of a cooperative strategy to influence the environment?
Contractual marketing systems. In some situations, two or more organizations work together using cooperative strategies to influence the environment. An example of contracting occurs when suppliers and customers, or managers and labor unions, sign formal agreements about the terms and conditions of their future relationships.
Identifying the best-in-class performance by a company in a given area, such as customer service, and then comparing the process to one’s
own is called _____.
benchmarking. Benchmarking means identifying the best-in-class performance by a company in a given area, say product development or customer service, and then comparing your processes to theirs.
Differences in the way people dress and act, their interactions with each other and with customers, and what qualities are expected and
appreciated by their managers and company are examples of the _____.
Organization culture. Organization culture includes the way people dress and behave, the way they interact with each other and with customers, and the qualities that are likely to be valued by their managers.
Mercury Inc. is a successful tea manufacturer. The company recently branched out and announced a series of unique tea-flavored biscuits that will soon be available across all supermarkets. Which of the following is Mercury trying to do in this case?
domaine selection. Domain selection is the entrance by a company into another suitable market or industry with an existing expertise. For example, the market may have limited competition or regulation, ample suppliers and customers, or high growth.
According to Michael Porter’s competitive environment model, high switching costs increases _____.
the power of suppliers . Dependence on suppliers, and thus their power, results from high switching costs, the fixed costs buyers face if they change suppliers. For example, once a buyer learns how to operate a supplier’s equipment, such as computer software, the buyer faces both economic and psychological costs in changing to a new supplier.
Why is understanding an organization’s environment important?
Without this understanding, organizations tend to miss opportunities or make poor decisions. If managers do not understand how the environment affects their organizations or cannot identify opportunities and threats that are likely to be important, their ability to make decisions and execute plans will be severely limited.
Which of the following is a characteristic of a strong culture?
Everyone believing in the firm’s practices. A strong culture is one in which everyone understands and believes in the firm’s goals, priorities, and practices. In contrast to strong cultures, weak cultures have the following characteristics: different people hold different values, there is confusion about corporate goals, and it is not clear from one day to the next what principles should guide decisions.
Which type of culture is externally oriented and flexible, with a strategic emphasis on growth, new resource acquisition, and innovation?
Adhocracy culture. An adhocracy is externally oriented and flexible. This culture type emphasizes change in which growth, resource acquisition, and innovation.
The internal environment includes:
culture and climate. The internal environment includes a firm’s culture, climate, and values. The external environment includes all relevant forces outside the organization’s boundaries.
Which of the following is true of a company’s response to societal trends?
Responding to social trends can affect a company’s reputation in the marketplace. How companies respond to social issues may also affect their reputation in the marketplace, which in turn may help or hinder their competitiveness. Societal 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.
Raw materials, services, equipment, capital, and information are _____ for an organization.
inputs. Inputs are the goods and services organizations take in and use to create products or services. It includes raw materials, services, equipment, capital, and information.
When clothing retailers reduce prices to clear out last season’s merchandise to make room for new inventory, they are _____.
smoothing. At the end of each clothing season, retailers discount their merchandise to clear it out to make room for incoming inventories. This is an example of smoothing environmental cycles to level off fluctuations in demand.
Which of the following is a component of Porter’s competitive environment?
Suppliers. The competitive environment includes rivalry among current competitors and the impact of new entrants, substitute and complementary products, suppliers, and customers.
Which of the following is a dominant attribute of a hierarchical culture?
Rules and regulations. The hierarchical culture is internally oriented by more focus on control and stability. It values stability and assumes that individuals will comply with organizational mandates when roles are stated formally and enforced through rules and procedures
Which of the following is a demographic factor of an organization’s macroenvironment?
Employees’ age. Demographics are measures of various characteristics of the people who make up groups or other social units, such as the workforce. Work groups, organizations, countries, markets, and societies can be described statistically by referring to demographic measures such as their members’ age, gender, family size, income, education, occupation, and so forth.
In competition, a substitute is best described as a(n):
alternative to a product. A substitute is a potential threat; customers use it as an alternative, buying less of one kind of product but more of another.
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