Mang 420 Exam 1
strategic allies
(external stakeholder) two organizations join forces to achieve advantages neither can perform as well alone
Porter's 4 Generic Competitive Strategies
- cost leadership - cost focus - differentiation - focused differentiation
what is management?
- people with authority to describe what the goals of the org should be and how those can be achieved
Who is an external stakeholder of Access International Company? (select one or more that apply)
-Special interest group "Disability services unite" that works with Access International -Lender to Access International
single product strategy
-company makes/sells only one product within its market -benefit: focus -risk: vulnerability
middle managers
-department head, director, chief supervisor - links between top and first line managers -receive broad strategic plans and implements tactical and operational plans -encourage support and foster employees -mainly organizing and leadership
first line managers/ lower level management
-focused on internal issues and must communicate and be effective leaders -entry level "on the line" -first to see problems with operations
organizing
-given the plans, how the org will be structured - who is responsible for what and have authority over what - allocating resources
corporate strategy
-high level -single product vs diversification - answers the question: what business or businesses should we be in? acquire or self?
tactical plans
-how the strategic plan can be achieved -shorter term goals (months)
stakeholders
-inds/groups who have an interest in the organization - can make it easier for org to achieve the strategy - must understand stakeholders in order to understand how best to strategize and achieve org's mission and vison
strategic plans
-long term and effect entire org -bridges gap between what org is and what it wnats to be (years)
business strategy
-most specific than corporate strategy -answers the question: what do we need to be successful?
leading
-most things are accomplished by people - people are motivated and support of the plan
concentric diversification
-new business is technically similar to current but appeals to new customer group -ex GAP inc
team leaders
-not every company has team leaders -make sure team is operating efficiently
space X stakeholders
-one-web= competitor -USA Air-force= monitoring -NASA= consumer
Why is management important?
-the process of "planning, organizing, leading, and controlling" people in an org to "efficiently and effectively" use resources to meet org goals
top mangers
-vp/ divison heads -upper management -responsible fo long term success of company -mostly setting goals (planning)
3 generic value discipline
1. operational excellence (strong in efficiency, high volume no frills) 2. Product leadership (strong in innovation and brand marketing) 3. customer intimacy (strong in customer service and attention) -must choose one of these and consistently act on it
We forget about ______ of information we have learned after just 24 hours if we do not return our attention back to review it.
40%
Which of the following best defines the term 'stakeholder'?
Anyone with an interest in an org
Your firm adds new product lines, which are unrelated to your existing lines, for a new customer group. This would be an example of __________ diversification?
Conglomerate
True or False: the four primary functions of the management process occur in a specific order and excellent mangers should never get out of step
False
What type of strategy does Build-A-Bear Workshop have?
Focused differentiation
jack and Diane are starting a moving service in Kansas. they will offer services to anyone who needs to move items. they write the following statement: "We make our customers lives easier and less complicated" this is their company's __________
Mission Statement
A company's vision and mission statements are examples of what phase of P-O-L-C?
Planning
An industry will have higher profits if which of the following is true:
There are few substitutes
controlling
asks: where are we? where did we plan to be? how do we get back on track? -process of monitoring activities, measuring performance, comparing results to objectives, and making modifications and corrections when needed
two levels of strategy
business level and corporate level
strategizing
choosing what an org will and won't do to achieve goals and objectives to realize the stated mission and vision -develop a sustainable competitive advantage
The manager is checking how many new computers have been produced so far today and is comparing that number to the daily goal. Which of the four functions of management is Tom performing?
controlling
manager's day and roles
day consist of many brief, different, spontaneous, and disconnected activities
planning
defining goals
If Volvo focuses on safer cars compared to others in their market, this is an example of:
differentiation
internal stakeholders
emplyees, owners, board of directors
All stakeholder groups have roughly the same influence on a company's success.
false
The four functions of management must be completed in the correct order: 1) planning, 2) organizing, 3) leading, and 4) controlling. Correct Answer false
false
true or false: stakeholders have equal influence on an organization. Some are more critical than others, depending on the situation.
false
Organizations today tend to be structured _______________ than in the past.
flatter
vision
future oriented; aspirations based on the mission; what the organization wants to become
values
guiding principles affirms values that might not be stated in the mission and vision
The CEO of XYZ Corp. cuts the ribbon at the groundbreaking of the company's new headquarters. What management role is the CEO engaging in?
interpersonal
types of managerial roles
interpersonal, informational, decisional
cost-focus strategy
keep the costs of a product below those of competitors and to target a narrow market
cost leadership strategy
keep the costs, and hence prices, of a product or service below those competitors and to target a wide market
sustainable
long lasting (rather than temporary) -perform different activities from rivals, or perform similar activities in different ways
interpersonal roles
managers interact with people inside and outside of their work units - must figurehead (leader ppl can turn to for support, you create a sense of security that the team be successful) -leader -liaison (successfully interface and communicate with people inside/outside the org to keep things running smoothly)
informational roles
managers receive and communicate information -monitor how things are going in org - disseminate info by sharing it w others quickly and effectively
decisional roles
managers use information to make decisions to solve problems or take advantage of opportunities - must be entrepreneur by view your team like a small business - disturbance handler and must get project back on track after a problem arises -resource allocator and are responsible for deciding and making sure resources are available -negotiator
external stakeholders
media, customers, competitors, suppliers, allies, lenders, governmental agencies, special interest groups example: kstate students
__________ managers take the long-term strategy and develop shorter term tactical and operational plans.
middle
horizontal diversification
new business is unrelated to current but appeals to the same consumer group -ex hormel foods brands
conglomerate diversification
new business producers products totally unrelated to current and appeal to an entirely new consumer group
Is 5G internet a resource that will give your company a sustained competitive advantage?
no
focused differentiation strategy
offers a unique and superior value compared to those of competitors and to target a narrow market ex Tesla
mission
organization's reason for being; why company exists
Sally, the manager, is scheduling employee work hours for next week. Which of the four functions of management is Sally performing
organizing
competitive advantage
outperform rivals in the markett because customers prefer its products or services
According to the article example of VRIO, Google's competitive advantage is rooted in it's...
people management
primary functions of management? example?
planning, organizing, leading, controlling - process is ongoing and is interrelated
Good management processes are _______________
rare in companies worldwide
clawbacks
rescinding the tax breaks
operational plans
specific and shorter time (weekly/ monthly)
diversification
spread out risk and opportunities over a larger set of businesses -"parent company" and "subsidiary" - 3 strategies
types of planning
strategic, tactical, operational
differentiation strategy
to offer products or services that are of unique and superior value compared with those of competitors but to target a wide market ex Apple