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