Principles of Managment part 1

Developed key theories of management as strategy

What is the key competitive advantage for a cost leader?

Most important decisions are made under ______ conditions.

Differentiated competitors thrive on _____: decisions made by the people closer to the problems

"Building the org chart, and aligning authority and responsibility," belongs to which management task?

______ - attempting to figure out what the future will bring.

Porter also gives us the _____, which gives us fundamental base strategies for how businesses compete.

Plans with multiple different assumptions that can be compared and analyzed toaid in decision-making

What is the key mission for a cost leader?

Cost leaders thrive on _____: maximum output for minimum input

This key finicial control tool, controls money in and out.

_______ Decisions: Higher-risk decisions that require deeper analysis before making them.

Ensure that an individual’s rights are not violated

Differentiated competitors typically don’t offer standardization and one-size-fits-all solutions

This source of competitive advantage is what people think about your brand

This key non-finacial control tool, becomes non-financial when the inputs are not expressed in terms of dollars

Identify the 1 right way to do anything and subdivide jobs into simple repetitive tasks. Made advances in manufacturing

This type of control mechanism, controls spending.

Cost leaders thrive on ______: not flexibility

Which plan type is short term(about 1 year), specific goals, detailed enough, but may need more specific plans?

Which is not one of the four main managment task?

_____ is used to identify specific external threats an organization may face from within its respective industry:

This key finicial control tool, shows current finacial conditions.

This type of control mechanism, controls performance.

Cost leaders DO OFFER flexibility, customization, and delegated authority

Which one does not belong to Cost leader?

Which is not a circumstance an organization can take more risk under?

Holds US businesses accountable of ethical behaviors overseas . Extends the reach of US ethics law into other countries

What is the key marketing strategy for a differentiated competitor?

Rivalry Among Existing Companies, which is part of Porter's 5 forces model:

Differentiation, a GCSM basic strategic choice:

Provides what is perceived as fair

What is the key vision for a cost leader?

This type of control mechanism, controls timing.

"Forcasting the future, developing strategy, and setting goals," belongs to which main management task?

_____ is the developmement of a strategy and the use of the strategy in long-term planning.

What is the key mission for a differentiated competitor?

Requires US corporations to publish ethical guidelines (because of Enron)

New Technology, which is part of Porter's 5 forces model:

The _____ Matrix categorizes products into four major categories based on market growth rate and relative market share:

______: “what’s the worst that could happen?”

_____ identifies the critical path through a project’stasks and milestones

______ - how we manage the execution of our plans and make sure we stay on target

This key finicial control tool, shows how much of the inputs become usefull outputs.

Mission Statement: describes your organization’s reason for being – why you exist

This source of competitive advantage is when you are bigger than everybody else, allowing you to charge lower prices

This source of competitive advantage includes special skills or knowledge that others lack

Author looking at how knowledge workers are motivated and how they differ from other types of workers

High growth rate, high market share

Ran the Hawthorne Studies, how to motivate employees who worked in teams.

Supplier Power, which is part of Porter's 5 forces model:

International set of standards for organizations that want systematic environmental management

"Time and motion studies." Integral to Scientific Management but still done by industrial engineers today

What is the key competitive advantage for a differentiated competitor?

Focused Differentiation, a GCSM basic strategic choice:

Cost leaders thrive on _____: grouped around the jobs people do

“We’re all the same, so just buy mine – it’s the cheapest.”

This type of decision making type, tries to optimize - selecting the best among the possible outcomes.

Cost leaders thrive on _____: decisions made by senior management

Which is not a tool for decision making?

Differentiated competitors thrive on _____: allowing the needs of the customer to permeate the entire organization

Cost leadership, a GCSM basic strategic choice:

"Management is a set of skills that individuals can learn, and that means we can teach people to be managers"

Differentiated competitors thrive on _____: the ability to change and adjust to customer desires and demands

"Motivating, communicating and building teams," belongs to which main managment task?

Low growth rate, low market share

Which is not an source of competitive advantage?

New Entrants, which is part of Porter's 5 forces model:

This type of decision making type, tries to satisfice - selecting the first acceptable outcome that presents itself.

Identified 5 functions of management and 14 points for managers. Showed you could use management concepts to make money

Studied how employees interacted, and the role of those interactions, on productivity.

Provides the most good for the people

“My product is different, and different is better.”

______: “what’s the best that could happen?”

A competitive advantage is the thing that makes your organization uniquely competitive.

Which plan type is long term(5-7 years), driven by the mission, based on expectations for the future & rarely detailed?

You have this source of competitive advantage when you're the original, everybody else is an imitator

This source of competitive advantage includes patents, trademarks, and copy rights

______ Decisions: made under lower-risk conditions and always made in the same way

School of thought that applied “scientific” management skills to service industries

_____: the process where we gain information about the system we’re controlling

What is the key vision for a differentiated competitor?

This source of competitive advantage is owning unique real estate that affords you favorable geographic positioning

This type of control mechanism, controls product quality.

Increasing the customer’s buying power, which is part of Porter's 5 forces model:

Competitive advantage must be ____ because if your competitors also have this advantage, then there is no advantage

"Measuring progress, keeping things on track," belongs to which main management task?

FEEDBACK provides the goals that are your target. PLANS get you to the goals.

High growth rate, low market share

Focused Cost leadership, a GCSM basic strategic choice:

Low growth rate, high market share

_____ involves getting a specific goal done in the short-term, as quickly and effectively as possible.

Describes what the organization wants to become – how you see yourself in the future.

Treat people how we want to be treated

Whaty type of plan is only used one time for a specific case?

______ is a method of improved guessing, where you get “educated” guesses from several people in the organization.

What type of plan is for anticipated but unexpected events?

A tool used to show scheduling relationships and logical ordering of task

This key finicial control tool, shows when will the investment start paying off.

What is an evaluation of the internal and external factors influencing a company’s strategy?