What are the four Challenges managers face?
1) Managing Change
2) Managing Resources
3) Managing Strategically
4) Managing Entrepreneurially
2) Managing Resources
3) Managing Strategically
4) Managing Entrepreneurially
The Managerial challenge of Managing Change highlights which two areas where change is very important?
Globalization and Technology
According to the text, to what book does the field of strategic management owe its origins to?
The Art of War
What are the four principal managerial functions?
Planning
Organizing
Directing
Controlling
Organizing
Directing
Controlling
The Planning Managerial Function is made up of three types of planning:
1) Strategic Planning
2) Tactical Planning
3) Operational Planning
Define each.
1) Strategic Planning
2) Tactical Planning
3) Operational Planning
Define each.
Strategic Planning - Long Range Goals
Tactical Planning - Short term goals
Operational Planning - identifies specific actions needed to accomplish goals for a particular unit
Tactical Planning - Short term goals
Operational Planning - identifies specific actions needed to accomplish goals for a particular unit
The Managerial function "Directing" can be defined as...
attempting to influence others to attain the organization's objectives
The Managerial function "Controlling" can be defined as...
regulate the work of those the manager is responsible for
Mintzberg's typology sets three different categories for Managerial Roles. What are they?
Interpersonal Roles
Decisional Roles
Informational Roles
Decisional Roles
Informational Roles
What are the three types of uncertainty? Define them.
State Uncertainty - uncertainty of environment
Effect Uncertainty - uncertainty of effects of a change
Response Uncertainty - uncertainty of consequences
Effect Uncertainty - uncertainty of effects of a change
Response Uncertainty - uncertainty of consequences
What are the four organizational responses to Uncertainty? BRIEFLY describe each
1) Defenders - devoted to current products
2) Prospectors - first move advantage
3) Analyzers - follow the leader
4) Reactors - wait for change to hit them
2) Prospectors - first move advantage
3) Analyzers - follow the leader
4) Reactors - wait for change to hit them
What are the A, B, and C in the ABC Priority System?
A - Must do
B - Should do
C - Nice to do
B - Should do
C - Nice to do
What is the 80/20 Principle?
a minority does the majority
20% of inputs are responsible for 80% of output
20% of inputs are responsible for 80% of output
What is the "Busyness trap?"
being busy does not necessarily mean you are being effective
What is MBO?
Management by Objectives - Set objectives, develop a plan, periodic review, performance appraisal
What is a Gantt chart? What does PERT stand for? Note: These are two different scheduling devices.
Gantt chart plots objectives on a time scale
PERT - Program Evaluation and Review Technique
PERT - Program Evaluation and Review Technique
Between PERT and Gantt, which would be better for repetitive assembly line style scheduling?
Gantt
What is the #1 firm in the Fortune 500? What is the most profitable?
Walmart
Exxon Mobil
Exxon Mobil
Behind WalMart, what is the second largest general merchandise retailer? Where is it in the list?
Target @ #30
Who is the beverage industry dominated by? How far behind is Pepsi?
Coke
Pepsi is more than 100 behind on the list at #174
Pepsi is more than 100 behind on the list at #174
Who is the entertainment king on the fortune 500 list? Who are they trailed by?
Walt Disney
News Corp
News Corp
What are the top four companies in the Global Fortune 500?
1) WalMart
2) Shell
3) Exxon Mobil
4) BP
2) Shell
3) Exxon Mobil
4) BP
T/F: The Agricultural Bank of China has more employees than AT&T, McDonald's, and General Electric.
True
What are the three grand strategies discussed in class and in the book for achieving a competitive edge? Briefly define each.
1) Cost leadership - lower cost
2) Differentiation - unique qualities
3) Focus - niche product w/ cost or differentiation ("stuck in the middle strategy")
2) Differentiation - unique qualities
3) Focus - niche product w/ cost or differentiation ("stuck in the middle strategy")
SWOT is a (3 words) that stands for what?
Strategic Management Process
Strengths, Weaknesses, Opportunities, and Threats
Strengths, Weaknesses, Opportunities, and Threats
The step in the Strategic Management Process that involves the O and the T in SWOT is called (2 words) .
environment scanning
The unique skills and abilities that give an organization its competitive edge are called its (2 words) .
Core Competencies
Define Corporate Strategy, Business unit strategy, and Functional strategy.
Corporate Strategy - What business are we in?
Business unit strategy - ID competitive advantage for a product
Functional Strategy - product specific strategy
Business unit strategy - ID competitive advantage for a product
Functional Strategy - product specific strategy
T/F: The External Factor Evaluation Matrix is a way to evaluate opportunities and threats on a numerical scale.
True
The (3 word) suggests that an industry's profit potential is a function of the interaction between Suppliers, Buyers, Rival Firms, Product Substitutes, and the threat of New Entrants.
Five Forces Model
T/F: Between 2005 and 2008, the ratio of Home price to Annual rent increased dramatically.
False: Decreased
According to the CNN Money article, when does it make sense to Rent instead of Buy?
When the Price/Rent ratio is high
What does CPM stand for and what is it used for?
Competitor Profile Matrix - used to evaluate your competitors numerically
Explain the issue between Danone and Wahaha.
Danone sold its 51% joint venture share in Wahaha, a popular Chinese drink, for $555 million when it discovered that the local producer was making drinks on the side, effectively side-stepping any profit sharing Danone was entitled to.
What are the three stages of Globalization?
1) Internationalization of Countries
2) Companies move into international markets
3) Individuals compete on a global basis
2) Companies move into international markets
3) Individuals compete on a global basis
T/F: The influx of goods from China has likely caused higher rates of inflation in the US, thus de-stimulating our economy.
False - lower inflation rates stimulating our economy
What two things does a global company like WalMart need to understand about a country's environment? Define each briefly.
1) Institutions - rules, policies, laws
2) Culture - assumptions, values and beliefs
2) Culture - assumptions, values and beliefs
T/F: The more multi-national firms in an economy, the greater the emphasis on reducing corruption.
True
What is a "Greenfield Venture"?
the creation of a wholly owned subsidiary in a foreign country
T/F: Thomas Friedman famously said that the increasing interdependence among countries, companies, and individuals has increased the influence government can have in their economies.
False - decreases the influence governments have on their economies
T/F: From 2008 to 2009, Russia went from a growing economy with a surplus to a contracting economy with a deficit
True
Explain the difference between a Global Focus, a Region-Country Focus, and a Transnational Focus. Give a disadvantage for each.
Global Focus - international headquarters make decisions for all regions (centralized authority)
Disadvantage: less flexible/slow to respond to changes
Region-Country Focus - strategy is determined by the subsidiary
Disadvantage: diminished economies of scale
Transnational Focus - combination of both, decisions are decentralized but share resources
Disadvantage: hard to pull off
Disadvantage: less flexible/slow to respond to changes
Region-Country Focus - strategy is determined by the subsidiary
Disadvantage: diminished economies of scale
Transnational Focus - combination of both, decisions are decentralized but share resources
Disadvantage: hard to pull off
Explain the difference between a Global Focus, a Region-Country Focus, and a Transnational Focus. Give a disadvantage for each.
Global Focus - international headquarters make decisions for all regions (centralized authority)
Disadvantage: less flexible/slow to respond to changes
Region-Country Focus - strategy is determined by the subsidiary
Disadvantage: diminished economies of scale
Transnational Focus - combination of both, decisions are decentralized but share resources
Disadvantage: hard to pull off
Disadvantage: less flexible/slow to respond to changes
Region-Country Focus - strategy is determined by the subsidiary
Disadvantage: diminished economies of scale
Transnational Focus - combination of both, decisions are decentralized but share resources
Disadvantage: hard to pull off
Explain the difference between a Global Focus, a Region-Country Focus, and a Transnational Focus. Give a disadvantage for each.
Global Focus - international headquarters make decisions for all regions (centralized authority)
Disadvantage: less flexible/slow to respond to changes
Region-Country Focus - strategy is determined by the subsidiary
Disadvantage: diminished economies of scale
Transnational Focus - combination of both, decisions are decentralized but share resources
Disadvantage: hard to pull off
Disadvantage: less flexible/slow to respond to changes
Region-Country Focus - strategy is determined by the subsidiary
Disadvantage: diminished economies of scale
Transnational Focus - combination of both, decisions are decentralized but share resources
Disadvantage: hard to pull off
A High Context situation means what in terms of the following:
-relationship length
-written information
-verbal explicitness
-relationship length
-written information
-verbal explicitness
-long relationships
-less written or verbal info
-less explicit
-less written or verbal info
-less explicit
A Low Context situation means what in terms of the following:
-rules
-transferable knowledge
-length of communication
-rules
-transferable knowledge
-length of communication
-more rules based
-more transferable knowledge
-shorter length of communication
-more transferable knowledge
-shorter length of communication
Kartensatzinfo:
Autor: savhighsmith
Oberthema: Management
Thema: MGMT 3000 Exam 1
Schule / Uni: UGA
Ort: Athens
Veröffentlicht: 16.02.2011
Tags: Pirkle
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