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New Competitive Landscapes

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four ongoing challenges that characterize the current business landscape: globalization, technological change, the importance of knowledge and ideas, and collaboration across organizational boundaries.

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the sources of competitive advantage for a company

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Because business is a competitive arena, you need to deliver value to customers in ways that are superior to what your competitors do. Competitive advantages result from innovation, quality, service, speed, cost, and sustainability.

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the functions of management

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planning, organizing, leading, and controlling

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planning

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is analyzing a situation, determining the goals that will be pursued, and deciding in advance the actions needed to pursue these goals.

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organizing

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is assembling the resources needed to complete the job and coordinating employees and tasks for maximum success.

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leading

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is motivating people and stimulating high performance.

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controlling

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is monitoring the progress of the organization or the work unit toward goals and then taking corrective action, as necessary.

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the functions of management more broadly require

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creating strategic value, building a dynamic organization, mobilizing people, and learning and changing.

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management levels

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top- level , middle - level , and low level

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top level managers

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the senior executives responsible for the organization's overall management.

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middle - level managers

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tactical managers translate general goals and plans into more specific objectives and activities.

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low level mangers

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Frontline, operational managers are lower-level managers who supervise operations.

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managers at all levels must perform a variety of interpersonal, informational, and decisional roles.

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true

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the best managers think strategically and operate like complete business people.

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true

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To execute management functions successfully, managers need what skills?

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technical skills, conceptual and decision skills, and interpersonal and communication skills.

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a technical skill

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is the ability to perform a specialized task involving certain methods or processes.

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conceptual and decision skills

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help the manager recognize complex and dynamic issues, analyze the factors that influence those issues or problems, and make appropriate decisions.

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interpersonal and communication skills

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enable the manager to interact and work well with people.

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As you rise to higher organizational levels, which levels become less important and more important

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technical skills tend to become less important and conceptual skills become more important,

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interpersonal and communication skills remain extremely important at every level

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true

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macroenvironment

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is composed of economic, legal and political, technological, demographic, social, and natural environment forces that influence strategic decisions.

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micro (competitive) environment

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is composed of forces closer to the organization, such as current competitors, new entrants, substitute and complementary products, suppliers, and customers.

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what is the simplest distinction between the macroenvironment and the competitive environment is in the amount of control a firm can exert on external forces?

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Macroenvironmental forces such as the economy and social trends are much less controllable than are forces in the competitive environment such as suppliers and customers.

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Porter's 5 Forces

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risk of new entrants, threat of substitutes, bargaining power of buyers, bargaining power of suppliers all effect rivalry among established firms.

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bargaining power of buyers

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a measure of the influence that customers have on a firm's prices

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bargaining power of suppliers

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a measure of the influence that suppliers of parts, materials, and services to firms in an industry have on the prices of these inputs

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rivalry among firms

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A high level of rivalry typically results in price competition

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new entrants

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The threat of ________ is considered high when it is easy for new suppliers to start selling in a market.

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Most important managerial decisions

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are ill-structured and characterized by uncertainty, risk, and conflict.

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decision-making process

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identifying and diagnosing the problem generating alternative solutions evaluating alternatives a solution is chosen implement the decision evaluate how well the decision is working

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dentifying and diagnosing the problem (or opportunity)

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requires recognizing a discrepancy between the current state and a desired state and then delving below surface symptoms to uncover the underlying causes of the problem.

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generating alternative solutions

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requires adopting ready-made or designing custom-made solutions.

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evaluating alternatives

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means predicting the consequences of different alternatives, sometimes through building scenarios of the future.

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a solution is chosen

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the solution might maximize, satisfice, or optimize

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implement the decision

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this phase requires more careful planning than it often receives.

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evaluate the decision

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This means gathering objective, valid information about the impact the decision is having.

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true or false = true

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If the evidence suggests the problem is not getting solved, either a better decision or a better implementation plan must be developed.

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vigilance

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A process in which a decision maker carefully executes all stages of decision making

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intuition

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Personal perception or feeling used to solve a problem (as opposed to logic).

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decision biases

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Tendency to base judgements on information that is readily available

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steps in the planning process

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situational analysis, alternative goals & plans using SMART Goals, goal & plan evaluation, goal & plan selection, implementation, monitor & control

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situation analysis

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helps identify and diagnose issues and problems and may bring to the surface alternative goals and plans for the firm.

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implementation

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communicating the plan to employees, allocating resources, and making certain that other systems such as rewards and budgets support the plan.

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strategic planning process,

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making decisions about the organization's long-term goals and strategies.

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ethical decision making

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Making ethical decisions requires moral awareness, moral judgment, and moral character.

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ethical issues

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should consider societal and human needs in their business decisions because corporations are members of society and carry a wide range of responsibilities. Critics of corporate responsibility believe managers' first responsibility is to increase profits for the shareholders who own the corporation.

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corporate responsibility pyramid

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Includes everything from hiring minority workers to making safe products, minimizing pollution, using energy wisely, and providing a safe work environment.

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entrepreneurs

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are individuals who establish a new organization without the benefit of corporate support.

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intrapreneurs

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are new venture creators working inside big companies

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new ventures

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a company's business model is based on using its technology to innovate new kinds of products for related markets.

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business plans

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detailed written statement describing nature of business, target market, advantages and resources/qualifications

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types of structures

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on the basis of function, division (product, customers, or geographic), matrix, and network. Each form has advantages and disadvantages.

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standardization

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Establishing common routines and procedures that apply uniformly to everyone

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Integration

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The degree to which differentiated work units work together and coordinate their efforts

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Coordination

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The procedures that link the various parts of an organization for the purpose of achieving the organization's overall mission

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Logistics

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The movement of the right goods in the right amount to the right place at the right time

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