Principles of Management - Lecture Notes

Extra resources that organizations can rely on in a pinch are known as resources. slack The process of regulating routines and procedures throughout a department or organization is called ______. standardization Strategies that help a firm respond quickly to challenges are based on the firm's core competencies, strategic alliances, and ability to ______. learn and adapt What is the term for the existence of rules and regulations to govern how people interact in an organization? Formalization When using ______, interdependent units are free to modify and adapt their actions as long as they meet the deadlines and targets required for working with others. coordination by plan A company's knowledge, expertise, and skills that underlie its ability to be a leader in providing a range of specific goods and services is its ______. core capability An approach that involves feedback and discussions to jointly figure out how to approach problems and devise solutions that are agreeable to everyone is known as ______. coordination by mutual adjustment Successfully developing leadership in core capabilities can increase a company's ______ and competitiveness responsiveness Which of the following are strategies managers use to cope with high uncertainty and information demands? (Choose every correct answer.) Increasing information-processing capability Reducing the need for information Before a company can win market share, it must commit to excellence and leadership in its ______. core capabilities Organizing around core competencies, learning organizations, and strategic alliances is a strategy that enables an organization to be more ______. agile Managers who want to strengthen their firm's ______ can do so by focusing on issues surrounding the firm's core capabilities. competitiveness Which of the following is NOT a way that managers should manage core capabilities to maintain a competitive advantage? Set goals for profit maximization Frasier Industries has knowledge, expertise, and skill in producing surgical needles that allow the company to be a leader in the surgical needle market. This ability to lead in the industry is called a ______. core capability Companies create formal relationships called strategic alliances with which of the following? (Choose every correct answer.) Universities Competitors Governments A strategy for enabling a firm to be responsive and competitive is to develop leadership in its ______. core capabilities True or false: Companies should commit to excellence and leadership in capabilities before they commit to winning market share for specific products. True What should managers focus on in order to strengthen their firm's core capabilities? (Choose every correct answer.) Acquire or build competencies for the future Invest in core capabilities to remain better than competitors Extend capabilities for future applications When managers accumulate the right resources, combine them in ways that give the organization capabilities, and leverage or exploit their resources, they are managing ______. core capabilities A ______ is a formal relationship created to facilitate the joint pursuit of mutual goals. strategic alliance True or false: Strategic alliances allow participants to respond to customer demands or environmental threats faster and less expensively than on their own. True Learning organizations are good at ______. gaining insight from prior experiences A firm wishing to be a true ______ organization should have people who engage in disciplined thinking. learning Olivia, the CEO of an international Internet security company, seeks input from her top management team and from lower levels of the company about the direction the company should take. By doing this, Olivia is building a ______. high-involvement organization If one of the partners has expertise in technology or specific market segments, an alliance may eliminate the need to hire ______. experts