Management 301 Chapter 1

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School
University of Massachusetts, Amherst **We aren't endorsed by this school
Course
MANAGEMENT 301
Subject
Business
Date
Oct 24, 2023
Pages
2
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Summarize the major challenges of managing in the new competitive landscape: 4 ongoing challenges that charcterized the business landscape: globalization, technological change, the importance of knowledge and ideas, and collaboration across organizational boundaries. Globalization: a company's talent and competition can come from anywhere Technological Change: Technology both complaicates and creates new opportunities. Challenges come from the rapid rate at which communication, transportation, information, and other technologies change Technology drives down costs and accelerates globalization. It improves efficiency of decision making Internet activism offers a powerful way to expose corrupt or harmful pratcies and motivates organizations to change their ways for the better Predictions that biology-based technologies will grow Knowledge Management: Set of practices aimd at discovering and harnessing an organizations intellectual resources; fully using the intellects of the organizations people Peoples expertise, skills, wisdom, and relationships Describe the sources of competitive advantage for a company: Key to understanding the success of a company is how well it both creates and sustains competitive advantage Fundamental drivers of competitive advantage: innovation quality, service, speed, cos competitiveness, and sustainability Innovation: The introduction of new goods and services Need for innovation is partly driven by gloablization; facilities in other countries can manufacture appliances or write software code at lower costs than those in the U.S Quality: Attractiveness, lack of defects, and dependability Total quality: more complete approach which includes preventing decets before they occur, achieving zero defects in manufacturing, and designing products for quality Goal is to solve and eradicate all quality-related problems from the beginning, and live a philosophy of continuous improvement in how the company operates Quality can be measured in terms of product performance, customer services, reliability, conformance to standards, durability, and aesthetics Service: Giving customers what they want or need, when they want it Continually meeting the needs of customers and establishing mutually beneficial long-term relationships Important aspect of service quality if making it easy an denjoyable for customers to experience the services or to buy and use goods Disney trains employees to treat every customer as a VIP and personalizes guest experiences to make them feel special Speed: Fast execution response, and delivery
Cost Competitiveness: Walmarts efforts are aimed at cost competitiveness, which means keeping costs low enough so that the company can realize profits and price its products at levels that are attractive to consumers Sustainability: Long-term perspective on sustaining the natural environment and building tomorrows business opportunities while effectively managaing todays business Firms with higher ESG ratings (environemntal social, and governance) produced higher rate of returns Patagonia Worn Wear Program; keeps products out of landfills and offers free repairs Explain how the functions of management are evolving in todays business environment:
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