Chapter 2+3+4

<p>Developing relationships with external actors to build an ecosystem. (A)</p> Signup and view all the answers

<p>A company focuses on serving a specific niche market with tailored products and services. (B)</p> Signup and view all the answers

<p>Understanding the competitive landscape and identifying opportunities and threats. (A)</p> Signup and view all the answers

<p>Two companies jointly investing in a new venture to develop a new product. (B)</p> Signup and view all the answers

<p>The firm's risk attitude and desire to grow organically or externally. (D)</p> Signup and view all the answers

<p>Formulating a competitive positioning strategy for each business unit. (A)</p> Signup and view all the answers

<p>Constantly adapting the strategy to changing market conditions. (C)</p> Signup and view all the answers

<p>New discoveries are built upon the foundational work of previous scholars. (A)</p> Signup and view all the answers

<p>Good theories provide useful frameworks for practical problem-solving. (D)</p> Signup and view all the answers

<p>Frederick Taylor (B)</p> Signup and view all the answers

<p>He identified key management functions for efficient operations. (A)</p> Signup and view all the answers

<p>They often neglected the human aspects of working conditions. (B)</p> Signup and view all the answers

<p>Max Weber (C)</p> Signup and view all the answers

<p>Recurring themes and concepts that adapt over time. (A)</p> Signup and view all the answers

<p>Focus on informal processes and conflict resolution (A)</p> Signup and view all the answers

<p>Classical Ideas (A)</p> Signup and view all the answers

<p>Human interactions for nurturing social relations (A)</p> Signup and view all the answers

<p>Contingency Theory (D)</p> Signup and view all the answers

<p>Potential overlook of rational structures and processes (C)</p> Signup and view all the answers

<p>Open Systems Perspective (B)</p> Signup and view all the answers

<p>Bounded rationality based on cognitive limits (B)</p> Signup and view all the answers

<p>It manages external resource dependencies strategically (C)</p> Signup and view all the answers

<p>Potential oversights in specific organizational contexts (D)</p> Signup and view all the answers

<p>Competitive Advantage (A)</p> Signup and view all the answers

<p>Radical innovations are disruptive, while incremental innovations are evolutionary. (A)</p> Signup and view all the answers

<p>Financial (B)</p> Signup and view all the answers

<p>To advocate and act upon moral issues (B)</p> Signup and view all the answers

<p>Monopoly (A)</p> Signup and view all the answers

<p>The number of components and interrelations in an organization's context (D)</p> Signup and view all the answers

<p>To establish the reasoning behind how the organization will achieve its goals (D)</p> Signup and view all the answers

<p>By identifying and developing their own unique strengths (C)</p> Signup and view all the answers

<p>By providing opportunities for innovation and product development. (D)</p> Signup and view all the answers

<p>The extent to which an organization's environment is difficult to understand and predict. (B)</p> Signup and view all the answers

<p>The unknown direction and rate of change in an organization's environment. (C)</p> Signup and view all the answers

<p>Civil Law (D)</p> Signup and view all the answers

<p>Environmental uncertainty requires organizations to adopt a more proactive and innovative approach to strategic planning. (C)</p> Signup and view all the answers

<p>Internal expertise in product development (D)</p> Signup and view all the answers

<p>Public opinion regarding the ethical sourcing of ingredients (C)</p> Signup and view all the answers

<p>It requires organizations to analyze and manage a wider range of factors in their environment. (B)</p> Signup and view all the answers

<p>The availability of skilled labor force (D)</p> Signup and view all the answers

The idea that scientific knowledge is built upon past discoveries, meaning we learn from past mistakes and advancements.

Historical works like Machiavelli's "The Prince" remain relevant and applicable even today.

Events and ideas from history often recur, highlighting enduring themes in human experience.

Management theories provide frameworks for understanding and solving organizational challenges.

Management theories are shaped by the time period they are developed in, addressing specific problems of that era.

Management theories build upon or challenge past ideas, showing a continuous evolution and debate in management studies.

Specializing tasks to increase productivity, as demonstrated by Adam Smith during the Industrial Revolution.

The process of optimizing worker productivity through standardized processes, developed by Frederick Taylor.

This approach focuses on the human element in management. It emphasizes informal processes and conflict resolution, suggesting that people's needs and perspectives are essential to successful organizations.

Elton Mayo highlighted the importance of social relationships in the workplace. He observed that employee morale and productivity are significantly influenced by social interactions and group dynamics.

Chester Barnard emphasized the importance of cooperation and morality in organizations. He believed that leaders should mobilize power and moral values to foster collaboration and achieve shared goals.

Deming championed continuous improvement and performance circles. This approach emphasizes a cycle of planning, doing, checking, and acting to identify and address problems, leading to ongoing organizational effectiveness.

The Open Systems Perspective views organizations as interconnected entities. It acknowledges that organizations are influenced by external factors like technology, competition, and social trends, and that their actions can impact these external factors.

This theory suggests that there is no one-size-fits-all approach to management. The best approach depends on specific factors like technology, organizational size, and the complexity of the environment.

This theory emphasizes the importance of managing external resource dependencies. Organizations rely on resources from other entities, and their success depends on effectively navigating these relationships.

This theory focuses on the role of institutions in shaping organizational behavior. Formal structures like laws and regulations, and informal norms and values, influence organizational actions.

A strategic alliance occurs when two or more companies agree to cooperate on a specific project or endeavor, sharing resources and expertise, for mutual benefit.

Licensing involves granting a company the right to use a brand, technology, or patent for a specific period, while franchising allows a company to operate under a pre-established brand and business model.

A joint venture is a business arrangement where two or more companies collaborate to create a new entity, pooling resources and sharing profits and losses.

A merger occurs when two or more companies combine to form a new entity, while an acquisition takes place when one company buys another.

Corporate strategy defines the overall direction and goals of a large organization, including its portfolio of businesses, scope, and value creation.

Business unit strategy focuses on how an individual business unit within a larger organization aims to achieve its goals, developing its capabilities and positioning itself competitively.

Ecosystem strategy defines how a company manages its relationships with external actors, including customers, suppliers, and competitors, to achieve its goals.

Strategic planning involves a structured process of setting long-term goals, analyzing the environment, formulating actions, implementing them, and evaluating outcomes.

Strategic incrementalism involves taking small steps, adjusting course based on observations and experimentation, and adapting to evolving circumstances.

Strategic effectuation starts with available resources, considers acceptable risks, and prioritizes collaborative actions to achieve goals despite uncertainty.

The political environment refers to the collective decision-making that affects societal practices, involving government policies and the influence of non-governmental groups advocating for moral issues.

The economic environment encompasses the production, distribution, and consumption of goods and services, including market dynamics, structure, and evolution, as well as geographic differences in wealth distribution.

The social environment focuses on the social structure and patterns of interaction, including demography, social classes, migration, and education levels.

The technological environment encompasses the application of knowledge for practical purposes, including technological waves, innovation types, and innovation degrees.

The ecological environment refers to natural ecosystems that businesses depend on for resources and outputs. It involves considerations of environmental impact and sustainability.

The legal environment encompasses enforceable government regulations that businesses must abide by, including common law, civil law, and different levels of legislation.

The market environment refers to the competitive context of an organization, analyzed using Porter's Five Forces: bargaining power of suppliers, bargaining power of buyers, competition of rivals, threat of new entrants, and threat of substitutes.

The non-market environment encompasses direct interactions between an organization and non-economic actors like government, NGOs, neighbors, and other stakeholders.

Environmental uncertainty refers to the extent to which an organization's context is difficult to understand and predict, including environmental complexity and dynamics.

Environmental complexity refers to the number of components and interrelations in an organizational context, making it challenging to chart and manage.

Environmental dynamics refer to the unpredictability and rate of change in an organization's context, making it difficult to anticipate and manage.

Strategy is an integrated approach to achieving long-term goals, encompassing the 'WHY', 'WHAT', and 'HOW' of an organization's direction.

A strategic goal is a shared objective that provides direction and aligns efforts towards a common vision for the organization.

The Strategy Diamond is a framework for developing strategy that encompasses five key elements: economic logic, arenas, vehicles, differentiators, and staging.

Economic logic refers to the underlying reasoning of how an organization will achieve its strategic goal, focusing on the core value proposition and competitive advantage.

Arenas refer to the target markets or areas of activity where an organization will compete, including functional, geographic, and customer segments.