What is Disruptive Innovation?
~ Theory that describes the impact an innovation has when a new market and
value are created, which disrupts an existing market and its value. Less
expensive and simpler versions of existing products and services that target
an entirely new group of customers....
✓~ Management is the process of achieving Organizational objectives through
people and other resources. The Manager's job is to combine Human and
Technical resources in the best way possible to achieve the company's goals.
How do the jobs of top managers, middle managers, and supervisory managers
differ?
✓~ Top managers design long term plans, set a direction for their organization
and inspire all employees to achieve the company's vision. Middle managers
focus on the specific mission and operations, products, or customers. They
develop procedures to implement the company's strategic plans. Supervisory
interact directly with non-management employees, who produce and sell the
companies goods and services. They are responsible for implementing the
plans developed by middle managers and motivating workers to accomplish
daily, weekly, and monthly goals.
,What is the relationship between the managers planning and controlling
functions?
✓~ Controlling assess the success of the planning function. Controlling also
produces feedback for the next round of planning.
What is meant by a vision for the company?
✓~ A vision serves as a target for the company's actions, helping direct the
company towards opportunities and differentiating it from its competitors.
Why is it important for a top executive to set high ethical standards?
✓~ High ethical standards often result in a stable workforce, job satisfaction, and
customer loyalty.
Outline the planning process.
✓~ Some plans are very broad and long range, focusing on key organizational
objectives; others are more detailed and specify how particular objectives will
be achieved. From the mission statement to objectives to specific plans, each
phase must fit into comprehensive planning framework.
Describe the purpose of tactical planning.
, ✓~ The purpose of tactical planning is to determine which short-term activities
should be implemented to accomplish the companies overall strategy.
Compare the kinds of plans made by top managers and middle managers.
✓~ Top managers focus on long-range, strategic plans. In contrast, middle-level
managers focus on short term tactical planning.
What is the purpose of a mission statement?
✓~ A mission statement is a companies written explanation of its purpose, the
reason it exists, the customers it will serve, and how it is different from its
competitors. A mission statement guides the actions of its company,
managers, and employees.
Which of a company's characteristics does a SWOT analysis compare?
✓~ Strength, Weaknesses, Opportunities and Threats Compared to its
competitors.
How do managers use objectives?
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