Management Exam 1 Review (v2)

Management Exam 1 - Management 20:51 Chapter 1 Managing 1.1 Managing in the New competitive Landscape 1 Globalization 1 Companies have begun to

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Management 20:51 Chapter 1: Managing 1.1 Managing in the New competitive Landscape 1. Globalization 1. Companies have begun to spread all over the world and tap international markets. They are also beginning to hire international workers. Internet is also making us more global. Even small companies import and export their goods 2. Technological Change 1. Technology complicates things but at the same time creates new opportunities. 2. The Internet is very important to business. It’s a marketplace; means for manufacturing and it drives down costs and speeds up globalization. You also need to know when and where to apply the technology for maximum benefit. People with blackberries work after they leave. They are still answering and checking e-mails, etc. 3. Knowledge Management- practices aimed at discovering and harnessing an organizations intellectual resources. 1. Knowledgeable workers- workers whose primary contributions are ideas and problem solving expertise. It is fully utilizing the intellects of the organization’s people. Knowledge management is the responsibility of an organization’s information technology department. 2. Because factories have become more efficient, workers can now make technological advancements than do physical labor. 1.2 The Power of Collaboration 1. Collaboration across Boundaries- 1. An important part of knowledge management is to ensure that people in different parts of the organization collaborate effectively with one another. This requires good communication among different departments. Knowledgeable management supports collaboration and vice versa. 2. You also need to collaborate with people outside of your network and use them for the services in which they specialize. 3. Customers collaborate about products so then companies can get feedback from them 2. Managing for Competitive Advantage 1. Many people quit their jobs to start up internet companies when there was an internet boom. In order to be successful you must have the competitive advantage and the ability to keep the competitive advantage. In order to have competitive advantage you must have:
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1. Innovation- the introduction of new goods and services. Products don’t sell forever so your firm must adapt to changes in consumer demands and to new competitors. Sometimes your competitors can do the same thing but cheaper which puts you at a disadvantage. This occurs through other countries too. Innovation must be a strategic goal and managed correctly. 2. Quality- the excellence of your product. It isn’t only tangible items but also services which are rated based on quality. Also, W. Edwards Deming convinced managers to achieve total quality and prevent defects from happening. 3.
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This note was uploaded on 01/30/2011 for the course 620 300 taught by Professor Gordon during the Spring '10 term at Rutgers.

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Management Exam 1 - Management 20:51 Chapter 1 Managing 1.1 Managing in the New competitive Landscape 1 Globalization 1 Companies have begun to

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