BUS 137 Study Guide, C1-4 (Fall 10)

BUS 137 Study Guide, C1-4 (Fall 10) - Adam Stone BUS...

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Adam Stone BUS 137.0001 02/05/2011 PRINCIPLES OF MANAGEMENT (BUS 137) STUDY GUIDE Chapters 1-4: Key Terms Chapter 1 Management – the process of working with people and resources to accomplish organizational goals p.12 New Competitive Landscape (list and explain each one) – 1) Globalization strong demand is coming from consumers/businesses overseas this growth is attracting low-cost competition from Chinese businesses the change from a local to a global marketplace is gaining momentum and is irreversible. Small firms export their goods domestic firms assemble their products in other countries Internet powerful force in globalization using cell phones and laptops more and more users from BRIC nations develop content in their own languages connecting people without regard to time and space 2) Technological Change – both complicates things and creates new opportunities challenges come from the rapid rate at which communication, transportation, info, and other technologies change Why is the internet so important to business?
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Fulfills many business functions – marketplace, manufacturing, distribution, info service, etc. Drives down costs Speeds us globalization Provides access to info- better more efficient decisions Enhances product design Also creates threats as competitors capitalize on new developments High-tech Gadgets Cell phones, PDAs, smart phones, laptops Increase connectedness to work anytime, anywhere Both a convenience and a source of stress Stress comes when limits are not set on connectedness Devices can become distractions Making judgments about when/where to apply tech for benefit 3) The importance of knowledge and ideas – Efficient factories with fewer workers produce more, while more workers create software and invent new products. Knowledge Workers - primary contributions are ideas and problem- solving expertise. Determining whether they are doing a good job can be difficult Knowledge output is immeasurable Success of modern businesses depends on o Innovation o Delivery of services o Organizations need to manage knowledge (knowledge management mentioned further down) 4) Collaboration across organizational “boundaries” - Ensures people in different parts of organization collaborate effectively.
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Requires communication among departments, divisions, and subunits of the organization. Emphasis on dual responsibilities- performance and knowledge sharing Input from various areas supports both design and manufacturing Also occurs beyond boundaries of the organization Investors and customers can be collaborators The need to serve the customer drives everything Involve the customer in company decisions Social networking customer’s attitudes towards products p. 4-8 Knowledge Management – the set of practices aimed at discovering and harnessing an organizations intellectual resources fully utilizing the intellects of the
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BUS 137 Study Guide, C1-4 (Fall 10) - Adam Stone BUS...

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