UM MGT 675 - Management Key Topics

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Management Key Topics1. How has strategy evolved during the last 500 years in the Western World?a. Colonialb. Complementary (Ex- you have cotton, but I have the slaves) c. Competitive d. Destructive2. How does the Boston Consulting Group matrix relate to the industry/productlife cycle?a. Star: market leader; strong market share in a fast-paced, strong economyb. Cow: typically generate a lot of cash; reinvestmentc. Question Mark: cash taken from cow and invest in a start-up or weak business (the question mark)i. This new start-up (low market share company), can be driven into a stard. Dog: the company can then be milked (reinvested), sold, or killede. Cyclical !!! 3. As a firm/product/industry evolves through rather predictable stages, how does each of these stages differ? What are the strategy implications?a. Induction Stage = S?Db. Growth Stage = D>S c. Maturity Stage = S>D +/-d. Decline/Renewal Stage = S>D – i. Relate to Apple case: 1. Introduction: Almost all businesses fail in the first 5 years, you need all 4 components to be successful2. Growth: Apple has good growth rate; can you produce/supply enough to keep up with demand?3. Maturity: by the Mature Stage, you must have solved these problems; must be able to sell your stuffe. Organizational Issues (Primary Issues4. Why do some industries prosper in specific locations, not others? What conditions explain this outcome?a. Silicon Valley Discussionb. Intensity Determinants:i. Resource conditions: intellectuals to help with company survivalii. Buyer conditionsiii. Support conditionsiv. Rivalry conditions: put new store close to competitors; helps you do a better job5. Assuming you were to evaluate a prospective employer/investment from a strategic perspective, what types of analysis would you use? Describe and explain each. a. Firm: SWOT i. Strengthsii. Weaknessesiii. Opportunitiesiv. Threatsb. Industry: Porter’s Five Forces i. Threat of Substitutes: at the firm levelii. Threat of Entry: at the firm level; easy to get in now (because oftechnology), but difficult prior to 1985iii. Rivalry: at the firm leveliv. Bargaining Power of Buyers: demands from firmv. Bargaining Power of Suppliers: sells to firm1. Connections between suppliers and firm are becoming more coarse2. Suppliers, although many, are concentrated3. Suppliers (like Apple) are becoming more powerful and go skip selling to the firm and sell directly to customers instead (cut out the middleman, or the firm)4. Open channels, possibly via the internetc. The General Environmenta. Demographicb. Socio-culturalc. Political/Legald. Technologicale. Economicf. Globalg. Interactions (the biggest effect)6. Strategic decision makers cannot be locked into a single thinking model. What are different thinking frameworks and their relative characteristics?a. Customer-Focused Value Addedb. Productivity, Quality, & Other Strategic Minimumsc. Strategic Decision Makingd. Environment-Strategy-Competency-Structure Model7. Differentiate among leaders, managers, and administrators?a. Leader: looks at overall vision and how to ameliorate the goals of othersb. Managers: can have a lot of followers, as well as people who disagreei. They simply announce a plan, without considering othersc. Administrator: politician; informal leader; looks at different demands of constituents8. Explain the relationships among vision, mission, strategy, and tactics. Define each. Explain the key considerations associated with each concept.a. Vision (WHY?)i. Ennobling and articulated (specific)ii. Organization is Being (right now)iii. … and Becoming (future)iv. Ex- Kennedy’s speech about man on the moonb. Missioni. (WHAT?)1. The purpose of the organization2. Goal focused3. Often top downii. Purpose1. Defines organization: what we are and what we seek to be2. Guides policy makers: necessary values; implies a moralcode3. Offers guiding principles: defines relations with others; operationalizes values4. Gives purpose to organization: ennobles efforts; enablesgrander identification5. Acknowledges societal responsibilities: recognizes diverse constituents; recognizes societal roles6. The three sectors – mission variancec. Strategy- decisions you make when you don't have to make a decision (HOW?); strategy tells you what you’re NOT going to do; i. To provide organization with a sustainable, competitive advantage in achieving its missionii. Answers “how” the organization succeedsiii. Matches organizational capabilities and environmental opportunitiesiv. Capabilities are evaluated by an evaluation of organizational strengths and weaknessesv. Environmental suitability depends on an analysis of opportunities and threats in the business environmentd. Tactics- decisions you make when you HAVE to make a decision; immediate (WHEN?); decisions you make when you need to do iti. WHEN?1. When a decision is needed now!2. Decentralized- pushing the decision down to the bottomline3. Delegated- this is done by delegation, or given authorityto do the job9. Explain, conceptually, the economic history of the human race.10. What is a virtuous cycle? Give two examples.a. Strategic Life Cycle Analysis & Implications11. Explain the concept of industry groupings.a. Silicon Valley Example12. Discuss the following proposition: “Even a great strategy leads to bankruptcycourt if stayed with long enough.”a. Innovation13. Explain why “Happiness is positive cash flow.”a. Business: motive is to make owners wealthyb. Non-profit: need based; not a lot of profit; ex- homeless shelter14. Explain why growth seems to be such an imperative for publicly traded businesses.a. Increase shareholders’ wealthb. Have to increase marginsi. Apple: able to increase margins by increasing product offerings; increase price15. Besides organic growth, what other ways can executives keep sales curve growing, even in a slow/no growth industry?a. Shared Co-Promosb. Mergersc. Hostile Takeover (Acquisition)d. Joint Venturese. *** Reference model drawn on board during class16. When considering organization strategy, what is different about U.S., European, and Japanese perspectives and goals?17. Why would Jack Welch want his product divisions to be number one or two in their industries?18. Besides Mergers and Acquisitions, how do executives get top line growth?a. Sources of Growth19. Strategy takes place within a set of generic constraints. Identify and discuss. a. Organizational Constraints (Internal, Resources, & Capabilities)i. Internal resources are

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UM MGT 675 - Management Key Topics

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