Chapter1 Essay Questions 101. Compare and contrast strategic planning with strategic management. Strategic planning is more often used in the business world, whereas strategic management is often used in academia. Sometimes, strategic management is used to refer to strategy formulation, implementation and evaluation, with strategic planning referring only to strategy formulation. The purpose of strategic management is to exploit and create new and different opportunities for tomorrow;
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Overview of the Chapter In an uncertain competitive environment, managers must engage in thorough planning to find strategies that will help their organization to compete effectively. This chapter explores the manager’s role as both planner and as strategist. It discusses various elements of the planning process, different kinds of plans, strategy formulation, and the challenge of strategy implementation. This chapter also contains a detailed explanation of SWOT analysis and Michael Porter’s
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UNIT 1 i Overview of strategic management Unit 1 BMG 303/05 Strategic Management Overview of Strategic Management ii WAWASAN OPEN UNIVERSITY BMG 303/05 Strategic Management COURSE TEAM Course Team Coordinator: Dr. Chuah Poh Lean Content Writer: Dr. Hasliza Abdul Halim Instructional Designer: Mr. Khoo Chiew Keen Academic Member: Ms Lum Li Sean COURSE COORDINATOR Ms. Loo Saw Khuan EXTERNAL COURSE ASSESSOR Associate Professor Dr. Haji Hamzah Dato Abdul Rahman, Universiti
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information gathered through applied business research, develop a Marketing Plan for a product or service of your choice consistent with its position in the market. Understand how this Marketing Plan would fit into a complete Business Plan for the product or service. Key Concepts: Define marketing and how it evolved and why marketing is important to our society. Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services
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that managers perform 10 different, highly interrelated roles. Which of the following is one of the broad categories into which these roles might be grouped? A) intrapersonal B) institutional C) decisional D) affective E) reflective 2) Over the past two decades, business schools have added required courses on people skills to many of their curricula. Why have they done this? A. Managers no longer need technical skills in subjects such as economics and accounting to succeed. B. Managers need
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Management Principles for Continuous Innovation 2 This section is about global changes—why they are bigger, come more often, and are becoming more difficult to predict. It’s also about what companies have done, and are doing, in order to take advantage of the opportunities and avoid the threats embedded in these ever accelerating changes. Certain changes are products of shifting technologies. One established technology is replaced by something new. We’ve seen this before. Steam engines were
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consist of one or more tasks that constitute a significant activity performed in a job. * A responsibility is one or several duties that identify and describe the major purpose or reason for the job’s existence. Job Description: A job description is a summary statement of the information collected in the job analysis process. It is a written document that identifies, defines and describes a job in term of its duties, responsibilities, working conditions and specifications. Example: Job
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dominated them all. CLARIFY CORE COMPETENCIES How? It considered itself not a collection of strategic business units, but a portfolio of core competencies—the company’s collective knowledge about how to coordinate diverse production skills and technologies. COPYRIGHT © 2003 HARVARD BUSINESS SCHOOL PUBLISHING CORPORATION. ALL RIGHTS RESERVED. NEC used its core competencies to achieve what most companies only attempt: Invent new markets, exploit emerging ones, delight customers with products
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Father of Scientific Management”, led to a new philosophy of production. • His philosophy was to separate the planning function from the execution function. • Managers and engineers – given the task of planning; supervisors and workers - the task of execution. • Inspection was the primary means of quality control during the first half of the 20th century. • Henry Ford – developed Total Quality Management (TQM).
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1. Management and manager definitions(tell about several definitions and about resources and goals). Rule of successful management .Difference between management and administration Management definitions: * The process of organizing methods ,manpower and other resources to achieve organizational goals * Is more than art and science Managing is working with and through people to accomplish the objectives of both the organization & its members. * It means art or skills of directing
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