International management
the environment of business
the environment of business
Kartei Details
Karten | 140 |
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Sprache | English |
Kategorie | VWL |
Stufe | Universität |
Erstellt / Aktualisiert | 12.10.2017 / 14.06.2020 |
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Core competencies need to satisfy VRIO criteria.What are the VRIO criteria?
Valuable
Rare
Costly to Imitate
Organized to be exploited
what is a value chain?
it divides a firm into the discrete activities it performs in designing, producing, marketing and distributing
give some examples for primary and secondary activities in the value chain
Primary activites: Inbound logistics, Operations, outbound logistics, Marketing & Sales, Service
Support activities: Human Ressources, Technology Development, Procurement
what does outsourcing mean?
Purchase of some or all of the value-creating activities from an external supplier.
what are the advantages of outsourcing?
-Cost savings
-Technology
-Flexibility
-Focus/Specialization
what is the main difference between a mangaer and a leader?
Manager: How and when, maintains, control, short.range view
Leader: what and why, develops, trust, long-range view
what are the 8 steps by Kotter?
1. Establish a sense of urgency
2. Create a guiding coalition
3. Develop a clear shared vision
4. Communicate the vision
5. Empower people to act on the vision
6. Create short term wins
7. Consodilate anbuild of the gains
8. Institutionalize the change
what are the 4 most important qualities of a leader?
1. Be supportive
2. Operate with strong results orientations
3. Seek different perspectives
4. Solve problems effectively
what are the differences between leadership, management and business Administration?
Management --> what?
Leadership--> why?
Business Administration: how?
what is the purpose of business administration?qdir
Is responsible for the operational aspects, direct and control resources towards common goals, ensures value is added at each stage of production or service,
what are the tasks in making decision?
Recognize the problem/opportunity-->set objectives-->set and weight decisions criteria-->develop/identify alternatives-->compare alternatives and choose-->implement chosen alternative-->evaluate effectiveness of solution
what are the 2 types of decisions?
1. Programmed decisions: repetitive decisions that can be handled by a routine approach
2. Non-Programmed decisions: require unique solutions, because the situation is usntructured, poorly defined
What are the 5 models of decision making?
-Rational: Clear problem and goals, High degree of certainty, much information about costs
-Administrative/incremental: Vague problems/goals, high degree of uncertainty, little information about costs and benefits of alternatives, satisfying choice(good enough)
-Political: Conflict over goals, conflicting views concerning costs, choice by bargeining amongst players
-Garbage can: Environment highly uncertain, decisions require participants, problems, solutions to get choice opportunities
what are some biases in making decisions?
-Overconfidence
-Optimism
-Illusion of control
-Emotional attachement
-Escalating commitment
what arte the 5 leadership styles in decision-making?
1. Autocratic: solve problem yourself
2. Information-seeking: information from subordinates then decide on the solution to the problem yourself
3. Consulting: get ideas from subordinates then decide yourself
4. Negotiating: you share the problem wiht subordinates as a group and obtain their collective ideas then you decide which may or may not reflect your subordinates ifnluence
5. Group: you share the problem and decide together with your subordinates as a group. you do not try to influence the group
what are the 7 diagnostic questions?
1. Is one solution better than another?
2. Enough information available to make a high-quality decision?
3. Is the problem structured?
4. Is acceptance critical?
5.Is the decision accepted?
6. Do subordinates share company's goals?
7. Is conflict likely amongst subordinates over preffered solutions?
what does strategy mean?
A strategy is developed to reach the goals to succeed against the competitors
what does strategy mean in a business environment?
actions that managers take to attain the goals of the firm
What strategies must be used to reach the goal of value maximization
Profitability(reduce cost, add values and raise price) and profit growth (sell more in existing markets, enter new markets) strategies
describe strategic development
adapting the organization to its business environment, providing direction, strategy formation and strategy implementation, is done at several levels (corporate strategy, individual business strategies), is fluid and complex
what are the 5 p's of strategy
1. plan (pestel, swot, brainstorming)
2. ploy (outsmarting competitors)
3. pattern (learn from the past, create strategic advantage, USP analyses)
4. Position(competitive advantage analysis (swot, pestel, 5 forces, core competence)
5. perspective (subtantialö influence of organizational culture on strategic decisions making
what are the 3 perspectives on the strategy process
1. Planning view (systematic process, makes extensive use of analytical tools and techniques, facts can be expresses or observed objectively
2. learning view (emergent or adaptive process which is appropriate for businesses in rapidly changin sectors, adaption, reacting to unexpected events, experimenting, result from actions taken one by one that converge in time in some sort of consistency pattern)
3. political view (not a objective process, limited comparison of options, bargaining between players)
what is operations managment (opm)?
managing the production and delivery of products and services. Systems and operations need to be repeatasble, consistent, reliable, efficient, competitive, compliant
what is meant by transformation process?
Taking inputs (transforming resources and transformable resources) and vonvert them into outputs (goods, services, reputation etc.)
what are the 4 v's of operations?
Volume(number of units), Variety(how many types or versions of a product), varation in demand (how volume of production varies with time), visiblitiy (how much of the manufacturing or delivery process does the customer see)
what is the operations strategy?
pattern of decisions that shape the logn-term capability of the operation. It defines how the funciton will support the business strategy by ensuring the organization has the resources and competences to meet market requirements.
what are the 4 types of product processes?
1. project systems: manufacturing a very small number of products(low volume), long duration to achieve an output, skilled people (construction projects)
2. job shop systems: low volume producing special product to customer specifications, high degree of flexibility, high unit cost (made-to-measure tailor)
3. batch operations: many different products are produced, orders are repeated from time to time (car-production with customized equipment
4. Mass production and continuous manufacturing: automatic production lines, high rates of output, low unit costs, little flexibility (newspapers, mobile phones, food products)
what are the 3 types of service processes?
1. professional services: high-contact operations, customer spend a lot of time in the process, high levels of customization (legal services, healthcsre)
2. service shops: less customization, larger volumes of customers with similar needs, limited skills and knowledge (restaurants, hotels)
3. mass services: very limited contact time, little or no customization, low skilled people (call centers, supermarkets)
what is a fixed-position layout
Product being produced is massive, movement of the material fom process to process is impossible (football stadium, oil irg)
What is a process layout?
similar process types together in departments by which flexibility and concentration of process expertise can be gained. this is appropiate for job shop or small batch operations
what is product layout?
each component of product is produced after one another in a line. --> very low unit costs. This form is appropiate for mass productions (sugar production, self-service cafeteria)
what is cell or group layout?
modified form of product layout, product produces in cell or group layout have similar process sequencing requirements as the product layout but may look different (vw production) this is appropiate for small-to medium- batch operations
what are the 5 main activities of operations?
Creating capacity, setting standards, materials, scheduling, control
what are the 4 steps of control?
1. setting objectives
2. measuring
3. comparing
4. acting
what is quality?
quality is based on the requirements of the customer
name 7 features to define quality in terms of what customers expect:
Functionality, performance, reliability, durability, customization, appearance, image
what are 3 examples for features of SERVICE quality?
Responsivenes, assurance, empathy
what is the difference between order winning and order qualifying criteria?
winning--> features that are regarded by customer as a key reason to buy the product
qualifying--> if criteria are not present at certain level, it may disqualify product
Define "supply chain"
Process from initial raw material to the ultimate consumption of the finished product.
what parties are involved in a supply chain?
supplier--manufacturer---distributor---retailer---customer