MGT 3301 TXST Midterm (Chapters 1 - 6) Questions With
Complete Solutions
Intermediate Consumers
a customer who purchases raw materials or wholesale products
before selling them to final customers (B2B companies)
Customer Service
means giving customers what they want or need it, the way they
want it, the first time
Substitutes
A potential threat; customers use it as an alternative, buying less
of one kind of a product but more of another
Complements
A potential opportunity; customers buy more of a given product
if they also demand more of the complementary product
Suppliers
provide the resources needed by the company to produce its
goods and services; people, raw materials, info, and financial
capital
Switching Costs
fixed costs buyers face when they change suppliers
Supply Chain Management
,the managing of the network of facilities and people that obtain
materials from outside the organization, transform them into
products, and distribute them to customers
Environmental Uncertainty
when managers do not have enough information about the
environment to understand or predict the future
Uncertainty arises from...
Complexity- The number of issues to which a manager must
attend, and the degree to which they are interconnected.
Dynamism- The degree of discontinuous change that occurs
within the industry.
Environmental Scanning
searching for and sorting through information about the
environment
Competitive Intelligence
Information that helps managers determine how best to manage
in the competitive environment. Environments can be attractive
or unattractive
Scenarios
A narrative that describes a particular set of future conditions.
Best case, worst case
Forecasting
method for predicting how variables will change the future
,Benchmarking
the process of comparing an organization's practices and
technologies with those of other companies
Effective responses to the environment
Adapting to, influencing, or selecting a new environment
Empowerment
shares power with employees at all levels to enhance their
contributions to the organization
Responding to the environment by adapting at the boundaries
Buffering and Smoothing
Buffering
is creating supplies of excess resources in case of unpredictable
needs
Smoothing
leveling normal fluctuations at the boundaries of the
environment
Adapting at the core
Flexible Processes
Flexible Processes
allow for adaptation in the technical core to meet the varied and
changing demands of customers.
Influence your environment
, Independent or Cooperative strategies
Independent Strategies
strategies that an organization acting on its own uses to change
some aspect of its current environment
- competitive aggression
- competitive pacification
- PR
- voluntary actions
- legal action
- political action
Cooperative Strategies
strategies used by two or more organizations working together
to manage the external environment
- contracts
- cooptation
- coalition
Strategic Maneuvering
An organization's conscious efforts to change the boundaries of
its task environment
- domain selection
- diversification
- mergers
- acquisitions
- divestiture
Domain Selection
Entering a new market or industry with an existing expertise
Complete Solutions
Intermediate Consumers
a customer who purchases raw materials or wholesale products
before selling them to final customers (B2B companies)
Customer Service
means giving customers what they want or need it, the way they
want it, the first time
Substitutes
A potential threat; customers use it as an alternative, buying less
of one kind of a product but more of another
Complements
A potential opportunity; customers buy more of a given product
if they also demand more of the complementary product
Suppliers
provide the resources needed by the company to produce its
goods and services; people, raw materials, info, and financial
capital
Switching Costs
fixed costs buyers face when they change suppliers
Supply Chain Management
,the managing of the network of facilities and people that obtain
materials from outside the organization, transform them into
products, and distribute them to customers
Environmental Uncertainty
when managers do not have enough information about the
environment to understand or predict the future
Uncertainty arises from...
Complexity- The number of issues to which a manager must
attend, and the degree to which they are interconnected.
Dynamism- The degree of discontinuous change that occurs
within the industry.
Environmental Scanning
searching for and sorting through information about the
environment
Competitive Intelligence
Information that helps managers determine how best to manage
in the competitive environment. Environments can be attractive
or unattractive
Scenarios
A narrative that describes a particular set of future conditions.
Best case, worst case
Forecasting
method for predicting how variables will change the future
,Benchmarking
the process of comparing an organization's practices and
technologies with those of other companies
Effective responses to the environment
Adapting to, influencing, or selecting a new environment
Empowerment
shares power with employees at all levels to enhance their
contributions to the organization
Responding to the environment by adapting at the boundaries
Buffering and Smoothing
Buffering
is creating supplies of excess resources in case of unpredictable
needs
Smoothing
leveling normal fluctuations at the boundaries of the
environment
Adapting at the core
Flexible Processes
Flexible Processes
allow for adaptation in the technical core to meet the varied and
changing demands of customers.
Influence your environment
, Independent or Cooperative strategies
Independent Strategies
strategies that an organization acting on its own uses to change
some aspect of its current environment
- competitive aggression
- competitive pacification
- PR
- voluntary actions
- legal action
- political action
Cooperative Strategies
strategies used by two or more organizations working together
to manage the external environment
- contracts
- cooptation
- coalition
Strategic Maneuvering
An organization's conscious efforts to change the boundaries of
its task environment
- domain selection
- diversification
- mergers
- acquisitions
- divestiture
Domain Selection
Entering a new market or industry with an existing expertise
