Management Study Guide Chapter 1 Self-Management: the capacity to act with a strong self-awareness Managers: persons who directly supervise‚ support‚ and help activate work efforts and achieve the performance goals of individuals‚ teams‚ or even an organization First-line manager: someone who is formally in charge of a small work group composed of non-managerial workers -department head‚ supervisor‚ team leader Middle manager: person in charge of relatively large departments or
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marginal utility? Utility: The want-satisfying power of a good or service; the satisfaction or pleasure a consumer obtains from the consumption of a good or service (or from the consumption of a collection of goods and services). • Marginal Utility: The extra utility a consumer obtains from the consumption of 1 additional unit of a good or service; equal to the change in total utility divided by the change in the quantity consumed. The customer will buy more units if they get extra satisfaction
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True / False Questions 1. International marketing is the performance of business activities designed to plan‚ price‚ promote‚ and direct the flow of a company ’s goods and services to consumers or users in more than one nation for a profit. 2. A good illustration of an uncontrollable variable that might impact international business is a marketing decision with respect to research. 3. The foreign uncontrollable environment is the same as the domestic uncontrollable environment. 4. The
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* International business: business whose activities are carried out across national borders. * Foreign business: the operations of a company outside its home or domestic market-business that takes place within a foreign country * Multidomestic company: (MDC) an organization with multicountry affiliates‚ each of which formulates its own business
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Strategic Direction and International Expansion The strategic direction of Edward Jones is something that is constantly changing due to the steady growth and expansion of the company. Currently we have been attempting to implement a strategy where we achieve growth not by gaining new clients‚ but by holding a higher portion of our current client’s total assets. By digging deeper into our client’s wallets‚ we feel that we will be able to keep our company tradition and have deeper relationships
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NONSUBSTITUTABLE Nonsubstitutable capabilities are capabilities that possess no strategic equivalent. As a firm becomes more difficult to substitute‚ the strategic value of capabilities increases. Lululemon Columbia TYPES OF BUSINESS LEVEL STRATEGIES A business-level strategy is an integrated and coordinated set of commitments and actions the firm uses to gain a competitive advantage by exploiting core competencies in specific product markets. The purpose of a business-level strategy is to position
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Learning Outcomes: Core Learning Outcomes 1. Define the term “strategic management”. 2. List four phases of strategic management 3. List four basic elements of strategic management. 4. Define the term “strategy”. 5. Identify the five forces that shape competition as described by Porter. 6. Explain what is meant by the term "competitive advantage". 7. List three directional strategies. 8. List the five stages of international development. Define the term "strategic management" Strategic
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each other‚ with the mission‚ objectives‚ and strategies‚ and with the internal and external environments? 6. Do the current mission‚ objectives‚ strategies‚ and policies reflect the corporation’s in-ternational operations‚ whether global or multidomestic? II. Corporate Governance A. Board of Directors 1. Who is on the board? Are they internal ( employees) or external members? 2. Do they own significant shares of stock? 3. Is the stock privately held or publicly traded? Are there different
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Organization Theory & Design Part 1: Introduction to Organizations Chapter 1: Organizations and Organizational Theory Organizations continuously adapt to shift in the external environment Markets‚ technologies‚ and organizations are increasingly interconnected Intel’s new circuits are designed in India and China for 50 to 60 percent less than in North America Globalization is leading to increased competition and complexity in business environment Speed of Responsiveness to environmental changes
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An international company is one that engages in any combination of activities‚ from exporting/importing to full-scale manufacturing‚ in foreign countries. A multinational corporation‚ on the other hand‚ is a highly developed international company with a deep involvement throughout the world‚ plus a worldwide perspective in its management and decision making. The following list will a include a list of company in their stages of international development. Stage 1 (Domestic Company): The primarily
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