Review questions – Exam 2
Management Strategy & Policy
Chapter 6 1. Managerial Actions and initiatives taken in the strategy execution proce1 – p. ..117-118ss * Human capital: intangible assets such as skills, knowledge, and value required by the strategy. * Staffing the organization with people having the right skills and expertise * Information capital: intangible assets such as systems, database, and network that support the strategy. * Installing information and operating systems that enable company personnel to perform essential activities * Organizational capital: strategy supportive intangible assets such as leadership, alignment of goals, and teamwork * Exerting the internal leadership
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What is the hallmark of an adaptive culture? P.126 * Willingness on the part of organizational members to accept change and take on the challenge of introducing and executing new strategies. 10. Competent leadership – p.127 * Is the single most visible factor that distinguishes successful culture-change efforts form failed attempts. 11. What is benchmarking? P=130 * Is one of the most widely used and effective tools for improving the performance of internal processes entails benchmarking the company’s performance of value chain activities against “best-in-industry” and “best-in-world”. * Identifying, analyzing, and understanding how top companies or individuals perform particular best practice provides useful yardsticks for judging the effectiveness and efficiency of internal operations and setting performance standards for organization units to meet or beat. * Benchmarking allows companies to compare themselves with others, to identify their comparative strength and weaknesses and learn how to improve. It is a way of finding and adopting best practices. 12. TQM * Is a philosophy of managing a set of business practices that emphasizes continuous improvement in all phases of operations, 100 percent accuracy in performing tasks, involvement and empowerment of employees at all levels, team-based work design, benchmarking, and total customer satisfaction. * TQM is thus a race without a finish. 13. Six Sigma quality control *
ASOS is an international fashion retailer, which offers an extensive line of products, varying from high street to
Operating Excellence: this is concerned with the ongoing delivery of superior performance and quality across the business processes.
Directors, Managers and even Supervisors take it upon themselves to compare their products, performances or processes externally with their competitors or even internally with similar activities and then this allows identification of weaknesses and inefficiencies.
- Helps to identify opportunities in the market place. - Minimize the risk of doing business. - Uncovers and identifies potential problems. - Create benchmarks and helps track progress. - Evaluating the success of the business.
The information gained from such a comparison allows firms to determine how well they perform in comparison with the “best” and, in turn, develop new and better strategies to work towards making improvements or adopting certain best practices. Benchmarking is usually an ongoing process in which companies continuously seek the improvement of their practices. (Debitoor, 2017)
Best Practices Benchmarking is an effective device to increase aggressive understanding and gives "confirm based" perspectives of execution all product and organization lifecycles. All in all, it is the utilization of what is found out in benchmarking that conveys the checked and amazing outcomes so regularly noted. We supplement the traditional metrics-focused approach with an investigation of why and how practices deliver extraordinary outcomes. Numerous industry pioneers and organizations utilize benchmarking tool to recognize the holes in the process to enhance and upgrade execution. We should start with internal benchmarking. In its most straightforward simplest form, inside benchmarking
The methods that the organization will take to achieve the required results both now and in the future
Benchmarking can be a successful tool to determine root causes and potential solutions to a problem. Benchmarking allows for an organization to compare themselves to others in the same field and gauge what works and hasn’t work for others. (Suttle, n.d.) One tool that can
This is often used to used to help gain a perceptive and information that help an organization with practices and measures that make it more competitive with companies in the same field. By accessing information, we can use one company against another to create a completive atmosphere where the both business can expand. Knowing your competition, what they offer, their prices etc., can help you stand out and hopefully give you a leg up when dealing with patients in healthcare. What makes a patient prefer them to you? What technology do they have that maybe you lack? What can you learn from them and then improve upon? These are questions that help an organization grow and learn from one
According to the course text, it is critical for organizations to focus on best practices to maintain a competitive advantage to cover the various aspects of operational leadership, product advancement, and customer relationships (Ferrell & Hartline, 2014).
* What organizational structure, management processes, and philosophy will foster superior performance from the company’s business units?
With all three aforementioned entities understanding "what you do and why" (pg 29), can assist in the development of performance management initiatives which include a measurable to adequately define the service and evaluate as necessary and be accountable for the decisions rendered. The transparency in same will allow for the breakdown of silo type behaviours and assist in the elimination of duplication of services (pg.26).
Lastly, benchmarking is a competitive business strategy where organizations compare their business processes and practices with other organizations that may simply do it better. Through benchmarking, organizations can determine how other businesses achieve high performance levels and how they can experience competitive advantages pertaining to customer service and the quality of their processes (Meybodi, 2013). Organizations have several different options when it comes to benchmarking, as they can compare business processes with competitors in their industry, successful organizations in other industries, and their own internal departments. Typically, businesses will benchmark other organization’s performance metrics that pertain to quality, time and cost (Meybodi, 2013). Organizations want to study the moves and decisions from the businesses that set the highest standards in the world. For example, organizations in the tech industry and start-up businesses aspiring to build dominant empires should benchmark the practices of Apple or Microsoft. Both of these companies have dominated the tech industry for the last few decades and have set the standard for being the absolute best.
The strategic management process is sometimes improperly perceived as a unidirectional flow of objectives, strategies and decision parameters from management to the employees. In fact, the process should be highly interactive since it is designed to stimulate input from creative, skilled and knowledgeable people working at every level of the business.
Essentially, this is what we are speaking about when we refer to organizational performance and achievement of successful outcomes. (James, 2017)