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Lecture 41

MGMT 1 Lecture Notes - Lecture 41: Merage Family, Organizational Chart


Department
Management
Course Code
MGMT 1
Professor
G Mclaughlin
Lecture
41

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Paul Merage School of Business
MGMT 1
Intro to Business Management
4 units
No Pre-reqs
Course code: 38001
tuesday/thursdays 9:30-10:50
Location:SB1 1200
Final: Thursday of finals week
Course Notes
MANAGING THE INTERACTION AMONG FIRMS
Networking using communications technology and other organizations and allow them
to work together on common objectives.
Transparency and Virtual Organizations
o Real time the present moment or the actual time in which an event takes place.
o Internet has allowed companies to send real-time data to organizational partners
as they are developed or collected; result is transparency.
o Most organizations are no longer self-sufficient or self-contained they are part
of a vast network of global businesses that work closely together.
o Networked organizations tend to be flexible.
o Virtual Corporation a temporary networked organization made up of
replaceable firms that join and leave as needed.
Benchmarking and Core Competencies
o Benchmarking comparing an organization’s practices, processes and products
against the world’s best.
o Companies benchmarked other industries for different processes of the businesses
to find efficient ways.
o Companies within the same industry benchmarked to see what the other company
does better.
o If an organizational can’t do as well in certain processes, it will try to outsource
the function to an external organization.
o Core competencies functions that a firm can do as well or better than any other
organization in the world.
Done when a firm has completed its outsourcing process.
Nike is great at designing and marketing athletic shoes..
Adapting to Change
o Once you have formed an organization, you must be prepared to adapt the
structure to changes in the market.
o Introducing change is one of the hardest challenges facing any manager i.e.
getting rid of old, inefficient facilities and cutting labor force to cut costs.
o Internet has created whole new opportunities to win market share, companies
must coordinate the efforts of their traditional departments and internet staff to
create friendly, easy-to-manage-interactions.
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