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Final

COMM 210 Study Guide - Final Guide: Job Enrichment, Job Rotation, Retained EarningsPremium

10 pages86 viewsWinter 2017

Department
Commerce
Course Code
COMM 210
Professor
Michael Masters
Study Guide
Final

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MIDTERM:!UP!UNTIL!COLLINS-&-PORRAS!
FINAL:!NO!ZALEZNIK?!
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2-KEY-CONCEPTS:-
1.-Economies-of-scale:!as!production!increases,!costs!!
!!!!!decrease!!doing!things!@!a!bigger!scale!reduces!costs!
2.-Economies-of-scope:!large!plants!can!use!the!same!raw!!
!!!!!materials!&!production!processes!to!produce!various!!
!!!!!products!
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3-MAJOR-CLAIMS:-
1st-mover!organizations!invest!in:!
1. National!&!int’l!marketing!distribution!functions!
2. Teams!of!lower!&!middle!managers!
3. R&D!(Innovation!&!strategy)!
*Require!both!economies!of!scale!&!scope!
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Successful!firms!capitalize!on!economies!of!scale!&!scope;!
they!have!a!functional!management!structure!and!invest!
in!R&D!&!grow!from!related!diversification.!This!will!allow!
them!to!stay!ahead!of!competition.!
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SECONADRY-CLAIMS:-
1.
Once!a!firm!loses!the!opportunity!to!B!a!1st!mover,!
it’s!difficult!to!regain!its!competitive!advantage-
2. Entrepreneurial!companies!that!don’t!invest!to!
create!organizational!capabilities/specialties!
cannot!achieve!long-term!success.-
3. Growth!through!unrelated-diversification-is!a!
poor!corporate!strategy-
4. Business-ownership-patterns!have!diminished!the!
likelihood!of!many!firm’!long-term!success-
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Managerial-enterprise:!Making!necessary!investments!in!
management,!production!and!distribution!in!order!to!
capitalize!in!economies!of!scale!and!scope.!
R&D:!New!technologies,!improving!quality!(innovation)!
Management-hierarchy:-separation!of!upper!and!lower!
level!management!
Chandler!
EAR-–-Evolution-&-Revolution-as-Organizations-Grow-
MAJOR-CLAIMS:!
1. Organizational!growth!occurs!through!a!series!
of!evolution!&!revolution!phases!(5)!that!R!a!
function!of!the!age/size!of!the!organization!
2. Management!practices!that!work!well!in!1!
phase!bring!on!a!crisis!in!the!next!
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In!order!for!a!company!to!be!able!to!progress!and!move!
on,!it!must!go!through!phases!of!evolution!and!
revolution!and!constantly!be!changing!its!organizational!
structure.!
By!implementing!the!right!strategies!&!managerial!
structures,!firms!can!resolve!the!crisis!and!move!on.!
!
KEY-CONCEPTS:-
Age!of!organization!
Size!of!organization!
Stages!of!evolution!
Stages!of!revolution!
Growth!rate!of!industry!
Management!style!
Organizational!structure!
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*!Each!phase!begins!with!a!period!of!evolution!and!has!
its!moments!of!stability!and!growth!but!eventually!ends!
with!a!revolutionary!period!
*!Management!practices!that!work!well!in!one!phase!
can!bring!crisis!&!chaos!in!another!
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Greiner!
SOLUTIONS-TO-CRISIS:-
1.!Find!strong!manager!with!
knowledge!&!skill!to!lead.!
2.!Work!
3.!Special!coordination!
4.!Collaboration!
5.!?!
SECONDARY-CLAIMS:-
1.!Organizations!should!not!
try!to!skip!phases.!
2.!Top!managers!whose!
style!is!no!longer!
appropriate!should!remove!
themselves!
3.!Growth!is!not!inevitable!
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In!order!to!explain!a!firm’s!success,!strategists!need!to!
analyze!the!implications!of!its!internal!strengths!&!
weaknesses!–!a!complete!analysis!of!its!competitive!
environment!is!insufficient.!
Four-Important-questions-about-resources-and-capabilities-(VRIO)-
1.!The!Question!of!Value:!Does!a!firm’s!resources!&!capabilities!enable!it!to!exploit!an!opportunity,!
&/or!neutralize!it?!
2.!The!Question!of!Rareness:!How!many!competing!firms!already!possess!these!valuable!resources!&!
capabilities?!
3.!The!Question!of!Imitability:!Do!firms!without!a!resource!or!capability!face!a!cost!disadvantage!in!
obtaining!it!compared!to!firms!that!already!possess!it?!
à
-There-are-3-reasons-why-resources-can-be-hard-to-imitate:-
4.!The!Question!of!Organization:!Is!a!firm!organized!to!exploit!the!full!competitive!potential!of!its!
resources!&!capabilities?!
a.!Historical-conditions:!Valuable!&!rare!resources!acquired/!
developed!through!unique!historical!circumstances!can!be!costly!to!
imitate!&!thus!a!source!of!sustained!competitive!advantage.!
b.!The-importance-of-numerous-
small-decisions:!A!firm’s!competitive!
advantage!seems!to!depend!on!
numerous!“small!decisions”!through!
which!a!firm’s!resources!&!
capabilities!are!developed!&!
exploited.!
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c.!The-importance-of-socially-complex-resources:!The!resources!and!
capabilities!that!are!based!on!a!companys!culture!or!interpersonal!
relationships!(reputation,!trust,!friendship,!teamwork,!&!culture,!
while!not!patentable,!R!more!difficult!to!imitate).!
MAJOR-CLAIMS:!
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1.!A!frim!will!have!a!sustained!competitive!advantage!if!its!resources!&!capabilities!are!valuable,!rare,!!
!!!!inimitable,!&!organized!in!a!way!that!allows!it!to!exploit!new!potential!opportunities.!
2.!A!firm!will!be!successful!if!it!has!resources!with!the!right!attributes!and!characteristics.!
3.!A!complete!understanding!of!sources!of!competitive!advantage!requires!the!analysis!of!a!firm’s!
internal!strengths!&!weaknesses!as!well.!
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*!A!firms!resources!&!capabilities!include!all!its!assets!
used!to!develop,!manufacture,!&!deliver!products!or!
services!to!its!customers.!
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Assets:-
Financial:!debt,!equity,!retained!earnings,!etc.!
Physical:!machines,!manufacturing!facilities,!
buildings.!
Human;!experience,!knowledge,!judgement,!
wisdom.!
Organizational:!history,!relationships,!trust,!
culture,!formal!reporting!structure,!patents,!etc..!
!
Jay-Barney-
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