MGMT 1000 Study Guide - Midterm Guide: Contribution Margin, Visible Minority, Megaphone

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4 Jul 2016
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New innovations are taking over past traditions you have to be a creative genius to succeed learning organizations try to: Continuous learning is necessary and knowledge is expanding. Humans have lived in a knowledge economy ever since development of fire, development of tools, invention of wheel. Knowledge transformation boomed with the renaissance and. Knowledge world changes our perception, creating new economic and social rules of life. Importance of knowledge exceeds traditional factors (land, labor, capital) Production now occurs through the mind: continuous innovation, collaborative learning and competitive advantage. Ownership of knowledge exceeds ownership of wealth. Learning organizations, or knowledge creating companies are emerging as new engines of economic growth. Management needs to develop learning organizations and follow this concept or they are screwed. Wages are going down due to globalization so you have to keep learning in order to succeed: organizations need to learn to learn. Ii. create new knowledge and value a. learning new/unique things creates value for yourself.