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ITM 100 Chapter 3: Chapter 3

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19 Apr 2012

School

Ryerson University

Department

Information Technology Management

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Professor

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ITM 100 Full Course Notes

ITM 100 Full Course Notes

Document Summary

A number of different tasks need to be coordinated to deliver a product or service therefore a company needs a business strategy. A strategy is a broad-based formula for how a business is going to compete, what its goals should be, and what plans and policies will be needed to carry out those goals. Strategy becomes a road map for what needs to be done in order to create business values and competitive advantage. Organizations use various resources, processes and structure to create business. Organizations use various resources, processes and structures to create business value. Input process output model is used to define is, now we expand the model into a general mode of an organization known as open systems model. Open systems model indicates that business operates by transforming inputs into outputs and formatting inputs into outputs and by interacting with its environments.

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Related Questions

The two biggest drawbacks or disadvantages of unrelated diversification are

A)underemphasizing the importance of resource fit and the strong likelihood of diversifying into businesses that top management does not know all that much about.

B)insufficient cash flows to finance so many different lines of business and a lack of uniformity among the strategies of the businesses it has diversified into.

C)volatile sales and profits and making the mistake of diversifying into too many cash cow businesses.

D)the difficulties of competently managing many different businesses and being without the added source of competitive advantage that cross-business strategic fit provides.

E)over-investing in the achievement of economies of scope and the difficulties of achieving a good mix of cash cow and cash hog businesses.

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Checking the competitive advantage potential of cross-business strategic fit involves:

A) evaluating a diversified company's profitability relative to competitors.

B) examining a company's costs relative to the costs of its chief rivals in the industry.

C) determining if there are opportunities to exploit outsourcing opportunities by a diversified company's lineup of businesses.

D) considering what competitive value can be generated from a strategic fit.

E) evaluating how much benefit a diversified company can gain from cross-business value chain matchups and resource sharing.

Which of the following statements is true of business ethics?

a)All business actions deemed unethical by society are necessarily illegal.

b)Business ethics and personal ethics are synonymous.

c)The acceptability of behavior in business is determined by not only an organization but also its stakeholders.

d)Business ethics is independent of an organizational culture.

e)Profit in business is the only glue that holds relationships together.