Explain the concept of sustainable competitive advantage

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Reference no: EM131421237

Assignment: Management Theory and Practice

1. What is the role of information in the management process? BE SURE YOU CAN • define and give examples of technological competency, information competency, and analytical competency • differentiate data and information • list the criteria of useful information • describe the role of information systems in organizations • explain the importance of analytics and business intelligence • discuss how IT is reducing barriers within organizations and between organizations and their environments.

2. How do managers address problems and make decisions? BE SURE YOU CAN • describe how IT influences the four functions of management • define problem solving and decision making • explain systematic and intuitive thinking • list four cognitive styles in decision making • differentiate programmed and non-programmed decisions • describe the challenges of crisis decision making • explain decision making in certain, risk, and uncertain environments.

3. Why and how do managers plan? BE SURE YOU CAN • explain the importance of planning as the first of four management functions • list the steps in the formal planning process • illustrate the benefits of planning for an organization familiar to you • illustrate the benefits of planning for your personal career development • list at least three things you can do now to improve your time management.

4. What types of plans do managers use? BE SURE YOU CAN • differentiate between short-range and long-range plans • differentiate between strategic and operational plans and explain how they relate to one another • define policy and procedure and give examples of each in a university setting • define budget and explain how zero-based budgeting works

5. What is the most crucial step in the planning process? Why? Can organizations over-plan? Why or why not?

6. Why and how do managers exercise control? BE SURE YOU CAN • define controlling as a management function • explain benefits of after-action reviews • illustrate how a fast-food restaurant uses feedforward, concurrent, and feedback controls • discuss internal control and external control systems • give examples of bureaucratic, clan, and market controls.

7. What is the controlling process of management and why does it have a negative connotation? How does your organization use the controlling process?

8. What is strategic management? BE SURE YOU CAN • define competitive advantage, strategy, and strategic intent • explain the concept of sustainable competitive advantage • differentiate corporate, business, and functional strategies • differentiate strategy formulation from strategy implementation • list the major phases in the strategic management process.

Reference no: EM131421237

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