Why do top management teams produce few creative ideas?
- Management teams produce few creative ideas because top-level managers restrict their access to relevant data. - Top-level executives continue to add layers of management, slowing the organization's response time to market changes. A company experiences a sustained period of high morale because people feel empowered to direct their own work.
Which culture is typically more enthusiastic about crafting an innovative strategy?
Corporate cultures are typically more enthusiastic about crafting an innovative strategy than they are about tackling the drudgery and details of trying to put an innovative strategy in place and make it work Which of the following statements about implementing and executing a new strategy is true?
Should managers build resources and capabilities when implementing a new strategy?
If a company is implementing a new strategy, it is likely that managers can get by on existing resources and capabilities. Building resources and capabilities is critical only when a company is implementing a new strategy.
What is a top-level executive able to do?
A top-level executive is able to identify the accountable parties when a company fails to meet a production quota. Which of the following statements are true concerning a centralized organizational system? Top-level managers have difficulty in obtaining all the information they need in an efficient manner.
Who directs the implementation of changes at the lower levels of the company?
Why do companies outsource?
Why is it important to have a critical mass of managerial talent?
What is a craft strategy?
What is a highly capable managerial team?
What is a business strategy?
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What three key actions are required to build an organization capable of good strategy execution?
Building an organization capable of good strategy execution entails: staffing the organization, acquiring, developing, and strengthening key resources and competitive capabilities, and structuring the organization and work effort.
Which of the following statements best describes the process of crafting a business strategy?
Which of the following statements best describes the process of crafting a business strategy? Crafting business strategy is based on the analysis of market conditions and the company's resources.
What are the three main managerial areas used to build an organization?
Managers' roles fall into three basic categories: informational roles, interpersonal roles, and decisional roles.
Why might a company choose to outsource certain value chain activities?
Companies use outsourcing to reduce labor costs, lower their business expenses, and to focus on the core aspects of the business. While vertical integration offers many advantages, the process is time-consuming and expensive in practice, and outsourcing can also provide a competitive advantage for a business.
When companies undertake the strategy crafting strategy execution process the first step is to?
Answer: B Explanation: As shown in Figure 2, the process of crafting and executing a company's strategy is an ongoing, continuous process consisting of five interrelated stages: (1) developing a strategic vision that charts the company's long-term direction; (2) setting objectives for measuring the company's ...
Which one of the following is the best example of a well-stated strategic objective?
Which of the following is the best example of a well-stated strategic objective? Overtake key competitors on product performance or quality within three years. Correct.
What are the most important components for business level strategy making?
The four most widely accepted key components of corporate strategy are visioning, objective setting, resource allocation, and prioritization.
What are the 3 levels of strategy?
The three levels are corporate level strategy, business level strategy, and functional strategy. These different levels of strategy enable business leaders to set business goals from the highest corporate level to the bottom functional level.
What are the 3 types of strategies in strategic management?
What Are the Three Types of Strategy- And How You Can Apply Them!Business strategy.Operational strategy.Transformational strategy.
What are the best practices used by firms to outsource project work?
Efficient training and team-building exercisesEstablishing Conflict management processes. ... Review and status updates. ... Implementing co-location. ... Fair incentive contracts. ... Outsourcing relationships for the long term. ... Utilize Towne Mailer's printing and mailing services!
Which is the best example of outsourcing?
Advertising, office and warehouse cleaning, and website development are the best examples of outsourcing. Most business owners delegate authority to outsourced specialists when it comes to bookkeeping, maintenance, recruitment. This helps enterprises to focus most of their resources on the main activity.
What are the Top 5 reasons companies use outsourcing?
Why Do Businesses Outsource?Reduce and control costs of operation (this usually the main reason).Improve the company's focus.Liberate inner sources for new purposes.Increase efficiency for some time-consuming functions that the company may lack resources for.Use external resources as much as possible.More items...
Which of the following are integral parts of the managerial process of crafting and executing strategy?
Which of the following is an integral part of the managerial process of crafting and executing strategy? Setting objectives and using them as yardsticks for measuring the company's performance and progress.
Why is it important to craft a business model?
It identifies the products or services the business plans to sell, its identified target market, and any anticipated expenses. Business models are important for both new and established businesses. They help new, developing companies attract investment, recruit talent, and motivate management and staff.
Which of the following is the best means of evaluating how well a company's strategy is working?
The best indicator of how well a company's strategy is working is whether the company: is achieving its stated financial and strategic objectives, its financial performance is better than the industry average, and it is gaining customers and increasing its market share.
Which of the following is a frequently used strategic approach to setting a company apart from rivals?
Basic strategic approaches for setting a company apart from rivals and winning a sustainable competitive advantage include a low-cost provider strategy, a broad differentiation strategy, a best cost provider strategy, and a focused differentiation strategy.
Chapter 11 Connect Questions Flashcards | Quizlet
Study with Quizlet and memorize flashcards containing terms like Which of the following are likely outcomes if a new strategic business initiative has insufficient resources and too little funding? Multiple select question. - Employees will rise to the challenge to work harder and more efficiently. - Organizational units will not be able to efficiently execute their roles.
Strategy - Chapter 10 Flashcards | Quizlet
Study with Quizlet and memorize flashcards containing terms like 1. Once company managers have decided on a strategy, the emphasis turns to: A. converting the strategy into specific actions and behaviors and delivering good results. B. empowering employees to revise and reorganize value chain activities to match the strategy. C. establishing policies and procedures that instruct company ...
Why is forcing ideas to be submitted in narrative form important?
because forcing ideas to be submitted in narrative form helps ensure clear thinking
What is the purpose of a company's 'adaptation'?
ensuring that the company can adapt to market conditions and meet customer expectations.
What is a simple organizational structure?
A simple organizational structure is. a decentralized structure consisting of a set of operating divisions organized along market lines. a structure that is organized along functional lines, where a function represents a major component of the firm's value chain.
What chapter is MGMT 490?
Start studying MGMT 490: Chapter 10 - Learnsmart, Activity and Quiz Questions. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
What is a combination structure in which the organization is structured along two or more dimensions at once?
a structure in which a central executive handles all major decisions and oversees organizational operations. a structure in which a central executive handles all major decisions and oversees organizational operations.
What is the purpose of executing a business strategy?
Executing a business strategy often requires a manager to prioritize short-term goals over long-term goals. Executing a business strategy requires managers who work effectively with colleagues.
What is a business strategy?
Crafting a business strategy is an operations-driven activity based on managing people.
What can outperform a company that relies on command and control?
A company that draws on the combined intellectual capital of all of its people can outperform a company that relies on command-and-control
How to build organizational capabilities?
Building organizational capabilities is best and most cost-effectively accomplished by hiring a cadre of people with the right talent and expertise, putting them together in a single work group and then teaming the work group with key strategic allies/partners to mesh the skills, expertise and competencies needed to perform the desired capabilities with some proficiency
What does a top level manager need to do?
Top-level managers still have to rely on the active support and cooperation of middle and lower-level managers in pushing needed changes in functional areas and operating units and to see that the organization actually operates in accordance with the strategy on a daily basis
What are the basic tenets of management?
One of the basic tenets is that decisions on matters of importance should be pushed to managers up the line who have the experience, expertise and judgment to decide what is the wisest or best course of action
What is the thesis of strategic success?
The thesis that if activities crucial to strategic success are to have the resources, decision-making influence and organizational impact they need, they have to be centerpieces in the organizational scheme
What is core competency?
Core competencies and competitive capabilities. Are usually bundles of skills and know-how that most often grow out of the combined efforts of cross-functional work groups and departments performing complementary activities at different locations in a firm's value chain.
Why is it important to have engaged employees?
Is important because the quality of an organization's people is always an essential ingredient of successful strategy execution —knowledgeable, engaged employees are a company's best source of creative ideas for the nuts-and-bolts operating improvements that lead to operating excellence
How to get leads from commercial clients?
Get leads from commercial clients by asking your property insurance customers to give you an emergency contact such as a nearby business or neighbors. When you make a call to the emergency contact, you shouldn’t sell anything but you just need to verify their information and tell them that you will send a magnet that will have your phone number. Tell them to keep it handy so they can give you a call in case they are unable to get a hold of the owner of the property in case of any issue with the property.
How to get a promotional product?
Find a promotional products distributor and order a batch of products. You can get branded hats, mouse pads, ink pens and more. At your next marketing event lay out the items around your booth. Keep a sign posted that says you get to choose a free item when you get an insurance quote.
Why is it important to network with out-of-state insurance agents?
It is important to network with out-of-state agents, especially agents from the neighboring states. This will help you get leads from the clients moving to your state. Everyone wants a good insurance agent who will take proper care of them and this allows you to be that person.
Can realtors be lead generation?
For insurance agents, realtors can be a major lead generation source. Keep in mind that real estate agents are similar to you. More leads is all they need to be more successful. Supply them with leads and they return some back to you. The numbers show that one insurance agency in this kind of situation can support several different insurance agents.
Can you purchase insurance leads?
You probably already know that there are a plethora of insurance lead providers that you can purchase insurance leads from.
Can insurance agents send leads?
Yes, other insurance agents actually can be an excellent source of leads. The key is finding agents who don’t want to or can’t write the same type of business that you do. There are numerous reasons why another agent may send a lead to you. For instance, captive agents must turn away many customer who don’t meet the qualifications of their carrier.
Who directs the implementation of changes at the lower levels of the company?
operating managers who direct the implementation of changes at the lower levels of the company.
Why do companies outsource?
To limit the risk associated with outsourcing, many companies outsource
Why is it important to have a critical mass of managerial talent?
Multiple choice question. - managers need to work together to maintain the status quo when implementing new strategy. - managers need to compete with each other until the most talented person assumes control of the group .
What is a craft strategy?
Crafting business strategy is based on the analysis of market conditions and the company's resources. Staffing the organization of a company involves. Multiple choice question. - assembling a management team and hiring employees. - establishing lines of authority and channels of communication. - accumulating the financial resources necessary ...
What is a highly capable managerial team?
a highly capable managerial team is likely to exchange ideas and propose sound operational improvements.
What is a business strategy?
Multiple choice question. - Crafting a business strategy is an operations-driven activity based on managing people. - Crafting a business strategy involves continually meeting or surpassing performance targets. - Crafting a business strategy tests a manager's ability to instill discipline in colleagues.