Strategies for Business Success
Product Development
- Higher Profit Margins
- Focus on Technology Companies
- Monopoly Advantage through Unique Products
- Industry Disruption
- Product Line Extension
Meeting Customer Needs
Branding and Marketing
Economies of Scale
- Low-Cost Provider Strategy
Strategic Planning
- Enhancing Performance through Core Competencies
- Outsourcing and Offshoring
Mergers and Acquisitions
Effective Management and Incentives
Management and Leadership
The role of managers has evolved from simply giving orders to focusing on team building and development. This shift is largely due to increased access to information and education, leading to a greater emphasis on teamwork and collaboration.
Management Functions
- Planning
- Organizing
- Leading
- Controlling
Goals vs. Objectives
Goals are broad, long-term targets, while objectives are specific, short-term steps to achieve those goals.
Decision-Making Process
- Define the situation
- Gather information
- Develop alternatives
- Choose the best alternative
- Implement the decision
- Evaluate and follow up
Management Skills
- Technical skills
- Human relations skills
- Conceptual skills
Management vs. Leadership
Managers focus on internal functions, while leaders inspire, establish values, and embrace change.
Effective Leadership
Adapting leadership styles to the situation and empowering teams is crucial for future success.
Production and Operations Management
Key Questions in Production and Operations Management
- Current state of U.S. manufacturing
- Methods for increasing output
- Definitions of production and operations management
- Types of firms using operations managers
- Process vs. assembly manufacturing
- CAD/CAM systems
- Flexible manufacturing
- Lean manufacturing
- Mass customization
- Robotics in manufacturing
- Facility location vs. layout
- Site evaluation criteria
- MRP and ERP relationship
- Six Sigma quality
- U.S. quality standards