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• What are the learning objectives outlined in the document?

  1. Summarize the major challenges of managing in the new competitive landscape.
  2. Describe the sources of competitive advantage for a company.
  3. Explain how the functions of management are evolving in today’s business environment.
  4. Compare how the nature of management varies at different organizational levels.
  5. Define the skills you need to be an effective manager.
  6. Understand the principles that will help you manage your career.
• What are the four ongoing challenges that characterize the business landscape?

  1. Globalization
  2. Technological change
  3. Knowledge management
  4. Collaboration across boundaries
• How does globalization affect companies?

  It leads to interaction and integration of people, firms, and governments globally.
• What is the impact of technological change on businesses?

  It requires companies to adapt their strategies to new technologies and consumer demands.
• What are the three phases of the web evolution mentioned in the document?

  1. Web 1.0: Online data consultation and dot.com companies.
  2. Web 2.0: Interactive and user-friendly platforms, social media.
  3. Web 3.0: Intelligent interactions, Internet of Things (IoT).
• What role does the Internet play in business according to the document?

  The Internet serves as a marketplace, distribution channel, and information networking point.
• What is knowledge management in a business context?

  It involves finding, unlocking, sharing, and capitalizing on intellectual resources to convert ideas into innovation.
• What is the significance of collaboration across boundaries in organizations?

  It requires effective communication between departments and units to enhance innovation and problem-solving.
• What is a T-shaped manager?

  A T-shaped manager shares knowledge horizontally and specializes vertically, providing a broad and deep perspective.
• What are the success drivers of performance for managers and companies?

  1. Innovation
  2. Quality
  3. Service
  4. Speed
  5. Cost Competitiveness
  6. Sustainability
• What does innovation entail in a business context?

  It involves the introduction of new technologies, processes, goods, or services.
• What is the goal of quality management?

  The goal is to achieve minimal defects and long-term reliability in products.
• What are the four functions of management?

  1. Planning: Delivering strategic value.
  2. Organizing: Building a dynamic organization.
  3. Leading: Mobilizing people.
  4. Controlling: Learning and changing.
• What is the difference between effectiveness and efficiency in management?

  Effectiveness is realizing goals, while efficiency is achieving goals with minimal resource waste.
• What are the three levels of management?

  Top-Level Managers, Middle-Level Managers, and Frontline Managers.
• What are the three categories of managerial roles according to Mintzberg?

  1. Decision roles
  2. Informational roles
  3. Interpersonal roles
• What are the must-have management skills?

  Technical, interpersonal, and conceptual skills.
• What are the top skills needed by 2025 according to the document?

  1. Analytical thinking and innovation
  2. Active learning and learning strategies
  3. Complex problem-solving
  4. Critical thinking and analysis
  5. Creativity, originality, and initiative
  6. Leadership and social influence
  7. Technology use, monitoring, and control
  8. Technology design and programming
  9. Resilience, stress tolerance, and flexibility

  10. Reasoning, problem-solving, and ideation
• What is the importance of managing your career according to the document?

  It involves actively managing relationships with your organization and understanding yourself and others.
• What is the overall theme of the document?

  • Managing in a competitive landscape
  • Importance of innovation, quality, service, speed, cost competitiveness, and sustainability
  • Functions of management and necessary skills for effective management
• What is the main focus of Chapter 2 in the study material?

  The external and internal environment
• What are the learning objectives outlined in the study material?

  1. Describe how environmental forces influence organizations.
  2. Distinguish between the macroenvironment and the competitive environment.
  3. Explain the importance of economic and social developments.
  4. Identify elements of the competitive environment.
  5. Summarize organizational responses to environmental uncertainty.
  6. Define elements of an organization’s culture.
  7. Discuss the impact of culture and climate on organizational responses.
• How do organizations interact with their business environment?

  Organizations affect and are affected by the business environment.
• What are the two types of environments mentioned in the study material?

  The macroenvironment and the competitive environment.
• Why should managers and organizations pay attention to economic and social developments?

  Because these developments influence strategic choices and organizational performance.
• What are the elements of the competitive environment?

  Rival firms, new entrants, suppliers, buyers, substitutes, and complements.

  
• How does the environment affect managers?

  It affects their ability to function effectively and influences their strategic choices.
• What is strategic management?

  It is the analysis and decisions necessary to formulate and implement strategy.
• What does the acronym PESTEL stand for?

  Political, Economic, Social, Technological, Ecological, Legal.
• What are some examples of political factors in the macroenvironment?

  Policy, regulations, international trade regulations, and political stability.
• What economic indicators are mentioned in the study material?

  Interest rate, inflation rate, labor cost, economic growth, energy costs, unemployment rate, exchange rates, and stock prices.
• What social and socio-demographic factors are important in the macroenvironment?

  Population growth, labor force changes, birth rates, education, immigration, diversity, and gender issues.
• How do technological advances impact organizations?

  They lead to new products, advanced production techniques, and innovative management methods.
• What ecological factors are mentioned in the study material?

  Availability of natural resources, environmental regulation, and climate change.
• What legal factors are important for organizations?

  Intellectual property rights and tax laws.
• How do societal trends affect Human Resources Management?

  They influence policies on family leave, holidays, flexible working hours, and childcare assistance.
• What is the Five Forces Model by Michael Porter used for?

  To determine the level of competition and profit potential in an industry.
• What factors contribute to current rivalry in the competitive environment?

  Many competitors, slowing industry growth, and difficulty in product differentiation.
• What are barriers to entry in the competitive environment?

  Conditions that prevent new companies from entering an industry.
• What is a substitute in the context of the competitive environment?

  An alternative product or service performing the same function.