Week 3: Discussion Questions:
Decision Making, Learning, Creativity, and Entrepreneurship
- What is the difference between programmed and non-programmed decisions?
- Why is non-programmed decision making an uncertain process?
Value Chain Management: Functional Strategies for Competitive Advantage
- Why innovation and product development are crucial components of the search for competitive advantage?
- What are the main challenges in implementing a successful total quality management program?
- What is efficiency, and what are some strategies managers can use to increase it?
- Why is it important for managers to pay close attention to value chain management if they wish to be responsive to their customers?
- What is innovation, and what are some strategies managers can use to develop successful new products?
- Explain the role of functional strategy and value chain management in achieving superior quality, efficiency, innovation, and responsiveness to customers.
- Describe what customers want, and explain why it is so important for managers to be responsive to their needs.
- Explain why achieving superior quality is so important, and understand the challenges facing managers and organizations that seek to implement total quality management.
- Explain why achieving superior efficiency is so important, and understand the different kinds of techniques that need to be employed to increase efficiency.
- Differentiate between two forms of innovation, and explain why innovation and product development are crucial components of the search for competitive advantage.