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Aim of marketing is to turn a private or social need into a profitable business opportunity
Cost leadership and differentiation were both possible in US paint industry
Every time there is a commercial boundary there is a transaction cost
Firms develop culture through their history; firms are 'historically bound'
Chandler detached from context - influenced by nationalistic environment in navy
Process and Product Technologies
Coca Cola is the second most recognised term in the world, after Hello
4 P's model - Product, Price, Promotion, Place
Appealing to a context matters, gives something to hang your brand on, e.g. taking something local and going global, e.g. Tennessee whiskey
Should not rest hopes on some 'best practice'
Postmodern organisations are more collaborative so you should not dictate culture
empirical base of mgmt is fragmented - not subject to same rigorous testing in traditional sciences
MCs just becoming the middle man between IT and clients
CSR is future of business - necessary for survival
Lean production and scientific management are completely separate (autonomy)
Emergent strategy empowers strategy to be responsible - not prevented from improving/gaining valuable experience
Tech alters how we think of managers; when technology evolves, they need to show competency and cognitive ability
_____ had share price on display everywhere, even in elevators
_____ gathered 1000 CEOs of suppliers and told them it would stop trading with 50% of them that do not comply
Brand loyalty stems from bonding, caring and nostalgia
Need long-term relationships with suppliers, e.g. Apple investing in Foxconn employees
TPS comines high worker control of pre-ford craftsmen and high efficiency of Fordism
example of Bullwhip effect; ________ sold out at Chrsitmas, and then over ordered for next season
Bounded Rationality
Moore's law and recognition technology means that employment is in danger
Across S&P 500, average multiple of CEO compensation to that of rank-and-file workers is 204, up 20% since 2009
Differences in local environment affect strategy (e.g. German environment - laws protect employees by limiting opening hours)
______ shows that structure follows strategy (Chandler) - diversifying --> multidivisional firm
Culture can hold a company together
There is nothing rigid or absolute in management affairs
Difficult to change national culture since it is embodied in minds and institutions
Imitators' advantage; don't waste money on experimentation
TPS is high risk/high reward
Chandler missed out competitive interactions
Both Mintzberg and Fayol are right - mgmt as it is, and mgmt as we would like it to be
It's important to be stubborn on the vision and flexible on the details
Culture has 3 layers: Assumptions, Values, Artefacts
Mgmt consultancy is a profession since they they have expert knowledge in their field, just like lawyers and doctors
Japanese name for 'continuous improvement'
Institutional contexts matter when examining entry into emerging markets
Standardization helps to simply production and achieve economies of scale, but can magnify any errors that occur
CAGE Distances: Cultural, Administrative, Geographic, Economic
_____ __________ created personalities AS products, e.g. Tony the Tiger, or Marlboro man
Changes in consumer preferences means rewards for flexible firms that adapt in time
Theory E vs Theory O. Examples of ASDA and GE
No longer a simply 'make or buy' decision - difficult to hide any unethical practices
Devised model of historical development of firm
Companies with 40% employee turnover rate struggle with organisational learning - INDIVIDUAL LEARNING IS IMPORTANT TOO
2 generic strategies: cost leadership and differentiation
'the optimal solution to the model is not the optimal solution to the problem unless the model is a perfect representation of the model, which it never is'
Can be damaging if you cannot achieve strict objectives but continue to pursue plan anyway
No tech is inherently right or wrong (can be used for different purposes, e.g. Facebook)
Japanese name for 'pulling the cord' on the production line
Solution to the Bullwhip effect: More information flow
To Market > Marketing to > Marketing With
Leaders are main influences of culture; they are 'change masters'
Role of managers has not changed - still obtain information verbally
Environmental impacts of JIT, e.g. in Japan
Brand Loyalty stems from _______, __________ and _________ (e.g. Hollister, Weightwatchers, Marmite)
Industries are too heterogenous to support classical theory - resources of individual businesses are more important in determining competitive advnatge
The decline of ford's costs enable higher wages - this gave workers an economic incentive to be able to afford a Model T
Companies that treat supply chain as strategic asset achieve 70% higher performance
A business enterprise guided by a clear sense of purpose are more likely to be successful than a company whose future is left to guesswork and chance
Chandler did not accept that business was continuously evolving - assumed centralised business was the culmination
TQM experienced boom period in 90s, then fell from 2nd 13th place on reputation table
Limited power to change culture since it is deeply rooted and employees don't like change.
Taylorism used in developing countries (e.g. Apple factories using Hexane - a neuro-toxin - to clean screens quicker)
Despite economic gloom, the leading three strategy consultancies have seen years of double digit growth (2013)
Duchess of Cambridge dress example - high street store could have sold 30,000 dresses if it had a flexible supply chain
5 elements of Managerial Work - Planning, Coordinating, Controlling, Commanding and Organising
The Bullwhip effect
Most efforts of lean are unsuccessful
Friedman is wrong - Corporation is creation of law, so only justified if further social/economics goals
Study found that workers more likely to continue working if they felt a sense of purpose/see what they are achieving
Culture should be valuable, rare and imitable.
Dell bypasses retailers and sells directly to consumers (reducing unnecessary supply chain links)
Wrote maths-oriented 'economics' in 1948, gives rise to neo-classical economics
______ _____ is an example of changing a brand completely
Applies principal-agent problem to Management consultancies
5 forces model not useful to new entrants (because of the threat of entry force)
Change is a game for the young
Scientific management was an early manifestation of the managerial ideology of control
Brands are more powerful the more they infiltrate society
Staying at the artefacts level does not change assumptions
Theories limited by communities in which social scientists reside
The Honda Effect - where formal strategic planning is retrospectively attributed to actions where no strategy existed
Depicts entire value chain from supplier to customers. Simply determines how value pie is divided up
Single-loop and double-loop learning
McKinsey and BCG are hiring more scientists/doctors and less MBAs to think of innovative solutions
______ has '20% Time' initiative - 1 day a week working on project not directly related to business
Attempts to deliberately change culture are totalitarian efforts
Analysed boundaries of firm and introduced transaction costs
Tax equivalent of language barrier amounts to 7%
Tech Hype Cycle: Intense Hype, Trough of Dillusionment, Plateau of Productivity
Chandler missed out social factors
Organisations learn when individual make learned information available to everyone
Streamlining of global supply chain makes it harder to garner a competitive advantage, so brands used as another inimitable means as competitive advantage
Potentially easier for smaller companies to create brands, as when you get bigger, you have to standardise; appealing to a larger group of people is harder
Compares Corporate governance across different countries
Need to think about changing culture as traditional culture is only suitable for manufacturing economy and not new service economy
Mintzberg said that work is characterised by ________, _________ and __________
An organisation either has (can change) or is (can't change) culture
Only single-loop learning (Argyris) done in the public sector - since questioning 'why' looks like it should take place in the political sphere
Different to other species in that we can group ourselves together to achieve more than we can do separately
'Stuck in the middle' being bad is clearly false
Managers' purpose is to maximise employee efficiency
Businesses should concentrate on meeting customers' needs and not not selling products (myopically)
Every worker encouraged to 'pull the cord' on the production line. Toyota (2000 times per day) vs Ford (2 times per day)
Use Gordon Redding's book to describe Overseas china and family-run businesses
Strategy is 'determination of basic, long term goals...and adoption of course of action'
Used Time and Motion studies to apply scientific management to office work, e.g. accounting
We are what we have
Marketing should depend on culture (e.g. changes hierarchy of needs)
Can distribute tacit knowledge through discussion
World is semi-globalised
Culture strength is determined by stability of group membership (IBM vs younger companies)
Brand loyalty is created only IN COMPARISON to alternatives
Within their teams, employees trained to do all tasks expected of a team - easier to find improvements
Strategy determined by competition, which is determined by 5 forces
Management is culturally specific
Culture is intangible, so can we change it if we are not aware of it? May only become aware of culture when exposed to another
____ reduced soldiering
Should choose right suppliers that actually follow code of conduct
Long term forecasts are fundamentally useless (due to inaccuracy)
NYC-London 3 minute phone call cost $350 in 1930 - now with Skype, it's zero
traces up to ___% horse meat in tesco products - need more information in supply chain!
Modern marketing generates new anxieties, not allaying old ones
All occupations are becoming professionalised
Plans with specific means and ends are better in unstable environment (risky to lack a defined strategy)
Example of 'Historically bound firm' (Barney) - when founded, key in developing country's infrastructure
Marketing can create diseases to 'treat', e.g hair loss
Under age 8, children absorb everything and are not critical
Culture linked to profession (law/engineering think differently)
RBV = How. 5F = Where.
Ford's system welded the individual labourers into a human machine
______ had to recall 3 million microwaves, refrigerators and tumble dryers in 2007 because they shared a common electrical part prone to overheating
Verbal media is always preferred by managers
Should use code of conducts in supply chain
Management is not a profession since anyone can practise as an MC without an official/legal qualification
Falsificationism (but this is not necessarily applicable to mgmt since most theories are in form of frameworks/mental structures - not laws)
BPR is intrinsically violent
______ is an example of differentiation in the airline industry - e.g. stadium sponsorship and advertising
Market-driven firms vs Market-Driving firms (e.g. Good Grips)
Doing business in other countries may require conformity (looks bad), e.g. __________ employed gender separation in Saudi Arabia
Being quantitative does not make something scientific as you may not have included all relevant information
Agrees with Mintzberg - management is an oral practice - 'linguistic asphyxiation'
Brand ubiquity and power curtails choice, forcing a 'grey cultural homogeneity' on the world
Computers in hospitals resisted by computer-literate - change therefore only works for those who are willing/able to learn
Agrees that organisations learn when information is made available to everyone, but it is hard to distribute tacit knowledge
Study of 5 CEOs found that 50& of managerial activities take less than 9 minutes
Applied TCE with bounded rationality
Management not a science since it is not analytically determined; it is more instinctive
Main reason for success of multidivisional firm was that managers were removed from routine activities and had time for planning
Develop concrete expectations of future challenges and then assign suitable responses
Underlying goal of mgmt is profit maximisation but underlying goal of science is knowledge development - so can management ever really be a science?
Deskilling of workers justified as increasing output/decreasing costs. In reality, it just makes workers more expendable
Culture should be aligned with business environment, which is always evolving, so continuous culture change is required
Ford's Factory was largest in the world - 80$ were immigrants
According to Blair et al (2013), Average CEO pay to worker is _________ in S&P 500
TPS is the best, most efficient method of manufacturing and Western companies should emulate it if they wish to be competitive in a global market
Coffee Shops have assembly lines (should take 31 secs)
Supply chain codes of conduct should not impose unrealistic goals, but create meaningful targets/objectives
Taylor and Ford were unaccepting of emotion in the workplace (they feared what anger and resentment could do to their control)
Porter's ideas had enormous staying power, in a field where fads and fashions are common
Consumer-brand loyalty is more that just repeat purchases - it's a deep relationship
Most successful companies do not formally plan
Organisations don't learn - people learn.
Companies can become too lean,i.e. 'corporate anorexia'
Workers need 'internal motivation' for Long term commitment - not just motivated by economic incentives - differential pay can actually be demotivating
Faddish cycles occur within Management Consultancy - 'adaptive emulation'
All possible brainwork should be removed from the shop floor
Social Democratic European systems = high proportion of family owned businesses because of agency costs of needing managers who are more interested in employ welfare than profit (g
Hierarchy of needs
Culture Life-cycle model: Birth/Early growth - Midlife - Maturity
Strategic planning, by its very nature, is inflexible
___________ had the greatest market share in industry in 1994, but was 'stuck in the middle' - competitors all employed pure strategy
MNCs must consider political risk, e.g. (Burma - Massachusetts state law)
Advertising can only shape people's lives in affluent society/where incomes loom large
_____ told AT&T the worldwide market for phones was only 900,000
Emergent strategy is unhelpful since you produce waste on endless experimentation
Porter ignores the firm itself
All industries are service industries, but we need to think like manufacturing industries
Consider the type of product you are selling, i.e. staple product or more variable demand....lean/buffered
Hawthorne studies found that sci. man. does not always improve productivity.
Different cultures can be barriers to internationalisation
Lean requires strong network of suppliers - so don't just squeeze them for money
Social responsibility of business is business
Workers seen as extension of the technological capital of a firm, which gives rise to dehumanising social costs
Staying too close to customers can be bad; miss new markets, e.g. IBM missing minicomputer emergence and Apple missing laptop emergence
Porter's 5F model is selfish - talks about competing with suppliers/customers - where is the cooperation?
_____ tried 3 methods before settling on single-detail page model
Religious barriers when doing business abroad - e.g. in Islamic countries, effectively shut down many times a day for prayers
Over 1/4 of a worker's day is spent reading/answering emails
Differences in national culture can affect organisational culture
McDonaldization: Rationalisation of all aspects of society with McDonalds being the most evident and most important of these (other sectors copying fast-food sector)
Hyper-compeittive business culture - pays to cut corners in China
7P's model = 4Ps + Personnel, Physical Facilities, and Process Management (e.g. KFC)
_______ never have sales as they don't order for the season (so they never have to clear out inventory)
Paradigm shifts make old theories antecedent - knowledge progresses cumulatively until shift
Organisational learning is not just a mere magnification of individual learning
BCG pride themselves on the fact that ___ % of clients retain their services
Firms in consumer durables industry could follow both strategies, but ones that only followed one performed better
Children do not realise a game they are playing made be ____ is advertising a game
Both transactional and institutional uncertainty with consultancies
Grand corruption harms growth prospect of home countries
criticizes 'narrow mathematical focus'
2 views on internet: makes hierarchy more flat (networked) or increases managerial control (surveillance)
Lean productions next stage of scientific management (retreating from extremes of specialisation/standardisation but managers still exploit workers capacity)
Chandler overlooked Political issues, e.g. sherman antitrust act
Sustainable (clicker-pen) and Disruptive (telephone from telegraph) technologies
Middle ground in view of change in role of manager - e.g. will always be an oral practice, but pile up of mgmt theories means continuous change in composition of work
Marlboro man caused cigarette sales to increase ____% on the year before
There is no such thing as universal management theories (Phillip d'Iribane's study of mgmt in holland = consensus among all parties)
Core competencies constitute focus for strategy at corporate level
Socially responsible supply chain is not a competitive advantage, but lack of one is a competitive disadvantage
Japanese firms don't like single strategy - focus is at the expense of peripheral vision
______ does well in the coffee industry, even though Porter's 5F assess it as a bad industry
Globalisation has made the world a level playing field
Role of managers has undergone substantial change; relationships more horizontal than as vertical as they were before
Good culture can directly improve productivity by 1 or 2 more productive hours of work each day
Strategic Planning risks the potential to miss lucrative short-term opportunities
Price of Big Mac is a measure of purchasing power parity
Don't get enamoured with your own product, think about the core emotions of your customer (e.g. Beer, not being controlled by your wife)
Formalist economic theory is 'timeless, valid under all circumstances'
Compares GM's NUMMI plant to Volvo's Uddevella. Tayloristic vs joint effort to fuel improvement without intensifying beyond worker capability
Markets work since all information captured in price (e.g. Pencil Analogy)
Consultancies engage in 'parasitism' - using information from one company to infiltrate the next
5F is 'black-boxing the firm' - ignoring the determinants of competitive advantage
Working in Amazon's distribution centre was like 'working in a slave camp' (according to a former employee)
____ continued with plan to set up new automated distribution centre when the first ran into problems
no longer firms competing against firms, but supply chains against supply chains
Culture is socially constructed (but not deliberately). It is formed and changed through conversation and perception
wanted to overthrow management by 'rule of thumb' by finding the 'one best way'
_____ sourced many parts for product in Japan - 2011 earthquake meant they had to react quickly - dangerous
'New orthodoxy' on importance of cooperative networks in supply chain
Fallacies of predetermination, detachment and formalisation
Mistake to think only things expressed in maths are relevant - losing touch of what we are trying to improve

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