Marketing

PLEASE REWORD THESE PARAGRAPHS IN YOUR OWN WORDS AND DO NOT USE ANY WORDS IN THESE PARAGRAPHS THAT ARE THE SAME.

• 1-According to our text, “strategic management consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages.”  The way that companies are being run today at such a fast pace, it is vital for the elements of strategic management to be consistently operated.  The bare minimum of planning for a few years ahead isn’t enough because of the rapid increase of innovative ideas occurring. The two main elements of strategic management are the ongoing processes of analyses, decisions and actions and focusing on how some firms are able to outperform others and remain successful.  This requires figuring out how to create competitive advantages that will be sustainable. 

Dess, G. G. (2014). Strategic management: Creating competitive advantages (7th ed.). New York, NY: McGraw-Hill Education.

2-Chapter 11 focuses on the strategic leadership of management.  An effective leader is measured by how successful they are at implementing a plan with a strategic mission and vision.  In order to execute the vision the leader will most likely make sure that they have the right environment to do so.  This entails (1) setting the direction, (2)designing the organization, and (3) nurturing a culture dedicated to excellence and ethical behavior.  Being able to come up with a master plan, creating the systematic formation and a team to focus on the core factors and remain ethical in bringing the plan to fruition should be foundation of good leadership. 

• 3-To me innovation involves using the current and new knowledge in a combination of ideas to create new products, processes, or services that either change the current products, processes, or services for the better or come up with completely new products, processes, or services.  The market I will refer to and talk about is the tool market as in hand tools and power tools since the company I work for is one of the leaders in the market and is one of the largest manufacturers of professional hand and power tools in the world.  Innovation is the name of the game for Apex Tool Group (ATG), so much that one of our Company Core Values is “Innovation for Growth”.  The core value states that creative ideas if implemented with speed will keep us ahead of the competition (Apex Tool Group, n.d.).  The company asks all of its employees to share any ideas that they might have and all ideas are brought forth are recorded and tracked.  The company also connects with its partners such as suppliers and buyers to generate innovative ideas.  Inventors are welcomed to the company and connections are made with them to continue the innovative ideas coming.  All the aforementioned reasons and processes that ATG utilizes for innovation for growth have allowed the company to grow and maintain market share to this day.

 Reference

Apex Tool Group. (n.d.). Core Values. Retrieved from http://www.apextoolgroup.com/core-values

• 4-After watching the video, share another example from your experience or from industry today where a superior business model seems to be beating a technical innovation? Why do you think this is happening?

In the video Clayton Christiansen mentions how a EMC bought CLARiiON to prevent the CLARiiON technology from taking a parallel business model taking market share from EMC. Then EMC lacked the business model to sell both products simultaneously. 

The company I work for had a high influx of profits in the early 2000’s. Our company used those profits to acquire smaller competitors and their business. In total we acquired eight companies. Some of the companies we just took their business and left the empty shells laying off their workers; while keeping their patents and customers. In our case the superior business model of our company out maneuvered the smaller companies.

5-Technology is enabling the “blurring lines” phenomenon discussed in the video through the transformations that are occurring every day that affect the way we do things in our daily lives.  The rate and speed of technological advance is incredible to say the least and the broadness and intensity of the effects are touching the ways we produce our products, manage our labor forces, and govern our countries.  One example of the effects technology is having on the relevant global socio economic factors is the interconnectedness of people through mobile devices and the platforms they run on coupled with the applications that provide unprecedented computing power, easy access to information and knowledge, and very large digital storage capacities.  People around the world can increase their education socio economic factor with the use of technology.  Those increases in education will then turn into better occupations with increased earning capacity which will better their quality of life.  The poor countries are starting to move out of poverty through the appropriate use of technology as a means of changing their socio economic factors.  As the video explained, the boundary lines between countries will be eroded by technology and we need to be mindful of the changes and innovations so that we can evolve with them graciously but we must also keep in mind that we need to find ways of properly directing the changes so that our objectives and values are maintained.

PLEASE ANSWER THESE POSTS THAT MY TEACHER POSTED LIKE IF YOU WERE HAVING A CONVERSATION WITH HIM FACE TO FACE.

• 6-Class have any of you worked or owned a business without a strategic management plan? If so how was the work environment?

7-What effects have you noticed in the economy from new disruptive technologies? How did they make the “pie bigger” or not?

• 8-How do you think Apple has been doing in maintaining their technical edge in the post-Jobs era?

 

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