MGMT 445 Week 2 Notes
MGMT 445 Week 2 Notes MGMT 445
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This 1 page Class Notes was uploaded by Patricia Soto on Saturday January 23, 2016. The Class Notes belongs to MGMT 445 at University of Illinois at Chicago taught by Eric J. Michel in Winter 2016. Since its upload, it has received 30 views. For similar materials see Organizational Theory in Business, management at University of Illinois at Chicago.
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Date Created: 01/23/16
Week 2 Ex. Four Seasons Four Definitions of Competence • Core Competence o Superior customer service • Distinctive Competence o A culture built on highly positive customer experiences • Competitive Advantage o Creating value by being seen as prestige ex. Being able to see celebrities • Sustainable completive advantage o $400-500 per night The mission is focused on what’s happening today while the vision is focused on the future. The vision is what happens when we accomplish the mission. Company visions can be set many years ahead of time. Ex. Vision2020 created in 2004. What do we need to do reach our goals for 2020? Examples of Vision Statements • Coca-Cola: A Coke within arm’s reach of everyone on Earth. • Sony: Become the company most known for changing the worldwide poor-quality image of Japanese products. Our guiding principles, the work we do, the future we see (mission & vision) Strategy – pattern of decisions that are made At the corporate level – managers are trying to determine what business we are in? Business level strategy- how do we compete against other companies? Functional level strategy- how do we support the business level strategy?
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