1. What is organizational performance and what is its relationship with efficien
ID: 393831 • Letter: 1
Question
1. What is organizational performance and what is its relationship with efficiency and effectiveness? 2. What are the building blocks of competitive advantage? Why is gaining a competitive advantage important to managers? 3. Identify and bricñly define the thre major types f managerial skilli. 4. Describe the relationship between ethics, law and business. Explain why customers are considered to be the most critical stakeholder group. 5 6. Summarize the reasons why managers should behave ethically. 7. Describe the four ethical rules or principles and discuss their managerial implications. 8. Ex plain briefly a task environment. What effect does it have on managers? 9. The barriers to entry result from three sources. Explain in brief the three sources 10. What do economic forces include? How do they affect the general environment of the organization? What are the challenges that they present to managers?Explanation / Answer
Effectiveness is measured by the goal attainment. This means they have used their resources to achieve the goals but it does not mean the resources were used in the most efficient manner. The aim is to be both efficient and effective i.e. utilize our resources efficiently to maximize productivity and also attain our goals. This will improve organization performance as they will utilize its resources efficiently and effectively to achieve their goals.
“Competitive advantage is defined as the ability of an organization to perform better than other organizations because it produces its goods and services more efficiently and effectively.”
The Competitive advantage comprises of four generic blocks namely efficiency, quality, innovation and responsiveness to customers.
The reasons why managers must have a competitive advantage are as follows:
Managerial skills are defined as the knowledge, qualifications, and ability a person has to fulfill his job responsibilities, specific tasks assigned to him by the management.
The law is formulated according to each countries ethical standards to ensure that all people follow a similar behavior while conducting business to ensure that business is carried out ethically, legally without causing harm to other members of the society.
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