What role does good communication play toward creating an organization's competitive advantage?
What will be an ideal response?
An organization can gain a competitive advantage when managers strive to increase efficiency, quality, responsiveness to customers, and innovation. Good communication is essential for attaining each of these four goals and thus is a necessity for gaining a competitive advantage. Managers can increase efficiency by updating the production process to take advantage of new and more efficient technologies and by training workers to operate the new technologies and to expand their skills. Good communication is necessary for managers to learn about new technologies, implement them in their organizations, and train workers in how to use them. Similarly, improving quality hinges on effective communication. Managers need to communicate to all members of an organization the meaning and importance of high quality and the routes to attaining it. Good communication can also help increase responsiveness to customers. When the organization members who are closest to customers, such as department store salespeople and bank tellers, are empowered to communicate customers' needs and desires to managers, managers can better respond to these needs. Innovation, which often takes place in cross-functional teams, also requires effective communication.
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The probability that a project will be completed within a specified period of time can be calculated using the standard normal equation, which is ______.
A. (due date – expected date of completion)/the project’s standard deviation B. (expected date of completion – due date)/the project’s standard deviation C. the project’s standard deviation/(due date – expected date of completion) D. the project’s standard deviation/(expected date of completion – due date)
Which of the following statements is true about customer relationships in business markets?
A. A strong impersonal relationship with customers is critical in maintaining one's business. B. One-on-one personal communication is the most important tool in developing and maintaining customer relationships. C. Customers prefer direct communication mediums such as e-mail and direct mail for any correspondence. D. Customers demand not only an impersonal relationship with their vendors but also an efficient one. E. An impersonal relationship in B2B markets often connotes a greater emphasis on technology.
Which of the following is true of bonded warehouses?
A. They are operated by transportation firms. B. They are intended to be places for trade and business. C. They help shippers in avoiding tariffs and quotas. D. They are owned by the government.
Agencies with statutory authority to require businesses to provide information may do which of the following:
a. require businesses to self-report on a regular basis b. rely on observation by the agency by physical inspections c. issue subpoenas, which force businesses to disclose relevant information from their files d. rely on observation by the agency by physical inspections and issue subpoenas, which force businesses to disclose relevant information from their files e. rely on observation by the agency by physical inspections and issue subpoenas, which force businesses to disclose relevant information from their files and require businesses to self-report on a regular basis