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Business, Finance, Technology > 4: Business Strategy > Flashcards

4: Business Strategy Flashcards

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1
Q

What are the three levels of strategy?

A

Corporate strategy
- for business as a whole

Business strategies
- strategies for strategic business units

Functional operational strategies

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2
Q

What are the four stages of a strategic plan?

A
  1. Strategic analysis (where we are now)
  2. Strategic choice
  3. Strategic implementation
  4. Review and control
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3
Q

7 steps in the formal strategic plan

A

External and internal analysis

Corporate appraisal

Mission and objectives

GAP

Strategic choice

Strategy implementation

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4
Q

How does external analysis compare with internal analysis?

A

External - opportunities and threats

Internal - strengths and weaknesses

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5
Q

Features of static or dynamic environments?

A

Static/slow change
Single product/market
Simple technology
Safe environment

Dynamic changes
Diverse product/market
Different environment
Dangerous to stand still

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6
Q

What are the six aspects of a PESTEL analysis?

A

Political

Economic

Social and demographic

Technological

Ecological

Legal

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7
Q

What is involved in Porter’s five forces analysis?

A

Competitive rivarly!

  • threat of new entrants
  • threat of substitutes
  • bargaining power of suppliers
  • bargaining power of customers
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8
Q

What are the four types of competitor?

A

Brand - similar products
Industry - different markets and dist
Form - different products, same need
Generic - same disposable income

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9
Q

Four competitor reaction profiles?

A

Laid back - no response to competitor moves

Tiger - responds aggressively to all competitor mives

Selective - reacts to some threats but not all

Stochastic - difficult to predict when or how they will react

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10
Q

What are the resources in the 9Ms model?

A

Men/Women
Machines
Money
Material
Markets
Make up
Management
Methods
MIS

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11
Q

Describe Porter’s value chain analysis?

A

Used to analyse the sequence of business activities which add value

The margin is what is measured

Consists of primary activities and secondary activities

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12
Q

What is a Product Life Cycle analysis?

A

Application of life cycle theory to product or services

Presented as a diagram

These stages in order
- development
- introduction
- growth
- maturity
- decline

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13
Q

What is the BCG matrix and what are the four positions?

A

Analyses the balance of a business’s product portfolio based on a combination of both market growth and share.

Star
Question mark
Cash cow
Dog

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14
Q

Describe the star position in the BCG matrix?

A

Market share and growth are both high

Under constant threat from new entrants, business must continue to build

Cash neutral position

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15
Q

Describe the question mark position in the BCG matrix?

A

High market growth, low market share

Must decide whether to harvest or build

Negative cash flow

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16
Q

Describe the cash cow position in the BCG matrix?

A

High market share, low market growth

Reduced threat from new entrants

Business can hold position, or harvest for positive cash flow

17
Q

Describe the dog position in the BCG matrix?

A

Low market share, low growth

Business must decide whether to divest, or hold position if modest cash flows are being made

18
Q

What is a SWOT analysis?

A

Internal and external analysis combined

Used to perform a corporate appraisal to evaluate the strategic position of the organisation

Strength
Weakness

Opportunities
Threats

19
Q

What are the four main types in Mendelow’s stakeholder matrix?

A

Minimal effort can be direct

Keep informed

Keep satisfied

Key players need participation

20
Q

What are the two choices with strategies?

A

How to compete

How to grow

Porter: competitive advantage can be achieved by finding a position that competitors find hard to replicate

21
Q

The four types in Porter’s strategies?

A

Cost leadership
(Broad target, lower cost)

Differentiation
(Differentiation, broad target)

Cost focus
(Narrow target, lower cost)

Differentiation focus
(Narrow target, differentiation)

22
Q

What is the idea behind cost leadership?

A

Achieving a lower cost base than rivals allows the business to reduce prices

23
Q

What is the idea behind differentiation?

A

Standing out due to product feature or consumer perception

24
Q

What is the idea behind focus strategy?

A

Specialising on a clearly defined market segment

25
Q

The four types in Ansoff’s matrix?

A

Market penetration

Market development

Product development

Diversification

26
Q

What are the four matrix of Ansoff’s matrix?

A

Existing product, existing market
- market penetration

New product, existing market
- product development

Existing product, new market
- market development

New product, new market
- diversification

27
Q

What are the four functional strategies with strategy implementation?

A

HR management

Finance

Operations

Marketing

Business, Finance, Technology (14 decks)

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