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Business > 8. Choosing strategic direction > Flashcards

8. Choosing strategic direction Flashcards

1
Q

Strategic direction

A

Route a firm chose to follow in order to achieve corporate objectives

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2
Q

Ansoff’s matrix definition

A

Looks at degree of risk and potential for reward from different strategic options

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3
Q

Ansoff matrix 4 strategies

A

Market penetration
Market development
New product development
Diversification

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4
Q

Ansoff - market penetration

A

Trying to sell more of existing product to existing market

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5
Q

Ansoff - market development

A

Attracting new customers to buy existing products

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6
Q

Ansoff - product development

A

Selling new and better products to existing customers

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7
Q

Ansoff - diversification

A

Selling new products to new markets

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8
Q

Strategic positioning

A

Where business wants to be in the market relative to other firms

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9
Q

Michael Porter strategic mix definition

A

Categorises marketing strategies a firm can adopt to try and achieve competitive advantage

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10
Q

Michael Porter strategic mix

A

Low cost vs differentiation

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11
Q

Porter’s strategy - low cost

A

Strategy of low cost can be successful in either mass or niche market

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12
Q

Porter’s strategy - differentiation

A

Strategy of differentiation can be successful in either mass or niche market

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13
Q

Bowman’s strategic clock definition

A

Model highlights a range of potentially competitive strategies where combination of price and added value is seen to be fait
Model outlines 8 competitive positions based on 2 dimensions

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14
Q

Bowman strategy 1

A

Low price, low added value - added value/quality is low

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15
Q

Bowman strategy 2

A

Low price - low cost/moderate added value

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16
Q

Bowman strategy 3

A

Hybrid - low price/high added value

17
Q

Bowman strategy 4

A

Differentiation - USP/moderate/high price/ good quality

18
Q

Bowman strategy 5

A

Focused differentiation - high price/high added value

19
Q

Bowman strategy 6

A

Risky, high margins - high price/moderate added value

20
Q

Bowman strategy 7

A

Monopoly pricing - high price/low added value

21
Q

Bowman strategy 8

A

Loss of market share - standard price/low added value

22
Q

Influences on choice of positioning strategy

A

Strategic direction
Corporate objectives
Core competences of firm
Market conditions
SWOT analysis
Competitive nature of firm

23
Q

Benefits of competitive advantage

A

Customer loyalty
Market share
Potential to charge premium price
Creates barriers to entry

24
Q

Drawbacks of competitive advantage

A

Inability to maintain barriers to entry
Changing external environment
Competitors actions e.g. copying

Business (8 decks)

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