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winter sem 24 > bsm 200 midterm > Flashcards

bsm 200 midterm Flashcards

1
Q

what is the SME

A

small to medium enterprise

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2
Q

characteristics of the SME (2)

A
  1. sole proprietorship
  2. local operation
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3
Q

Characteristics of a startup (3)

A
  1. growth-oriented founders
  2. mass-market potential
  3. has early investors
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4
Q

Growth challenges of the entrepreneur (3)

A
  1. loyal to early hires
  2. focused on short term objectives/tasks 3. networking ability,
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5
Q

What factors influence growth? (5)

A
  1. Industry life cycle change
  2. competition
  3. demand
  4. investor pressure
  5. entrepreneurial preference
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6
Q

The growth process (6)

A
  1. a complex process
  2. depends on people/leader/culture
  3. needs diversity of thinking
  4. strategic reframing
  5. tolerance of mistakes
  6. requires change
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7
Q

Are growing businesses different from startups? Why? (4)

A

Yes, in their
1. capital
2. personnel
3. management
4. organizational requirements

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8
Q

Hess’ Growth Decision Template (9)

A
  1. why should we grow
  2. how should we grow
  3. how much should we grow
  4. how fast should we grow
  5. do we have the right people, processes, and controls in place to support growth?
  6. what are the risks of growth
  7. what are the risks of not growing
  8. do the benefits of growth outweigh the risks
  9. how do we manage the risks created by our decisions
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9
Q

What are the preconditions to growth?

A

Internal: why should we grow? are the founders ready for change?
External: attention to customer value proposition

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10
Q

How to prepare for growth (3)

A
  1. install accounting systems, have good customer relationship
  2. evaluate costs of expanding
  3. demand forecast
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11
Q

How to grow organically (3)

A
  1. improvements
  2. innovations
  3. scaling
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12
Q

how to grow inorganically (3)

A
  1. acquisitions (very risky, but fast)
  2. strategic alliances
  3. joint ventures
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13
Q

growth stressors

A

understand that growth puts you in a competitive space

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14
Q

risk management in business growth (4)

A
  1. avoid doing the same thing as competition
  2. attract risk intolerant investors
  3. risk of equity
  4. ensure growth is well managed and successful
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15
Q

what is the customer value proposition

A

why a customer should buy a product

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16
Q

growth through improvement (4)

A
  1. needs to be ahead of the competition
  2. deliver what the customer needs faster than competition
  3. deliver less expensively
  4. improve operating systems to enhance profitability and prepare for growth
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17
Q

growth through innovation (3)

A
  1. combining features or products in new ways
  2. transferring concepts from one industry to another
  3. collaborating with another business
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18
Q

growth boosters (4)

A
  1. new products/quality changes
  2. new channels
  3. pricing, branding, and payment innovations
  4. bundling
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19
Q

Scaling - The Business Model (9)

A
  1. Key partners: who are our suppliers
  2. Activities: what do we do with our resources
  3. Resources: what goods, services, and infrastructure do we use
  4. Value Proposition: what problems need to be solved and what product does it best
  5. Customer relationships: how do we interact with customers
  6. Channels: How do our customers find, buy, and use the products
  7. Customer Segments: Who are our users and who are our paying customers?
  8. Cost Structure: What is the total cost of production?
  9. Revenue Model: where does revenue come from?
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20
Q

Scaling within a business (3)

A
  1. means doing more with the same amount of money
  2. means ramping up all aspects of business operations at the same time/doing more of the same
  3. related to the economics of scale in that one is a precondition to the other
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21
Q

What is the scaling business model?

A

the core of what a business does

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22
Q

The Right Amount of Growth

A

Ensure your business has the right size, brand credibility, and financial ability
Ex: if a small businesses products are being sold in a major corporation, there may not be enough product to keep up with the demand

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23
Q

What is aquisition?

A

when one business buys another

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24
Q

What were Shopify’s growth methods? (4)

A
  1. improvements to software, payment processing, and enterprise plan
  2. innovation: shifted to an e-commerce service
  3. strategic alliances: tiktok and paypal
  4. NO joint ventures
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25
Q

What is the goal of a business strategy?

A

to establish competitive advantage and therefore sustainable financial performance

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26
Q

What does a business strategy consist of? (4)

A
  1. vision/mission
  2. industry attractiveness
  3. inimitable capabilities
  4. implementation, use of resources, management decisions
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27
Q

Defining the business: Values

A

HOW: a set of fundamental beliefs that guide a business in the decisions it makes

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28
Q

Defining the business: Vision

A

WHERE: an explanation of why the company exists and where it is trying to head

29
Q

Defining the business: Mission Statement

A

WHY: an outline of the fundamental purposes of an organization

30
Q

Defining the business: Strategy

A

WHAT: the broad, long-term accomplishments an organization wishes to attain

31
Q

Defining the business: Goals and Objectives

A

HOW: specific, measurable, short-term statements detailing how to achieve the organization’s goals

32
Q

What is SWOT analysis?

A

the planning tool used to analyze an organization’s strengths, weaknesses, opportunities, and threats

33
Q

SWOT Analysis includes… (4)

A
  1. potential internal strengths
  2. potential internal weaknesses
  3. potential external opportunities
  4. potential external threats
34
Q

Management Executing Strategy (4)

A
  1. organizing
  2. controlling
  3. planning
  4. leading
35
Q

Management Hierarchy (3)

A
  1. top management
  2. middle management
  3. first line management
36
Q

Management Hierarchy: Top Management Responsibilities (3)

A
  1. articulate vision
  2. establish priorities
  3. overseeing why the company exists
37
Q

Management Hierarchy: Middle Management Responsibilities (2)

A
  1. facilitate communication
  2. coordinate teams
38
Q

Management Hierarchy: First Line Management Responsibilities (2)

A
  1. train, motivate, and evaluate employees
  2. manage daily processes
39
Q

Forms of Planning (4)

A
  1. strategic planning
  2. tactical planning
  3. contingency planning
  4. operational planning
40
Q

Forms of Planning: Strategic Planning

A

setting broad, long-range goals, done by top managers

41
Q

Forms of Planning: Tactical Planning

A

identifying specific, short-term objectives, done by middle management

42
Q

Forms of Planning: Contingency Planning

A

backup plans in case primary plans fail. these plans focus on issues that are most probable and potentially harmful. established through risk factors

43
Q

Forms of Planning: Operational Planning

A

the setting of work standards and schedules. done by first line management

44
Q

Employee Management Theories (5)

A
  1. Maslow’s Hierarchy of Needs
  2. Theory X and Theory Y
  3. Hawthorne Effect
  4. Scientific Management
  5. Herzberg Motivating Factors
45
Q

Maslow’s Hierarchy of Needs Levels (4)

A

physiological, safety, social, esteem, actualization

46
Q

Theory X and Theory Y

A

the primary motivator is fear, people must be controlled, and people avoid work

47
Q

Who developed Theory X and Theory Y

A

Douglas McGregor

48
Q

Hawthorne Effect

A

people behave differently if they think they are being watched

49
Q

Who developed the Hawthorne Effect

A

Elton Mayo

50
Q

Scientific Management

A

studying workers to identify the most efficient way to do things, then teaching others those methods. goal is to increase worker productivity

51
Q

Who developed scientific management

A

Frederick Taylor

52
Q

Herzberg Motivating Factors

A

the relationship between motivation and job-related factors. found that the absence of certain factors in the work environment will cause dissatisfaction

53
Q

Motivators based on Herzberg’s Factors

A

work itself, achievement, recognition, responsibility, growth, and advancement

54
Q

Benefits of Organization (6)

A
  1. specialization
  2. coordination
  3. culture and cooperation (employee motivation)
  4. budgeting
  5. accountability
  6. decision-making
55
Q

Why is organizing important?

A

vital part of business growth, allows for communication, coordination, control, and efficiency

56
Q

Organizing consists of… (5)

A
  1. dividing labour
  2. creating teams to do specific tasks
  3. assigning responsibility and authority
  4. allocating resources
  5. establishing procedures for accomplishing the organizational objectives
57
Q

Fayol - Principles of Organization

A

concerned with how workers were managed and how they contributed to the organization. HR style

58
Q

Max Weber - Principles of Organization

A

bureaucratic management style

59
Q

what are the variables in organizational structure (4)

A
  1. centralization vs decentralization of authority
  2. span of control
  3. tall vs flat organizational design
  4. departmentalization or not
60
Q

What are the 6 considerations of promotional programs?

A
  1. motives
  2. message
  3. market
  4. medium
  5. money
  6. measure of success
61
Q

what is included in the promotion mix? (6)

A
  1. advertising
  2. personal selling
  3. direct marketing
  4. sales promotion
  5. public relations
  6. product
62
Q

What is the push strategy

A

convince wholesalers and retailers to stock and sell merchandise

63
Q

what is the pull strategy

A

consumers requesting products from retailers

64
Q

what is a marketing intermediary?

A

middlemen that distribute products from the distributor to the retailer

65
Q

5 impacts of pricing strategies

A
  1. return on investment
  2. building traffic
  3. increasing market share
  4. creating image/building brand
  5. addressing social objectives
66
Q

What is the break-even analysis?

A

the process used to determine profitability at various levels of sales

67
Q

what is total fixed costs

A

all expenses remain the same no matter how many products are made or sold

68
Q

what are variable costs

A

costs that change according to the level of production

69
Q

what is the breakeven (BEP) formula?

A

total fixed costs DIVIDED BY (unit price - variable cost/unit)

winter sem 24 (4 decks)

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