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BST Flashcards

1
Q

Strategy level - mission and objectives

A

Corporate

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2
Q

Strategy level - product/market decisions

A

corporate

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3
Q

Strategy level major investment decision

A

corporate

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4
Q

Strategy level
financing

A

corporate

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5
Q

Strategy level
relations with external stakeholders

A

corpporate

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6
Q

Strategy level
marketing mix

A

business strategy

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7
Q

Strategy level
HRM

A

functional

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8
Q

Strategy level
hedge risk

A

functional

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9
Q

What is defined
The values and expectations of those who most strongly influence strategy about the scope and posture of the organisation

A

Mission

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10
Q

What are the elements of a successful mission

A

purpose
strategy
policies and standards of behaviour
value

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11
Q

What are these benefits of
provide a basis of control for the organisation (set managerial Goans on the basis of them)
Communicate nature of the organisation to stakeholders
Help install core values in the organisation

A

mission statement

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12
Q

What are these disadvantages of
PR exercises rather than a portrayal of values
Often full of generalisations from which it is impossible to tie down strategic implications or develop meaningful strategic objectives
May be ignored by those responsible for formulating or implementing strategy

A

mission statement

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13
Q

Three types of stakeholders

A

Internal, connected, external

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14
Q

Degree of dependency or reliance on stakeholders can be analysed according to which three criteria

A

disruption, replacement, and uncertainty

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15
Q

NFP - what is a target public

A

Group of individuals who have an interest or concern bout the charity

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16
Q

NFP - what is a client public

A

those who benefit from the organisations activities

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17
Q

What is defined
the network of organisations that enable the delivery of a product or service. Participants such as suppliers, customers, competitors interact through competition or collaboration

A

The eco sysetm

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18
Q

What approach is defined
environmental appraisal is a one off assessment which establishes the forces acting on the business at present and forecasts how these may develop during the years of the plan

A

rational planning appraoch

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19
Q

What approach is defined
The need for environmental scanning, continuous awareness by management of environmental issues, enabling them to be routinely considered in decision making

A

Strategic management approach

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20
Q
A
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21
Q

Consideration when validating and corroborating environmental information

A
  1. Integrity of source
  2. Forecasting and predictive record in past
  3. Degree of substantiation
  4. Age of the information
  5. Motivation of the providder
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22
Q

Static environments are characterised by

A

simple environment with few competitors, limited products and a slow rate of change

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23
Q

dynamic environment characterised by

A

complexity and rapid change

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24
Q

What is defined
the development of pictures of potential futures for the purposes of managerial learning and the development of strategic responses

A

Scenario planning

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25
Q

PESTEL
what relates t the distribution of power locally, nationally, and internationally

A

political

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26
Q

what is political risk

A

the possibility political factors will impact the business environment or prospects

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27
Q

What is defined
the stock of renewable and non-renewable natural resources which combine to yield a flow of benefits or services to people

A

natural capital

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28
Q

What should be used to identify macro factors in the external environment which may affect a particular industry

A

PESTEL

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29
Q

Risks under political include

A

Ownership risk
Operating risk (domestication)
transfer risk
political risk

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30
Q

Four elements of a mission

A

Purpose
Strategy
Policies and Standards of Behaviour
Values

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31
Q

What is described
Formal document stating the organisations mission, published in the organisation to promote desired behaviour

A

mission statement

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32
Q

What are the following benefits of
Provide basis for control
communicate the nature of the organisation to stakeholders
help install core values in the organisation

A

Mission statement

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33
Q

What are the following disadvantages of
PR exercises,
full of generalisations
May be ignored by those implementing strategy

A

Mission statements

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34
Q

What is the assumption of share holder wealth maximisation relied on for?

A

Making decisions using NPV or IRR
Evaluating divisional managers (ROCE/ROI)
Basis for bonuses
Benchmark to evaluate the board

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35
Q

What does SMART stand for

A

Specific
Measurable
Achievable
Relevant
Time bound

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36
Q

What type of stakeholders are employees and managers

A

Internal

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37
Q

What type of stakeholders are
Shareholders

A

Connected

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38
Q

What type of stakeholders are
Bankers

A

Connected

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39
Q

What type of stakeholders are
Suppliers and customers

A

Connected

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40
Q

What type of stakeholders are
Government and local authority

A

External

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41
Q

What type of stakeholders are
Interest and pressure groups

A

External

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42
Q

What type of stakeholders are
Community

A

External

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43
Q

What type of stakeholders are
Professional Bodies

A

External

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44
Q

What are the target public

A

Group of individuals who have an interest or concern about the charity

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45
Q

What are the client public

A

those who benefit from the organisation,

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46
Q

What are the three tiers in the business environment

A

Industry, Macro and degree of uncertainty

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47
Q

What is in the industry environment

A

threat of market entry
Bargaining power of buyer
substitutes
bargaining power of supplieres
rivalry amongst existing firms

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48
Q

What factors are in the macro environmetn

A

Political
Economic.
Social
Technological
Legal
Environmental

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49
Q

What are the elements of strategic analysis

A

Internal and external analysis
Corporate appraisal
Mission and objectives
Gap analysis

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50
Q

What follows from strategic analysis

A

Strategic choice

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51
Q

what follows from strategic choice

A

strategic implementation

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52
Q

What is the model for strategic analysis - strategic choice - strategic implementatoin

A

rational planning

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53
Q

What is the rational planning model approach to environmental appraisal

A

one off assessment establishing the forces acting on business at present and forecast how these may develop during the years of the plan

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54
Q

What is the strategic management approach require need for

A

environmental scanning, continuous awareness by management of environmental issues enabling them to be routinely considered indecision making

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55
Q

What are three key elements of an effective information system

A

Gathers environmental information
validates and corroborates the information
disseminates the information so those who need it can find it

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56
Q

Internal source of environmental information

A

employees
internal records systems
formal information resources

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57
Q

External source of environmental information

A

trade media
published accounts of rivals, suppliers and clients
government statistical reports
online
market reports

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58
Q

Issues to consider validity of environmental information

A

integrity of source
forecasting and predictive record in the past
degree of substantiation (more than one)
age of information
motivation of provider

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59
Q

How can information be disseminated

A

clear intranet
periodic briefing reports
periodic seminars to brief management
annual management development sessions at in or external business

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60
Q

What deals with changes that have an immediate short term impact

A

crisis management

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61
Q

In static environments, what is useful predictor of the future

A

historic and current environment - little help in dynamic

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62
Q

What is defined
The development of pictures of potential futures for the purposes of managerial learning and development of strategic responses

A

Scenario planning

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63
Q

what tries to take a longer term view of different ways an industry may develop

A

scenario planning

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64
Q

Steps in scenario planning

A

identify key factors (PESTEL)
understand historic trend re key forces
Build future scenarios

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65
Q

What is used to identify macro factors that affect an industry

A

PESTEL

66
Q

What is defined
a company or assets may be expropriated or nationalised by the state , normally with compensation (confiscation without)

A

ownership risk

67
Q

What factor does ownership risk relate to

A

political

68
Q

what is defined
the firm may be required to take local patterns, there may be a guaranteed minimum shareholding for local investors

A

operating risk - indigenisation/domestication

69
Q

what kind of factor is operating risk - indigenisation/ domestication

A

political

70
Q

What is defined
may affect company ability to transfer funds or repatriate prfoits

A

transfer risk

71
Q

What kind of factor is transfer risk

A

Political

72
Q

What is defined
government of host country may change taxes or steel a stake in business to increase power or satisfy local public opinion

A

political risk

73
Q

How can political risk be managed

A

detailed risk assessments before investing
partnering with local business to increase acceptance
avoid total reliance on one country

74
Q

What does a falling domestic exchange rate mean for imported and domestically produced products and exports

A

exports more competitive
imports more expensive

75
Q

Factors to consider economic

A

exchange rates,
interest rates,
economic infrastructure

76
Q

Social factors

A

Population demographic,
family strucutre
diversity
social mobility

77
Q

Cultural factors affecting strategy

A

market for product
promotional strategies
methods of conducting business
methods of managing staff
expectations of business conduct

78
Q

Technology factors

A

The base
Changes
advances
automation

79
Q

Environmental factors

A

Climate changes
energy gap
waste recycling
bio diversity
genetically modified organisms

80
Q

Two main objectives of Green Finance strategy

A

align investment and CF generated by the private sector with sustainable growth
ensure any green initiatives lead to a strengthening of UK financial sector competitiveness

81
Q

Three pillars to Government green finance strategy

A

Greening finance
financing green
capturing the opportunity

82
Q

What is greening finance

A

ensuring financial decision making takes account of risks and opportunities generated by climate and environmental issues

83
Q

What is financing green

A

encourage public and private investment in sustainable projects and other projects to help achieve carbon targets

84
Q

What are the three legal factors

A

Systemic factors
cultural factors
context and regulatory factors

85
Q

How does global competition affect firms

A

provides opportunity of new markets to exploit
presents threat of new sources of competition in home
offers opportunity to locate activity or supply chain (cheaper)
Drive cross border acquisition

86
Q

What is globalisation

A

the production and distribution of products and services of a homogenous type and quality on a worldwide basis

87
Q

Levitt global village characterised

A

consumers globally have same needs attitudes using same product, world one entity

88
Q

Global corporation characterised by

A

world one entity
extended supply chain
Global HRM

89
Q

Ohmae’s Five Cs - what for

A

number of reasons which may encourage firm to act globally

90
Q

Five C’s

A

Customer
Company itself
competition
currency volatility
Country

91
Q

What is porters diamond used for

A

national competitive advantage

92
Q

what are the key determinants of Porter’s diamond

A

Firm Strategy , Structure , Rivalry
Demand conditions
Related and supporting industries
Factor conditions q

93
Q

What are factor conditions

A

HR sells, physical, knowledge, capital, infrastructure

94
Q

What are basic factors

A

natural resources (climate, semi skilled and unskilled) - inherited or their creation involves little investment

95
Q

What are advanced factors

A

modern digital communications, highly educated personnel, research labs
necessary to achieve higher order competitive advantages

96
Q

What is the role of demand conditions

A

the home market determines how firms perceive interpret and respond to buyer needs, puts pressure on firms to innovate and prodics launch for global ambitions

97
Q

related supporting industires

A

competitive success in one industry often linked to success in related industries.

98
Q

Role of structure

A

national cultural factors create certain tendencies to orientate business people to certain industriesS

99
Q

Role of Strategy

A

Industries in different countries have different time horizons and funding needs etc. National capital markets set different goals for performance (banks v equity sh)

100
Q

When an industry faces difficult times what are options

A

innovate in the industry to sustain competitive position
shift resources to another industry (diversification)

101
Q

What happens if there is little domestic rivalry

A

firms happy to rely on home marketesW

102
Q

What do tough domestic rivals teach firms

A

about competitive success

103
Q

What is a cluster

A

linking of industries through relationships which are either vertical or horizontal. Supposedly key factor in competitive advantage of nations

104
Q

How does porter claim firms gain competitive advantage

A

Lower costs to supply resulting in higher profitability (cost leadership)
Differentiated services/reputation resulting in higher prices and sales revenue (differentiation)

105
Q

If home diamond factors give a comparative cost advantage over foreign rivals what should management adopt

A

cost leadership

106
Q

If home factors give differentiation advantage over foreign rivals, management should adopt strategies based on

A

differentiation

107
Q

If diamond does not confer advantage, what should management do

A

focus on sub sections which large players may have overlooked

108
Q

Political risks for international business

A

stability of government
international relationships
ideology of government and role in economy
informal relationships between government officials and business

109
Q

Dangers of foreign investment

A

expropriation
restriction on profit repatriation
cronyism
arbitrary charges in tax
pressure groups

110
Q

What is protectionism

A

discouraging imports (e.g. raise tariff barriers and impose quotas)

111
Q

is prWhat are tarrifs/custom duties

A

tax on imports, importer required to pay either % of value of imported good or per unit of good imported

112
Q

what is an ad valorem duty

A

% of value imported good

113
Q

what is specific duty

A

paid per unit of good imported

114
Q

What are non-tariff barriers

A

restrictions on the quantity of a product allowed to be imported into a country

115
Q

What are minimum local content rules

A

specified minimum local content of product allowed to be imported into a country.

116
Q

What are minimum prices and anti dumping action

A

To stop sale of products overseas at lower prices, anti dumping measures include quotas, min prices or extra exercise duties

117
Q

What are embargoes

A

total ban or zero quota

118
Q

What are subsidiaries for domestic producers

A

financial help from government departments giving domestic producer cost advantage over foreign producers

119
Q

What are exchange controls and exchange rate policy

A

regulations designed to make it difficult for importers to obtain currency needed to buy foreign goods

120
Q

What are unofficial non-tarrif barriers

A

admin controls such as slow inspection processes, changing standards which are hard for o/s suppliers to anticipate and respond to

121
Q

What are free trade areas, customs unions, and common markets examples of

A

trade bocs

122
Q

What is a customs union

A

agree a common policy on barriers to external countries. tariffs, taxes and duties harmonised amongst members

123
Q

What is the triad theory

A

USA, EU and Japan three main blocs, rejects idea homogenous products can be developed and sold throughout the world. MNC have to develop products for circumstances of each trait.

124
Q

define porters five forces

A

five competitive forces influence the state of competition in an industry

125
Q

What are porters five forces

A

Threat of new entrants
bargaining power of customers
threat of substitute products or services
bargaining power of suppliers
rivalry amongst existing firms

126
Q

What do new entrants bring

A

extra capacity and more competition

127
Q

Examples of barriers to entry

A

economies of scale and scope
product differentiation
capital requiremetns
switching costs
access to distribution channel
cost advantages of existing producers
response of incumbents

128
Q

what can lower entry barriers

A

changes in environment
technological change
new distribution channels for products or services

129
Q

Industry with low barriers to entry characterised by

A

large number of small firms

130
Q

What are economics of scale

A

those arising within the business from the organisation of production (internal) or attainable by the business because of the growth of the industry as a whole

131
Q

what are substitute products

A

product/service produced by another industry which satisfies the same customer need

132
Q

How may substitutes affect proftability

A

ceiling on prices
affect volumes of demand
force expensive investment and service improvements

133
Q

What determines threats from substitutes

A

relative price/performance and switching costs

134
Q

Different types of buyers

A

industrial customers and distributors
governmental or other NFP
Consumers wanting better quality

135
Q

What increases buyer power

A

customer buys large proportion of total output
product not critical to customer business
low switching cost
size of purchase relative to size of supplier
high degrees of price transparency

136
Q

What factors affect bargaining power of suppleir

A

number and size
threat of new entrants/substitutes
whether they have other cusotmers
importance of products to customer
extent products differentiated
level of switching costs

137
Q

what affects intensity of competition

A

rate of market growth
fixed costs
ease & cost of switching
importance of capacity utilisation
degreee of uncertainty about rival actions
Strategic importance
exit barrieres

138
Q

When should five forces reused

A

identify key forces affecting the organisation and opportunities available and threats to consider

139
Q

What are limitations of five forces

A

ignores role of state
not helpful for NFP
positioning view
assumes max SH wealth
dynamic industries
ignores potential for collaboration
some industries may have additional forces

140
Q

What is the ‘sixth force’

A

complementors

141
Q

Define industry

A

group of organisations supplying market offering similar products using similar technology

142
Q

what are the key stages of industry life cycle

A

introduction, growth, shakeout, maturity, decline

143
Q

industry life cycle define introduction

A

newly invented product or service made available for purchase and organisations attempt to develop buyer interest. competitive advantage if first

144
Q

industry life cycle define growth

A

period of rapid expansion of demand or activity as industry finds market and competitors attracted by potential

145
Q

industry life cycle shakehout

A

period in which market growth begins to slow and weaker players leave

146
Q

industry life cycle maturity

A

relatively stable period, little changes in sale vol Y2Y , competitions intensifies as growth slows

147
Q

Industry life cycle decline

A

falling off in activity levels as firms leave the industry and it ceases to exist/is absorbed into another

148
Q

what phase of lifecycle when are R&D costs highest

A

introduction - still at growth as well as seek to extend product before competition

149
Q

lifecycle when is profitability stable high or under pressure

A

maturity

150
Q

When may mergers or rationalisation happen phase of lifeccle

A

shakehout

151
Q

what must be in place for the gap to be closed by exporting when domestic performance declines

A

different product life cycle patterns in different countries

152
Q

Benefits to identifying strategic segments

A

better tailor products and marketing
closer definition of competitors
identify mobility barriers

153
Q

What are mobility barriers

A

factors making it hard for a firm in one strategic group to develop or migrate to another function as barriers to entry

154
Q

What to mobility barriers relate to

A

branding/user tech
industry characteristics (mass volume/quliaty)
distinct skills
legal barriers

155
Q

Buyers in the public sector - industrial segments where government institutions are significant buyers

A

Public accountability
governments rarely monolithic
political considerations
purchasing by tender

156
Q

Executive directors are involved with

A

the day to day running of the business

157
Q

NED provide

A

an independent view to help facilitate strategic decision making process by proviidng objective challenge and criticism

158
Q

what is CG concerned with

A

direction and control of the company and helps determine structure of organisation, objectives, and relationship between organisation management, BOD and SH

159
Q

Is there a legal distinction between duties of ED and NED

A

No - do have differing roles

160
Q
A

AA (6 decks)

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