BST Flashcards
What is the purpose of a mission statement?
A written communication to internal and external stakeholders to set the direction of the organisation
What four features should a mission statement include?
Purpose
Strategy
Polices
Values
Which factors (and model) should be used to critique objectives?
Specific Measurable Achievable Relevant Timely
Which model should be used to evaluate stakeholders power/interest?
Mendelows matrix
Which model should be used to explain the competitive advantage of an industry/country?
Porters diamond
What are the five factors included in porters diamond?
Demand conditions Related/supporting industries Factor conditions Strategy, structure and rivalry Competitive advantage
Which factors (and model) should be used to evaluate the opportunities and threats of an industry?
Political Economic Social Technologic Ecological Legal
Which model should be used to evaluate how attractive an industry is?
Porters five forces
What are porters five forces?
Threat of new entrants Bargaining power of suppliers Threat of substitutes Bargaining power of customers Competitive rivalry
What is the purpose of porters value chain analysis?
Identifies the primary activities which help the company achieve a competitive advantage and support activities
What are the four relevant ‘generic strategies’ an organisation can take to achieve a competitive advantage?
Cost leader
Cost focus (niche)
Differentiator
Differentiation focus (niche)
Which model should be used to evaluate a product portfolio and which two factors does it compare?
The BCG matrix
Market growth and market share
Name the four sectors in the BCG matrix
HH star
HL problem child
LH cash cow
LL dog
Which models should be used to discuss the expansion of an organisation, and what do they measure?
Ansoffs matrix - measures existing/new markets against existing/new products
Lynchs matrix - measures internal/external development against domestic/international expansion
Which factors (and model) should be used to analyse marketing strategies?
4 P’s
Price
Product
Promotion
Place
Define market research
The systematic gathering, recording, and analysing of data for the marketing of goods/services
What are the advantages of desk and field research?
Desk: cheap, reliable
Field: specific, timely
What is a cost driver?
Any factor which changes the cost of an activity
What is a value driver?
An activity that gives worth to a product, service or brand.
What are the five primary activities of the value chain?
Inbound logistics Operations Outbound logistics Marketing & Sales Aftercare service
What are the secondary activities in the value chain?
Firm infrastructure
HR
Technology
Procurement
