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BCIT BUSA 2150 > BUSA Chapter 10 > Flashcards

BUSA Chapter 10 Flashcards

1
Q

Competitive advantage

A

An organization’s ability to use resources and perform better than the competition

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2
Q

An organization’s ability to use resources and perform better than the competition

A

Competitive advantage

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3
Q

Sustainable competitive advantage

A

Competitive advantage that is enduring and difficult or costly for others to copy or imitate

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4
Q

Competitive advantage that is enduring and difficult or costly for others to copy or imitate

A

Sustainable competitive advantage

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5
Q

Strategy

A

A comprehensive action plan that identifies the long-term direction of an organization and guides resource utilization to achieve a sustainable competitive advantage

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6
Q

A comprehensive action plan that identifies the long-term direction of an organization and guides resource utilization to achieve a sustainable competitive advantage

A

Strategy

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7
Q

Strategic intent

A

All energies directed toward accomplishing a long-term goal

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8
Q

All energies directed toward accomplishing a long-term goal

A

Strategic intent

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9
Q

Corporate strategy

A

Directions the organization as a whole toward sustainable competitive advantage
“In what industries and markets should we compete”

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10
Q

Directions the organization as a whole toward sustainable competitive advantage
“In what industries and markets should we compete”

A

Corporate strategy

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11
Q

Business strategy

A

Sets the direction for a single business unit or product line
“How are we going to compete for customers in this industry and market”

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12
Q

Sets the direction for a single business unit or product line
“How are we going to compete for customers in this industry and market”

A

Business strategy

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13
Q

Functional strategy

A

Guides the use of organizational resources to implement business strategy
“How can we best utilize resources within a function to implement our business strategy”

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14
Q

Guides the use of organizational resources to implement business strategy
“How can we best utilize resources within a function to implement our business strategy”

A

Functional strategy

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15
Q

Typical sources of competitive advantage

A
  1. Technology
  2. Cost and quality
  3. Knowledge and speed
  4. barriers to entry
  5. Financial resources
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16
Q

Strategic management

A

Process of formulating and implementing strategies to accomplish long-term goals and sustain competition advantage

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17
Q

Process of formulating and implementing strategies to accomplish long-term goals and sustain competition advantage

A

Strategic management

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18
Q

Strategic management process

A

*Strategic analysis
*Strategy formulation
*Strategy implementation

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19
Q

Strategic analysis

A

Assess competitive position

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20
Q

Assess competitive position

A

Strategic analysis

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21
Q

Strategy formulation

A

Creating strategies

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22
Q

Creating strategies

A

Strategy formulation

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23
Q

Strategy implementation

A

Putting strategies into action

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24
Q

Putting strategies into action

A

Strategy implementation

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25
Q

Mission

A

Describes its reason for existence

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26
Q

Describes its reason for existence

A

Mission

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27
Q

Stakeholders

A

People directly affected by the company’s accomplishments

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28
Q

People directly affected by the company’s accomplishments

A

Stakeholders

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29
Q

Values

A

Broad beliefs about what is or is not appropriate behavior

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30
Q

Broad beliefs about what is or is not appropriate behavior

A

Values

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31
Q

Organizational culture

A

Predominant value system of the organization as a whole

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32
Q

Predominant value system of the organization as a whole

A

Organizational culture

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33
Q

Operating objectives

A

Direct activities toward key performance areas

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34
Q

Direct activities toward key performance areas

A

Operating objectives

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35
Q

Examples of Objectives

A

Profitability, sustainability, social responsibility, financial health, cost efficiency, customer service, product quality, market share, human capacity, innovation

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36
Q

SWOT analysis

A

Internal analysis of organizational strengths and weaknesses and external analysis of environmental opportunities and threats

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37
Q

Internal analysis of organizational strengths and weaknesses and external analysis of environmental opportunities and threats

A

SWOT analysis

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38
Q

Core competencies

A

A special strength that gives
an organization a competitive advantage.

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39
Q

A special strength that gives
an organization a competitive advantage.

A

Core competencies

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40
Q

Porter 5 forces

A

*Industry competition
*New entrants
*Substitute products or services
*Bargaining power of suppliers
*Bargaining power of customers

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41
Q

Question marks

A

Poor position; growing industry (Growth or retrenchment strategy)

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42
Q

Poor position; growing industry (Growth or retrenchment strategy)

A

Question marks

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43
Q

Dogs

A

Poor position; low-growing industry (Retrenchment strategy)

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44
Q

Poor position; low-growing industry (Retrenchment strategy)

A

Dogs

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45
Q

Stars

A

Dominant position; growing industry (Growth strategy)

46
Q

Dominant position; growing industry (Growth strategy)

A

Stars

47
Q

Cash cows

A

Dominant position; low-growing industry (Stability or modest growth strategy)

48
Q

Dominant position; low-growing industry (Stability or modest growth strategy)

A

Cash cows

49
Q

Growth strategies

A

A strategy that involves
expansion of the organization’s current
operations.

50
Q

A strategy that involves
expansion of the organization’s current
operations.

A

Growth strategies

51
Q

Concentration

A

A growth strategy to expand
within the same business area

52
Q

A growth strategy to expand
within the same business area

A

Concentration

53
Q

Diversification

A

A growth strategy to expand by
acquisition of or investment in new and different
business areas

54
Q

A growth strategy to expand by
acquisition of or investment in new and different
business areas

A

Diversification

55
Q

Related diversification

A

Pursues growth by acquiring new businesses or entering business areas similar to the one they are operating in

56
Q

Pursues growth by acquiring new businesses or entering business areas similar to the one they are operating in

A

Related diversification

57
Q

Unrelated diversification

A

Pursues growth by acquiring new businesses or entering business areas different from the one they are operating in

58
Q

Pursues growth by acquiring new businesses or entering business areas different from the one they are operating in

A

Unrelated diversification

59
Q

Vertical integration

A

Business moves upstream to acquire its suppliers or moves downstream to acquire its customers to acquire its distributors

60
Q

Business moves upstream to acquire its suppliers or moves downstream to acquire its customers to acquire its distributors

A

Vertical integration

61
Q

Retrenchment, restructuring, and turnaround strategies

A

Strategies that pursue radical
changes to solve problems

62
Q

Strategies that pursue radical
changes to solve problems

A

Retrenchment, restructuring, and turnaround strategies

63
Q

Bankruptcy and Insolvency Act

A

The Canadian
law that protects a firm from creditors while
management reorganizes to restore solvency

64
Q

The Canadian
law that protects a firm from creditors while
management reorganizes to restore solvency

A

Bankruptcy and Insolvency Act

65
Q

Liquidation

A

Business ceases and assets are sold off to pay creditors

66
Q

Business ceases and assets are sold off to pay creditors

A

Liquidation

67
Q

Downsizing

A

Decreases the size of operations, reducing workforce

68
Q

Decreases the size of operations, reducing workforce

A

Downsizing

69
Q

Rightsizing

A

Downsizing with a clear strategic focus

70
Q

Downsizing with a clear strategic focus

A

Rightsizing

71
Q

Divestiture

A

Selling of parts of the organization to refocus what remains on core competencies, cutting costs, and improving operating efficiency

72
Q

Selling of parts of the organization to refocus what remains on core competencies, cutting costs, and improving operating efficiency

A

Divestiture

73
Q

Turnaround strategy

A

An attempt to fix an organization’s specific performance problems

74
Q

An attempt to fix an organization’s specific performance problems

A

Turnaround strategy

75
Q

Globalization strategy

A

Strategy that adopts standardized products and advertising for use worldwide

76
Q

Strategy that adopts standardized products and advertising for use worldwide

A

Globalization strategy

77
Q

Multi-domestic strategy

A

Strategy that customizes products and advertising to best fit local needs

78
Q

Strategy that customizes products and advertising to best fit local needs

A

Multi-domestic strategy

79
Q

Transnational strategy

A

Strategy that seeks efficiencies of global operations with attention to local markets

80
Q

Strategy that seeks efficiencies of global operations with attention to local markets

A

Transnational strategy

81
Q

Strategic alliances

A

Two or more organizations join in a targeted partnership to pursue an area of mutual interest

82
Q

Two or more organizations join in a targeted partnership to pursue an area of mutual interest

A

Strategic alliances

83
Q

Outsourcing alliance

A

One organization contracts to purchase important services from another

84
Q

One organization contracts to purchase important services from another

A

Outsourcing alliance

85
Q

Supplier alliance

A

Preferred supplier relationships guarantee a smooth and timely flow of quality supplies among partners

86
Q

Preferred supplier relationships guarantee a smooth and timely flow of quality supplies among partners

A

Supplier alliance

87
Q

Distribution alliance

A

Firms join together as partners to sell and distribute products or services

88
Q

Firms join together as partners to sell and distribute products or services

A

Distribution alliance

89
Q

Co-opetition

A

The strategy of working with rivals on projects of mutual benefits

90
Q

The strategy of working with rivals on projects of mutual benefits

A

Co-opetition

91
Q

Differentiation strategy

A

A strategy that offers
products that are different from the competition

92
Q

A strategy that offers
products that are different from the competition

A

Differentiation strategy

93
Q

Cost leadership strategy

A

A strategy that seeks
to operate with low cost so that products can be
sold at low prices

94
Q

A strategy that seeks
to operate with low cost so that products can be
sold at low prices

A

Cost leadership strategy

95
Q

Focused differentiation

A

A strategy
that offers a unique product to a special market
segment

96
Q

A strategy
that offers a unique product to a special market
segment

A

Focused differentiation

97
Q

Focused cost leadership

A

A strategy that seeks
the lowest costs of operations within a special
market segment

98
Q

A strategy that seeks
the lowest costs of operations within a special
market segment

A

Focused cost leadership

99
Q

Examples of differentiation strategy

A

Marketing, research, and development

100
Q

Examples of cost leadership strategy

A

Improving operative efficiencies

101
Q

Focus strategy

A

A strategy that concentrates
on serving a unique market segment better than
anyone else

102
Q

A strategy that concentrates
on serving a unique market segment better than
anyone else

A

Focus strategy

103
Q

Lack-of-participation error

A

A lack of commitment to action and follow-through by individuals excluded from the strategic planning process

104
Q

A lack of commitment to action and follow-through by individuals excluded from the strategic planning process

A

Lack-of-participation error

105
Q

Strategic control

A

Making sure strategies are well implemented and that poor strategies are scrapped or modified quickly to meet performance demands of changing conditions

106
Q

Making sure strategies are well implemented and that poor strategies are scrapped or modified quickly to meet performance demands of changing conditions

A

Strategic control

107
Q

Corporate governance

A

System of control and monitoring or top management performance exercised by board of directors in business firms and boards of trustees in non-profits

108
Q

System of control and monitoring or top management performance exercised by board of directors in business firms and boards of trustees in non-profits

A

Corporate governance

109
Q

Strategic leadership

A

Leadership that inspires
people to continuously change, refine, and
improve strategies and their implementation

110
Q

Leadership that inspires
people to continuously change, refine, and
improve strategies and their implementation

A

Strategic leadership

111
Q

Key responsibilities of strategic leadership

A

A strategic leader
*Has to maintain strategic control
*Has to be the guardian of trade-offs
*Needs to create a sense of urgency
*Needs to make sure that everyone understands the strategy
*Needs to be a teacher

BCIT BUSA 2150 (7 decks)

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