Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

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

A

Competitive advantage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Sustainable competitive advantage

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

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

A

Sustainable competitive advantage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Strategic intent

A

All energies directed toward accomplishing a long-term goal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

All energies directed toward accomplishing a long-term goal

A

Strategic intent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Corporate strategy

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

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

A

Corporate strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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”

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Strategic management

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

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

A

Strategic management

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Strategic management process

A

*Strategic analysis
*Strategy formulation
*Strategy implementation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Strategic analysis

A

Assess competitive position

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Assess competitive position

A

Strategic analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Strategy formulation

A

Creating strategies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Creating strategies

A

Strategy formulation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Strategy implementation

A

Putting strategies into action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Putting strategies into action

A

Strategy implementation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Mission
Describes its reason for existence
26
Describes its reason for existence
Mission
27
Stakeholders
People directly affected by the company’s accomplishments
28
People directly affected by the company’s accomplishments
Stakeholders
29
Values
Broad beliefs about what is or is not appropriate behavior
30
Broad beliefs about what is or is not appropriate behavior
Values
31
Organizational culture
Predominant value system of the organization as a whole
32
Predominant value system of the organization as a whole
Organizational culture
33
Operating objectives
Direct activities toward key performance areas
34
Direct activities toward key performance areas
Operating objectives
35
Examples of Objectives
Profitability, sustainability, social responsibility, financial health, cost efficiency, customer service, product quality, market share, human capacity, innovation
36
SWOT analysis
Internal analysis of organizational strengths and weaknesses and external analysis of environmental opportunities and threats
37
Internal analysis of organizational strengths and weaknesses and external analysis of environmental opportunities and threats
SWOT analysis
38
Core competencies
A special strength that gives an organization a competitive advantage.
39
A special strength that gives an organization a competitive advantage.
Core competencies
40
Porter 5 forces
*Industry competition *New entrants *Substitute products or services *Bargaining power of suppliers *Bargaining power of customers
41
Question marks
Poor position; growing industry (Growth or retrenchment strategy)
42
Poor position; growing industry (Growth or retrenchment strategy)
Question marks
43
Dogs
Poor position; low-growing industry (Retrenchment strategy)
44
Poor position; low-growing industry (Retrenchment strategy)
Dogs
45
Stars
Dominant position; growing industry (Growth strategy)
46
Dominant position; growing industry (Growth strategy)
Stars
47
Cash cows
Dominant position; low-growing industry (Stability or modest growth strategy)
48
Dominant position; low-growing industry (Stability or modest growth strategy)
Cash cows
49
Growth strategies
A strategy that involves expansion of the organization’s current operations.
50
A strategy that involves expansion of the organization’s current operations.
Growth strategies
51
Concentration
A growth strategy to expand within the same business area
52
A growth strategy to expand within the same business area
Concentration
53
Diversification
A growth strategy to expand by acquisition of or investment in new and different business areas
54
A growth strategy to expand by acquisition of or investment in new and different business areas
Diversification
55
Related diversification
Pursues growth by acquiring new businesses or entering business areas similar to the one they are operating in
56
Pursues growth by acquiring new businesses or entering business areas similar to the one they are operating in
Related diversification
57
Unrelated diversification
Pursues growth by acquiring new businesses or entering business areas different from the one they are operating in
58
Pursues growth by acquiring new businesses or entering business areas different from the one they are operating in
Unrelated diversification
59
Vertical integration
Business moves upstream to acquire its suppliers or moves downstream to acquire its customers to acquire its distributors
60
Business moves upstream to acquire its suppliers or moves downstream to acquire its customers to acquire its distributors
Vertical integration
61
Retrenchment, restructuring, and turnaround strategies
Strategies that pursue radical changes to solve problems
62
Strategies that pursue radical changes to solve problems
Retrenchment, restructuring, and turnaround strategies
63
Bankruptcy and Insolvency Act
The Canadian law that protects a firm from creditors while management reorganizes to restore solvency
64
The Canadian law that protects a firm from creditors while management reorganizes to restore solvency
Bankruptcy and Insolvency Act
65
Liquidation
Business ceases and assets are sold off to pay creditors
66
Business ceases and assets are sold off to pay creditors
Liquidation
67
Downsizing
Decreases the size of operations, reducing workforce
68
Decreases the size of operations, reducing workforce
Downsizing
69
Rightsizing
Downsizing with a clear strategic focus
70
Downsizing with a clear strategic focus
Rightsizing
71
Divestiture
Selling of parts of the organization to refocus what remains on core competencies, cutting costs, and improving operating efficiency
72
Selling of parts of the organization to refocus what remains on core competencies, cutting costs, and improving operating efficiency
Divestiture
73
Turnaround strategy
An attempt to fix an organization’s specific performance problems
74
An attempt to fix an organization’s specific performance problems
Turnaround strategy
75
Globalization strategy
Strategy that adopts standardized products and advertising for use worldwide
76
Strategy that adopts standardized products and advertising for use worldwide
Globalization strategy
77
Multi-domestic strategy
Strategy that customizes products and advertising to best fit local needs
78
Strategy that customizes products and advertising to best fit local needs
Multi-domestic strategy
79
Transnational strategy
Strategy that seeks efficiencies of global operations with attention to local markets
80
Strategy that seeks efficiencies of global operations with attention to local markets
Transnational strategy
81
Strategic alliances
Two or more organizations join in a targeted partnership to pursue an area of mutual interest
82
Two or more organizations join in a targeted partnership to pursue an area of mutual interest
Strategic alliances
83
Outsourcing alliance
One organization contracts to purchase important services from another
84
One organization contracts to purchase important services from another
Outsourcing alliance
85
Supplier alliance
Preferred supplier relationships guarantee a smooth and timely flow of quality supplies among partners
86
Preferred supplier relationships guarantee a smooth and timely flow of quality supplies among partners
Supplier alliance
87
Distribution alliance
Firms join together as partners to sell and distribute products or services
88
Firms join together as partners to sell and distribute products or services
Distribution alliance
89
Co-opetition
The strategy of working with rivals on projects of mutual benefits
90
The strategy of working with rivals on projects of mutual benefits
Co-opetition
91
Differentiation strategy
A strategy that offers products that are different from the competition
92
A strategy that offers products that are different from the competition
Differentiation strategy
93
Cost leadership strategy
A strategy that seeks to operate with low cost so that products can be sold at low prices
94
A strategy that seeks to operate with low cost so that products can be sold at low prices
Cost leadership strategy
95
Focused differentiation
A strategy that offers a unique product to a special market segment
96
A strategy that offers a unique product to a special market segment
Focused differentiation
97
Focused cost leadership
A strategy that seeks the lowest costs of operations within a special market segment
98
A strategy that seeks the lowest costs of operations within a special market segment
Focused cost leadership
99
Examples of differentiation strategy
Marketing, research, and development
100
Examples of cost leadership strategy
Improving operative efficiencies
101
Focus strategy
A strategy that concentrates on serving a unique market segment better than anyone else
102
A strategy that concentrates on serving a unique market segment better than anyone else
Focus strategy
103
Lack-of-participation error
A lack of commitment to action and follow-through by individuals excluded from the strategic planning process
104
A lack of commitment to action and follow-through by individuals excluded from the strategic planning process
Lack-of-participation error
105
Strategic control
Making sure strategies are well implemented and that poor strategies are scrapped or modified quickly to meet performance demands of changing conditions
106
Making sure strategies are well implemented and that poor strategies are scrapped or modified quickly to meet performance demands of changing conditions
Strategic control
107
Corporate governance
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
System of control and monitoring or top management performance exercised by board of directors in business firms and boards of trustees in non-profits
Corporate governance
109
Strategic leadership
Leadership that inspires people to continuously change, refine, and improve strategies and their implementation
110
Leadership that inspires people to continuously change, refine, and improve strategies and their implementation
Strategic leadership
111
Key responsibilities of strategic leadership
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 (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions