Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

1st Semester Classes 4th Year > Business Policy 1 Quiz > Flashcards

Business Policy 1 Quiz Flashcards

1
Q

Components of Diamond-E

A
  1. Managerial preferences
  2. Resources
  3. Organization
  4. Strategy
  5. Environment
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Strategic Management

A

The process of assessing the environment regularly and making new updates

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

Role of a GM /4

A
  1. Setting Direction
  2. Assessing Performance
  3. Implementing a Strategy
  4. Creating a Strategy
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

The 4 components of the Balanced Scorecard

A
  1. innovation and Learning
  2. Internal Business process
  3. Customers
  4. Financials
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

How to assess the ongoing Strategy? /3

A
  1. Balanced Scorecard
  2. Qualitative Assessment
  3. Quantitative Assessment
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

what is a Mission statement

A

shows us want we want to achieve and is tangible in the long term

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

Value Proposition Strategy

A
  1. Goals
  2. Product Market FOcus
  3. Core Activities
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Porters 5 Forces

A
  1. Rivalry
  2. Suppliers
  3. Buyers
  4. Potential Entrants
  5. Substitutes
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Threats of buyers:

A
  1. No product Uniqueness
  2. Threat of backward Integration
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

The threat of High Substitutes when:

A
  1. Price Trade-off
  2. Switching Costs are Low
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Industry Value Chain system /4

A
  1. Suppliers
  2. Firm
  3. Distribution Channel
  4. Customers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Within the Diamond-E Framework, what is Strategy and Environment?

A

A Need to do

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

How to assess performance with the Performance Matrix?

A
  1. Organizational health
  2. organizational Performance
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What Quadrant in is the most desired when assessing performance and the least desired?

A

Most: Quadrant 1 (Desired State)
Least: Quadrant 4 (Crisis)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Typical Measures of Operating Performance /3

A
  1. Profitability
  2. Financial Position
  3. Market Performance
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Typical Measures of Org Health /5

A
  1. Enthusiasm
  2. Boundaries
  3. Problem Solving
  4. Learning
  5. Sustainability
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

How do General Managers set Direction in an Organization? /3

A
  1. Vision: A sense of Direction
  2. Mission: it translates the vision into tangibleness
  3. Values: Basic beliefs that govern the organization
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Vision

A
  • Purpose, core beliefs and values connect through the environment to accomplish the mission for the business
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Product Market Focus:

A

What are the products being sold and the business plan on how to sell it

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

What does the Value Proposition mean?

A

How does the business intend to ATTRACT customers and what does it offer.

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

Strategic Analysis Process /10

A
  1. Issue(s) Identification
  2. External Analysis
  3. Internal Analysis: Strategy
  4. Internal Analysis: Diamond-E
  5. Financial Analysis
  6. Competitor Analysis
  7. Strategic Choices
  8. Recommendation
  9. Action Plan/Implementation
  10. Risks/Contingency Plan
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Industry Analysis? /5

A
  1. Value Chain System
  2. Drivers of Profitability (Porter 5)
  3. Why are some industries more attractive than others?
  4. Macroneomic Factors (PEST)
  5. Key Success Factors
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Industry Value Chain

A
  1. Suppliers
  2. Firm
  3. Distribution Channel
  4. Customers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Firms Value Chain (iOOMSS)

A
  1. Inbound Logistics
  2. Operations
  3. Outbound Logistics
  4. Marketing & Sales
  5. Services
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Porters 5 Forces

A
  1. Potential Entrants
  2. Industry Competitors
  3. Suppliers
  4. Buyers
  5. Substitutes
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Questions to Porters 5

A
  1. Threat of New Entrants
  2. Power of Rivalry
  3. Threat of Buyers
  4. Threat of Suppliers
  5. Threat of Substitutes
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Environmental Analysis

A

PEST:
Political
Economical
Social
Tech

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

2 Key Success Factors Questions

A
  1. How does the firm Survive Competition
  2. What do customers want? What basis do they choose between different offerings?
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

What is the threat of New Entrants factors? /4

A
  1. Supply/demand of the market
  2. Switching costs
  3. Tech
  4. Brand
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Threats of Buyer Power? /3

A
  1. Concentration of too large or small volumes
  2. Product isn’t unique
  3. Threat of Backward integration (Value Chain)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Threats of Supplier Power? /3

A
  1. Switching costs
  2. They supply the uniqueness factor
    - therefore they threaten Forward Integration
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

Power of Rivals? /4

A
  1. Industry growth is Low
  2. Exit barriers are high
  3. High Switching Costs
  4. They dominate Market Share
  5. Brand Uniqueness
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

The threat of Substitutes? /3

A
  1. Attractive pricing
  2. Switching costs are lower
34
Q

Types of Goals in Value Proposition?

A
  1. Hard Goals
  2. Soft Goals
35
Q

Types of Hard Goals; /4

A
  1. Profitability
  2. Market Position
  3. Growth
  4. Risk
36
Q

Types of Soft Goals; /4

A
  1. Management
  2. Employees
  3. Community (local)
  4. Society (broad)
37
Q

Product Market Focus Diagram

A
  1. Market Penetration
  2. Product Development
  3. Market Development
  4. Diversification
38
Q

4 Generic Competitive Strategies

A
  1. Low-Cost Leadership: Competing on a lower price to beat the competition
  2. Differentiation Strategy: Unique features differentiate themselves within the market
  3. Focused Cost Leadership:
  4. Focused Differentiation:
  5. Stuck in the Middle: ex. Hudson Bay
39
Q

What benefits of a successful Differentiation Strategy?

A
  1. Command a Premium Price
  2. Get Brand Loyalty
  3. Increase Unite Sales
40
Q

Focused Cost Leadership?

A

Competing on price in a narrow market while, bringing a unique feature to the market

41
Q

Generic Business Strategy Assessment Steps /4

A
  1. Low cost vs Differentiation
  2. Do the 4 elements reinforce or complement one another
  3. Does the value proposition resonate with the target market
  4. Does the business strategy fit with all other elements of the business
42
Q

When Choosing a generic strategy what two elements do you look at?

A
  1. Economic Logic (Low-cost or Differentiation)
  2. Scope of Areas (Narrow vs Broad)
43
Q

Ex of Cost Leadership

A

Walmart

44
Q

ex. of Differentation

A

Coca-Cola

45
Q

ex. of Focused Cost Leadership

A

Dollarama

46
Q

ex. Focused Differentiation

A

Porter Airlines

47
Q

Advantages of Low-cost Strategies /3

A
  1. Economies of scale are larger
  2. Production Design/Tech
48
Q

Differentiation strategy advantages /3

A
  1. Unique factor for brand image
  2. Customization and convenience
  3. High Quality
49
Q

Threats to Low-cost Strategy /2

A
  1. New Tech
  2. Bad Quality
50
Q

Threats to Differentiation Strategy? /2

A
  1. Buyers won’t pay the price
  2. Costs of differentiation are too high
51
Q

What are Management Preferences in the Diamond-E Framework?

A

A WANT TO DO

52
Q

What are the Resources in the Diamond-E Framework?

A

A CAN DO

53
Q

Management Preferences first Questions? /2

A
  1. Whose Interest are they acting in?
  2. What factors must be understood about them?
54
Q

Roots of Strategic Preference for a Manager? /4

A
  1. Personal Attributes
  2. Character
  3. Competencies
  4. Job Context
55
Q

Personal Attribute tests for a Manager?

A
  1. Personality (Big 5)
  2. Basic Needs for them
  3. Stability
  4. Influences on strategic performance
56
Q

Management Preference Analysis steps /5

A
  1. Develop/analyze a Strategy
  2. identify the required management preferences
  3. Test the strategy (Required preferences vs observed ones)
  4. Develop Gap-closing analysis (Feasibility)
  5. Move to the next step of the Diamond-E Framework
57
Q

Resources are?

A

FUEL required for the business to Function

58
Q

Types of Resources /3

A
  1. Tangibles (Marketing, financials, OPS)
  2. Intangibles (Brand)
  3. Org Capabilities (routines, culture, core activities)
59
Q

What do Resource-Based Strats do? /2

A
  1. Exploit Companies resources to offer value to the Customer
  2. Killing competition by developing different resources that substitute your rivals
60
Q

“Barney” Strategic Resource Test: /4

A
  1. Value
  2. Rarity
  3. Inimitability
  4. Company Organized to take advantage of it
61
Q

“BARNEY” test adding Q’s (VRIC):
1. 1+4 =?
2. None = ?
3. 1+2+4 = ?
4. All 4 =?

A
  1. 1+4 =Parity
  2. None = Competitive Disadvantage
  3. 1+2+4 = Temporary Competitive Advantage
  4. All 4 = Sustained Competitive Advantage
62
Q

When are Resources strategically Valuable? /3

A
  1. Hard to copy
  2. Depreciates slowly
  3. You control its value
63
Q

How is the Resouces Hard to Copy? /4

A
  1. Physical Uniqueness
  2. Path of getting the resources
  3. Combination of things
  4. Socially Complex
64
Q

++_= Value Creation Zone

A

Scarcity+Approproability (who owns the profits) + Demand

65
Q

Resource Analysis

A
  1. Develop a Strategy
  2. Identify Resource Requirements for the Strat
  3. Test Strat (What we have vs what we need)
  4. Financials
  5. Diamond-E Connection
66
Q

Value Chain Analysis of Resources (Internal)

A
  1. Find Corporate resources
  2. Identify functional Areas of the Company
  3. Link resources to those functional areas
  4. Identify Competitive Resources
  5. Compare competitive resources to overall strategy
67
Q

Types of Leaders: /2

A
  1. Corporation (Apples Leader)
  2. Individual Brilliance (Elon Musk)
68
Q

How to change Organizational Capabilities? /3

A
  1. Leadership Behaviour
  2. Structure
  3. Management Processes
69
Q

What 3 Components go into Management Processes?

A
  1. Decision-Making
  2. Operating
  3. Assessment and Reward (Motivation)
70
Q

Theory X

A

Organizations are controlled by goals, threats, and Financial Rewards. Managers order staff.

71
Q

Theory Y

A

Autonomy for people and they want organizational success

72
Q

Different types of Organizational Structures /5

A
  1. Functional Organization (Low-cost)
  2. Product Organizations
  3. Geographic Organization
  4. Cellular Organization (not important)
  5. Matrix Org (combo of geo, product organizations)
73
Q

Benefits and Cons of a Functional Org

A

benefit:
Standard product efficiency
Cons:
Slow Decision making

74
Q

Benefits and Cons of a Product Org

A

Benefits:
Focus on each product
Cons:
Lose Efficiencies

75
Q

Benefits and Cons of a Geographical Organization

A

Benefits:
- Good at tailoring to local markets
Cons:
- Lose Efficiencies

76
Q

Benefits and Cons of a Matrix Organization

A

Benefits:
- Efficient and Effective
Issues:
Complex and Slow Moving

77
Q

Sabotage is when?

A

When You cheat but it looks like it was hard to win

78
Q

First racial integration in sports

A

Football

79
Q

Why did teams get rid of racial prejudices?

A

Winning beats racism

80
Q

What is a major factor in sports participation?

A

Family income

81
Q

What makes youth sports so expensive (not registration) ?

A
  1. Travel Costs
  2. Time

1st Semester Classes 4th Year (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions