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Commerce > BUSS1000 > Flashcards

BUSS1000 Flashcards

1
Q

What is a megatrend?

A

a large transformative process with global reach, broad scope and a fundamental and dramatic impact

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2
Q

Name six examples of Megatrends

A
  1. Evolving Communities
  2. Rapid Urbanization
  3. Empowered Individuals
  4. Economic Power Shift
  5. Resource Security
  6. Impactful Technology
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3
Q

Define a ‘wicked problem’

A

a complex social and policy problem resistant to resolution

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4
Q

Name seven examples of wicked problems

A
  1. Water and food shortages
  2. Youth unemployment
  3. Population Growth
  4. Poverty
  5. Climate Change
  6. Inequality
  7. Global Security
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5
Q

Name five characteristics of ‘wicked problems’

A
  1. Involves many stakeholders
  2. Issues roots are complex and tangled
  3. Problem is difficult to address; constantly changes
  4. Challenge has no precedent
  5. There is nothing to indicate the right answer to the problem
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6
Q

Name three limitations of solving wicked problems`

A
  1. Complex and big
  2. People and organisations work to solve problems
  3. Manifestation of bigger social trends
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7
Q

Mission Statement

A

The overall goal of a business

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8
Q

Vision Statement

A

What a company hopes to achieve in the future

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9
Q

Company Values (rules of engagement)

A

Principles that help you to decide what is right and wrong

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10
Q

Organisational Culture

A

types of attitudes and agreed ways of working

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11
Q

Four Perspectives of Business Philosophy

A
  1. Profit Maximization
  2. Corporate Social Responsibility
  3. Creating Shared Value
  4. Social Entrepreneurship
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12
Q

Three key ways of engaging in creating shared value

A
  1. Driving mutually beneficial change
  2. Reconceiving products and markets
  3. Local Cluster Development - (supporting industries related to your own, improves supplier network)
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13
Q

Strength and weaknesses of CSV

A

Strength: elevates social goals to a strategic level

Weakness: ignores tensions between social and economic goals

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14
Q

Three key factors of social enterprise

A
  1. Sociality
  2. Innovation
  3. Market orientation
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15
Q

What are the layers of the business environment? (x4)

A
  1. The organisation
  2. Competitors or market
  3. Industry or sector
  4. The macro-environment
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16
Q

2 Core parts of the value chain

A
  1. Primary Activities - inbound logistics, operations, outbound logistics, marketing/sales and service
  2. Support Activities - firm infrastructure, human resource management, technology development and procurement
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17
Q

Critique of Value chain

A
  • makes organisation seem linear
  • can’t distinguish between generic and distinct goods
  • harder to translate to smaller organisations
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18
Q

Resource Based View

A

certain assets with certain characteristics will lead to sustainable competitive advantage

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19
Q

VRIN

A
  • Value -> allow the firm to exploit opportunities
  • Rare -> possessed by few
  • Imperfectly Imitable -> other firms cannot obtain
  • Non Substitutable -> no equivalent resource
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20
Q

Critiques of VRIN

A
  • Fails to acknowledge that these resources do not exist in isolation
  • Does not address creation of resource
21
Q

SWOT

A

strengths, weaknesses, opportunities and threats

22
Q

Critiques of SWOT

A

oversimiplification

23
Q

Limitations of analysis: people

A
  • human error

- often a judgement call

24
Q

PESTLE

A
  • Political
  • Economic
  • Social
  • Technological
  • Legal
  • Environmental
25
Q

Purpose of PESTLE

A

focuses on long term, allows for shocks such as flood or drought, bound within a context.
Helps identify key drivers of change, to construct possible futures

26
Q

Limitations of PESTLE

A
  • not industry analysis
  • not internal analysis
  • some shocks are hard to anticipate
27
Q

Porter’s Fiver Forces

A
  1. Threat of new entry
  2. Supplier Power
  3. Buyer Power
  4. Threat of substitution
  5. Competitive Rivalry
28
Q

Limitations of Porter’s Five Forces

A
  • difficult to define ‘right industry’
  • absence of non-market actors
  • does not explain new ways of competing
29
Q

Porter’s Generic Strategies

A
  • Overall Cost Leadership
  • Differentiation
  • Focus
30
Q

Strategic Diamond

A
  • Arenas (Where will i be active?)
  • Vehicles (How will i get there?)
  • Differentiation (How will we win?)
  • Staging (Sequence of moves?)
  • Economic Logic (How will we obtain our returns?)
31
Q

Limitations of Strategic Diamond

A
  • produces only a snapshot
  • Can lead to excessive rigidity
  • Industry dependent
32
Q

What is a business Process

A

a structured network of activities supported by resources and information that interact to achieve some business goal

33
Q

What is an Activity System

A

the network of all business processes

34
Q

Characteristics (x4) of a well-designed business process and outcomes

A
  1. Complete
  2. Minimal
  3. Well Structured
  4. Embedded

Outcome: increased effectiveness (quality) and efficiency (cost)

35
Q

Problem solving teams

A

Groups of five to 12 employees from the same department who meet for a few hours each week to discuss ways of improving quality, efficiency and the work environment

36
Q

Self-managed work teams

A

Groups of 10 to 15 people who take on the responsibilities of their former supervisors

37
Q

Cross-functional teams

A

Employees from about the same hierarchical level,
but from different work areas, who come together
to accomplish a task

38
Q

Virtual Teams

A

Teams can use technology to tie together physically dispersed members in order to achieve a common goal.

39
Q

Tuckman’s Model

A
  • Forming: Lots of excitement and enthusiasm. Goals and plans established.
  • Storming: Tensions and frustrations will emerge as goals and plans aren’t all met.
  • Norming: Begin to resolve discrepancies and problems.
  • Performing: Some satisfaction as group is working together
  • Adjourning: Mixed emotions, excited about being nearly done but nervous about product. Productivity can actually go down here.
40
Q

5 Conflict Styles

A
  1. Competing
  2. Accommodating
  3. Avoiding
  4. Collaborating
  5. Compromising
41
Q

Types of Sustainable Investing

A
  • Integrated: systematic and explicit inclusion of ESG factors in investment decision making
    – Screening: avoiding sectors e.g. gambling, tobacco, alcohol, fossil fuels
    – Sustainability themed:clean energy, green tech
    – Impact/community investing: targeted investments aimed at solving social and environmental problems
    – Corporate advocacy and shareholder action: shareholder power to directly influence corporate behaviour
42
Q

Strategic view of sustainability (x4)

A
  1. Eco Efficiency: Enhance resource productivity
  2. Beyond compliance leadership: inform customers of initiative
  3. Eco-Branding: Creation of niche through ecology orientated products and services
  4. Environmental Cost Leadership: Build customer switching cost to (eventually) leverage change in
    regulations
43
Q

Triple Bottom Line

A
  • People
  • Planet
  • Profit
44
Q

What is greenwashing?

A

making people believe that your company is doing more to protect the environment than it actually is

45
Q

Critiques of greenwashing

A
  • Makes organisations seem misleading
46
Q

Artificial Intelligence

A

ability of a machine to perform cognitive functions we associate with human minds

47
Q

Machine Learning

A

detect patterns and learn how to make predictions and recommendations by processing data and experiences

48
Q

Types of Analytics

A
  • Descriptive
  • Predictive
  • Prescriptive
49
Q

Types of Machine Learning

A
  • Supervised learning
  • Unsupervised Learning
  • Reinforcement Learning

Commerce (3 decks)

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