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SEM 414 > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

Strategy

A

Formulation of organizational objectives, competitive scopes, and action plans for gaining advantage

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2
Q

Strategic planning

A

Systemic determination of goals and the plans to achieve them

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3
Q

Emergent planning

A

A plan that changes incrementally due to enviro changes

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4
Q

Intended strategy

A

Plan formulated in the beginning

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5
Q

Realized strategy

A

Plan that actually happened

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6
Q

Strategic types

A

Corporate strategies

Business strategies

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7
Q

Corporate strategies

A

Organization level strategies. Divided into restructuring strategies, growth strategies, and stability strategies

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8
Q

Restructuring strategies

A

When goals are not achieved, org looks at addressing the issues. These can be done through turnaround, divestiture, and bankruptcy

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9
Q

Turnaround

A

(Retrenchment strategy) managers attempt to increase viability or profitability of the org. Includes:
-getting rid of unprofitable products
-layoffs
-increasing efficiency
-repositioning org with new products or services

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10
Q

Divestiture

A

Sale of a part of the org

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11
Q

Liquidation

A

Termination of a business and sale of its assets, that may allow for some resources to be salvaged

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12
Q

Bankruptcy

A

Company cannot afford to pay creditors and ceases to exist. Assets are divided among creditors.

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13
Q

Growth strategies

A

Growth can mean growth in revenue, sales, market shares. Several strategies:
-incremental
-international
-mergers
-acquisitions

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14
Q

Incremental growth

A

Achieved through expanding the client base, increased products and services, changing distribution networks and using tech

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15
Q

International growth

A

Operating business in a foreign market

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16
Q

Merger

A

Two orgs become one

17
Q

Acquisition

A

When a company buys another

18
Q

Business strategies

A

Plans to build a competitive focus in one line of business; build a strong competitive position

19
Q

The strategic planning process (steps)

A
  1. Establish the mission, vision, and values
  2. Develop objectives
  3. Analyze the external environment
  4. Identify the competitive advantage
  5. Determine the competitive position
  6. Implement the strategy
  7. Evaluate the performance
20
Q

Strategic planning - establish the mission, vision, and values

A

Mission statement: purpose for the orgs existence
Vision statement: define orgs long term goals
Values: basic beliefs that govern group and individual behaviour in the org

21
Q

Strategic planning - develop objectives

A

Short term hard and soft goals
Hard goals: quantitative and relative to last year performance
Soft goals: targets of social conduct; ethical, environmental work culture goals.

22
Q
  1. Analyze external enviro
A

Be aware of external threats and opportunities

23
Q
  1. Identify the competitive advantage
A

Characteristics of a firm that enable higher rates of profit over the competition. Comes from three sources: tangible assets, intangible assets, capabilities

24
Q

Tangible assets

A

Future economic resources that have substance
Ex. Land, inventory, cash, tech

25
Q

Intangible assets

A

Future economic generated by past events, lack substance and form
Ex. Reputation, goodwill, copyright

26
Q

Capabilities

A

Collective skills, abilities, and expertise of an org.

27
Q

Sustain a competitive advantage: meet the VRIO criteria

A

Valuable: generate value/ reduce cost
Rare: competitors don’t have them
Inimitable: cannot be easily copied
Organized: firm can exploit the resource

28
Q

Core competencies

A

Resources and capabilities that serve as the orgs competitive advantage

29
Q

SWOT analysis

A

Strengths: what the company does well
Weakness: something the company does poorly or a poor state
Opportunities and threats: external enviro that are either beneficial or harmful

30
Q
  1. Determine the competitive position
A

Decide on the basis of external enviro and internal competence.

31
Q

Five competitive strategies

A

-Low-cost provider
-Broad differentiation
-Best cost provider
-Focused/ market niche strategy based on lower cost
-focused/ market niche strategy based on

32
Q

Low cost provider

A

Provide a product or service at slower cost while also appealing to a wide range of customers

33
Q

Broad differentiation

A

Differentiate product in a way that is appealing to a lot of customers

34
Q

Best cost provider

A

Give more value for customers money with an upscale differentiation

35
Q

Niche strategy based on a lower cost

A

Low cost product to a select group of customers

36
Q

Niche strategy based on differentiation

A

Offer product/ service customized to a narrow market

37
Q
  1. Implement strategy
A

Put strategy into action

38
Q
  1. Evaluate performance
A

Did you meet financial targets, ability to meet benchmarked ratios

SEM 414 (6 decks)

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