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Chapter 13 Flashcards

1
Q

What is the point of business planning

A

convert longer term strategies into actions to take now

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2
Q

What can business planning assist with

A

coordinating activities of different functions
putting case for finance to funding sources
gaining board approval
winning contracts with clients
development of annual budget

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3
Q

Define business plan

A

document usually prepared as part of the process for applying for funding. critical document for potential investor

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4
Q

What may business plan include

A

statement of purpose
description of business
financial data
supporting documents

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5
Q

Role of finance

A

finance is a resource which can be deployed to meet objectives
objectives often expressed in financial terms
financial controls are often used to plan and control implementation of strategies, indicators used for detailed performance assessment

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6
Q

Strategic contributions of finance function

A

ensuring finance available
integrating strategies into budget
establishing necessary performance measures
establishing priorities
assisting with modelling

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7
Q

Acting as business partner enables financial professionals to

A

provide realtime support, detailed data
assist managers in analysing performance data
help prepare business case for new projects (robust challenge)
support departmental heads in understanding investment appraisals
collaboration with managers to prepare department budgets

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8
Q

In marking plan what is executive summary

A

Finalised planning document with summary of main goals and recommendations in the plan

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9
Q

In marketing plan what is situation analysis

A

SWOT analysis and forecasts

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10
Q

In marketing plan what is objectives and goals

A

what organisation is hoping achieve/needs to achieve in terms of market share or profits/returns

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11
Q

In marketing plan what is
Marketing strategy

A

considers selection of target markets, marketing mix, and expenditure levels

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12
Q

In marketing plan what is
strategic marketing plan

A

3-5+ years long
defines scope o product and market activities
aims to match activities of firm to competences

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13
Q

In marketing plan what is
Tactical marketing plan

A

1 year time horizon
based on existing products and markets
concerned with marketing mix issues

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14
Q

In marketing plan what is
Action plan

A

sets out how strategies are to be achieved
should cover 7 ps
mix strategy may vary for each segment

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15
Q

In marketing plan what is
Budgets

A

developed from action programme

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16
Q

In marketing plan what is
controls

A

set up to monitor progress of plan and budget

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17
Q

What do corporate strategic plans aim to do

A

guide overall development of the objective, marketing plan is subordinate

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18
Q

Process of corporate planning

A

set objectives
Internal appraisal (SW)
External appraisal (OT)
Gaps
Strategy
Implementation
Control

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19
Q

Four stages of marketing control process

A

Development of objectives and strategies
establish standards
evaluate performance
corrective action

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20
Q

What requirements should a marketing audit satisfy

A

take comprehensive look at each product, market, distribution channel and ingredient in marketing mix
not restricted
carried out according to set of predetermined specified procedure
conducted regularly

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21
Q

Define HRM

A

strategic and coherent approach to the management of an organisations most valued asst, the people working there

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22
Q

What are goals of HRM

A

serve interest of management,
suggest strategic approach to personnel issues
link business mission to HR strategies
enable HR development to add value
gain employees commitment

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23
Q

HR must keep a balance between ?

A

Forecast supply and Forecast demand

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24
Q

What are benefits of succession planning

A

development of managers improved
continuity of leadership more likely
assessment of managerial talent improved by establishing relevant criteria

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25
Features of successful succession planning
focus on future requirements, driven by top management management development improtant assessment objective identify and develop leadership team
26
Stages in HR cyle
Selection performance appraisal rewards / training and development
27
two categories of R&D
product research process research
28
Product research is concerned with
new product development
29
process research is concerned with
processes productivity planning quality management
30
Why should R&D and marketing be closely aligned
customer needs vital inputs to new products R&D identify possible changes to product spec so variety of marketing mixes tried and screend
31
Strategic role of R&D Porter's generic strategies
product innovation - differentiation process innovation - cost leadership/differentiation
32
Strategic role of R&D porters value chain
R&D included in tech development, harnessed in service of lower costs or improved differentiation
33
Strategic role of R&D Ansoff matrix
Supports all four quadrants, market penetration and development served by refining product Product development and diversification require significant innovation
34
Strategic role of R&D industry and product lifecycle
obsolesce of existing product accelerated by product R&D and so required to provide firm with replacements
35
Define innovation
concerned with generating new ideas on how to do business
36
Ways to establish creative environment
Leadership culture people structure communication
37
Define operations management
concerned with design, implementation and control of processes in an organisation that transform inputs into output products and services
38
Six times to incorporate into operations strategy
capability required range and location of operations investment in tech strategic buyer-supplier relationship new product/services structure of operations
39
Operations - the four Vs
Volume Variety Variation in demand Visability
40
What is level capacity planning
plan to maintain activity at constant level over planning period and ignore fluctuations in forecast demand
41
What is a chase demand plan
match capacity as closely as possible to forecast fluctuations in demand. Resources must be flexible
42
What is demand management planning
reduce peak demand by switching it to off-peak periods, offer off peak prices
43
What are mixed plans
capacity planning involving mixture of level capacity planning, chase demand planning, and demand management planning
44
Material requirements planning
converts estimates of demand into material requirement schedule
45
Material resource planning
computer system for planning and monitoring resources of manufacturing company (manuf, marketing, finance and engineering)
46
What is ERP
includes number of integrated modules to support all key activities of an enterprise, includes managing key elements of supply chain
47
What is JIT / lean manufacturing
approach to planning and control based on idea that services or goods should be produced only when they are ordered or needed
48
What are three key elements of JIT
eliminate waste involve all staff in operations continuous improvement
49
What is JIT purchasing
close relationship with trusted supplier and develop an arrangement to purchase material only when needed for production.
50
What is quality assurance
focuses on the way product or service is produced. procedures/standards devised to ensure defects eliminated / minimised during development and production
51
What is quality control
checking and reviewing work that has been done, detect defects in output and has narrower focus
52
What is TQM
popular technique of quality assurance
53
four key elements of total quality management (TQM)
Internal customers and external suppliers SLAs quality culture within firm empowerment
54
What is included in purchasing mix
quantity quality price delivery
55
Size and timing of purchase orders will be dictated by balance of
delays in production caused by insufficient inventories cost of holding inventories
56
Advantages of single supplier
Strong relationship superior quality better communication economies of scale confidentiality competitive advantage
57
Disadvantages of single suppleir
vulnerable to disruption supplier power increase supplier vulnerable to shifts in order levels
58
Advantages of multiple suppliers
access to wide range of knowledge and expertise competition may drive price down supply failure by one cause minimal disruption
59
Disadvantage to multiple suppliers
not easy to develop effective quality assurance programme suppliers may display less commitment neglect economies of scale
60
Advantages of delegated suppliers
allows utilisation of specialist external expertise free internal staff for other tasks purchasers negotiate economies of sclae
61
Disadvantage of delegated suppliers
first tier supplier in powerful position competitors may utilise same external organisation so unlikely to be source of advantage
62
Disadvantages of traditional supply chain model
slows down fulfilment of order putting chain at competitive disadvantage introduces possibility of communication errors delaying fulfilment, wrong spects higher costs of holding inventories on JI can basis higher transaction costs
63
What is strategic procurement
development of true partnership between company and supplier of strategic value, usually long term, single source and addresses not only the buying of parts products or services but product design and supplier capacity
64
What is e-procurement
use technology to conduct business to business purchasing over the internet
65
Advantages of e-procurement (Buyer)
cost saving compare prices faster reduce inventory control indirect goods and services reduce off contract buying data rich MI reduce cost predict future trends online catalogues high accessibility improved service level control cost by imposing limits on levels of expenditure
66
Supplier advantage of e procurement
faster immediate payment lower operating cost non ambiguous ordering data rich MI look in buyers automate manufacturing demands
67

BST (10 decks)

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