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BST > Chapter 13 > Flashcards

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
Q

Features of successful succession planning

A

focus on future requirements,
driven by top management
management development improtant
assessment objective
identify and develop leadership team

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26
Q

Stages in HR cyle

A

Selection
performance
appraisal
rewards / training and development

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27
Q

two categories of R&D

A

product research
process research

28
Q

Product research is concerned with

A

new product development

29
Q

process research is concerned with

A

processes
productivity
planning
quality management

30
Q

Why should R&D and marketing be closely aligned

A

customer needs vital inputs to new products
R&D identify possible changes to product spec so variety of marketing mixes tried and screend

31
Q

Strategic role of R&D
Porter’s generic strategies

A

product innovation - differentiation
process innovation - cost leadership/differentiation

32
Q

Strategic role of R&D
porters value chain

A

R&D included in tech development, harnessed in service of lower costs or improved differentiation

33
Q

Strategic role of R&D
Ansoff matrix

A

Supports all four quadrants, market penetration and development served by refining product
Product development and diversification require significant innovation

34
Q

Strategic role of R&D
industry and product lifecycle

A

obsolesce of existing product accelerated by product R&D and so required to provide firm with replacements

35
Q

Define innovation

A

concerned with generating new ideas on how to do business

36
Q

Ways to establish creative environment

A

Leadership
culture
people
structure
communication

37
Q

Define operations management

A

concerned with design, implementation and control of processes in an organisation that transform inputs into output products and services

38
Q

Six times to incorporate into operations strategy

A

capability required
range and location of operations
investment in tech
strategic buyer-supplier relationship
new product/services
structure of operations

39
Q

Operations - the four Vs

A

Volume
Variety
Variation in demand
Visability

40
Q

What is level capacity planning

A

plan to maintain activity at constant level over planning period and ignore fluctuations in forecast demand

41
Q

What is a chase demand plan

A

match capacity as closely as possible to forecast fluctuations in demand. Resources must be flexible

42
Q

What is demand management planning

A

reduce peak demand by switching it to off-peak periods, offer off peak prices

43
Q

What are mixed plans

A

capacity planning involving mixture of level capacity planning, chase demand planning, and demand management planning

44
Q

Material requirements planning

A

converts estimates of demand into material requirement schedule

45
Q

Material resource planning

A

computer system for planning and monitoring resources of manufacturing company (manuf, marketing, finance and engineering)

46
Q

What is ERP

A

includes number of integrated modules to support all key activities of an enterprise, includes managing key elements of supply chain

47
Q

What is JIT / lean manufacturing

A

approach to planning and control based on idea that services or goods should be produced only when they are ordered or needed

48
Q

What are three key elements of JIT

A

eliminate waste
involve all staff in operations
continuous improvement

49
Q

What is JIT purchasing

A

close relationship with trusted supplier and develop an arrangement to purchase material only when needed for production.

50
Q

What is quality assurance

A

focuses on the way product or service is produced. procedures/standards devised to ensure defects eliminated / minimised during development and production

51
Q

What is quality control

A

checking and reviewing work that has been done, detect defects in output and has narrower focus

52
Q

What is TQM

A

popular technique of quality assurance

53
Q

four key elements of total quality management (TQM)

A

Internal customers and external suppliers
SLAs
quality culture within firm
empowerment

54
Q

What is included in purchasing mix

A

quantity
quality
price
delivery

55
Q

Size and timing of purchase orders will be dictated by balance of

A

delays in production caused by insufficient inventories
cost of holding inventories

56
Q

Advantages of single supplier

A

Strong relationship
superior quality
better communication
economies of scale
confidentiality
competitive advantage

57
Q

Disadvantages of single suppleir

A

vulnerable to disruption
supplier power increase
supplier vulnerable to shifts in order levels

58
Q

Advantages of multiple suppliers

A

access to wide range of knowledge and expertise
competition may drive price down
supply failure by one cause minimal disruption

59
Q

Disadvantage to multiple suppliers

A

not easy to develop effective quality assurance programme
suppliers may display less commitment
neglect economies of scale

60
Q

Advantages of delegated suppliers

A

allows utilisation of specialist external expertise
free internal staff for other tasks
purchasers negotiate economies of sclae

61
Q

Disadvantage of delegated suppliers

A

first tier supplier in powerful position
competitors may utilise same external organisation so unlikely to be source of advantage

62
Q

Disadvantages of traditional supply chain model

A

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
Q

What is strategic procurement

A

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
Q

What is e-procurement

A

use technology to conduct business to business purchasing over the internet

65
Q

Advantages of e-procurement (Buyer)

A

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
Q

Supplier advantage of e procurement

A

faster
immediate payment
lower operating cost
non ambiguous ordering
data rich MI
look in buyers
automate manufacturing demands

67
Q
A

BST (10 decks)

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