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Buisness Policy > chapter 5 > Flashcards

chapter 5 Flashcards

1
Q

Resources

A

an organization’s assets and the building blocks of the organization

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2
Q

Capabilities

A

technology, patents, copyrights, culture, and reputation

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3
Q

Competency

A

cross-functional integration and coordination of capabilities

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4
Q

Core competency

A

a collection of competencies that crosses divisional boundaries, is widespread within the corporation and is something that the corporation can do very well

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5
Q

Distinctive competencies

A

when core competencies are superior to those of the competition

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6
Q

Durability

A

the rate at which a firm’s underlying resources, capabilities, or core competencies depreciate or become obsolete

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7
Q

Imitability

A

the rate at which a firm’s underlying resources, capabilities, or core competencies can be duplicated by others

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8
Q

Transparency

A

the speed at which other firms can understand the relationship of resources and capabilities supporting a successful firm’s strategy

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9
Q

Transferability

A

the ability of competitors to gather the resources and capabilities necessary to support a competitive challenge

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10
Q

Replicability

A

is the ability of competitors to use duplicated resources and capabilities to imitate the other firms success

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11
Q

Explicit knowledge

A

knowledge that can be easily articulated and communicated

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12
Q

Tactic knowledge

A

knowledge that is not easily communicated because it is deeply rooted in an employee experience or in a corporation’s culture

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13
Q

Continuum of sustainability

A

a representation that indicates how durable and imitable an organization’s resources and capabilities are

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14
Q

Business Model

A

a company’s method of making money in the current business environment

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15
Q

Organizational Structure

A

the formal setup of a business corporation’s value chain components in terms of work flow, communication channels, and hierarchy

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16
Q

Marketing mix

A

refers to the particular combination of key variables under a corporations control that can be used to affect demand and to gain competitive advantage - Product, place, price, promotion

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17
Q

Market position

A

“who are our customers” - refers to the selection of specific areas for marketing concentration and can be expressed in terms of market, product, and geographic locations.

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18
Q

Market segmentation

A

where managers discover what niches to seek for particular products or services

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19
Q

Product life cycle

A

a graph showing time plotted against the monetary sales of a product as it moves from introduction through growth and maturity to decline

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20
Q

Brand

A

a name given to a company’s product, which identifies that item in the mind of the consumer

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21
Q

Corporate brand

A

a type of brand in which the company’s name serves as the brand

22
Q

Corporate reputation

A

a widely held perception of a company by the general public

→2 ATTRIBUTES

  1. Stakeholder’s perceptions of a corporation’s ability to produce quality of goods
  2. a corporation’s prominence in the minds of stakeholders
23
Q

Financial leverage

A

the ratio of total debt to total assets - helpful in describing how debt is used to increase the earnings available to common shareholders

24
Q

Capital budgeting

A

the analyzing and ranking of possible investments in fixed assets such as land, buildings, and equipment in terms of the additional outlays and additional receipts that will result from each investment

25
Q

R&D intensity

A

a company’s spending on research and development as a percentage of sales revenue

26
Q

Technological competence

A

a corporation’s proficiency in managing research personnel and integrating their innovations into its day-to-day operations

27
Q

Technology transfer

A

the process of taking a new technology from the laboratory to the marketplace

28
Q

R&D mix

A

here a company has a mix of basic, product, and process R&D which varies by industry, company, and product line

29
Q

Technological discontinuity

A

a frequent and strategically important phenomenon

30
Q

Operating leverage

A

the impact of a specific change in sales volume on net operating income

31
Q

Experience curve

A

suggests that unit production costs decline by some fixed percentage each time the total accumulated volume of production in units doubles

32
Q

Economics of scale

A

in which unit costs are reduced by making large numbers of the same product

33
Q

Virtual teams

A

groups of geographically and or organizationally dispersed coworkers that are assembled using a combination of telecommunications and information technologies to accomplish an organizational task

34
Q

Human diversity

A

the mix in the workplace of people from different races, cultures, and backgrounds

35
Q

Supply chain management

A

the forming of networks for sourcing raw materials, manufacturing products or creating services, storing and distributing the goods, and delivering them to customers and consumers

36
Q

IFAS

A

(Internal Factor Analysis Summary)

way to organize the internal factors into the generally accepted categories of strengths and weaknesses as well as to analyze how well a particular company’s management is responding to these specific factors in light of the perceived importance of these factors to the company

37
Q

Value chain

A

a linked set of value creating activities that begin with basic raw materials coming from suppliers, moving on to a series of value added activities involved in producing and marketing a product or service and ending with distributors getting the final goods into the hands of the ultimate consumer

→ 2 Value Chain Segments

  1. Upstream - Ex: oil exploration, drilling, moving oil to refineries
  2. Downstream - Ex: refining the oil and transporting and marketing gas for stations
38
Q

Economics of scope

A

when the value chains of two separate products or services share activities such as the same marketing channels or manufacturing facilities

39
Q

Corporate culture

A

the collection of beliefs, expectations, and values learned and shared by a corporation’s members and transmitted from one generation of employees to another

40
Q

VRIO Framework → 4 Questions to evaluate a firm’s competencies

A
  1. Value — Does it provide value and competitive advantage?
  2. Rareness — Do no other competitor’s possess it?
  3. Imitability — Is it costly for others to imitate?
  4. Organization — Is the firm organized to exploit the resource?
41
Q

5 elements to a business model:

A
  1. who it serves
  2. what it provides
  3. how it makes money
  4. how it differentiates and sustains competitive advantage
  5. how it provides its service
42
Q

Types of Business Models:

A
  1. customers solutions model
  2. profit pyramid model
  3. multi-component system installed based model
  4. advertising model
  5. switchboard model
  6. time model
  7. efficiency model
  8. blockbuster model
  9. profit multiplier model
  10. entrepreneurial model
  11. de facto industry standard model
43
Q

Corporate Chain analysis - 3 STEPS:

A
  1. Examine each product line’s value chain in terms of the various activities involved in producing that product or service
  2. Examine the linkages within each product line’s value chain
  3. Examine the potential synergies among the value chains of different product lines or business units
44
Q

Simple Structure

A

has no functional or product categories and is appropriate for a small entrepreneur dominated company with one or two product lines that operates in a small market niche

45
Q

Functional Structure

A

appropriate for a medium sized firm with several product lines in one industry

46
Q

Divisional Structure

A

appropriate for a large corporation with many product lines in several related industries.

47
Q

Strategic Business Units

A

divisions or groups of divisions composed of independent product market segments that are given primary responsibility and authority for the management of their own functional areas - MUST HAVE (a) unique mission (b) identifiable competitors (c) external market focus (d) control of its business functions

48
Q

Conglomerate Structure

A

appropriate for a large corporation with many product lines in several unrelated industries

49
Q

Corporate Culture fulfills 4 functions in organization:

A
  1. Convey’s a sense of identity for employees
  2. Helps generate employee commitment to something greater than themselves
  3. Adds to the stability of the organization
  4. Serves as a frame of reference for employees to use to make sense of organizational activities and to use a guide for appropriate behavior.
50
Q

When management uses the experience curve in estimating production costs

A
  1. A product never before made with the present techniques and processes
  2. Current products produced by newly introduced techniques or processes

Buisness Policy (3 decks)

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