Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Strudies > Chapter 5 > Flashcards

Chapter 5 Flashcards

1
Q

ES before starting a business

A

Look at:

Viability of product

Strength of competitors

Size of potential market

Stability of resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Types of goods

A

Consumer

Select

Speciality

Industrial

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Types of services

A

Professional

Personal

Auxiliary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Steps in implementing a marketing strategy

A

Define (vision, mission, aims)

Analyse environments

Consider possible issues

Identify various strategic options

Evaluate and analyse the viability of each strategic option (plan a, b, c)

Plan implementation of chosen strategy

Implement chosen strategy

Monitor and control strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Micro environment

Vision statement

A

Represents the dream of the business

Inspire or reminds stakeholders what is important when dealing with the future

Must be understood ambitious enough to bridge the gap between present and the future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Micro environment

Mission statement

A

What’s sets the business apart from other businesses

Describes differences, social responsibility, environmental concerns…

Starting point

Helps establish a common goal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Micro environment

Short term goals

A

What the business would like to achieve in the immediate future

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Micro environment

Long term goals

A

Stay ahead of competitors

Must be measurable ( compare actual performance against set objectives)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Micro environment

Business functions

A

General management

Financial

HR

Marketing

Production

Purchasing

Administrative

PR

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Micro environment

Resource based approach

A

How your resources can give you an advantage

Valuable
Rare
Unique
Non substitutable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Porters 5 forces model

A

Level of rivalry in the market

The availability of sub products

The threat of new entrants

The power of suppliers

The power of buyers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

The POW of power

A

The power of competitors

The power of sub products

The power of new entrants

The power of suppliers

The power of consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

POW of suppliers

Nurture relationship with suppliers

A

Open communication

Prompt payment

Prioritization

Regular reviews of responsibilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Trends

A

Predictable changes but difficult to predict impact

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Crisis

A

Unexpected and unplanned

War, natural disasters, disease…

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Decision trees

A

Compare diff options

Clarify available option

Eliminate possibility of overlooking an important option

17
Q

Risk management

A

How risky they want to go
Strategies to help manage risk
Scenario planning
Contingency plans

RISK ASSESSMENT 
Detailed plan 
Who's in charge
Duties
Equipments 
Escape routes 
Train workers
18
Q

Advantages of strategies

A

Gives direction (aims)

Helps understand long term consequences

Ensures consistency

Differentiates management roles and responsibilities

Anticipates changes in environments

19
Q

Benefits of environmental scanning

A

Identify threats before they are imminent

Identifies possible opportunities and gaps in market

Keeps a finger on the pulse of competitors

Allows entrepreneur to make short and long term strategies

20
Q

Businesses approach to strategies

A

Informal strategies

Standard strategies

Simple strategies

Complex management strategies

21
Q

Businesses approach to strategies

Informal strategy

A

Short term, uncomplicated situations

SMS for a change in plans

22
Q

Businesses approach to strategies

Standard

A

Evacuation plans

Procedures for induction

23
Q

Businesses approach to strategies

Simple strategies

A

Solutions are Uni dimensional

Sales down - advertise more

24
Q

Businesses approach to strategies

Complex strategies

A

Long term implications and need to be implemented with caution

25
Q

Types of strategies

A

Corporate
Generic
Intensive
Other

26
Q

Types of strategies

Corporate

A

Growth

  • internal
  • external

Decline

  • divestiture
  • harvest
  • liquidation

Corporate combination

  • joint venture
  • merger
27
Q

Types of strategies

Generic

A

Low cost strategy

Differentiation

Focus

28
Q

Types of strategies

Intensive strategy

A

Market penetration

Product development

Market development

29
Q

Types of strategies

Other

A

Revise business mission

Establish or revise objectives

Allocate resources effectively or differently

Business Strudies (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions