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BNAD 302 > Chapter 6 > Flashcards

Chapter 6 Flashcards

1
Q

Who came up with strategic positioning?

A

Michael Porter

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2
Q

What does strategic positioning do?

A

attempts to achieve sustainable competitive advantage by preserving what is distinctive about a company

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3
Q

Corporate-level strategy

A

focuses on the organization as a whole; executives generally referred to as the “c-suite”

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4
Q

Business-level strategy

A

focuses on individual business units or product/service lines; managers at this level focus on issues aimed at implementing decisions under consideration from corporate-level

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5
Q

Functional-level strategy

A

applies to the key functional department or units within the business units

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6
Q

What are the three key principles underlie strategic positioning?

A
  • strategy is the creation of a unique and valuable position
  • strategy requires trade-offs in competing
  • strategy involves creating a “fit” among activities
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7
Q

What is environmental scanning?

A

monitoring of an organization’s internal and external environments to detect early signs of opportunities and threats that may influence the firm’s plans

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8
Q

What is the SWOTT analysis?

A

strengths, weaknesses, opportunities, threats, trends

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9
Q

What is the VRIO analysis?

A

value, rarity, imitability, organization

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10
Q

What is the question for value?

A

is the resource or capability valuable?

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11
Q

What is the question for rarity?

A

is the resource or capability currently controlled by only a few firms or no other firms?

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12
Q

What is the question for imitability?

A

is the resource or capability costly for other firms to imitate?

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13
Q

What is the question for organization?

A

is the firm organized to exploit the resource or capability?

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14
Q

What is forecasting?

A

a vision or projection of the future

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15
Q

What is trend analysis?

A

hypothetical extension of a past series of events into the future

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16
Q

What is contingency planning?

A

creation of alternative hypothetical but equally likely future conditions

17
Q

What is benchmarking?

A

a process by which a company compares its performance with that of high-performing organizations

18
Q

What does calculating relative market shares relate to?

A

benchmarking

19
Q

What are the three types of corporate strategies?

A
  • growth strategy
  • stability
  • defensive
20
Q

What is growth strategy?

A

involves expansion, as in sales revenues, market share, number of employees, or number of customers

21
Q

What is stability strategy?

A

involves little or no significant change

22
Q

What is defensive strategy?

A

involves reduction in the organization’s efforts (aka retrenchment)

23
Q

What are examples of benchmarking?

A

Apple, IBM, Harvard Med School

24
Q

What are stars?

A

high growth, high market share, definite keepers

25
Q

What are question marks?

A

risky new ventures- some will become stars some will become dogs

26
Q

What are cash cows?

A

slow growth but high market share- income finances stars and question marks

27
Q

What are dogs?

A

have low growth, low market share- should be gotten rid of

28
Q

What is diversification?

A

operating several businesses in order to spread the risk; products may be related or unrelated

29
Q

What is vertical integration?

A

firm expands into businesses that provide the supplies it needs to make its products or that distribute and sell its products

30
Q

What are Porter’s five competitive forces?

A
  • threat of new entrants
  • bargaining power of suppliers
  • bargaining power of buyers
  • threats of substitute products or services
  • rivalry among competitors
31
Q

What are porter’s four competitive strategies?

A
  • cost-leadership strategy
  • differentiation strategy
  • cost-focus strategy
  • focused-differentiation strategy
32
Q

What are the three core processes of business?

A
  • people
  • strategy
  • operations

BNAD 302 (9 decks)

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