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Management Exam 2 > Chapter 7 > Flashcards

Chapter 7 Flashcards

1
Q

what is the nature of strategic management?

A

strategy

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2
Q

what is strategy?

A

a comprehensive plan for accomplishing an organization’s goals

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3
Q

what is strategic management?

A

involves formulating and implementing strategies to take advantages of business opportunities and meet competitive challenges

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4
Q

what is an effective strategy?

A

it promotes superior alignment between an organization, its environment, and its goals

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5
Q

what are the components of strategy?

A

distinctive competence, scope, resource deployment

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6
Q

what is distinctive competence in relation to strategy?

A

something an organization does extremely well

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7
Q

what is a scope in relation to strategy?

A

range of markets in which an organization will compete

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8
Q

what is resource deployment as it relates to strategy?

A

how an organization will distribute its resources across the ares in which it competes

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9
Q

What are the types of strategic alternatives?

A

business level and corporate level

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10
Q

What is the business level of strategy?

A

the set of strategic alternatives that an organization chooses from as it conducts business in a particular industry or in a particular market; how do we compete?

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11
Q

What is the corporate level strategy?

A

the set of strategic alternatives that an organization chooses from as its manages its operations simultaneously across several industries and several markets; what business are we in?

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12
Q

What is the strategy formula?

A

the set of processes involved in creating or determining the organization’s strategies; it focuses on the content of strategies

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13
Q

what is strategy implementation?

A

the methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved

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14
Q

what is deliberate strategy?

A

a plan, chosen and implemented to support specific goals, that is the of a rational, systemic, and planned process of strategy formulation and implementation

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15
Q

what is the emergent strategy?

A

a pattern of action that develops overtime in the absence of goals or missions, despite goals and missions

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16
Q

what does the emergent strategy develop into?

A

a deliberate strategy

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17
Q

what is the main purpose of the SWOT analysis and strategy

A

to evaluate the organizational strengths

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18
Q

What are organizational strengths?

A

skills and abilities enabling an organization to conceive of an implement strategies

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19
Q

What are common organization strengths?

A

organizational capabilities possessed by numerous competiting firms

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20
Q

How are distinctive competencies used?

A

useful for competitive advantage and superior performance

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21
Q

what is the imitation of distinct competencies?

A

it removes the competitive advantage of the company

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22
Q

What is sustained competitive advantage?

A

it occurs when the distinctive competence cannot be easily duplicated and it is what remains after all attempts at strategic limitations cease

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23
Q

When does strategic limitation of distinctive competence become difficult?

A

based on complex phenomenon (organizational culture), based on unique historical circumstances, it is difficult for competitors to understand its nature or character

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24
Q

What are organizational weaknesses?

A

skills and capabilities that do no enable an organization to choose and implement strategies that support its mission

25
Q

How can weaknesses be overcome?

A

investments to obtain the strengths needed and modification of the organizations mission so it can be accomplished within the current workforce

26
Q

What is competitive disadvantage?

A

occurs when the organization fails to implement strategies being implemented by competitiors

27
Q

How to evaluate the organizations opportunities and threats?

A

opportunities- areas in the organizations environment that may generate high performance
threats- areas in the organization’s environment that make it difficult for the organization to achieve high performance

28
Q

What are porter’s generic strategies for the business level? (3)

A

different strategy, overall cost leadership strategy, focus strategy

29
Q

what is the different strategy?

A

when an organization seeks to distinguish itself from competitors through the qualities of its products or services

30
Q

What is the overall cost leadership strategy?

A

an organization attempts to gain competitive advantage by reducing its costs below the costs of competing firms

31
Q

what is a focus strategy?

A

an organization concentrates on a specific regional market, product line, or group of buyers

32
Q

How to implement porter’s differentiation strategy

A

An organization seeks to distinguish itself from competitors through the quality of its product or services; example: ben and jerry’s serves quality ingredients in their ice cream

33
Q

How to implement porter’s overall cost leadership strategy

A

Marketing and sales focus on simple product attributes and how these product attributes meet customer needs in low-cost and effective manner; example: Walmart and Kroger brands are cheaper than the name brands

34
Q

How to implement porter’s focus strategy

A

either differentiation or cost leadership, depending on which one is the proper basis for competing in or for specific market segment, product category, or group buyers; example: bluebell ice cream only serves a set number of states

35
Q

What are the 5 ways you can implement porter’s business level strategies?

A

differentiation, overall cost leadership, focus, differentiation and focus, overall cost leadership focus

36
Q

What are the miles and snow strategy types? (4)

A

prospector, defender, analyzer, reactor

37
Q

What is the prospector strategy? (m/s)

A

encourages creativity to seek out new market opportunities and to take risks; develops the flexibility to meet changing market conditions by decentralizing its organization structure

38
Q

what is the defender strategy (m/s)

A

focuses on defending its current markets by lowers its costs and or improving the performance of its current products

39
Q

what is the analyzer strategy (m/s)

A

incorporates elements of both the prospector and defender strategies to maintain business and to be somewhat innovative; anheuser busch

40
Q

What is the reactor strategy? (m/s)

A

has no clear strategy, reacts to changes and events

41
Q

what are the stages of product lifecycle? (business level)

A

introduction stage, growth stage, mature stage, and decline

42
Q

what is the introduction stage of the product life cycle?

A

focuses on getting the product out the door without sacrificing quality

43
Q

what is the growth stage of the product lifecycle?

A

focuses on ensuring quality and delivery, and begin to differentiate the product

44
Q

what is the mature stage of theduct lifecycle

A

focus on low costs and new products; essential stage of a company is going to survive in the long run

45
Q

what is the decline stage of the product lifecycle

A

exactly what is sounds like

46
Q

How to formulate a corporate level strategy within a strategic business unit

A

each business or group of businesses within an organization is engaged in serving the same markets, customers, and products

47
Q

how to formulate a corporate level strategy through diversification

A

the number of businesses an organization is engaged in the extent to which these business are related to one another

48
Q

What is the single level strategy at the corporate level?

A

an organization manufactures one product or service and sells it in a single geographic market

49
Q

what is related diversification at the corporate level

A

a strategy in which an organization operates in several different businesses, industries, or markets that are somehow linked; it avoids the disadvantages and risks of a single product strategy; basis of relatedness

50
Q

what are the advantages of related diversification?

A

reduces dependency and economic risk, reduces overhead costs, allows for exploitation of strengths and capabilities, synergy for greater whole economic value

51
Q

what is unrelated diversification in an organization

A

operates multiple businesses that are not logically associated with one another; harder to manage

52
Q

what are the advantages of unrelated diversification?

A

stable performance over time due to business cycle differences; allocation of resource areas with the highest return potential

53
Q

what are the disadvantages of unrelated diversification?

A

poor performance due to the complexity of diverse businesses; failing to explotio key synergies that put the firm at competitive disadvantages

54
Q

What are some ways to implement corporate level strategies?

A

becoming a diversified firm, internal development, mergers and acquisitions

55
Q

What is the internal development of new products as implementing a corporate level strategy?

A

developing products and services within the boundaries of traditional business operations

56
Q

what is the replacement of supplies and customers as implementing a corporate level strategy?

A

backward vertical integration; beginning of business that furnishes resources previously handled by a supplier; forward vertical integration?

57
Q

what is merger?

A

purchase of one firm by another firm that is approximately the same size

58
Q

what is an acquisition?

A

purchase of a firm by another firm that is considerably larger

59
Q

what is the purpose of mergers and acquisitions

A

to diversify through vertical integration

Management Exam 2 (2 decks)

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