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management test 2 > chapter 7 > Flashcards

chapter 7 Flashcards

1
Q

what guides its use of resources in order to achive its long term goals

A

strategy

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2
Q

sets the overall direction for the company and guides the use of resources

A

corporate strategy

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3
Q

the result of a company operating in successful ways that are difficult for competitors to copy

A

competitive advantage

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4
Q

focuses on how a strategic business unit or division will compete within its specific product or service domain

A

business strategy

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5
Q

focuses on a specific area of operations within a business unit

A

functional strategy

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6
Q

expanding current operations, entering into new business areas

A

growth strategies

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7
Q

concentration

A

expansion within an existing business area

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8
Q

diversification

A

expansion occurs by entering new business area

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8
Q

vertical integration

A

expansion by acquiring existing suppliers and distributor

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9
Q

retrenchment

A

changes operations to correct weakness

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9
Q

liquidation

A

an extreme form of retrenchment where the business closes and sells off its assets

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10
Q

restructuring

A

reduces the scale or mix of operations

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11
Q

downsizing

A

decreases size of operations

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12
Q

divestiture

A

sells off part of the organization to focus on business

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13
Q

globalization strategy

A

uses standardized products and advertizing for use workdwide

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14
Q

multidomestic strategy

A

customizes advertizing and products to best fit local markets

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15
Q

strategic alliances

A

partnership between organizations ot pursue mutual interests or strengthen competitve advantage

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16
Q

supply chain

A

supplier and distribution alliance

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17
Q

coopetition

A

competitors share information or technology

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18
Q

e business strategies

A

the strategic use of the web and mibile apps to gain competitive advantage

19
Q

B2C

A

business to consumer - web apps to link organizations directly with customers

20
Q

B2B

A

business to business - link organizations with members of their supply chains

21
Q

C2B

A

consumer to business - use web apps to link customers with business strategies

22
Q

C2C

A

consumer to consumer - use web apps to link customers with each other

23
Q

P2P

A

use web apps to link persons in need of services with those willing to provide for them

24
Q

social media strategy

A

uses social media to better engage with an organizations customers, clents, and external audiences in general

25
Q

crowdsourcing

A

interactive social media strategy that uses the web to allow customers to provide opinion and suggestions on products and their designs

26
Q

strategic management

A

the process of analyzing, formulating, and implementing strategies

27
Q

strategy formulation

A

the process of creating strategies

28
Q

strategy implementation

A

the process of putting strategies into action

29
Q

strategic analysis

A

assessing competitive position, analyzing current situation, organization, and external environment

30
Q

strategic analysis components

A

organizational resources and capabilities (strengths and weaknesses) and industry and external environment (opportunities and threats)

31
Q

strategy formulation

A

creating strategies

32
Q

strategy implementation

A

putting strategies into action

33
Q

factors of strategy implementation

A

implement strategies, evaluate results

34
Q

profits

A

operating with revenues greater than costs

35
Q

cost efficiency

A

operating with low costs, finding ways to lower costs

36
Q

market share

A

having a solid and sustainable pool of customers

37
Q

product quality

A

producing goods and services that satisfy customers

38
Q

talented workforce

A

attracting and retaining high quality employees

39
Q

innovation

A

using new ideas to improve operations and products

40
Q

social responsibility

A

earning the respect of multiple stakeholders

41
Q

sustainability

A

developing sustainable process, products, and supply chains

42
Q

differentiation strategy

A

offers products and servcices that are uniquely different from the competition

43
Q

focused differentiation strategy

A

offers a unique product to a special market segment

44
Q

cost leadership strategy

A

seeks to operate at lower cost than competitors

45
Q

focused cost leadership strategy

A

uses cost leadership and target needs of special market

46
Q
A

management test 2 (4 decks)

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