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Essentials of Management > Chapter 7 > Flashcards

Chapter 7 Flashcards

1
Q

a comprehensive plan guiding resource allocation to achieve long-term organization goals.

A

strategy

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2
Q

focuses organizational energies on achieving a compelling goal.

A

Strategic intent

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3
Q

an ability to outperform rivals.

A

competitive advantage

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4
Q

achieved in ways that are difficult to imitate.

A

sustainable competitive advantage

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5
Q

sets long-term direction for the total enterprise.

A

corporate strategy

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6
Q

identifies how a division or strategic business unit will compete in its product or service domain.

A

business strategy

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7
Q

guides activities within one specific area of operations.

A

functional strategy

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8
Q

involves expansion of the organization’s current operations.

A

growth strategy

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9
Q

Growth through __________means expansion within an

existing business area.

A

concentration

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10
Q

Growth through _________ means expansion by entering related or new business areas.

A

diversification

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11
Q

Growth through ___________ occurs by acquiring suppliers or distributors.

A

vertical integration

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12
Q

seeks to correct weaknesses by making radical changes to current ways of operating.

A

retrenchment strategy

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13
Q

occurs when a business closes and sells its assets to pay creditors.

A

Liquidation

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14
Q

involves making major changes to cut costs, gain short-term efficiencies, and buy time to try new strategies to improve future success.

A

Restructuring

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15
Q

protects an insolvent firm from creditors during a period of reorganization to restore profitability.

A

Chapter 11 bankruptcy

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16
Q

decreases the size of operations.

A

Downsizing

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17
Q

involves selling off parts of the organization to refocus attention on core business areas.

A

Divestiture

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18
Q

adopts standardized products and advertising for use worldwide.

A

globalization strategy

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19
Q

tries to operate globally without having a strong national identity.

A

transnational firm

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20
Q

organizations join together in partnership to pursue an area of mutual interest.

A

strategic alliance

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21
Q

the strategy of working with rivals on projects of mutual benefit.

A

Co-opetition

22
Q

strategically uses the Internet to gain competitive advantage.

A

e-business strategy

23
Q

uses ITand Web portals to link organizations vertically in supply chains.

A

B2B business strategy

24
Q 
Advertising model
Brokerage model
Community model
Freemium model
Infomediary model
Merchant model
Referral model
Subscription model
A

Web-Based Business Models

25
Q

Provide free information or services and then generate revenues from paid advertising to viewers (e.g., Yahoo!, Google)

A

Advertising model

26
Q

Bring buyers and sellers together for online business transactions and take a percentage from the sales (e.g., eBay, Priceline)

A

Brokerage model

27
Q

Provide a meeting point sold by subscription or supported by advertising (e.g., eHarmony, Facebook)

A

Community model

28
Q

Offer a free service and encourage users to buy extras (e.g., Skype, Zynga)

A

Freemium model

29
Q

Provide a free service while collecting information on users and selling it to other businesses (e.g., Epinions, Yelp)

A

Infomediary model

30
Q

Sell products direct to customers through the Web—e-tailing (e.g., Amazon, Apple iTunes Store)

A

Merchant model

31
Q

Provide free listings and get referral fees from online merchants after directing customers to them (e.g., Shopzilla, PriceGrabber)

A

Referral model

32
Q

Sell access to high-value content through a subscription Web site (e.g., Netflix, Wall Street Journal Interactive)

A

Subscription model

33
Q

uses ITand Web portals to link businesses with customers.

A

B2C business strategy

34
Q

uses social media to better engage with an organization’s

customers, clients, and external audiences in general.

A

social media strategy

35
Q

uses the Internet to engage customers and potential customers in providing opinions and suggestions on products and their designs.

A

crowdsourcing strategy

36
Q

the process of formulating and implementing strategies.

A

Strategic management

37
Q

the process of creating strategies.

A

Strategy formulation

38
Q

the process of putting strategies into action.

A

Strategy implementation

39
Q

the organization’s reason for existence in society.

A

mission

40
Q

are specific results that organizations try to accomplish.

A

Operating objectives

41
Q

examines organizational strengths and weaknesses, as well as environmental opportunities and threats.

A

SWOT analysis

42
Q

a special strength that gives an organization a competitive advantage.

A

core competency

43
Q

Force 1: Competitors—intensity of rivalry among firms in the industry
Force 2: New entrants—threats of new competitors entering the market
Force 3: Suppliers—bargaining power of suppliers
Force 4: Customers—bargaining power of buyers
Force 5: Substitutes—threats of substitute products or services

A

Porter’s five forces model

44
Q

offers products that are unique and different from those of the competition.

A

differentiation strategy

45
Q

seeks to operate with lower costs than competitors.

A

cost leadership strategy

46
Q

offers a unique product to a special market segment.

A

focused differentiation strategy

47
Q

seeks the lowest costs of operations within a special market segment.

A

focused cost leadership strategy

48
Q

analyzes business opportunities according to market growth rateand market share.

A

BCG Matrix

49
Q

inspires people to implement organizational strategies.

A

Strategic leadership

50
Q

makes sure strategies are well implemented and that poor strategies are scrapped or changed.

A

Strategic control

Essentials of Management (18 decks)

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