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Management > chapter 9 > Flashcards

chapter 9 Flashcards

1
Q

strategic management

A

is what managers do to develop the organization’s strategies.

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2
Q

strategies

A

the plans and how it will attract and satisfy it’s customers in order to achieve it’s goals.

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3
Q

business model

A

which simply is how a company is going to make money.

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4
Q

strategic management process

A

a six step process that encompasses strategy planning, implementation, and evaluation.

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5
Q

mission

A

a statement of it’s purpose.

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6
Q

opportunities

A

are positive trends in the external environment.

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7
Q

threats

A

are negative trends.

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8
Q

resources

A

are it’s assets-financial, physical, human, and intangible- that it uses to develop , manufacture, and deliver products to it’s customers.

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9
Q

capabilities

A

are it’s skills and abilities in doing the work activities needed in its business.

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10
Q

core competencies

A

the major value-creating capabilities of the organization

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11
Q

strengths

A

any activities the organization does well or any unique resources that it has.

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12
Q

weaknesses

A

are activities the organization doesn’t do well or resources it needs but doesn’t possess.

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13
Q

swot analysis

A

the combined external and internal analysis.

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14
Q

corporate strategy

A

one that determines what businesses a company is in or wants to be in and what it wants to do with those businesses.

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15
Q

growth strategy

A

is when an organization expands the number of markets served or products offered, either through its current business.

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16
Q

stability strategy

A

a corporate strategy in which an organization continues to do what it is currently doing.

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17
Q

competitive advantage

A

what sets an organization apart.

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18
Q

functional strategies

A

strategies used by an organization’s various functional departments to support the competitive strategy.

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19
Q

strategic leadership

A

the ability to anticipate, envision, maintain flexibility, think strategically, and work with others in the organization to initiate changes that will create a viable and valuable future for the organization.

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20
Q

strategic flexibility

A

the ability to recognize major external changes to quickly commit resources.

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21
Q

first mover

A

organization that’s first to bring a product innovation to the market or to use a new process innovation.

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22
Q

strategic management is important for what 3 reasons?

A
  1. influences how well organizations will performed
  2. helps managers cope with situations that continually change
  3. helps coordinate and focus employee efforts on whats important
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23
Q

business model focuses on two things?

A
  1. if customers will value what the company provides

2. if the company can make money by what they provide

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24
Q

Strategic management process includes 6 steps, what are they?

A
  1. identify the organizations current mission, goals, and strategies
  2. Do an external analysis
  3. do an internal analysis
    steps 2 and 3 is SWOT analysis
  4. Formulate strategies
  5. implement the strategies
  6. evaluate results
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25
Q

backward vertical integration?

A

when the organization becomes its own supplier so it can control its inputs

26
Q

forward vertical integration?

A

organization becomes its own distributor and is able to control its outputs

27
Q

concentration?

A

when a company focuses on its primary line of business and increases the number of products offered or markets served in this primary business

28
Q

organizations grow by using what 4 methods?

A
  1. concentration
  2. vertical integration
  3. horizontal integration
  4. diversification
29
Q

horizontal integration?

A

company grows by combining with competitors

30
Q

Diversification has two types?

A

either related or unrelated

31
Q

what is related diversification?

A

when a company combines with other companies in different but related industries

32
Q

unrelated diversification?

A

when a company combines with firms in different and unrelated insutries

33
Q

renewal strategy

A

corporate strategy designed to address declining performance

34
Q

two types of renewal strategies, what are they?

A
  1. retrenchment strategy

2. turnaround strategy

35
Q

what is the retrenchment renewal strategy and what 3 things does it do?

A

short run renewal strategy used for minor performance problems
helps an organization:
1. stabilize operations
2. revitalize organizational resources and capabilities
3. prepare to compete once again

36
Q

what is a turnaround strategy?

A

measures of cutting costs and restructuring organizational operations are more extensive

37
Q

managers do what two things in both renewal strategies?

A

cut costs and restructure organizational operations

38
Q

4 categories in a BCG matrix

A
  1. stars
  2. cash cows
  3. question marks
  4. dogs
39
Q

what is stars in a BCG matrix?

A

high market share/high anticipated growth rate

40
Q

what is cash cows in a BCG matrix?

A

high market share/low anticipated growth rate

41
Q

what is questions marks in a BCG matrix?

A

low market share/high anticipate growth rate

42
Q

what is dogs in a BCG matrix?

A

low market share/low anticipated growth rate

43
Q

Strategic business units? (SBUs)

A

single independent business of an organization that formulate their own competitive strategies

44
Q

what are 3 ways to gain a competitive advantage?

A

focus on

  1. quality
  2. design thinking
  3. social media
45
Q

what is the 5 forces model?

A

describes 5 forces that determine industry attractiveness and profitability

46
Q

what 5 forces are in the 5 forces model made by mcihael porter?

A
  1. threat of new entrants
  2. threat of substitutes
  3. bargaining power of buyers
  4. bargaining power of suppliers
  5. current rivalry
47
Q

what is threat of new entrants in the 5 forces model?

A

how likely new competitors will come into the industry

48
Q

what is threat of substitutes in the 5 forces model?

A

how likely is it that other industries product can be substituted for or industry’s products?

49
Q

what is bargaining power of buyers in the 5 forces model?

A

how much bargaining power do buyers (customers have)

50
Q

what is bargaining power of suppliers in the 5 forces model?

A

how much bargaining power do suppliers have

51
Q

what is current rivalry in the 5 forces model?

A

how intense is the rivalry among current industry competitors

52
Q

cost leadership strategy

A

when organizations compete to have lowest costs (costs or expenses, not prices) in an indsutry

53
Q

differentiation strategy?

A

when companies competes by offering unique products to customers

54
Q

focus strategy?

A

involves a cost advantage (cost focus) or a differentiation advantage (differentiation focus)in a narrow segment or niche?

55
Q

what are porters 3 competitive strategies?

A
  1. cost leadership
  2. differentiation
  3. focus
56
Q

what are the important organizational strategies for today’s environment?

A
  1. e bussiness strategies
  2. custoemr service strategies
  3. innovation strategies
57
Q

what is an e business strategy and what do managers use it for? 4 things

A

anything utilizing online stuff

  1. reduce costs
  2. to differentiate from their firm’s products and services
  3. to target (focus on) specific customer groups
  4. to lower costs by standardizing certain office functions
58
Q

clicks and bricks strategy?

A

business model in which a company operates both an online store (the clicks) and an offline store (the bricks) and integrates the two into a single retail strategy.

59
Q

managers can use 3 strategies to become more customer oriented?

A
  1. give customers what they want
  2. communicate effectively with them
  3. create or have a culture that places importance on customer service
60
Q

managers can use 2 strategies to become more innovative, they are?

A
  1. decide their organization’s innovation emphasis (basic scientific research, product development, or process development)
  2. its innovation timing (first mover or follower)
61
Q

what is first mover?

A

organization thats first to bring a product innovation to the market or to use a new process innovation

Management (16 decks)

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