Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

BADM 449 > Checkpoint 1: Chap 1-5 > Flashcards

Checkpoint 1: Chap 1-5 Flashcards

1
Q

Competitive advantage

A

Superior performance relative to other competitors in the same industry or industry average

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Strategic management

A

And integrated management field that combines analysis formulation and implementation in the quest for competitive advantage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Competitive disadvantage

A

Under performance relative to competitors in the same industry or industry average

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Competitive parity

A

Performance of two or more firms at the same level

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Sustainable competitive advantage

A

Outperforming competitors or the industry average over a prolonged period of time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Strategy is the…

A

Quest to gain and sustain competitive advantage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Co-opetition

A

Cooperation by competitors to achieve a strategic objective

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Firm effects

A

The results of managers actions to influence firm performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Industry effects

A

The result attribute it to the choice of industry in which to compete

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Strategic business unit

A

The standalone division of the larger conglomerate with its own profit and loss responsibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Business model

A

Organizational plan that details the firms competitive tactics and initiatives – how the firm intends to make money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Externalities

A

Side effects of production and consumption that are not reflected in the price of the product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Crowdsourcing

A

A process in which a group of people voluntarily performs tasks that were traditionally completed by firms employees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Stakeholders

A

Individuals or groups who can affect or are affected by the actions of a firm

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

AFI strategic framework

A

A model that links three interdependent strategic management tasks – analyze for the light and implement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Strategic management process

A

Method by which managers conceive of an implement a strategy that can lead to a sustainable competitive advantage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Vision

A

A statement about what an organization ultimately wants to accomplish – it captures the companies aspiration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Strategic intent

A

The sticking out of the desired leadership position that far exceed the company’s current resources and capabilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Mission

A

Scription of what an organization actually does, what it’s businesses, and why does it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Product oriented

A

Defines business in terms of a good or service provided

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Customer oriented

A

Find business in the terms of the customer needs to be met – provides greater strategic flexibility

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Strategic commitments

A

Actions that are costly long-term oriented and difficult to reverse

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Organizational values

A

Ethical standards and norms that govern the behavior of individuals within a firm

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Strategic planning

A

A rational top down process through which management can program features success

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Scenario planning

A

Strategy planning activity in which managers envision different “what if” scenarios to plan for possible futures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Dominant strategic plan

A

The city took option the managers think most clearly matches the reality at a given point in time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Strategic initiative

A

Any activity a firm pursues to explore and develop new products and processes or markets and ventures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Emergent strategy

A

And unplanned strategic initiative undertaken by mid level employees of their own volition

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Intended strategy

A

The outcome of rational and structured top down strategic planning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Unrealized strategy

A

Part or all of the firm strategic plan that fall down by the wayside due to unexpected events

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Realized strategy

A

Combination of intended an emergent strategy

32
Q

PESTEL model

A

A framework that categorizes and analyzes and importance that of extern all forces that might impact a firm

33
Q

PESTEL meaning

A

Political economic sociocultural technological ecological legal

34
Q

Industry

A

A group of companies offering similar products or services

35
Q

Structure conduct performance model

A

Framework that explains differences and industry performance and identifies different industry types

36
Q

Industry types

A

Perfect competition, monopolistic competition, oligopoly, monopoly

37
Q

Five forces model

A

If Raymore proposed by Michael Porter that identifies five forces that determine the profit potential of an industry and shape a firms competitive strategy

38
Q

Entry barriers

A

Obstacles that determine how easily it firm can enter an industry

39
Q

The five forces

A

Threat of entry, power of suppliers, power of buyers, threat of substitutes, rivalry among existing competitors

40
Q

Example barriers to entry

A

Become is a scale, experience curve advantages, intended excess capacity, reputation, differentiation, capital requirements, high switching costs, access to distribution channels, network effects, Technology

41
Q

Exit barriers

A

Obstacles that determine how easily a firm can leave the industry

42
Q

Complement

A

A product service or competency that adds value to the original product when the two are used together

43
Q

Complimentor

A

A company that provides a good or service that leads customers to value a firms offering more when the two are combined

Toyota car and Michelin tires

44
Q

Industry convergence

A

A process whereby formally unrelated industries begin to satisfy the same customer need

45
Q

Strategic group

A

Set of companies that pursue a similar strategy within an industry

46
Q

Strategic group model

A

Framework that explains firm differences in performance in the same industry by clustering different firms into groups based on a few key strategic dimensions

47
Q

Mobility barriers

A

Industry specific factors that separate one strategic group from another

48
Q

Core competencies

A

Unique strengths that are embedded deep within a firm that allow the firm to differentiate its products and services from its rivals and create higher value for the customer at a lower cost

49
Q

Resource-based review

A

A model that sees resources as key to superior performance – VR I O

50
Q

Tangible resources

A

Resources with physical attributes

Buildings, land, equipment, supplies

51
Q

Intangible resources

A

Resources that do not have physical attributes

Culture, knowledge, brand equity, reputation, intellectual property

52
Q

Resource heterogeneity

A

Assumption in the resource-based few that are firm is a bundle of resources and capabilities that differ across firms

53
Q

The VR I O framework

A

Predicts firm level competitive advantages – valuable, rare, costly to imitate, organized to capture value

54
Q

Value chain

A

Internal activities when transforming inputs and outputs – each activity adds value and cost

55
Q

Primary activities

A

For my titties to add value directly by turning inputs into outputs

56
Q

Support activities

A

For my titties the add value indirectly but are necessary to sustain a primary activities

57
Q

Strategic activity system

A

Conceptualization of a firm as a network of interconnected activities

58
Q

Dynamic capabilities perspective

A

Model that emphasizes a firm’s ability to modify and leverage it’s resource base in a way that enables it to gain and sustain competitive advantage in a constantly changing environment

59
Q

Resource stocks

A

The firms current level of intangible resources

60
Q

Resource flows

A

The firm’s level of investments to maintain or build a resource

61
Q

Path dependence

A

Situation in which the option one faces in the current situation are limited by decisions made in the past

62
Q

Causal ambiguity

A

A situation in which the cause-and-effect the phenomenon are not readily apparent

63
Q

Social complexity

A

Situation in which different social and business systems interact

64
Q

SW OT analysis

A

Analyze internal analysis – strengths and weaknesses, and external analysis - threats and opportunities

65
Q

Value

A

The dollar amount a consumer would attach to a good or service

66
Q

Economic value created

A

Difference between value and cost

67
Q

Profit – producer surplus

A

Difference between priced charged and cost

68
Q

Consumer surplus

A

Difference between value and what is paid

69
Q

Opportunity cost

A

The value of the best forgone alternative use of resources

70
Q

Risk capital

A

Capital provided by shareholders and exchange for equity

71
Q

Total return to shareholders

A

Return on risk capital that includes stock price appreciation plus dividend

72
Q

Balanced scorecard

A

Strategy implementation tool that harnesses multiple internal and Extertal performance metrics in order to balance financial and strategic goals

73
Q

Triple bottom-line

A

Combination of economic, social, ecological concerns that lead to a sustainable strategy - people planet profit

74
Q

Corporate strategy

A

Where to compete

75
Q

Business strategy

A

How to compete

76
Q

Functional strategy

A

How to implement the business strategy

77
Q

Strategy

A

Planned and realize set of actions a firm takes to achieve its goals

BADM 449 (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions