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INTB-4 > CHP 10 > Flashcards

CHP 10 Flashcards

1
Q

What must firms do to succeed globally?

A

quickly identify and exploit opportunities wherever they occur, domestically/internationally

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2
Q

What must managers understand to deal with competition?

A

company mission, vision to achieve mission, strengths and weaknesses to deal with competition

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3
Q

The way firms make choices about developing/deploying scarce resources internationally?

A

International Strategy

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4
Q

To be effective, a company’s international strategy needs to be?

A

consistent among various functions, products, and regional units (internal Consistency) and with the demands of the international competitive environment (external consistency)

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5
Q

What is Global Strategic Planning?

A

organization determines where it is going in the future, how to get there, and how it will asses whether and to what extent it has achieved goals

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6
Q

What is strategic plans intended to?

A

increase the likelihood of innovations, promoting development, capture, and application of new ideas in order to promote success in a challenging competitive environment

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7
Q

What are the 7 processes providing a formal structure to the Global Strategic planning?

A

(1) analyzing a firm’s external environments
2) analyzing a firm’s internal environments
(3) defining a company’s business and mission
(4) setting corporate objectives
(5) quantifying goals
(6) formulating strategies and
(7) making tactical plans.

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8
Q

Analyzing Domestic, International and Foreign Environments, managers must…

A

know present value of the forces, where the forces appear to be headed and develop/implement appropriate responses

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9
Q

Who provides input to the planning staff and prepares a report for the strategy planning committee?

A

Manager of various functional areas

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10
Q

What is a value chain analysis?

A

Assessment conducted on the set of interconnected organizations, intended to determine where and to what extent value is added to the final product or service

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11
Q

What are the 3 key questions to consider about the business when conducting a value chain analysis?

A
  1. Who are the company’s target customers?
  2. What value does the company want to deliver to these customers?
  3. How will this customer value be created?
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12
Q

What is increasingly recognized as the basis for competitive advantage?

A

Knowledge

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13
Q

Firms face ongoing ____ of creating mechanisms that will _____ and routinely identify _____ for developing and _____ knowledge throughout international operations

A

Challenges; systematically; opportunities; transferring

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14
Q

Firms face ongoing challenges for ensuring that _____ are willing and able to both ____ what they know and to ____ knowledge from other units of the company

A

Subsidiaries: Share: Absorb

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15
Q

What is Knowledge Management?

A

Practices that organizations and managers use to identify create, develop, share and exploit valuable knowledge.

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16
Q

Much valuable knowledge is? and explain

A

Tactic- known well by individuals but difficult to express verbally/document)

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17
Q

Additional knowledge is?

A

Implicit

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18
Q

What broad statements help communicate to the firm’s stakeholders what the company is and where it expects to go?

A

Mission, Vision and Values statements

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19
Q

What is a Mission Statement?

A

defines firm’s purpose and scope

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20
Q

What is a Vision Statement?

A

describes desired future position, what it hopes to accomplish if it can acquire needed competencies and successfully implement its strategy

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21
Q

What is Values Statement?

A

clear, concise description of the fundamental values, beliefs, and priorities of the organization’s members

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22
Q

What directs the firm’s course of action, maintain it within the boundaries of the stated mission, and ensure its continuing existence?

A

Set Corporate Objectives

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23
Q

If objectives can be ____, they should be.

A

Quanrified

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24
Q

Firms frequently do have __-_____ or directional goals

A

Non-quantifiable

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25
Q

What are the 2 opposing forces companies competing internationally confront?

A

Reduction of Cost and adaptation to local markets

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26
Q

As a consequence of the two opposing pressures, companies have 4 basic strategies for competing internationally: what are they?

A
  1. Home Replication Strategy
  2. Multi-domestic Strategy
  3. Global Strategy
  4. Transnational Strategy
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27
Q

The strategy that would be most appropriate for the company depends on?

A

the amount of pressure the company faces to adapt to local markets and achieve cost reductions

28
Q

What is Home Replication Strategy?

A

centralizes product development strategy in the home country, after differentiated products are developed they transfer abroad to capture additional value

29
Q

When is Home Replication Strategy the best choice?

A

if there is weak/low pressure for local responsiveness and cost reduction

30
Q

What is a disadvantage to Home Replication Strategy?

A

can cause high operating costs b/c of duplicate manufacturing facilities across markets served

31
Q

What is Multi-domestic strategy?

A

Decision-making is decentralized to allow the company to modify its products and respond to changes in local competition and demand

32
Q

When is Multi-domestic strategy used?

A

where there is strong pressure to adapt products/services for local markets and low pressure to reduce costs

33
Q

In a Multi-domestic strategy; By tailoring products for specific markets, companies may charge ____ prices

A

higher

34
Q

What does local adaptation do to cost structure?

A

increases

35
Q

What are the disadvantages to Multi-domestic strategy?

A

local adaptation may change over time
cost and complexity of coordinating a range of different strategies and product offerings across national/regional markets can be high

36
Q

What is Global strategy?

A

Strategy and decision making is typically centralized, and company offers standardized products/services

37
Q

When is Global Strategy used?

A

when a company faces strong/high pressure for reducing costs and limited/low pressure to adapt products for local markets

38
Q

In Global strategy; Value chain activites are located in only one/few areas to achieve what?

A

economies of scale

39
Q

Emphasis is on close _____ and ____ of activities across products and markets in Global Strategy

A

Coordination and integreation

40
Q

What are some disadvantages to Global Strategies?

A

limited ability to adjust to changes in customer needs, increased transportation and tariff costs from exporting, and risks of locating activities in a centralized location

41
Q

What is Transnational Strategy?

A

Neither highly centralized nor widely dispersed

42
Q

When is Transnational Strategy used?

A

High pressure for cost effectiveness and local adaptation

43
Q

In Transnational Strategy, the location of a company’s assets and capabilities is based on?

A

Where it would be most beneficial for each specific activity

44
Q

_____ value chain activities are more centralized, in transnational strategy

A

“Upstream”

45
Q

_____ activities are more decentralized, located closer to the customer

A

“Downstream”

46
Q

In Transnational Strategy, Managers must ensure that comparative advantages of the locations of their various value chain activities are?

A

captured and internalized

47
Q

What is a disadvantage in Transnational strategy?

A

Complexity of strategic decisions and supporting structures and systems of the organization will be much greater

48
Q

T/F…All organizational activities face the same mix of globalization and localization pressures

A

False

49
Q

What do many top executives believe about marketing strategies?

A

are best determined locally b/c of local environmental differences

50
Q

What are Scenarios?

A

Multiple, plausible stories about the future

51
Q

What do Scenarios allow?

A

managers to envision alternatives outsider their traditional frame of reference

52
Q

What is Contingency Plans?

A

companies prepare contingency plans for worst and best case scenarios

53
Q

Prepare Tactical plans is also called?

A

Operational

54
Q

What is it to prepare tactical plans?

A

spell out in detail how the objectives will be reached

55
Q

What do Sales forecasts and budgets do?

A

they are two prominent features of the strategic plan, and both a planning and control technique

56
Q

What is a Sales Forecast?

A

prediction of future sales performance

57
Q

What is a Budget?

A

itemized projection of revenues and expenses for a future period

58
Q

What are the 2 most important Plan implementation facilitators?

A

Polices and procedures

59
Q

What are policies?

A

broad guidelines issued by upper managment to assist lower level managers to handle recurring problems

60
Q

What are procedures?

A

describe how certain activities will be carried out, ensuring uniform action throughout the firm

61
Q

How many ways are there to measure if a strategy is proceeding successfully or needs modification?

A

3 ways called Performance Measures

62
Q

What are the 3 types of performance measures?

A
  1. Success in obtaining and applying required resources
  2. Effectiveness of company’s personnel performance
  3. Progress toward achieving mission, vision, and objectives in consistent manner in line with company’s values
63
Q

What are some measurement tools?

A

Balanced scorecard and triple-bottom-line accounting

64
Q

Time Horizon is a Kind of Strategic plan, Defined in…

A

Short, Medium, and long term

65
Q

There are 3 methods of Planning; what are they?

A

Top-Down- corporate headquarters develops and provides guidelines
Bottom-up- lowest levels inform top management of what they expect to do
Iterative- combines aspects of Top-down and bottom up plannnig

66
Q

Strategic managment has replaced older planning processes and changes have been made in three areas; what are they?

A
  1. Who does the planning
  2. How it is done
  3. Contents of Plan

INTB-4 (7 decks)

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