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MGT 406 - Strategic Management > Environmental Scanning > Flashcards

Environmental Scanning Flashcards

1
Q

degree of complexity plus the degree of change that exists in an organization’s external
environment

A

environmental uncertainty

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2
Q

the monitoring, evaluation, and dissemination of information from the external and internal environments to key people within the corporation.

A

Environmental scanning

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3
Q

includes physical resources, wildlife, and climate that are inherent part of existence on Earth.

A

natural environment

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4
Q

mankind’s social system that includes general forces (Economic, technological, political-legal, and sociocultural environmental forces) that do not directly touch on the short-run activities of the organization that can, and often do, influence its long-run decisions

A

societal environment

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5
Q

regulate the exchange of materials, money, energy, and information.

A

Economic forces

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6
Q

generate problem-solving inventions

A

Technological forces

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7
Q

that allocate power and provide constraining and protecting laws and regulations.

A

Political–legal forces

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8
Q

that regulate the values, mores, and customs of society

A

Sociocultural forces

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9
Q

The part of the business environment that includes the elements or groups that directly affect the corporation and, in turn, are affected by it.

A

task environment

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10
Q

(popularized by Michael Porter)

refers to an in-depth examination of key factors within a corporation’s task environment.

A

Industry analysis

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11
Q

These are governments, local communities, suppliers, competitors, customers, creditors, employees/labor unions, special-interest groups, and trade associations.

A

task environment

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12
Q

the amount of greenhouse gases it is emitting into the air.

A

carbon footprint

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13
Q

the transfer of profits from a foreign subsidiary to a corporation’s headquarters

A

repatriation of profits

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14
Q

what are the technological breakthroughs that are already having a significant impact on many industries?

A
  • Portable information devices and electronic networking:
  • Alternative energy sources
  • Precision farming
  • Virtual personal assistants
  • Genetically altered organisms
  • Smart, mobile robots
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15
Q

Eight current sociocultural trends are transforming North America and the rest of the world:

A
  1. Increasing environmental awareness
  2. Growing health consciousness
  3. Expanding seniors market
  4. Impact of Generation Y Boomlet
  5. Declining mass market
  6. Changing pace and location of life
  7. Changing household composition
  8. Increasing diversity of workforce and markets
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16
Q

a company with significant assets and activities in multiple countries,
conducts its marketing, financial, manufacturing, and other functional activities.

A

multinational corporation (MNC)

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17
Q

an advanced information discovery system designed to help extract trends, detect patterns, and find relationships within vast amounts of raw data.

A

WebFountain

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18
Q

willingness to reject unfamiliar as well as negative information

A

strategic myopia

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19
Q

a group of firms that produces a similar product or service, such as soft drinks or financial services.

A

industry

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20
Q

who contends that a corporation is most concerned with the intensity of competition within its industry?

A

Michael Porter

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21
Q

Businesses entering an industry that typically bring new capacity to an industry, a desire to gain market share, and substantial resources.

A

new entrants

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22
Q

an obstruction that makes it difficult for a company
to enter an industry

A

entry barrier

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23
Q

some possible barriers to entry

A
  • Economies of scale
  • Product differentiation
  • Capital requirements
  • Switching costs
  • Access to distribution channels
  • Cost disadvantages independent of size
  • Government policy
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24
Q

According to Porter, intense rivalry is related to the presence of several factors, including:

A
  • Number of competitors
  • Rate of industry growth
  • Product or service characteristics:
  • Amount of fixed costs
  • Capacity
  • Height of exit barriers
  • Diversity of rivals
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25
product that appears to be different but can satisfy the same need as another product.
substitute product
26
how can buyers affect the industry?
their ability to force down prices, bargain for higher quality or more services, and play competitors against each other
27
how can suppliers affect the industry?
their ability to raise prices or reduce the quality of purchased goods and services
28
a company (e.g., Microsoft) or an industry whose product works well with a firm’s (e.g., Intel’s) product and without which the product would lose much of its value
complementor
29
The process of proposing ideas in a group without first mentally screening them.
Brainstorming
30
A formal program of gathering information about a company’s competitors.
Competitive intelligence
31
The companies that offer the same products or services as the subject company.
Competitors
32
An industry in which a few large companies dominate.
Consolidated industry
33
A forecasting technique in which experts independently assess the probabilities of specified events. These assessments are combined and sent back to each expert for fine-tuning until agreement is reached.
Delphi technique
34
A table that organizes external factors into opportunities and threats and how well management is responding to these specific factors.
EFAS (External Factor Analysis Summary) table
35
A person who initiates and manages a business undertaking and who assumes risk for the sake of a profit.
Entrepreneur
36
An obstruction that keeps a company from leaving an industry
Exit barrier
37
A non quantitative forecasting technique in which authorities in a particular area attempt to forecast likely developments.
Expert opinion
38
Environmental trend with both high probability of occurrence and high probability of impact on the corporation.
External strategic factor
39
Costs of doing business that are not included in a firm’s accounting system, but felt by others.
Externality
40
A form of forecasting that extends present trends into the future.
Extrapolation
41
An industry in which no firm has large market share and each firm serves only a small piece of the total market.
Fragmented industry
42
An industry in which a company manufactures and sells the same products, with only minor adjustments for individual countries around the world.
Global industry
43
An industry situation in which the frequency, boldness, and aggressiveness of dynamic movement by the players accelerates to create a condition of constant disequilibrium and change.
Hypercompetition
43
A group of firms producing a similar product or service.
Industry
43
An in-depth examination of key factors within a corporation’s task environment.
Industry analysis
43
A chart that summarizes the key success factors within a particular industry.
Industry matrix
43
A forecasted description of an industry’s likely future.
Industry scenario
43
A chart that ranks the probability of occurrence versus the probable impact on the corporation of developments in the external environment.
Issues priority matrix
44
Variables that significantly affect the overall competitive position of a company within a particular industry.
Key success factors
45
A policy of the World Trade Organization stating that a member country cannot grant one trading partner lower customs duties without granting them to all WTO member nations.
Most favored nation
46
An industry in which companies tailor their products to the specific needs of consumers in a particular country.
Multidomestic industry
47
A company that has significant assets and activities in multiple countries.
Multinational corporation (MNC)
48
A forecasting technique in which people make bets on the likelihood of a particular event taking place.
Prediction markets
49
An industry in which multinational corporations primarily coordinate their activities within specific geographic areas of the world.
Regional industry
50
The transfer of profits from a foreign subsidiary to a corporation’s headquarters.
Repatriation of profits
51
A forecasting technique in which focused descriptions of different likely futures are presented in a narrative fashion.
Scenario writing
52
A quantitative technique that attempts to discover causal or explanatory factors that link two or more time series together.
Statistical modeling
53
An approach to scanning the societal environment that examines sociocultural, technological, economic, ecological, and political-legal forces. Also called PESTEL analysis.
STEEP analysis
54
A set of business units or firms that pursue similar strategies and have similar resources.
Strategic group
55
A category of firms based on a common strategic orientation and a combination of structure, culture, and processes that are consistent with that strategy.
Strategic type
56
Products that appear to be different but can satisfy the same need as other products.
Substitute products
57
The point at which a country has developed economically so that demand for a particular product or service is increasing rapidly.
Trigger point
58
companies with a limited product line that focus on improving the efficiency of their existing operations.
Defenders
58
are companies with fairly broad product lines that focus on product innovation and market opportunities.
Prospectors
59
are corporations that operate in at least two different product-market areas, one stable and one variable.
Analyzers
60
are corporations that lack a consistent strategy-structure-culture relationship.
Reactors

MGT 406 - Strategic Management (12 decks)

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