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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
Q

product that appears to be different but can satisfy the same need as another product.

A

substitute product

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26
Q

how can buyers affect the industry?

A

their ability to force down prices, bargain for higher quality or more services, and play competitors against each other

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27
Q

how can suppliers affect the industry?

A

their ability to raise prices or reduce the quality of purchased goods and services

28
Q

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

A

complementor

29
Q

The process of proposing ideas in a group without first mentally screening them.

A

Brainstorming

30
Q

A formal program of gathering information about a company’s competitors.

A

Competitive intelligence

31
Q

The companies that offer the same products or services as the subject company.

A

Competitors

32
Q

An industry in which a few large companies dominate.

A

Consolidated industry

33
Q

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.

A

Delphi technique

34
Q

A table that organizes external factors into opportunities and threats and how well management is responding to these specific factors.

A

EFAS (External Factor Analysis Summary) table

35
Q

A person who initiates and manages a business undertaking and who assumes risk for the sake of a profit.

A

Entrepreneur

36
Q

An obstruction that keeps a company from leaving an industry

A

Exit barrier

37
Q

A non quantitative forecasting technique in which authorities in a particular area attempt to forecast likely developments.

A

Expert opinion

38
Q

Environmental trend with both high probability of occurrence and high probability of impact on the corporation.

A

External strategic factor

39
Q

Costs of doing business that are not included in a firm’s accounting system, but felt by others.

A

Externality

40
Q

A form of forecasting that extends present trends into the future.

A

Extrapolation

41
Q

An industry in which no firm has large market share and each firm serves only a small piece of the total market.

A

Fragmented industry

42
Q

An industry in which a company manufactures and sells the same products, with only minor adjustments for individual countries around the world.

A

Global industry

43
Q

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.

A

Hypercompetition

43
Q

A group of firms producing a similar product or service.

A

Industry

43
Q

An in-depth examination of key factors within a corporation’s task environment.

A

Industry analysis

43
Q

A chart that summarizes the key success factors within a particular industry.

A

Industry matrix

43
Q

A forecasted description of an industry’s likely future.

A

Industry scenario

43
Q

A chart that ranks the probability of occurrence versus the probable impact on the corporation of developments in the external environment.

A

Issues priority matrix

44
Q

Variables that significantly affect the overall competitive position of a company within a particular industry.

A

Key success factors

45
Q

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.

A

Most favored nation

46
Q

An industry in which companies tailor their products to the specific needs of consumers in a particular country.

A

Multidomestic industry

47
Q

A company that has significant assets and activities in multiple countries.

A

Multinational corporation (MNC)

48
Q

A forecasting technique in which people make bets on the likelihood of a particular event taking place.

A

Prediction markets

49
Q

An industry in which multinational corporations primarily coordinate their activities within specific geographic areas of the world.

A

Regional industry

50
Q

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

A

Repatriation of profits

51
Q

A forecasting technique in which focused descriptions of different likely futures are presented in a narrative fashion.

A

Scenario writing

52
Q

A quantitative technique that attempts to discover causal or explanatory factors that link two or more time series together.

A

Statistical modeling

53
Q

An approach to scanning the societal environment that examines sociocultural, technological, economic, ecological, and political-legal forces. Also called PESTEL analysis.

A

STEEP analysis

54
Q

A set of business units or firms that pursue similar strategies and have similar resources.

A

Strategic group

55
Q

A category of firms based on a common strategic orientation and a combination of structure, culture, and processes that are consistent with that strategy.

A

Strategic type

56
Q

Products that appear to be different but can satisfy the same need as other products.

A

Substitute products

57
Q

The point at which a country has developed economically so that demand for a particular product or service is increasing rapidly.

A

Trigger point

58
Q

companies with a limited product line that focus on improving the efficiency of their existing operations.

A

Defenders

58
Q

are companies with fairly broad product lines that focus on product innovation and market opportunities.

A

Prospectors

59
Q

are corporations that operate in at least two different product-market areas, one stable and one variable.

A

Analyzers

60
Q

are corporations that lack a consistent strategy-structure-culture relationship.

A

Reactors

MGT 406 - Strategic Management (12 decks)

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