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MGMT > EXAM 1 > Flashcards

EXAM 1 Flashcards

1
Q

mechanistic structure (bureaucracy)

A

centralized authority
formal
strictly defined jobs

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2
Q

what does a mechanistic structure lead to?

A

slow decision making
lack of initiative
low motivation

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3
Q

organic structure

A

flat
flexible
informal
decentralized

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4
Q

what does an organic structure lead to?

A

fast decision making
promotes initiative

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5
Q

principles of organizing

A

hierarchy
levels of command
unity of command
span of control/command

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6
Q

span of control

A

the number of people who report to that manager

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7
Q

line authority

A

command relationship
directly involved with product or service
full authority
ex. production or MKTG

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8
Q

staff authority

A

specialized support and assistance
not directly involved w/ main product or service
authority only in specific areas or only advisory
ex. HR or ACCT (in a chart, look for dotted lines or wings

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9
Q

what are the stages of international growth

A

domestic
international
multinational
global

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10
Q

global international growth

A

the world is one borderless market
you buy parts/manufacture anywhere
look for the cheapest sources

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11
Q

SWOT analysis

A

strengths, weaknesses, opportunities, and threats

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12
Q

strengths of Southwest

A

LUV culture
low costs
best employer
single aircraft (Boeing 737)
time efficient
mgmt effectivness

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13
Q

weaknesses of Southwest

A

lack of diversification
US market focus
dependent on Boeing
dated software
traveling too far with Boeing 737

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14
Q

opportunities of Southwest

A

expand globally
add e-payment options
expand freight business
exploit new internet means to reach consumers
offer longer flights

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15
Q

threats to Southwest

A

COVID
global recession
Boeing 737 max safety issues
competitors imitate
weather/terrorists
union action

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16
Q

general environment

A

groups & developments that all firms in the industry face ex. rising cost of healthcare

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17
Q

task environment

A

groups & developments that only your firm faces
ex. a strike at your plant

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18
Q

VIO model

A

“Does your firm have?”
VALUE
IMPERFECT IMITABILITY
ORGANIZATION

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19
Q

customer value

A

what customer need does your product/service meet?

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20
Q

financial value

A

does your product/service yield enough financial returns to sustain the company?

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21
Q

imperfect imitability

A

to what extent can people copy what you do?
you need a way to protect yourself from copycats

22
Q

how to protect your imperfect imitability??

A

patents, trademarks, secret recipes, licenses (legal barriers to entry)

23
Q

competitive forces

A
  1. competitors (rivals)
  2. power of buyers
  3. power of suppliers
  4. threat of New entrants
  5. threat of substitutes
24
Q

competitors (rival)

A

meets the same customer need w/ the same product or service

25
Q

substitute

A

meets the same customer need, BUT w/ a different product
usually companies try to join a substitute threat

26
Q

new entrants

A

new businesses which become rivals

27
Q

what is the power of suppliers a competitive force?

A

suppliers have a lot of control over their companies (raise prices, disrupt supply chain)

28
Q

when it comes to competitive strategy, you can compete on

A

PRICE or QUALITY/ serving a WIDE MARKET or a SMALL NICHE

29
Q

quality in business refers to the

A

perception of quality

30
Q

differentiation

A

Acts in a flexible, loosely knit
way; strong coordination among
departments
Strong capability in basic research
Creative flair, thinks “out of the box”
Strong marketing abilities
Rewards employee innovation
Corporate reputation for quality
or technological leadership

31
Q

cost leadership

A

Strong central authority; tight cost
controls
Maintains standard operating
procedures
Easy-to-use manufacturing
technologies
Highly efficient procurement and
distribution systems
Close supervision; finite employee
empowerment

32
Q

focused differentiation

A

Uses characteristics of differentiation strategy directed at particular target customer
Values flexibility and customer intimacy
Pushes empowerment to employees
with customer contact

33
Q

focused cost leadership

A

Uses characteristics of cost
leadership strategy directed at
particular target customer
Frequent detailed control reports
Measures cost of providing
product or service and maintaining
customer loyalty

34
Q

example firm that uses differentiation

A

Apple

35
Q

example firm that uses overall cost leadership

A

Walmart

36
Q

example firm that uses focused differentiation

A

Godiva

37
Q

example firm that uses focused cost leadership

A

Sam’s Club

38
Q

when looking at the four competitive strategies, you may move cells, such as by expanding your market, but

A

DO NOT MOVE SIDEWAYS (do not go in btwn differentiation and cost leadership)

39
Q

product life cycle

A

intro, growth, maturity, decline

40
Q

growth strategies

A

market penetration
market expansion
product extension
product development

41
Q

market penetration

A

-same market, same product
-e.g. limited promotions, sweepstakes, cheaper prices

42
Q

market expansion

A

-new market, same product
-e.g. new region, new demographic

43
Q

product extension

A

-same market, improved product
-e.g. iPhone 15 (sometimes it is improved, just updated, or slightly different)

44
Q

product development

A

-new product, same market

45
Q

SBU

A

strategic business unit

46
Q

relative market share

A

your market share/market share of your largest competitor

47
Q

goal of BCG matrix

A

manage portfolio of SBU’s, decide on the future of each SBU and company as a whole

48
Q

when using the BCG matrix, for each SBU find

A
  1. relative market share
  2. prospect for industry growth
  3. contribution to company revenue
49
Q

relative market share meaning

A

1=average
>1=dominant
<1=trailing

50
Q

globalization definition

A

refers to the extent to which trade and investments, information, social and cultural ideas, and political cooperation flow between countries.

51
Q

multinational corporation (MNC)

A

typically receives more than 25 percent of
its total sales revenues from operations outside the parent’s home
country.

52
Q

MNC key characteristics

A
  1. managed as an integrated worldwide business
    system in which foreign affiliates act in close alliance and cooperation with one another.
  2. ultimately controlled by a single management
    authority that makes key strategic decisions relating to the parent and all affiliates.
  3. MNC top managers are presumed to exercise a global perspective. They regard the entire world as one market for strategic decisions, resource acquisition, and location of production, advertising, and marketing efficiency.

MGMT (1 decks)

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