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WPC 480 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Strategy

A

the set of goal-directed actions a firm takes to gain and sustain superior performance relative to competitors

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2
Q

Strategy is a combination of…

A

plan and action oriented towards a goal

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3
Q

3 specific elements of strategy

A

analysis, formulation, and implementation

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4
Q

Analysis

A

strategic leadership

  • ->external analysis
  • ->internal analysis
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5
Q

Formulation

A

business strategy

corporate strategy

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6
Q

Implementation

A

org design

corporate governance

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7
Q

Stakeholders

A

organizations, groups, and individuals that can affect or are affected by a firm’s actions

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8
Q

External Shareholders

A

customers, suppliers, alliance partners, creditors, unions, communities, governments, media

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9
Q

Internal Shareholders

A

employees, stockholders, board members

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10
Q

Philanthropic Responsibilities

A

Corporate citizenship

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11
Q

Ethical Responsibilities

A

Do what is right, just, and fair

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12
Q

Legal Responsibilities

A

Laws and regulations are society’s codified ethics

Define minimum acceptable standard

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13
Q

Economic Responsibilities

A

Gain and sustain competitive advantage

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14
Q

Mission

A

what an organization does and why it exists, sometimes called the purpose statement

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15
Q

Vision

A

what an organization wants to accomplish/ become

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16
Q

Values

A

what an organization believes in

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17
Q

Top-Down

A

a rational, data-driven strategy process through which top management attempts to program future success

18
Q

Emergent

A

any unplanned strategic initiative often bubbling up from the bottom of the organization

19
Q

Realized

A

combination of intended and emergent strategy

20
Q

Three views of performance

A 
financial performance
--accounting
--market
--economic
balanced scorecard
triple bottom line
21
Q

Limitations of accounting measures

A

backward looking
do not capture “off-balance sheet” items
focus on tangible assets and struggle to capture value of intangibles

22
Q

Limitations on market measures

A

highly volatile and subject to growing expectations
macroeconomic factors not controlled by managers
psychological mood of investors (irrational)

23
Q

Balanced scorecard

A

harnesses multiple internal and external metrics

24
Q

Advantages of the balanced scorecard

A

considers intangibles and easily translates into action

25
Q

Disadvantages of the balances scorecard

A

difficult to decide which metrics to use

26
Q

Pestel Framework

A 
External Environment:
political 
economic
sociocultural
technological
ecological
legal
27
Q

Porter’s Five-Forces Framework

A 
threat of new entrants
bargaining power of buyers
threat of substitute products or services
bargaining power of suppliers
-->rivalry among existing competitors
28
Q

The Resource-Based View

A

considers all resources (tangible and intangible) capabilities, and competencies

29
Q

Which resources/capabilities are key for sustained competitive advantage?

A 
Those that are:
Valuable
Rare 
Costly to Imitate
Organizationally embedded
30
Q

Is it valuable?

A

Yes, continue to Rare

No, competitive disadvantage

31
Q

Is it rare?

A

Yes, continue to costly to imitate

No, competitive parity

32
Q

Is it costly to imitate?

A

Yes, continue to organized to capture value

No, temporary competitive advantage

33
Q

Is it organized to capture value?

A

Yes, sustained competitive advantage

No, temporary competitive advantage

34
Q

Sustained competitive advantage

A

The firm has found a resource, capability, or competency that is valuable, rare, and costly to imitate and has used it to organize themselves so it will capture value

35
Q

Strategic Trade-Off

A

Cost vs. Value

36
Q

Cost Leadership

A

competitive scope is broad and strategic position cost is low

37
Q

Focused Cost Leadership

A

competitive scope is narrow and strategic position cost is low

38
Q

Differentiation

A

competitive scope is broad and strategic position is differentiation

39
Q

Focused Differentiation

A

competitive scope is narrow and strategic position is differentiation

40
Q

Blue Ocean Strategy

A

Is in the middle, it is low cost while still being differentiated

41
Q

Stuck in the Middle

A

Is in the middle by trying to differentiate and be low cost but has failed to make it work and now cant find a new/change their strategy

WPC 480 (3 decks)

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