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Seminar in Strategic Management > Final 🥲 > Flashcards

Final 🥲 Flashcards

1
Q

differentiation

A

differentiating products by creating something uniuqe

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2
Q

differentiation requirements

A

-products must be valuable and different, with unique attributes
-targets customers in smaller segments
-low volume, high margin
-

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3
Q

cost leadership

A

-little differentiation
-high volume, low margin
-offer better value to customers

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4
Q

cost leadership risks

A

-strategy is imitated too easily
-lack of equality on differentiation
-reduced flexibility
-too much focus on one or a few value chain activities

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5
Q

differentiation risks

A

-uniqueness is not valuable
-too much differentiation
-too high a price premium
-differentiation that is easily imitated

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6
Q

related diversification

A

horizontal relationships

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7
Q

unrelated diversification

A

vertical relationships

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8
Q

how related diversification leads to economies of scope

A

leveraging core competencies, sharing activities

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9
Q

how related diversification leads to market power

A

pooled negotiating power, vertical integration

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10
Q

problems from acquisitions

A

-high takeover premium
-imitable advantages realized and copied synergies
-managers ego
-cultural issues

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11
Q

simple structure

A

-small businesses
-highly centralized
-leader makes all decisions
-oldest and most common
-little specialization

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12
Q

functional structure

A

-specialists in various areas (accounting, marketing, engineering)
-leader manages departments
-single or closely related products
-high production volume
-some vertical integration

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13
Q

functional structure advantages

A

-enhanced coordination and control
-managerial and technical talents used more efficiently
-more opportunities for professional development

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14
Q

divisional structure

A

-organized around products, projects, or markets
-each division has its own specialist
-each division managed by corporate office

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15
Q

divisional advantages

A

-separation of strategic operational control
-quicker responses to changes
-rewards and career paths are linked to the development of general management talent

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16
Q

matrix structure

A

-combo of divisional and functional
-functional departments are combined with product groups
-functional departments work under a project group manager

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17
Q

matrix structure advantages

A

-facilitates the use of specialized personnel, equipment, and facilities
- allows individuals with a high level of
expertise to divide their efforts among multiple projects
-more efficient use of resources

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18
Q

resource similarity

A

the degree to which rivals draw on the same types of resources to compete

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19
Q

5 reasons for competitive actions

A
  • Improve market position
  • Capitalize on growing demand
  • Expand production capacity
  • Provide an innovative new solution
  • Obtain first mover advantages
20
Q

entrepreneur opportunities

A
  • often come from past work experience
    -emerge due to some change in the business environment
21
Q

viable opportunities

A

attractive, achievable, durable, value-creating

22
Q

offshoring

A

when a firm decides to shift an activity that they were previously performing in a domestic location to a foreign location

23
Q

to reduce power of suppliers

A

-increase number of suppliers
-become an important customer of supplier

24
Q

to reduce power of buyers

A

-increase number of buyers
-differentiate products

25
Q

to reduce intensity of rivalry

A

-differentiate products
-lower prices

26
Q

why is it important to consider industry life cycles

A

managers must become even more aware of their firm’s strengths and weaknesses in many areas to attain competitive advantages

27
Q

maintaining

A

refers to keeping a product going without significantly reducing marketing support, technological development, or other investments in the hope that competitors will eventually leave the market

28
Q

harvesting

A

involves obtaining as much profit as possible and requires that costs in the decline stage be decreased quickly

29
Q

exiting

A

involves dropping the product from a firm’s portfolio

30
Q

consolidating

A

one firm acquiring the best of the surviving firms in an industry at a reasonable price

31
Q

international strategy

A

A firm without a strong emphasis on either differentiating their product and service offerings in order to adapt to local markets or on lowering costs

32
Q

global strategy

A

A firm whose emphasis is on lowering costs

33
Q

multidomestic strategy

A

emphasis is on differentiating their product and service offerings in order to adapt to local markets

34
Q

transnational strategy

A

strive to optimize the trade-offs associated with efficiency, local adaptation, and learning

35
Q

restructuring

A

corporate office tries to find either poorly performing firms with unrealized potential or firms in industries on the threshold of significant, positive change

36
Q

above average returns

A

means good investment

37
Q

G7

A

canada, france, germany, italy, japan, uk, us

38
Q

BRICS

A

brazil, russia, india, china, south africa

39
Q

NAFTA

A

north american free trade agreement, canada, mexico, us

40
Q

conglomerate

A

company that owns multiple diff businesses in diff industries

41
Q

economies of scale

A

spreading the costs of production over the number of units produced

42
Q

switching costs

A

costs when buyer/supplier switches to another buyer/seller

43
Q

strategic groups

A

help to identify mobility barriers, marginal competitive position, the firms’ strategies, industry trends

44
Q

primary activities

A

inbound logistics, operations, outbound logistics, marketing/sales, service

45
Q

support activities

A

procurement, technology, HR management, general admission

46
Q

triple bottom line

A

assessment of environmental, social, and financial performance

Seminar in Strategic Management (2 decks)

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