Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Strategic Management > Final Exam > Flashcards

Final Exam Flashcards

1
Q

What is the most important concept to understand if you want to succeed in business?

A

Value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Value

A

The subjective weight is assigned to an object, concept, or experience. The most important idea in business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

How many pieces are there of value?

A

4

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

How many traits are there of value?

A

2

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are the 4 pieces of value?

A
  • Subjective
  • Weight
  • Assigned
  • Target
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Subjective

A

Opinion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Weight is

A

Importance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Assigned

A

By whom?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Target

A

Object, concept, experience, etc

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

2 traits of value

A
  • Malleable
  • Not necessarily logical
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What does malleable mean?

A

Changeable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

How is marketing related to value?

A

Pricing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

How is management related to value?

A

Maslow’s hierarchy of needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

How is finance related to value?

A

Commodities exchanges

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

How is accounting related to value?

A

Depreciation schedules

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

How is information systems related to value?

A

Double the bandwidth but costs 4x the price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is strategy?

A

A general plan to achieve one or more goals under conditions of uncertainty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What are the 4 types of strategic analysis?

A
  • General Environment
  • Industry
  • Competitor
  • Internal
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is General Environmental Analysis?

A

Focuses on the trends, predict the segments that you expect to have the most influence on your firm in the next several years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

7 segments of the general environment

A
  1. Demographic
  2. Economic
  3. Political/legal
  4. Sociocultural
  5. Technological
  6. Global
  7. Physical
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Industry Analysis

A

Understanding your position relatives to other companies in your industry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Competitor Analysis

A

Analyzing each of the firm’s primary competitors. Should identify competitors’ current strategies, strategic mission, capabilities, core competencies and a competitive response profile

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Internal analysis

A

The process of examining an organization’s strengths and weaknesses. Determining how external factors affect your firm.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What are the 3 elements of strategy?

A
  • Plan
  • Goals
  • Uncertainty
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Analysis

A

(History)
- Breaking things down
- “What happened?”
- Explaining/ Telling
- Looking back

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Synthesis

A

(Future)
- Combining things
- “What happens now?”
- “How?”
- Proposing/ creating
- Looking ahead

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

How much of the market share does coke own?

A
  • 45%
  • # 1 in the industry
  • 25 subsidiaries
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

What are trends of the beverage industry?

A

Leaning toward more nutritional drinks, low calorie drinks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Who is Dr. Pepper owned by?

A

Keurig

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

What are the projections for the beverage industry

A
  • The market is expected to grow annually by 2.3%
  • Volume is expected to decrease by 2.5% for both
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

What is Pepsi’s market share?

A

25.9% with 23 subsidiaries

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

What percent of beverages at ACU go through Chart wells?

A

99%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

How long are contracts with either coke or pepsi?

A

5 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

How long has ACU been with Pepsi?

A

1987

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

What percent of gross sales do we get from vending machines?

A

45%

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

What is ACU’s objective with the proposal?

A

Find best financial offer that meets the needs of the community

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

What makes Coke more desirable?

A

Diet Coke, Minute Maid, financial offer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Dr. Pepper

A

Both can pour fountain, but only Pepsi can vend it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

What is the #1 drink dispensed at the bean?

A

Dr. Pepper

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

How much was the soft drink market worth in 2016?

A

250 Billion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

How many serving of soda does the average person drink in a year?

A

600 servings

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

How much is the soda market projected to be worth in 2025?

A

388 Billion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
43
Q

How many gallons of soda does the average person drink a year?

A

41 gallons

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
44
Q

What is the product life cycle?

A
  • Introduction
  • Growth
  • Maturity
  • Decline
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
45
Q

What is SWOT analysis?

A

Internal- Strengths, weaknesses
External- Opportunities, threats

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

What is the PESTEL analysis?

A
  • Political
  • Economic
  • Social
  • Technological
  • Environmental
  • Legal
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

Porter’s Generic Strategies

A
  • Cost leadership
  • Differentiation
  • Cost focus
  • Differentiation focus
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
48
Q

What initiatives does Dr. Crisp have for COBA for 2022?

A
  • Strengthen and grow academic programs (data management courses)
  • Student development beyond the class room
  • Upgrading building and facilities
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
49
Q

What is the Black Swan?

A
  • a surprise event, to the observer, that has a major effect
  • It is then rationalized as something that should have been foreseen and prevented
  • It is also generally seen as negative
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

How does one prepare for a black swan?

A

Plan broadly, stay flexible, and monitor relevant segments of the environment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

What is the cost leadership strategy?

A

Focus on increasing profits by lowering operation costs and beating competitor on costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

What is differentiation?

A

Making your product or service unique to others, sales and marketing play huge role

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

What is a focus strategy?

A

Developing a specialized product for a niche market, need to understand the market that you’re selling to

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

Step 1: To choosing the right strategy

A

SWOT analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

Step 2: To choosing the right strategy

A

Use 5 forces analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

Step 3: To choosing the right strategy

A

Compare SWOT to 5 forces, select segment that gives you strongest options

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
57
Q

If you could cover one strategic model what would it be?

A

Competitive advantage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
58
Q

Consumers make value-based decisions on what?

A

Trade offs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
59
Q

Why do we use Porter’s generic strategies?

A

To segment large markets and identify market gaps

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
60
Q

RNR means

A

Revise and Resubmit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
61
Q

Choosing how to choose is what?

A

Our first choice

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
62
Q

What is optimizing?

A

The best outcome

63
Q

Time for optimizing is

A

High

64
Q

Quality for optimizing is

A

High

65
Q

What is settling?

A

Just want to be done

66
Q

Time for settling is

A

Medium

67
Q

Quality for settling is

A

Low

68
Q

What is Satisficing?

A

Choosing a good enough alternative, meets your needs

69
Q

Time for satisficing is

A

low

70
Q

Quality for satisficing is

A

High enough

71
Q

Frustration for optimizing is

A

high

72
Q

Frustration for settling is

A

high

73
Q

Frustration for satisficing is

A

low

74
Q

Reasons we use satisficing:

A

Time and effort are expenses, we acknowledge the myth of perfection

75
Q

Creating an advertising campaign which increases sales as much as possible is an example of what?

A

Optimizing

76
Q

Using a campaign most people sort of like is an example of what?

A

Settling

77
Q

Defining “Good enough criteria” is an example of what?

A

Satisficing

78
Q

Strengths

A

What you do well, qualities that separate you from competitors, internal resources

79
Q

Weaknesses

A

Things you don’t have, things your competitors do better than you

80
Q

Opportunities

A

Undeserved markets for specific products, few competitors in your area, emerging need for your product

81
Q

Threats

A

Emerging competitors, changing environment, negative press coverage, brand reputation

82
Q

How to classify items for SWOT

A
  • Is it internal or external?
  • Is it positive or negative for us?
  • Attend to big things
  • Seek council when unsure
83
Q

SWOT errors

A
  • Mis-assessing internal/external guessing
  • False assumptions
  • Missed links between opportunities and strengths
84
Q

MKTG

A

Technology adoption curve/ hype curve

85
Q

MGMT

A

Succession planning, what to do if CEO leaves

86
Q

FIN

A

McDonald’s seasonal mcrib sales

87
Q

IS

A

Moore’s Law

88
Q

Why do we use PESTEL analysis?

A

To assess trends and events in the external environment

89
Q

War is an example of what?

A

Political

90
Q

New cheaper battery is an example of what?

A

Technology, economic, environmental

91
Q

Legal marijuana is an example of what?

A

Environmental

92
Q

Average # of children falls is an example of ?

A

Social and environmental

93
Q

Product development comes before what?

A

The introduction

94
Q

Potential benefits of product development

A
  • Predict sales/ uptake
  • Evolve marketing over time
  • Manage aging products
  • Plan for new products
95
Q

Potential caveats of product development

A
  • A general estimate only
  • Assumes profit is possible
  • Every product curve is potentially unique
96
Q

Porter’s Five Forces

A
  • Threat of entry and mobility
  • Threat of substitute
  • Supplier power
  • Buyer power
  • Competitive rivalry
97
Q

Tech adoption life cycle

A
  • Innovators
  • Early adopters
  • Early majority
  • Late majority
  • Laggards
98
Q

Innovators

A

AKA tech enthusiasts, first to get a new product

99
Q

What percent is innovators?

A

2.5%

100
Q

Early adopters

A

aka visionaries, least price sensitive group

101
Q

What percent are the early adopters?

A

13.5%

102
Q

Early majority

A

aka pragmatists, follow whatever the trend is

103
Q

What percent is early majority?

A

34%

104
Q

Late majority

A

aka conservatives, will only buy from well established companies

105
Q

What percent is late majority?

A

34%

106
Q

Laggards

A

aka skeptics, will not buy

107
Q

What percent is the laggards?

A

16%

108
Q

Where is the chasm?

A

Between early adopters and early majority

109
Q

What makes up the early market?

A

Innovators and early adopters

110
Q

What makes up the mainstream market?

A

early majority, late majority and laggards

111
Q

Value

A

The total amount buyers will pay for the firm’s product

112
Q

Margin

A

Customer is willing to pay more than sum of activity costs in value chain

113
Q

Why do we use the TAC

A
  • Plan for/ manage growth
  • Use data to predict
  • Shape MKTG message
  • Know when to get out
114
Q

Value Chain Analysis

A

Views a firm as a series of business processes that each add value to the product or service

115
Q

Primary activities

A
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
116
Q

Secondary/ Support activities

A
  • Firm infrastructure
  • HR management
  • Technology development
  • Procurement
117
Q

Why use VCA?

A
  • To improve efficiency
  • Benchmarks
  • Customer contact
  • To eliminate $ losing operations
118
Q

First mover

A
  • an organization that’s first to bring product innovation to the market
  • Don’t over-estimate FMA, expect to be attacked, have an innovation roadmap
119
Q

Second mover is aka?

A

Fast follower

120
Q

Fast follower advantages

A
  • More likely to win
  • Don’t need to be the first mover to the market
  • Know what the market is for the products
  • Use your existing place in the market/ existing resources to promote your new product
121
Q

Second movers

A

Improve, don’t just copy, stay nimble and monitor environment closely

122
Q

Late movers

A

unlikely to generate competitive returns

123
Q

Gartner Hype Cycle

A
  • Innovation Trigger
  • Peak of inflated expectations
  • Trough of Disillusionment
  • Slope of enlightenment
  • Plateau of Productivity
124
Q

Root cause analysis

A

Continue asking the “why” questions until you get to the root of the problem

125
Q

What is benchmarking?

A

Measure our performance against a standard

126
Q

What is internal benchmarking?

A

The comparison of one function within your organization to another function within your organization

127
Q

What is competitive benchmarking?

A

The comparison of an organization’s processes with those of competing organizations

128
Q

What is strategic benchmarking?

A

Comparing firm competitiveness along several dimensions, against something world class

129
Q

What are the 8 steps to benchmarking?

A
  1. Who
  2. What
  3. Document
  4. Data
  5. Compare
  6. Plan
  7. Implement
  8. Repeat
130
Q

Why do we benchmark?

A

To improve performance and identify negative trends or competitive disadvantages

131
Q

GIGO

A

Garbage in, Garbage out

132
Q

Ideal

A

Good data, good model, useful results

133
Q

Synergy

A

the hole is greater than the sum of the parts

134
Q

God calls business to

A

Realignment

135
Q

What are the two big topics covered in the God and business video

A

Purpose and practice

136
Q

What is purpose

A

to create opportunities to engage people in their God given abilities

137
Q

Business exists to serve

A

Internally and externally

138
Q

What does profit mean?

A

the means for attracting the capital and allowing businesses to serve

139
Q

Profit is a

A

tool and not the end goal

140
Q

Capital is there for the company to

A

serve

141
Q

Money is a tool to

A

do good and do no harm along the way

142
Q

Porter’s five forces are

A
  • Competitive rivalry
  • Supplier power
  • Buyer power
  • Threat of substitution
  • Threat of new entrants
143
Q

Supplier power is?

A

The ability of suppliers to drive up prices of your inputs or raw materials

144
Q

What is buyer power?

A

The strength of your customers to drive down your prices

145
Q

What is threat of subsitution?

A

The extent to which different products and services can be used in a place of your own

146
Q

What is threat of New entrants?

A

The ease with which new competitors can enter the market and potentially drive down your prices

147
Q

What is a corporation?

A

A business owned by stockholders who share in its profits but are not personally responsible for its debts

148
Q

Dodge Brothers vs. Ford motor

A

Dodge bros take ford to court to raise prices and dividends- ruling was the business decisions are not ruling of the court

149
Q

What is a corporation’s sole purpose?

A

to provide profit to shareholders

150
Q

CEOs say maximizing shareholder value

A

is not the most important

151
Q

What is the Triple bottom line

A

People, Profit, planet

152
Q

What is white night?

A

someone who comes in to help last minute

153
Q

What are poison pills?

A

Refers to a defense tactic used by a target company to prevent or discourage a potential hostile takeover

154
Q

What are the 3 P’s?

A

People, purpose, perspective

Strategic Management (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions