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Strategic Management > Finals > Flashcards

Finals Flashcards

1
Q

A plan designed to achieve a long-term aim

A

Strategy

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2
Q

The planning and directing of military activity in a war or battle.

A

Strategy

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3
Q

The pattern or plan that integrates a nation’s or organization’s major goals, policies, and action sequences into a chosen whole.

A

Strategy

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4
Q

The way or plan of attaining technological goals and technological changes

A

Technology Strategy

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5
Q

Formulated at the national level and at the enterprise level

A

Technology Strategies

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6
Q

Technology Strategies are formulated at which levels?

A

National and Enterprise

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7
Q

Involves externalized oriented strategy

A

Techonology Strategy at National Level

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8
Q

Strategy that aims at seeking technological development with an objective to tap external market

A

Techonology Strategy at National Level

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9
Q

Technology Strategy at National Level aims at seeking tech development with an objective to?

A

Tap external market

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10
Q

Has a restricted role for FDI

A

Techonology Strategy at National Level

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11
Q

This seeks to foster or encourage indigineous technology development

A

Techonology Strategy at National Level

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12
Q

An example of this is developing domestic technology capabilities in general or in selected strategic industries

A

Techonology Strategy at National Level

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13
Q

Some examples are minority joint ventures with minor share to collaborator, tech assistance to domestic firms, and encouraging import of capital goods

A

Techonology Strategy at National Level

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14
Q

A formal set of enterprise intentions that allocates available resources and sets priorities based on clearly stated technological and enterprise objectives and a perceived environment in which ths process is to be embedded. (Bentz, Martino, & Mintzberg)

A

Techonology Strategy at Enterprise Level

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15
Q

What are the 3 factors that influence an enterprise’s technology strategy? (Porter)

A

1) Sustainability of technological lead: Technological leadership can be sustained only if competitors cannot copy it.

2) First mover advantages: Enterprise gets many advantages like increased reputation, pre-empting competition, early profits, new sales etc. (Lakas ng companies when releasing new products)

3) First mover disadvantages: Certain disadvantages and risks can adversly affect the first mover like cost of regulatory approvals, cost of educating buyers, demand uncertainty, low cost imitation by competitors, risk of technological discontinuities of existing technology / products / processes. (Challenges: Government regulations)

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16
Q

Based on factor analysis, an enterprise may adopt any of the following tech strategies:

A

1) Technology Leadership Strategy – Under this strategy, a firm seeks to be the first to introduce technological changes / innovations.

2) Technology Followership Strategy – A conscious & active strategy, by which a firm chooses not to be first on innovations.

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17
Q

Technological leadership can be sustained only if competitors cannot copy it.

A

Sustainability of technological lead

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18
Q

Enterprise gets many advantages like increased reputation, pre-empting competition, early profits, new sales etc. (Lakas ng companies when releasing new products)

A

First mover advantages

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19
Q

Certain disadvantages and risks can adversly affect the first mover like cost of regulatory approvals, cost of educating buyers, demand uncertainty, low cost imitation by competitors, risk of technological discontinuities of existing technology / products / processes. (Challenges: Government regulations)

A

First mover disadvantages

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20
Q

What directly influences technology generation in a nation?

A

The government technology policy framework

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21
Q

What sets the direction for technology development in the organization and to some extent also influences the same of competitors?

A

The technology strategy of the organization

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22
Q

Technology develops through a process of?

A

Creativity, Invention, and Innovation.

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23
Q

At which level is generation of technology both an individual & group activity, but its management is solely an organizational responsibility and activity?

A

Organizational/Enterprise Level

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24
Q

T or F. At organizational / enterprise level, generation of technology is an organizational responsibility and activity, but its management is both individual and group activity.

A

F.

Generation of tech is both an individual and group activity but management is solely an organizational responsibility and activity.

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25
Q

What summarizes four major stages in the evolution of performance characteristics?

A

S Curve of Technology Evolution

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26
Q

What are the four major stages in the evolution of performance characteristics?

A

1) Emergence: when the new technology comes into existence, but shows little improvement in its performance characteristics (takes time before it fully develops)

2) Rapid Improvement: When performance characteristics improve at an accelerating pace

3) Declining Improvement: When the pace of improvement declines (decline due to environment)

4) Maturity: When further improvements become very difficult to achieve

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27
Q

This stage is when the new technology comes into existence, but shows little improvement in its performance characteristics (takes time before it fully develops)

A

Emergence

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28
Q

This stage is when performance characteristics improve at an accelerating pace.

A

Rapid Improvement

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29
Q

This stage is when the pace of improvement declines (decline due to environment).

A

Declining Improvement

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30
Q

This stage happens when further improvements become very difficult to achieve.

A

Maturity

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31
Q

S Curve Technological Evolution occurs due to:

A

1) Learning processes – which, in the first stage, generates more or less stable design and process and in the second stage generates rapid improvements (when introducing new processes, give time for employees to adjust / learning curve)

2) Technology Limits – Once a technology reaches full potential, technology limits come into play during later stages. These technology limits are also known as Technology Frontiers – as called by Dosi. In later stages, radical breakthrough occurs, as a result new technology emerges which replaces existing technology, This is known as Technology Progression

3) The performance of the newer technology initially is lower than that of the older technology, but because of their relative positions on their respective S-curves, the performance of the newer technology soon surpasses that of the older

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32
Q

In the first stage, generates more or less stable design and process and in the second stage generates rapid improvements (when introducing new processes, give time for employees to adjust / learning curve)

A

Learning Processes

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33
Q

Once a technology reaches full potential, this come into play during later stages.

A

Technology Limits

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34
Q

These technology limits are also known as ________ as called by Dosi.

A

Technology Frontiers

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35
Q

In later stages, radical breakthrough occurs, as a result, new technology emerges which replaces existing technology

A

Technology Progression

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36
Q

Concerns the selection and management of a mix of businesses competing in several industries or product markets.

A

Corporate Level Strategy

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37
Q

It is the way a company creates value through the configuration and coordination of multi-market activities.

A

Corporate Level Strategy

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38
Q

T or F. To add economic value, a corporate strategy should enable a company, or one of its business units, to perform one or more of the value creation functions at a higher cost, or in a way which supports a differentiation advantage.

A

F.

Value creation functions should be at a lower cost.

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39
Q

What are the two issues that a manager needs to separate in order to avoid confusion on the vertical coordination problem?

A

1) Issue #1: What is the objective for vertical coordination? Or put differently, what efficiencies, risk sharing, or market power advantage are being sought?

2) Issue #2: What organization form (e.g. vertical contracts, equity joint ventures, mergers & acquisitions) best achieves the desired objective/s?

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40
Q

What are the 2 major reasons to do vertical integration?

A

Market Power (Increase Revenue)
Efficiency (Lower Cost)

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41
Q

1) Specialized assets & the holdup problem
2) Protecting product quality
3) Improved scheduling

These fall under what reason for vertical integration?

A

Efficiency (Lower Cost)

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42
Q

1) Entry Barriers
2) Down-stream price maintenance
3) Up-stream power over price

These fall under what reason for vertical integration?

A

Market Power (Increase Revenue)

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43
Q

In optimal input procurement, if there is no substantial specialized investments relative to contracting costs, what occurs/must be done?

A

Spot Exchange

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44
Q

In optimal input procurement, if there is a substantial specialized investment relative to contracting costs, AND there is no complex contracting environment relative to costs of ingtegration, what occurs/must be done?

A

Contract

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45
Q

In optimal input procurement, if there is a substantial specialized investment relative to contracting costs, AND there is a complex contracting environment relative to costs of integration, what occurs/must be done?

A

Vertical Integration

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46
Q

What are the 3 risks in undertaking cooperative agreements or strategic alliances?

A

1) Adverse Selection
2) Moral Hazard
3) Holdup

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47
Q

Which risk in undertaking cooperative agreements or strategic alliances occurs when partners misrepresent skills, ability, and other resources?

A

Adverse Selection

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48
Q

Which risk in undertaking cooperative agreements or strategic alliances occurs when partners provide lower quality skills and abilities than they had promised?

A

Moral Hazard

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49
Q

Which risk in undertaking cooperative agreements or strategic alliances occurs when partners exploit the transaction specific investment made by others in the alliance?

A

Holdup

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50
Q

What are the 3 motivations for diversification?

A

1) Value Enhancing Motives
2) Motives that are “Value Neutral”
3) Motives that “Devaluate”

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51
Q

Which motivation for diversification increases market power and involves R&D and new product development?

A

Value Enhancing Motives

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52
Q

In value enhancing motives, what do you call the development or developing or new competencies?

A

Stretching

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53
Q

In value enhancing motives, what do you call the transfer or transferring of core competencies?

A

Leveraging

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54
Q

What are the 3 examples of transferring core competencies?

A

1) Utilizing excess capacity
2) Economies of Scope
3) Leveraging Brand Name

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55
Q

Which motivation for diversification involves being motivated by poor economic performance in current businesses?

A

Motivations that are “Value Neutral”

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56
Q

Which motivation for diversification involves agency problems, managerial capitalism (empire building), maximizing management compensation, and sales growth maximization?

A

Motivations that “Devaluate”

57
Q

What are the 2 issues of diversification?

A

Issue #1: When there is a reduction in managerial (employment) risk, then there is upside and downside effects for stockholders

Issue #2: There may be no economic value to stockholders in diversification moves since stockholders are free to diversify by holding a portfolio of stocks. No one has shown that investors pay a premium for diversified firms — in fact, discounts are common.

58
Q

T or F. A downside effect of reduction in managerial employment risk is when top-level managers may have the economic incentive to diversify to a point that is detrimental to stockholders.

A

T

59
Q

T or F. A downside effect of reduction in managerial employment risk is when top-level managers may have the economic incentive to diversify to a point that is detrimental to stockholders.

A

T

60
Q

T or F. An upside of reduction in managerial employment risk is managers will be more willing to learn firm-specific skills that will improve the productivity and long-run success of the company (to the benefit of stockholders).

A

T

61
Q

A strategy through which two firms agree to integrate their operations on a relatively co-equal basis because they have resources and capabilities that together may create a stronger competitive advantage.

A

Merger

62
Q

A strategy through which one firm buys a controlling or 100 percent interest in another firm with the intent of using a core competence more effectively by making the acquired firm a subsidiary business within its portfolio.

A

Acquisition

63
Q

A type of an acquisition strategy wherein the target firm did not solicit the acquiring firm’s bid.

A

Takeover

64
Q

What are reasons for acquisition?

A

1) Increased market power
2) Overcome entry barriers
3) Cost of new product development
4) Increased speed to market
5) Lower risk compared to developing new products
6) Increased diversification
7) Avoid excessive competition

65
Q

What are problems in achieving success of an acquisition?

A

1) Integration difficulties
2) Inadequate evaluation of target
3) Large or extraordinary debt
4) Inability to achieve synergy
5) Too much diversification
6) Managers overly focused on acquisition
7) Too large

66
Q

What are the attributes of effective acquisition?

A

1) Complementary Assets / Resources
2) Friendly Acquisitions
3) Careful Selection Process
4) Maintain Financial Slack

67
Q

Which attribute of effective acquisition involves buying firms with assets that meet current needs to build competitiveness?

A

Complementary Assets / Resources

68
Q

Which attribute of effective acquisition involves friendly deals that make integration go more smoothly?

A

Friendly Acquisitions

69
Q

Which attribute of effective acquisition involves deliberate evaluation and negotiations are more likely to lead to easy integration and building synergies?

A

Careful Selection Process

70
Q

Which attribute of effective acquisition involves providing enough additional financial resources so that profitable projects would not be foregone?

A

Maintain Financial Slack

71
Q

T or F. If an industry is generally known to be highly profitable, there will not be as much firms bidding on the assets already in the market.

A

F.

There will be many firms bidding.

72
Q

This occurs when the most optimistic bidder usually over-estimates the true value of the firm.

A

Winner’s Curse

73
Q

Under what scenarios can the bidder do well?

A

1) Luck
2) Asymmetric Information
3) Specific-synergies between the bidder and the target

74
Q

This scenario eliminates the competitive bidding premise implicit in the “efficient market hypothesis”

A

Asymmetric Information and/or Specific-synergies between the bidder and the target

75
Q

Economic benefits from performing a value creation activity in the optimal location

A

Location Economies

76
Q

Effects of location economies

A

Can lower costs
Can enable differentiation

77
Q

Caveats of location economies

A

Transportation costs and trade barriers
Political and economic risks

78
Q

Serving a global market from one or a few plants is consistent with moving down the experience curve and establishing a low-cost position

A

Experience Curve

79
Q

Companies with distinctive competencies can realize large returns by expanding to global markets where competitors lack similar competencies and products

A

Transferring Distinctive Competencies

80
Q

Competencies can be created anywhere within a multinational’s global network of operations

A

Leveraging the Skills of Global Subsidiaries

81
Q

Managers must establish an incentive system to encourage local employees to acquire new competencies

A

Leveraging the Skills of Global Subsidiaries

82
Q

Managers must have processes in place to identify valuable new competencies and help transfer them within the company

A

Leveraging the Skills of Global Subsidiaries

83
Q

What are the 2 pressures firms usually face when competing in the global market?

A

Pressures for Cost Reductions and Local Responsiveness

84
Q

This is when companies produce commodity products where differentiation on nonprice factors is difficult and price is the main competitive weapon

A

Pressures for Cost Reductions

85
Q

This is where competitors are based in low-cost location and there is persistent excess capacity.

A

Pressures for Cost Reductions

86
Q

This is where consumers are powerful and face low switching costs and involves the liberalization of the world trade and investment environment.

A

Pressures for Cost Reduction

87
Q

This occurs when there are differences in customer tastes and preferences, infrastructure and traditional practices, distribution channels, and host government demands

A

Pressures for Local Responsiveness

88
Q

What are the 3 differences for pressures for local responsiveness?

A

Differences in:
1) customer tastes and preferences
2) infrastructure and traditional practices
3) distribution channels

89
Q

What are the 4 basic strategies in choosing a global strategy?

A

1) Global
2) Transnational
3) International
4) Multidomestic

90
Q

This strategy is best for high pressures for C.R. and low pressures for L.R.

A

Global Strategy

91
Q

This strategy is best for high pressures in C.R. and high pressures in L.R.

A

Transnational Strategy

92
Q

This strategy is best for low pressures in C.R. and low pressures in L.R.

A

International Strategy

93
Q

This strategy is best for low pressures in C.R. but high pressures in L.R.

A

Multidomestic Strategy

94
Q

Which strategy involves creating value by transferring competencies and products to foreign markets where indigenous competitors lack those competencies and products

A

International

95
Q

Which strategy makes sense if a company has a valuable competence that indigenous competitors in foreign markets lack and if it faces weak pressure for local responsiveness and cost reductions

A

International

96
Q

Which strategy occurs in developing a business model that allows a company to achieve maximum local responsiveness and companies may become too decentralized and lose the ability to transfer skills and products

A

Multidomestic

97
Q

Which strategy is focusing on increasing profitability by reaping cost reductions that come from experience curve effects and location economies; pursuing a low-cost strategy on a global scale

A

Global

98
Q

Which strategy is simultaneously seeking to lower costs, be locally responsive, and transfer competencies in a way consistent with global learning

A

Transnational

99
Q

A disadvantage of this strategy is the lack or local responsiveness, inability to realize location economies and failure to exploit experience curve effects

A

International

100
Q

An advantage of this strategy is the ability to customize product offerings and marketing in accordance with local responsiveness

A

Multidomestic

101
Q

A disadvantage of this strategy is the inability to realize lcoation economies, failure to exploit experience curve effects, and failure to transfer distinctive competencies to foreign markets

A

Multidomestic

102
Q

An advantage of this strategy is the ability to exploit experience curve effects and location economies

A

Global

103
Q

A disadvantage of this strategy is lack of local responsiveness

A

Global (but also international)

104
Q

An advantage of this strategy is the ability to exploit experience curve effects exploit location economises, customize product offerings and marketing in accordance with local responsiveness, and is reaping the benefits of global learning

A

Transnational

105
Q

A disadvantage of this strategy is difficulties in implementation due to organizational problems

A

Transnational

106
Q

What are the four basic entry decisions?

A

1) Assessment of long un profit potential
2) Balancing the benefits, costs, and risks associated with doing busienss in a country
3) Timing of entry
4) Scale of entry and strategic commitments

107
Q

T or F. Basic Entry Decisions involve which overseas markets to enter.

A

T

108
Q

A function of economic development and political stability

A

Balancing the benefits, costs, and risks associate with doing business in a country

109
Q

A function of the size of the market, purchasing power of consumers, the likely future purchasing power of consumers

A

Assessment of long-run profit potential

110
Q

Entering on a large scale is a strategic commitment, both positive and negative and involves the benefits and drawbacks of small-scale entry

A

Scale of entry and strategic commitments

111
Q

What are the choice of entry modes?

A

1) Exporting
2) Licensing
3) Franchising
4) Joint ventures
5) Wholly-owned subsidiaries
6) Choosing Among Entry Modes

112
Q

An advantage of this entry mode is ability to realize location and experience curve economies

A

Exporting

113
Q

A disadvantage of this entry mode ks high transport costs, trade barriers, and problems with local marketing agents

A

Exporting

114
Q

An advantage of this entry mode is low ddvelopment costs and risks

A

Licensing (and Franchising)

115
Q

A disadvantage of this entry mode is inability to realize location and experience curve econkmies and inability to engage in global strategic coordination

A

Licensing

116
Q

A disadvantage of this entry mode is inability to engage in global strategic coordination and lsck of control over quality

A

Franchising

117
Q

An advantage of this entry mode is access to local partner’s knowledge, shared development costs and risks, and political dependency

A

Joint venture

118
Q

A disadvantage of this entry mode is inabilitg to engage in global startegic coordination, inability to realize location and experience curve economies and lack of control over technology

A

Joint venture

119
Q

An advantage of this entry mode is protection of technology, ability to engage in global trategic coordination, and ability to realize location and experience curve economies

A

Wholly owned subsidiaries

120
Q

A disadvantage of this entry mode is just high costs and risks

A

Wholly owned subsidiaries

121
Q

Franchising, joint ventures, subsidiaries

A

Management competency

122
Q

Wholly-owned subsidiary is preferred over licensing and joint ventures

A

Technological competency

123
Q

Exporting and wholly-owned subsidiaries

A

Great pressure for cost reductions

124
Q

Advantages of global strategic alliances

A

1) Facilitate entry into a foreign market
2) Share fixed costs and associated risks
3) Bring together complementary skills and assets
4) Set technological standards to the industry

125
Q

Disadvantages of global strategic alliances

A

Give competitors a low-cost route to gain new technology and market access

126
Q

T or F. A good partner helps the company achieve strategic goals, shares the firm’s vision for the purpose of the alliance, and is unlikely to try to exploit the alliance to its own ends

A

T

127
Q

The probability of opportunism by ana lliance partner is reduced by

A

1) “Walling off” critical technology
2) Establishing contractual safeguards
3) Agreeing to swap valuable skills and technologies
4) Seeking credible commitments

128
Q

A self regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of society, including economic, social and environmental.

A

Corporate Social Responsibility (CSR)

129
Q

In the ordinary course of business, a company is operating in way that enhance society and the environment instead of contributing negatively in them.

A

CSR

130
Q

T or F. For a company to be socially responsible, it first needs to be accountable to itself and its shareholders

A

T

131
Q

T or F. Companies that adopt CSR programs have often grown their business to the point where they can give back to society. Thus, CSR is typically a strategy that’s implemented by large corporations. After all, the more visible and successful a corporation is, the more responsibility it has to set standards of ethical behavior for its peers, competition, and industry.

A

T

132
Q

What are the Types of CSR?

A

Philantrophic Responsibility (Be a good corporate citizen)
Ethical Responsibility (Be ethical)
Legal Responsibility (Obey the law)
Economic Responsibility (Be profitable)

133
Q

The by system of rules, practices, and processes which a firm is directed and controlled. Corporate governance essentially involves balancing the interests of a company’s many stakeholders, such as shareholders, senior management executives, customers, suppliers, financiers, the government, and the community.

A

Corporate Governance

134
Q

F. Since corporate governance provides the framework for attaining a company’s objectives, it is difficult to include practically every sphere of management, from action plans and internal controls to performance measurement and corporate disclosure.

A

F. It encompasses practically every sphere of management

135
Q

Set of rules, controls, policies, and resolutions put in place to direct corporate behavior. A board of directors is pivotal in this. Proxy advisors and shareholders are important stakeholders who can affect this.

A

Governance

136
Q

________ a firm’s corporate governance is a key component of community and investor relations

A

Communicating

137
Q

Give examples of how to assess corporate governance.

A

1) Disclosure practices
2) Executive compensation structure (whether it’s tied only to performance or also to other metrics)
3) Risk management (the checks and balances on decision-making)
4) Policies and procedures for reconciling conflicts of interest (how the company approaches business decisions that might conflict with its mission statement)
5) The members of the board of the directors (their stake in profits or conflicting interests)
6) Contractual and social obligations (how a company approaches areas such as climate change)
7) Relationships with vendors
8) Complaints received from shareholders and how they were addressed
9) Audits (the frequency of internal and external audits and how issues have been handled)

138
Q

What are the 3 corporate governance models?

A

Anglo-American Model
Continental / German Model
Japanese Model

Strategic Management (1 decks)

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