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Sustainability and Strategic Audit > Finals > Flashcards

Finals Flashcards

1
Q
  • largely involve making subjective decisions based on objective information
  • seeks to determine alternative courses of action that could best enable the firm to achieve its mission and objectives
A

Strategy analysis and choice

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2
Q

Strategy implementation directly affects the lives of:

A
  1. Plant managers
  2. Division managers
  3. Department managers
  4. Sales managers
  5. Product managers
  6. Project managers
  7. Personnel managers
  8. Staff managers
  9. Supervisors
  10. All employees
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3
Q

Successful strategy implementation depends on______ among all functional and divisional managers in an organization.

A

cooperation

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4
Q

Commonly charged with implementing strategies that require significant increases in sales revenues in new areas and with new and improved products

A

Marketing departments

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5
Q

They must devise effective strategy-implementation approaches at low cost and minimum risk to that firm.

A

Finance and accounting managers

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6
Q

They have to transfer complex technologies to successfully implement strategies.

A

Research & Development managers

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7
Q

They are being called upon more and more to provide leadership and training for all individuals in the firm.

A

Information Systems managers

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8
Q

Types of strategies (enumeration)

A
  1. Vision & Mission analysis
  2. Strategy Generation and Selection
  3. Strategy Implementation
  4. Strategy Execution
  5. Strategy Monitoring
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9
Q

This is more about building a two-way relationship with consumers than just informing consumers about a product or service

A

Marketing

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10
Q

2 variables that are important to strategy implementation

A
  1. Market Segmentation
  2. Product Positioning
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11
Q

The subdividing of a market into distinct subsets of customers according to needs and buying habits

A

Market segmentation

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12
Q

These require increased sales through new markets and products (enumeration)

A
  1. Market development
  2. Product development
  3. Market penetration
  4. Diversification
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13
Q

To evaluate potential market segments, what does it require strategists to do? (enumereation)

A
  1. To determine the characteristics and needs of consumers
  2. To analyze consumer similarities and differences
  3. To develop consumer group profiles
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14
Q

4 categories of Marketing Mix Component Variables (enumeration)

A
  1. Product
  2. Place
  3. Promotion
  4. Price
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15
Q

To match up active customers with customers from historic retention data who shares similar attributes

A

retention-based segmentation

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16
Q

Retention-based segmentation is possible through:

A
  1. Business analytics
  2. Data mining
17
Q

Entails developing schematic representations that reflect how products or services compare to competitors’ on dimensions most important to success in the industry

A

Positioning

18
Q

Areas where there is a cluster of ideal points

A

Market segment

19
Q

Areas without ideal points

A

Demand voids

20
Q

Evaluation and Control Process

A
  1. Determine what to measure
  2. Establish predetermined standards
  3. Measure performance
  4. Does performance match standards?
  5. Take corrective action
21
Q

Is concerned with appraising the overall impact and appropriateness of the strategy

A

Strategy evaluation

22
Q

Emphasizes actions in the light of gap that exists between intended results and actual results in strategic action

A

Strategic control

23
Q

Evaluation framework

A
  1. Review Underlying bases
  2. Measure firm performance
  3. Take corrective actions
24
Q

4 criteria to evaluate given strategy

A
  1. Consistency
  2. Consonance
  3. Feasibility
  4. Advantage
25
Q

Participants in Strategic evaluation

A
  1. Shareholders
  2. Board of Directors
  3. Chief Executives
  4. Financial Controllers
  5. Company secretaries
  6. External & Internal Auditors
  7. Corporate planning staff or Department
  8. Middle level managers
  9. Lower level managers
26
Q

Strategy must neither overtax available resources nor create unsolvable sub problems

A

Feasibility

27
Q

a strategy should not present inconsistent goals and policies

A

Consistency

28
Q

Strategists need to examine sets of trends as well as individual trends in evaluating strategies

A

Consonance

29
Q

Stages of control

A
  1. Feed forward control
  2. Concurrent, real-time, or setting control
  3. Feed back control
30
Q

Control of inputs that are required in an action

A

Feed forward control

31
Q

Control at different stages of action process

A

Concurrent, real-time, or setting control

32
Q

Post action control based on feedback from the completed action

A

Feed back control

Sustainability and Strategic Audit (3 decks)

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