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GMS 200 > GMS Chap 7 > Flashcards

GMS Chap 7 Flashcards

1
Q

Competitive Advantage

A

The ability to do something so well that one outperforms competitors

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2
Q

Sustainable Competitive Advantage

A

The ability to outperform rivals in ways that are difficult or costly to imitate

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3
Q

Strategy

A

A comprehensive plan guiding resource allocation to acheive long-term organization goals

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4
Q

Strategic Intent

A

Focuses and applies organizational energies on a unifying and compelling goal

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5
Q

3 Levels of Strategy

A
  • Corporate Strategy
  • Business Strategy
  • Functional Strategy
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6
Q

Corporate Strategy

A

Sets the long term direction for the total enterprise

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7
Q

Business Strategy

A

Identifys how a division or strategic business unit will compete in its product or service domain

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8
Q

Functional Strategy

A

Guides the activities within one specific area of operation

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9
Q

3 Step Strategic Management Process

A
  • Strategic Analysis
  • Strategic Formulation
  • Strategic Implementation
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10
Q

Strategic Management

A

The process of formulating and implementing strategies

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11
Q

Strategic Analysis

A

the process of analysing the organization, the environment and the organization’s competitive position and current strategies

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12
Q

Strategy Formulation

A

The process of creating strategies to guide the allocation of resources

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13
Q

Strategy Implementation

A

The process of puting strategies into action

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14
Q

Mission Statement

A

Expresses the organization’s reason for existance in society

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15
Q

5 Stakeholders of an Organization

A
  • Employees
  • Comunities
  • Shareholders
  • Customers
  • Suppliers
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16
Q

Strategic Constituancies analysis

A

Assesses the interest of stakeholders and howw well the organization is responding to them

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17
Q

Core Values

A

Broad beliefs about what is or os not appropriate behaviour

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18
Q

Organizational Culture

A

The predominant value system for the organization as a whole

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19
Q

Operating Objectives

A

Specific results that organizations try to accomplish

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20
Q

9 Operating Objectives

A
  • Profitatability
  • Finantial health
  • Cost efficiency
  • Customer service
  • Product quality
  • Market share
  • Human talent
  • Innovation
  • Social responsability
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21
Q

SWOT analysis

A

Examines organizational stranghts and weaknesses and environmental opportunities and threats

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22
Q

Strenghts and Weaknesses Examples

A
  • Manufacturing Efficiency
  • Workforce
  • Market Share
  • Financing
  • Reputation
  • Facilities
  • R&D
  • Techologies
  • Management
  • Past planning implementation
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23
Q

Opportunities and Threats Examples

A
  • Market
  • Economy
  • Porter 5 Forces
  • New Technologies
  • Resources
  • Customer Taste
  • Regulation
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24
Q

Core Competency

A

A special strength that gives an organization a competitive advantage

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25
Q

4 Grand or Master Strategies

A
  • Growth Strategy
  • Stability Strategy
  • Renewal Strategy
  • Combination Strategy
26
Q

Growth Strategy

A

Involves expansion of the organization current operations

27
Q

Stability Strategy

A

Maintains current operations without substantial changes

28
Q

Renwal Strategy

A

Tryes to solve pb and overcome weaknesses that are hurting performance

29
Q

Liquidation

A

Business operations ceases and assets are sold to pay creditors

30
Q

Combination Strategy

A

Pursues growth, stability and/or retrenchement in some combination

31
Q

3 Growth Strategies

A
  • Concentration
  • Diversification
  • Vertical Integration
32
Q

Growth Strategy: Concentration

A

Growth within the same business area

33
Q

Growth Strategy: Diversification

A

Gorwth by acquisition of or investment in new and different business area

34
Q

Growth Strategy: Vertical Integration

A

Growth by acquiering suppliers or distributors

35
Q

3 Restructuring Strategies

A
  • Turnaround
  • Downsizing
  • Divestiture
36
Q

Restructuring

A

Changes the mix or reduces the scale of operations

37
Q

Turnaround

A

Strategy tries to fix specific performance problems

38
Q

Downsizing

A

Strategy decreases the size of operations

39
Q

Divestiture

A

Sell off part of the organization to refocuse attention on core business area

40
Q

3 Global Strategies

A
  • Globalization Strategy
  • Multidomestic Strategy
  • Transnational strategy
41
Q

Globalization Strategy

A

Adopts standardized products and advertising for use worldwide

42
Q

Multi-domestic Strategy

A

Customize product and advertizing to best fit local needs.

43
Q

Transnational Strategy

A

Seeks efficiencies of global operations with attention to local market

44
Q

Strategic Alliance

A

Organizations joint togather in partnership to persue an area of mutual interest

45
Q

Co-opetition

A

A form of strategic alliance among competitors that work on a project of mutual benefit

46
Q

2 e-business strategies

A

B2B Business strategy

B2C business strategy

47
Q

e-business strategy

A

Strategecly uses the internet to gain competitive advantage

48
Q

B2B business strategy

A

Uses IT and web portal to link organizations verticaly in the supply chain

49
Q

B2C business strategy

A

Uses IT and web portals to link business to customers

50
Q

Portfolio Planning

A

An approach that seeks the best mix of investments among alternative business opportunities

51
Q

BCG Matrix

A

Analyses business opportunities according to market growth rate and market share (4 types of product: Question marks, Stars, Dogs, Cash Cow)

52
Q

Porter’s 4 Competitive Strategies

A
  • Cost leadership strategy
  • Differentiation strategy
  • Focused low-cost strategy
  • Focussed differentiation strategy
53
Q

Differentiation Strategy

A

Offers product that are different from the competition

54
Q

Cost Leadership Strategy

A

Seeks to operate with lower cost so that product can be sold at lower price

55
Q

Focused Strategy

A

Concentrates on serving a unic market segment better that anyone else

56
Q

Focused Differentiation Strategy

A

Offers a unique product to a special market segment

57
Q

Focused Cost Leadership

A

Strategy seeks the lower cost of operations within a special market segment

58
Q

Strategic Incrementalism

A

Makes modest changes in strategy as experience builds over time

59
Q

Emergent Strategy

A

Unfolds over time as managers learn from and respond to experiences

60
Q

Corporate Governance

A

System of control and performance monitoring of top management

61
Q

Strategic Control

A

Makes sure strategies are well implemented and that poor strategies are scrapped or modified

62
Q

Strategic Leadership

A

Inspiers people to continuously change, refine, and improve strategies and their implementation

GMS 200 (9 decks)

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