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y2 : bs > l4 > Flashcards

l4 Flashcards

1
Q

what is strategic planning?

A

focuses extensively on external environment to which business adapts

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2
Q

what is strategic management?

A

takes inside out view, that internal competences & resources are not just means to adapt to market - they are source of strategic advantage

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3
Q

explain the difference between resources and competences.

A

resources - things you HAVE
competences - things you DO

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4
Q

what are critical success factors?

A

a small number of key goals vital to the success of an organisation

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5
Q

what are the 9Ms (resources) that can be considered CSFs?

A
  • men
  • money
  • management
  • make up
  • machinery
  • methods
  • markets
  • materials
  • mgt info
    resources include physical, intangibles, human, technological & financial
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6
Q

what are competences according to kays four sources?

A
  • competitive architecture
  • reputation
  • innovative ability
  • strategic assets
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7
Q

what does competitive architecture refer to in kays four sources?

A

internal eg. employees
external eg. suppliers
network eg. collaborating firms

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8
Q

what is a threshold resource?

A

basic resources needed by all firms in the market. will not give a firm SCA. eg. every cash & carry wholesaler needs warehouse

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9
Q

what is a unique resource?

A

resources giving SCA to help achieve CSFs. resources are better than competition & are hard to copy. eg. costco has prime site near m60

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10
Q

what is threshold competences?

A

activities & processes using / linking resources necessary to stay in business. does not give SCA. eg. every cash & carry wholesaler needs buying function

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11
Q

what is core competences?

A

critical activities & processes giving SCA (helps business to meet CSFs). competences are better than comp and hard to copy. eg. costco have superior buying function, better EoS, quality?

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12
Q

what is the idea of benchmarking?

A

strengths and weaknesses are relative, so comparison must be made with competitors & industry leaders.

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13
Q

give the 4 types of benchmarking.

A
  • internal
  • competitive
  • activity
  • generic
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14
Q

explain the internal type of benchmarking.

A

review targets within the company, danger is that performance against competitors is ignored. eg. div As vs Bs sales

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15
Q

explain the competitive type of benchmarking.

A

comparison to other firms in same industry. eg. using league tables or comp As vs Bs profit margin

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16
Q

explain the activity type of benchmarking.

A

comparison with best practice in any industry for a particular activity. eg. comparing customer service to a company (in other industry) who is considered to be market leader in customer service

17
Q

explain the generic type of benchmarking.

A

conceptually similar process. eg. comparing hospital beds booking system with booking system of theatre

18
Q

what is a value chain?

A

allows strategist to think of organisation in terms of activities, meaning can understand which activities create most value

19
Q

what are the 5 primary activities according to the value chain model?

A
  • inbound logistics
  • operations
  • outbound logistics
  • marketing & sales
  • service
20
Q

what is the primary activity “inbound logistics” according to the value chain model?

A

receiving, storing & distributing inputs to product or service. includes materials handling, stock control, transport

21
Q

what is the primary activity “operations” according to the value chain model?

A

activities that transform inputs into product or service. eg. machining, packaging, assembly, testing

22
Q

what is the primary activity “outbound logistics” according to the value chain model?

A

collect, store, distribute product or service to customers. eg. warehousing, materials handling, distribution

23
Q

what is the primary activity “marketing & sales” according to the value chain model?

A

means by which consumers or users are made aware of product or service, and able to purchase it. eg. adminstration, advertising, selling

24
Q

what is the primary activity “service” according to the value chain model?

A

activities that enhance or maintain value of product or service. eg. installation, repair, training, spares

25
Q

what are the 4 support activities according to the value chain model?

A
  • procurement
  • tech development
  • hr management
  • infrastructure
26
Q

what is the support activity “procurement” according to the value chain model?

A

process that occurs in order to acquire inputs to the primary activities

27
Q

what is the support activity “technology development” according to the value chain model?

A

tech aides every activity. it is concerned directly with every product, process or resource

28
Q

what is the support activity “hr management” according to the value chain model?

A

transcends all primary activities. concerned with recruiting, managing, training, developing & rewarding people in organisation

29
Q

what is the support activity “infrastructure” according to the value chain model?

A

formal systems of planning, finance, quality control, info mgt & structure of organisation

30
Q

what is the bcg matrix?

A

analyses firms product portfolio in terms of market share (comp strength) and market growth (market attractiveness)

31
Q

what is the star quadrant in the BCG matrix?

A

STAR
high market share, high market growth.
- attractive martket so have to reinvest heavily to defend market share & grow
- little cash surplus

32
Q

what is the problem-child quadrant in the BCG matrix?

A

PROBLEM-CHILD
low market share, high market growth.
- attractive market but too small to capitalise on it
- either invest heavily to gain market share or get out
- “double or quit”

33
Q

what is the cash-cow quadrant in the BCG matrix?

A

CASH-COW
high market share, low market growth.
- strong position in low growth market
- little threat from competitors
- keep product ticking over & collect cash

34
Q

what is the dog quadrant in the BCG matrix?

A

DOG
low market share, low market growth.
- too small to benefit from eos
- market does not justify further investment
- divest

35
Q

state four issues of using BCG matrix to assess firms product portfolio.

A
  • not useful for service industries where eos dont exist
  • measurement problems - how should market be defined?
  • hard to compare one opportunity to another eg. how much needed to invest or how risky
  • may generate positive profit & cash flow even with dog

y2 : bs (9 decks)

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