management mid terms chapter 4

Question 1

 3 major benefits of planning

Answer 1

– 1. Quicker decision making
2. Better management of resources
3. Clearer identification of steps necessary to achieve goals

Question 2

• management develops a mission and long-term objectives and determines in advance how they will be accomplished

Answer 2

 Strategic planning

Question 3

• management sets short-term objectives and determines in advance how they will be accomplished

Answer 3

 Operational planning

Question 4

 3 levels of strategies

Answer 4

• 1. Corporate, 2. Business, 3. Functional

Question 5

Major changes in the environment must be analyzed to determine strategic action. This analysis draws out those features in a company’s environment that most directly frame its strategic window of options and opportunities.

Answer 5

 Situation analysis-

Question 6

 5 competitive forces-

Answer 6

1. Rivalry among competing companies
2. Potential development of substitute products
3. Potential entry of new competitors
4. Bargaining power of suppliers
5. Bargaining power of consumers

Question 7

Rivalry among competing companies

Answer 7

The Golf Club Industry, Callaway Golf

Company faces strong competition, Acushnet (Titleist brand), Adams Golf (Tight Lies Fairway Woods),

TaylorMade Golf, Orlimar Golf (TriMetal Fairway Woods),

Athletic Footwear Industry, (Nike, Adidas-Reebok, Puma, and Fila are rivals in the athletic footwear industry)

Question 8

 what are Potential development of substitute products

Answer 8

• esports, TopGolf, Savannah Bananas, Big3, netball, Slam Ball, pickleball

Question 9

• This occurs when companies from other industries try to move into the market, (Liv Tour, Spring football (Alliance of American Football, XFL, USFL)

Answer 9

 Potential entry of new competitors

Question 10

If the business has only one major supplier and no available alternatives, the supplier has great bargaining power

Answer 10

 Bargaining power of suppliers-

Question 11

Consumers of footwear have power because they can shift to other manufacturers on a mere whim or because of a new style, better price, higher quality, greater convenience, or any of a host of other reasons

Answer 11

Bargaining power of consumers-

Question 12

• Sport organizations must systematically gather and collect data about their consumers, often through DBM and CRM systems

Answer 12

 SWOT Analysis

Question 13

 Competitive advantage-

Answer 13

What makes us different from our competition?

Why should a person buy our product or service rather than the competition’s product or service?

What are some sport league/company examples of competitive advantage?

Question 14

• what states general targets to be accomplished.

Answer 14

 Goals

Question 15

• state what is to be accomplished in specific and measurable terms by a certain target date

Answer 15

 Objectives

Question 16

Process where managers and their teams jointly set objectives, evaluate performance, and reward according to the results

Answer 16

 Management by Objectives-

Question 17

• Growth within the same line of business

Answer 17

 Concentration

Question 18

Going from being a manufacturer to also being a supplier

Answer 18

 Backward integration-

Question 19

• Going from manufacturing to retailing

Answer 19

Forward integration

Question 20

Different but related product lines

Answer 20

 Related diversification-

Question 21

• Very different lines of business

Answer 21

 Unrelated diversification

Question 22

Occurs when two companies form one corporation

Answer 22

 Mergers-

Question 23

Occurs when one business buys all or part of another business

Answer 23

 Acquisitions-

Question 24

• Distinct business with its own customers that operates independently of the corporation’s other businesses

Answer 24

Strategic business unit (SBU)

Question 25

 what are Adaptive strategies-

Answer 25

prospecting, defending, and analyzing

Question 26

 what are Competitive strategies

Answer 26

• differentiation, cost leadership, and focus

Question 27

 what are Product life cycle-

Answer 27

Introduction, Growth, Maturity, Decline