Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

RMG 500 > MC Quiz 1 > Flashcards

MC Quiz 1 Flashcards

1
Q

Define: Strategy

A

Actions taken to outperform competitors and achieve superior profits

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the two outcomes of a strategy?

A

1) Set company apart from rivals

2) Stake market position that’s not crowded w / strong competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Define: Competitive Advantage (2 takes)

A

Providing buyers with superior value compared to rivals

Offers same value at lower cost to firm

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Define: Sustainable Competitive Advantage

A

Maintaining competitive advantage despite rival efforts to match or pass

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are 5 ways to Sustainable Competitive Advantage

A

1) Low Cost Provider Strategy
2) Broad Differentiation Strategy
3) Focused Low Cost Strategy
4) Focused Differentiation Strategy
5) Best Cost Provider Strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Define: Low Cost Provider Strategy

A

Cost based advantage over rivals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Define: Broad Differentiation Strategy

A

Differentiate the company’s products/ services from that of rivals; while appealing to an array of customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Define: Focused Low Cost Strategy

A

Concentrating on a narrow buyer segment or market niche and outperforming rivals by having lower costs & being able to serve niche members at a lower price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Define: Focused Differentiation Strategy

A

Concentrates on a narrow buyer segment and outcompeting rivals by offering buyer customized attributes that meet their specific needs/ taste better than rivals.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Define: Best Cost Provider Strategy

A

Giving customers more value for the money by satisfying the expectations of product/ attributes/ features, AND beating price expectations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is the equation for a Realized Strategy?

What is a Realized Strategy aka?

A

Proactive + Reactive = Realized Strategy

aka. Current Strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Define: Proactive Strategy

What is it aka?

A

Planned initiatives to improve the company’s financial performance/ secure competitive edge.

aka. Deliberate strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Define: Deliberate strategy

What is it aka?

A

Planned initiatives to improve the company’s financial performance/ secure competitive edge.

aka. Proactive Strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Define: Reactive strategy

What is it aka?

A

Responses to unanticipated developments and fresh market conditions

aka. Emergent Strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Define: Emergent Strategy

What is it aka?

A

Responses to unanticipated developments and fresh market conditions

aka. Reactive strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are the two aspects of the business model?

A

1) Customer Value Proposition

2) Profit Formula

17
Q

Define: Customer Value Proposition

A

How to meet the needs @ the right price. Customer’s interest.

18
Q

Define: Profit Formula

A

Approach to determine cost structure and acceptable profits. Firm’s shares.

19
Q

What are the 3 tests to determine a winning strategy? Describe.

A

1) Fit Test- Does it fit the company’s situation? Internally? Externally? Is it dynamic?
2) Competitive Advantage Test - Does it help maintain competitive advantage?
3) The Performance Test- Is a profit being made? How does the company compare in the industry market?

20
Q

What is the Good Management formula?

A

Good Management = Good Strategy + Good Execution

21
Q

Define: Strategic Vision

A

Company’s long term direction. Where they are going.

22
Q

Define: Mission Statement

A

Scope and purpose of the present company. Who we are, what we do, and why we are here.

23
Q

Define: Core Values

A

The values that guide the pursuit of the mission & vision, and the expectations of conduct used to achieve these.

24
Q

Define: Setting Objectives

A

Measures performance | tracks progress

25
Q

Define the Crafting Strategy phase

A

The steps to advance the company along the path set

26
Q

What is the Strategy Making, Strategy Executing Process?

A

1) Vision/ Mission/ Values
2) Setting Objectives
3) Crafting Strategy
4) Executing Strategy
5) Monitoring Strategy

27
Q

Define: Strategic Plan

A

Lays out future direction, performance, targets & strategy

28
Q

Define: Stretch Objectives

A

Performance targets high enough to stretch an organization to perform at its full potential and deliver the best possible results

29
Q

Define: Strategic Intent

A

When a company relentlessly pursues an ambitious strategic objective with all resources and actions

30
Q

Define: Strategic Objectives

A

Relates to strengthening market standing, competitive position, and future business prospects

31
Q

Corporate vs. Business Strategy

A

Corporate- multiple businesses under one strategy

Business- one business, one strategy

32
Q

What are the 4 responsibilities of the Board of Directors?

A

1) Ensure accurate reports/ financials
2) Critically appraise strategies
3) Evaluate executives
4) Institute compensation plan

RMG 500 (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions