Brainscape's Knowledge GenomeTM

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


See full index

MGMT 3000 > MGMT 3000 Chapter 8 > Flashcards

MGMT 3000 Chapter 8 Flashcards

1
Q

how important is strategic management?

A

it determines which organizations succeed and which ones struggle

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

what means taking the long term view and seeing the big picture, including the organization and the competitive environment and considering how they fit together?

A

strategic thinking

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

is strategic thinking good for both businesses and nonprofits?

A

yes

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

in for profit firms, what does strategic planning refer to?

A

pertains to competitive actions in the marketplace

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

in non profit firms, what does strategic planning refer to?

A

pertains to events in the external environment

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

what refers to the set of decisions and actions used to formulate and execute strategies that will provide a competitively superior fit between the organization and its environment so as to achieve organizational goals ?

A

strategic management

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

what questions do managers ask when using strategic management?

A

○ What changes and trends are occurring in the competitive environment?
○ Who are our competitors, and what are their strengths and weakness?
○ Who are our customers?
○ What products or services should we offer?
○ What does the future hold for our industry and how can we change the rules of the game?

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

what is the first step in strategic management which is the plan of action that describes resource allocation and activities for dealing with he environment, achieving a competitive advantage, and attaining the organizations goals

A

strategy

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

what refers to what sets the organization apart from others and provides it with a distinctive edge for meeting customer or client needs in the marketplace ?

A

competitive advantage

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

what are the elements of competitive advantage?

A
  • target customers
  • exploit core competence
  • achieve synergy
  • create value
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what are the three levels of strategy in organizations?

A
  • corporate level
  • business- level
  • functional- level
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

what question do we ask for corporate level strategy?

A

what business are we in?

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

what question do we ask for business level strategy?

A

how do we compete?

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

what question do we ask for functional level strategy?

A

how do we support the business level strategy?

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

what aspects are with business level strategy?

A
  • consumers product unit
  • biotechnology unit
  • media unit
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

what pertains to the organization as a whole and the combination of business units and product lines that makes up the corporate entity?

A

corporate level strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what level of strategy pertains to each business unit or product line?

A

business level strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

what level of strategy pertains to the major functional departments within the business unit?

A

functional level strategy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

what is swot analysis?

A

includes a careful assessment of the strengths, weaknesses, opportunities and threats that affect organizational performance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

what are the internal aspects of SWOT?

A

strengths and weaknesses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

what are the external aspects of SWOT?

A

opportunities and threats

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

what comprises the planning and decision making that lead to the establishment of the firms goals and the development of a specific strategic plan?

A

strategy formulation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

what is the use of managerial and organizational tools to direct resources toward accomplishing strategic results?

A

strategy execution

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

strategy execution is the administration and implementation of the strategic plan true or false?

A

true

25
Q

what are the 3 approaches to formulating the corporate level strategy?

A
  • portfolio strategy
  • the BCG Matrix
  • diversification
26
Q

what is a division in the business unit that has a unique business mission, product line, competitors and markets relative to other SBUs in the corporation ?

A

strategic business units (SBUs)

27
Q

what pertains to the mix of SBUs and product lines that fit together in a logical way to provide synergy and competitive advantage ?

A

portfolio strategy

28
Q

what is a concept that evaluates strategic business units with respect to two dimensions (business growth rate and market share) and classifies them as cash cows, stars question marks or dogs?

A

BCG matrix

29
Q

what are the 2 dimensions of the BCG matrix?

A

market share and business growth rate

30
Q

what has high market share and high business growth rate?

A

stars

31
Q

what has high market share and low business growth rate?

A

cows

32
Q

what has low market share and high business growth rate?

A

question marks (bright prospects)

33
Q

what has low market share and low business growth rate?

A

dogs

34
Q

what is diversification?

A

the strategy of moving into new lines of business

35
Q

what type of diversification is when the business is related to the company’s existing business activities, the organization is implementing a strategy of related diversification?

A

related diversification

36
Q

what type of diversification occurs when an organization expands into a totally new line of business?

A

unrelated diversification

37
Q

what is vertical integration?

A

the company expands into businesses that either produce the supplies needed to make its products and services or that distribute and sell those products and services to customers

38
Q

what is the concern with formulating business level strategy?

A

concern is how to compete

39
Q

what is the popular model for formulating business strategy ?

A

Porters 5 forces

40
Q

what are porters 5 forces?

A
  1. rivalry among competitors
  2. potential new entrants
  3. bargaining power of buyers
  4. bargaining power of suppliers
  5. threat of substitute products
41
Q

what are porters competitive strategies?

A
  • differentiation
  • cost leadership
  • focus
42
Q

what quadrant is the differentiation strategy in?

A

1

43
Q

what type of competitive strategy involves an attempt to distinguish the firms products or services from others in the industry?

A

differentiation strategy

44
Q

what quadrant is cost leadership strategy in?

A

2

45
Q

what type of competitive strategy is when the organization aggressively seeks efficient facilities, pursues cost reductions and uses tight cost controls to produce products more efficiently than competitors?

A

cost leadership

46
Q

what quadrant(s) is focus strategy in?

A

quadrant 3 (differentiation) and quadrant 4 (cost leadership)

47
Q

what competitive strategy is when the organization focuses on a specific regional market or buyer group ?

A

focus

48
Q

what global strategy treats the world as a single global marketing?

A

globalization strategy

49
Q

what type of global strategy has a High need for global integration, low need for national responsiveness?

A

globalization

50
Q

what type of global strategy handles markets independently for each country ?

A

multi domestic

51
Q

what type go global strategy has Low need for global integration, high need for national responsiveness
?

A

multi domestic

52
Q

what type of global strategy seeks to balance global efficiencies and local responsiveness?

A

glocalization

53
Q

what type of global strategy has a High need for global integration, high need for national responsiveness
?

A

glocalization

54
Q

what is the final step of strategic management?

A

strategy execution

55
Q

what is how strategy is implemented and put into action?

A

strategy execution

56
Q

what is ○ A deep understanding and acceptance of organizational direction and purpose throughout the organization
?

A

embeddedness

57
Q

when strategy is ____ everyones daily decisions and actions help move the firm in the right direction, toward achieving important goals?

A

embedded

58
Q

what are factors that contribute to the failure of strategy execution?

A
  • employee resistance (39%)
  • manager behavior doesn’t support new direction (33%)
  • inadequate budget or resources (14%)
59
Q

what are the tools for putting strategy into action?

A
  • visible leadership
  • clear roles and accountability
  • Human Resources
  • candid communication

MGMT 3000 (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions