Brainscape's Knowledge GenomeTM

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


See full index

MGT BUSINESS AND CORPORATE STRATEGY > MGT > Flashcards

MGT Flashcards

1
Q

concerned with developing a
corporation’s mission, objectives,
strategies, and policies.

A

STRATEGY FORMULATION

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

process of finding a strategic fit
between external opportunities and
internal strengths while working
around external threats and internal
weaknesses.

A

SITUATION ANALYSIS

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

should not only result in the identification of a corporation’s dis- tinctive competencies but also in the identification of opportunities that the firm
is not currently able to take advantage of due to a lack of appropriate resources.

A

SWOT analysis

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

has proven to be the most enduring analytical technique used in strategic man-
agement.

A

SWOT analysis

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

summarizes an
organization’s strategic factors by combining the external factors from the EFAS Table with the internal factors from the IFAS Table.

A

SFAS (Strategic Factors Analysis Summary) Matrix

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

a listing of the firm’s external and internal strategic factors
in one table.

A

SFAS Matrix

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

extremely favorable niche

A

propitious niche

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

a unique market opportunity that is available only for a particular time.

A

Strategic windows

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

company is where it meets customers’ needs in a way that rivals can’t, given the context in which it competes.

A

Strategic Sweet Spot

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

illustrate how external opportunities and threats facing a particular corporation can be matched with that company’s internal strengths and weaknesses to result in four sets of possible strategic alternatives.

A

TOWS Matrix

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

list the external opportunities available in the company’s
or business unit’s current and future environment from the EFAS Table

A

Opportunites

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

list the external threats facing the company or unit now and in
the future from the EFAS Table

A

threats

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

specific areas of current and future strength for the
company

A

strength

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

specific areas of current and future Weaknesses for the
company

A

weaknesses

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

are generated by thinking of ways in which a company or business unit
could use its strengths to take advantage of opportunities.

A

SO Strategies

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

attempt to take advantage of opportunities by overcoming weaknesses.

A

WO Strategies

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

consider a company’s or unit’s strengths as a way to avoid threats.

A

ST Strategies

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

are basically defensive and primarily act to minimize weaknesses and
avoid threats.

A

WT Strategies

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

focuses on improving the competitive position of a company’s or business
unit’s products or services within the specific industry or market segment that the company or
business unit serves.

A

Business strategy

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

ability of a company to provide unique and superior value to the buyer in terms of product quality, special features, or after-sale service.

A

Differentiation strategy

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

can be competitive (battling against all com-
petitors for advantage) and/or cooperative (working with one or more companies to gain ad-
vantage against other competitors).

A

Business strategy

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

a lower-cost competitive strategy that aims at the broad mass market

A

Cost Leadership

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

aimed at the broad mass market and involves the creation of a product or service that is perceived throughout its industry as unique.

A

Differentiation

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

ability of a company or a business unit to design, produce, and
market a comparable product more efficiently than its competitors.

A

Lower cost strategy

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

This strategy is valued by those who believe that
a company or a unit that focuses its efforts is better able to serve the special needs of a narrow strategic target more effectively than can its competition.

A

Differentiation Focus

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

a low-cost competitive strategy that focuses on a particular buyer group or geographic market and attempts to serve only this niche, to the exclusion of others.

A

Cost Focus

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

risk of the company not being
able to maintain its cost
advantages due to inflation of
prices in the market, or due to
the market being more efficient
through new technology,
which makes it cheaper for
everyone to create the
products without any
economies of scale.

A

Risk of Cost Leadership

18
Q

the company might not be able
to convince enough customers
to pay up for the differentiated
product. In other words, they
might not see enough value
that would make them choose
the company’s products and
pay a premium for them,
instead of going for the cost
leader.

A

Risk of Differentiation

19
Q

narrowing the gap between the
advantage provided by the
focused company and other
companies that serve the
broader marker, or having new
players entering the markets
and out-focusing the company
by serving an even more
targeted and narrower
segment within its segment.

A

Risk of Focus

19
Q

Primary operating characteristics,

A

Performance

20
Q

supplement the
basic functions.

A

Features

21
Q

Probability that the product will continue functioning without any
significant maintenance.

A

reliability

22
Q

Degree to which a product meets standards.

A

conformance

22
Q

Number of years of service a consumer can expect from a product before
it significantly deteriorates.

A

durability

22
Q

Product’s ease of repair.

A

serviceability

23
Q

How a product looks, feels, sounds, tastes, or smells.

A

aesthetic

24
Q

Product’s overall reputation. Especially important if there are no
objective, easily used measures of quality.

A

perceived quality

25
Q

where many small- and medium-sized local companies compete for relatively small shares of the total market, focus strategies will likely predominate.

A

fragmented industry,

25
Q

dominated by a few large companies.

A

consolidated industry

25
Q

refers to a situation where industries
face intense and rapidly escalating competition, making it increasingly difficult to sustain a competitive advantage for extended periods.

A

Hypercompetition,

25
Q

efficient way to
quickly consolidate a fragmented industry.

A

strategic rollup

26
Q

Deals with when a company implements a strategy.

A

timing tactic

26
Q

The first company to manufacture and sell a new product or service

A

First mover

27
Q

is a specific operating plan that details how a strategy is to be imple-
mented in terms of when and where it is to be put into action.

A

tactic

28
Q

a company that enters a market after the first movers have
established themselves.

A

Late Mover

29
Q

Where to Compete: A market location tactic deals with where a company
implements a strategy.

A

Market Location Tactics

30
Q

usually takes place in the firm’s own current market position as a defense against a possible attack by a rival.

A

defensive tactic

30
Q

usually takes place in an established competitor’s market location.

A

offensive tactic

30
Q

The attacking firm goes head to head with its competitor.

A

Frontal assault

31
Q

Rather than going straight for a competitor’s position of strength
with a frontal assault, a firm may attack a part of the market where the competitor is weak.

A

Flanking maneuver

31
Q

Rather than directly attacking the established competitor frontally or on
its flanks, a company or business unit may choose to change the rules of the game.

A

Bypass attack

32
Q

Usually evolving out of a frontal assault or flanking maneuver, attacking company or unit encircles the competitor’s position in terms of products or markets or both.

A

Encirclement

33
Q

Instead of a continual and extensive resource-expensive attack on a competitor, a firm or business unit may choose to “hit and run.”

A

Guerrilla warfare

34
Q

aim to lower the probability of
attack, divert attacks to less threatening avenues, or lessen the intensity of an attack.

A

defensive tactics

35
Q

Entry barriers act to block a challenger’s logical avenues of
attack.

A

Raise structural barriers

35
Q

This tactic is any action that increases the perceived threat
of retaliation for an attack.

A

Increase expected retaliation

35
Q

A third type of defensive tactic is to reduce a challenger’s expectations of future profits in the industry.

A

Lower the inducement for attack

35
Q

to gain competitive advantage within an
industry by working with other firms.

A

cooperative strategies

36
Q

active cooperation of firms within an industry to reduce output and raise
prices in order to get around the normal economic law of supply and demand.

A

Collusion

36
Q

a long-term cooperative arrangement between two or more independent
firms or business units that engage in business activities for mutual economic gain

A

strategic alliance

37
Q

firms cooperate
through direct communication and negotiation

A

ExplicitCollusion

38
Q

a partnership of similar
companies in similar industries that pool their resources to gain a benefit that is too expensive
to develop alone, such as access to advanced technology.

A

mutual service consortium

38
Q

there is no direct
communication among competing firms

A

TacitCollusion

39
Q

a strong and close alliance in
which one company or unit forms a long-term arrangement with a key supplier or distributor
for mutual advantage.

A

value-chain partnership

39
Q

a “cooperative business activity, formed by two or more
separate organizations for strategic purposes, that create an independent business entity and
allocates ownership, operational responsibilities, and financial risks and rewards to each
member, while preserving their separate identity/autonomy

A

joint venture

39
Q

an agreement in which the licensing
firm grants rights to another firm in another country or market to produce and/or sell a product.

A

licensing arrangement

MGT BUSINESS AND CORPORATE STRATEGY (3 decks)

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