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BU111 > Midterm > Flashcards

Midterm Flashcards

1
Q

Good solution (FEC)
definitions

A

FEC- feasible, effective, complete
F- firm has or can get the resources to implement it
E-achieves the immediate and overarching objectives
C-outlines all the key activities that must be executed

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2
Q

Porters 5 forces
Definition

A

Framework for analyzing the competitive forces within an industry that affect profitability

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3
Q

Porters 5 forces
Importance

A

Each force influences:
pricing power
market entry
competitive dynamics

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4
Q

What are the forces from Porters 5 forces

A

Industry competitors; rivalry among existing firms

New entrants

Bargaining power of buyers

Bargaining power of suppliers

Substitutes

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5
Q

Porters Generic Strategies
Definition

A

Framework that identifies 4 primary strategies for achieving competitive advantage

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6
Q

Porters Generic Strategies
Importance

A

To examine the forces within the company that affect profitability

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7
Q

What are the porters generic strats

A

low cost, broad target: Cost leadership(walmart)

Uniqueness,broad target: Differentiation(apple)

Narrow target, low cost: Cost focus(freedom mobile)

Uniqueness, narrow target: Differentiation focus(ferrari)

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8
Q

3 levels of recommendation for a complete solution (STO)

A

Strategic: what is the ‘big idea’ for answering key question

Tactical: what are the 2-3 main questions/actions needed to make the strategic recommendation a reality

Operational: What do we need to make, buy, borrow, acquire, to implement the tactical recommendation

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9
Q

Differentiation

A

Broad target
uniqueness
ex. apple

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10
Q

Cost leadership

A

Broad target
low cost
ex. walmart

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11
Q

Cost focus

A

narrow target
low cost
ex. freedom mobile

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12
Q

differentiation focus

A

narrow target
uniqueness
ex. ferrari

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13
Q

Key Success Factors
definition

A

critical areas that must be managed effectively to achieve organizational objectives and secure a competitive advantage

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14
Q

KSF
importance

A

They are essential for ensuring a business remains competitive within its industry

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15
Q

KSF
interconnections

A

KSF can influence one another, success in one area can lead to improved performance in another
EX. better employees, customer satisfaction

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16
Q

Why KSF

A

Guide strategic and daily actions
ensure success over time
ensure holistic thinking

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17
Q

KSF: Innovation
importance

A

environmental alignment/improvement

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18
Q

KSF: Innovation
actions

A

creativity (culture, rewards)

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19
Q

KSF: innovation
related KPI’s

A

new products
new approaches
cycle time
idea generation

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20
Q

KSF: Uniqueness
Importance

A

Competitive advantage
market advantage

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21
Q

KSF: uniqueness
related KPIs

A

strong
unique reputation
superior comparative advantage

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22
Q

KSF: Employees
importance

A

enables operation

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23
Q

KSF: employees
actions

A

employee commitment (loyal, productive)

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24
Q

KSF: employees
related KPIs

A

Turnover rate
Applications
Productivity
remmeber: (TAP)

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25
KSF: products and services importance
Revenue means
26
KSF: products and services actions
value reliable
27
KSF: products and services related kpis
returns defects warranty claims waste
28
KSF: financial performance importance
good and improving profit ROIs
29
KSF: financial performance related kpis
profit revenue growth return on investment firm value
30
KSF: customers importance
provide revenue
31
KSF: customers actions
target understand
32
KSF: customers related kpis
market share share of wallet Churn net promoter score
33
Churn
rate at which customers stop doing business with a company over a specific period. (want low)
34
main kpi for employees
employee commitment
35
main kpi for customers
customer satisfaction
36
Diamond E definition
strategic framework for understanding the dynamics between a company's environment and internal capabilities identifies individual variables and how they are connected
37
Diamond E application questions
1. Is our current strategy aligned with future opportunities and threats 2. what new strategies are feasible and worthwhile? 3. what are our strengths and how can we use them for competitive advantage given the environment 4. what do we need to execute a strategy? can we get it? where are we inconsistent?
38
What are the parts of Diamond E
Management preferences organization strategy environment resources
39
Diamond E: organization definition
Culture: who are we Capability: what are we good at? Structure: how do we divide work?
40
Diamond E: organization questions
1. what are we good at as an organization? capabilities gap? 2. are we organized so that we can efficiently and effectively execute our strategy? are we organized around our most important success drivers? 3. what do we value or not? ie innovation vs. stability 4. what do we feel safe doing and spending our time on? is it safe to express new ideas? should i be spending time on my job only or does management support new initiatives?
41
Diamond E: management preferences definition
Vision, mission, preferences, and biases
42
Diamond E: management preferences questions
1. what does management want? ambitions, objectives 2. what are its priorities? 3. how comfortable is it with risk? 4. does it value or is it more comfortable with the same capabilities and strategies than others? 5. does it value some capabilities or resources more than others?
43
Diamond E: resources definition
Human, capital, financial
44
Diamond E: resources questions
1. do we have enough money to aquire needed resources or execute needed activities? 2. do we have the production capacity o produce what is needed? 3. can we change how or what we produce? 4. what kind of talent do we have? what kind of talent do we need? do we have enough labour to execute?
45
Internal
what can we do?
46
internal consistency
good execution
47
external
what should we do
48
external alignment
rich strategy for environment
49
Diamond E: strategy/environment linkage definition
asses forces at work and their implications adjust internal or adjust strategy
50
Citing sources and APA formatting objective
to give credit, show recency of data/information, and make it possible to see the original source
51
how do you cite something
No Big Deal TiPS N-name B-brackets around date D-date T-title I-italisize P-publisher S-site
52
Key performance indicators definition
quantifiable measures that determine a company's performance in relation to its key success factors
53
Key Performance Indicators importance
they assess productivity, efficiency, effectiveness in achieving objectives
54
Key performance indicators interconnections
internal factors like employee performance and external like market conditions can affect KPIs High KPIs can drive strategic decision making and operational movements leading to enhanced profitability
55
PEST definition
Framework for analyzing the macro environmental factors affecting a business
56
PEST importance
understanding these factors helps businesses anticipate changes in the market and adapt strategies accordingly
57
PEST interconnections
shift in one factor can lead to changes in others ex. economic downturns may lead to political instability
58
PEST: P
Political Laws, Regulations, International trade laws, trade agreements
59
PEST: E
Economic GDP, inflation, interest, employment, exchange
60
PEST: S
Social Values, attitudes, demographics, customs, habits
61
PEST: T
Technological Information technology, internet, materials, equipment
62
Porters 5 forces: competitors threats
many competitors of equal size low industry growth rate capacity of competitors exit barriers
63
Porters 5 forces: competitors solutions
growth acquisition of competitors create/increase consumer switching costs differentiation
64
porters 5 forces: new entrants threats
economics of scale capital requirements cost advantages
65
porters 5 forces: new entrants solutions
grow to achieve scale control distribution network lock in customers
66
porters 5 forces: suppliers threats
few suppliers low importance high switching costs
67
porters 5 forces: suppliers solutions
form strategic alliance internal supply long run: redesign product
68
porters 5 forces: buyers threats
few buyers standardized product switching costs threat of backward integration
69
porters 5 forces: buyers solutions
form alliance with sellers strong market differentiation create information asymmetry
70
porters 5 forces: substitutes threats
many good substitutes low switching costs high buyer propensity to substitute
71
porters 5 forces: substitutes solutions
lock customers in strong market/differentiation
72
whats the profitability framework
profits revenue costs volume price fixed variable
73
whats the case process
1. identify the immediate issue, underlying issue, and big question 2. identify objectives, applications and decision criteria 3. apply models and frameworks 4. develop and evaluate hypothesis 5. propose good solution with implementation 6. identify risks, mitigation and contingency strategies 7. demonstrate impact

BU111 (9 decks)

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