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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
Q

KSF: products and services
importance

A

Revenue means

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26
Q

KSF: products and services
actions

A

value
reliable

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27
Q

KSF: products and services
related kpis

A

returns
defects
warranty claims
waste

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28
Q

KSF: financial performance
importance

A

good and improving profit
ROIs

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29
Q

KSF: financial performance
related kpis

A

profit
revenue
growth
return on investment
firm value

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30
Q

KSF: customers
importance

A

provide revenue

31
Q

KSF: customers
actions

A

target
understand

32
Q

KSF: customers
related kpis

A

market share
share of wallet
Churn
net promoter score

33
Q

Churn

A

rate at which customers stop doing business with a company over a specific period. (want low)

34
Q

main kpi for employees

A

employee commitment

35
Q

main kpi for customers

A

customer satisfaction

36
Q

Diamond E
definition

A

strategic framework for understanding the dynamics between a company’s environment and internal capabilities
identifies individual variables and how they are connected

37
Q

Diamond E application questions

A
  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
Q

What are the parts of Diamond E

A

Management preferences
organization strategy environment
resources

39
Q

Diamond E: organization
definition

A

Culture: who are we
Capability: what are we good at?
Structure: how do we divide work?

40
Q

Diamond E: organization
questions

A
  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
Q

Diamond E: management preferences
definition

A

Vision, mission, preferences, and biases

42
Q

Diamond E: management preferences
questions

A
  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
Q

Diamond E: resources
definition

A

Human, capital, financial

44
Q

Diamond E: resources
questions

A
  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
Q

Internal

A

what can we do?

46
Q

internal consistency

A

good execution

47
Q

external

A

what should we do

48
Q

external alignment

A

rich strategy for environment

49
Q

Diamond E: strategy/environment linkage
definition

A

asses forces at work and their implications
adjust internal or adjust strategy

50
Q

Citing sources and APA formatting
objective

A

to give credit, show recency of data/information, and make it possible to see the original source

51
Q

how do you cite something

A

No Big Deal TiPS
N-name
B-brackets around date
D-date
T-title
I-italisize
P-publisher
S-site

52
Q

Key performance indicators
definition

A

quantifiable measures that determine a company’s performance in relation to its key success factors

53
Q

Key Performance Indicators
importance

A

they assess productivity, efficiency, effectiveness in achieving objectives

54
Q

Key performance indicators
interconnections

A

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
Q

PEST
definition

A

Framework for analyzing the macro environmental factors affecting a business

56
Q

PEST
importance

A

understanding these factors helps businesses anticipate changes in the market and adapt strategies accordingly

57
Q

PEST
interconnections

A

shift in one factor can lead to changes in others
ex. economic downturns may lead to political instability

58
Q

PEST: P

A

Political
Laws, Regulations, International trade laws, trade agreements

59
Q

PEST: E

A

Economic
GDP, inflation, interest, employment, exchange

60
Q

PEST: S

A

Social
Values, attitudes, demographics, customs, habits

61
Q

PEST: T

A

Technological
Information technology, internet, materials, equipment

62
Q

Porters 5 forces: competitors
threats

A

many competitors of equal size
low industry growth rate
capacity of competitors
exit barriers

63
Q

Porters 5 forces: competitors
solutions

A

growth
acquisition of competitors
create/increase consumer switching costs
differentiation

64
Q

porters 5 forces: new entrants
threats

A

economics of scale
capital requirements
cost advantages

65
Q

porters 5 forces: new entrants
solutions

A

grow to achieve scale
control distribution network
lock in customers

66
Q

porters 5 forces: suppliers
threats

A

few suppliers
low importance
high switching costs

67
Q

porters 5 forces: suppliers
solutions

A

form strategic alliance
internal supply
long run: redesign product

68
Q

porters 5 forces: buyers
threats

A

few buyers
standardized product
switching costs
threat of backward integration

69
Q

porters 5 forces: buyers
solutions

A

form alliance with sellers
strong market differentiation
create information asymmetry

70
Q

porters 5 forces: substitutes
threats

A

many good substitutes
low switching costs
high buyer propensity to substitute

71
Q

porters 5 forces: substitutes
solutions

A

lock customers in
strong market/differentiation

72
Q

whats the profitability framework

A

profits
revenue costs
volume price fixed variable

73
Q

whats the case process

A
  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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