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Strategic Management > Midterm Review CH: 1,2,3,4,14 > Flashcards

Midterm Review CH: 1,2,3,4,14 Flashcards

0
Q

What is strategic management?

A

Formulating, implementing, and evaluating a company’s strategies.

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1
Q

What is strategy?

A

The company’s game plan.

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2
Q

What does the strategic management cycle look like?

A 
Create mission and vision
Internal and external assessment
Create long-term objectives
Generate, evaluate, select strategies
Implementation
Performance and evaluation
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3
Q

Strategic management achieves a firm’s success through ___________.

A

Integration

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4
Q

What does strategic management integrate?

A 
Management
Information management
Human resources
Research and development
Marketing
Finance/accounting
Production (operations)
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5
Q

What are the aspects of a business strategy diamond?

A 
Arenas
Vehicles
Differentiators
Economic logic
Staging (and pacing)
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6
Q

Adapting to change requires __________ focus.

A

Long-term

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7
Q

Strategic management involves gaining and maintaining ________________.

A

Competitive advantage

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8
Q

Considering external factors, the difference between intended and realized strategy depends on what?

A

Implementation levers and leadership.

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9
Q

What are implementation levers?

A

Structure
Systems
People

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10
Q

What is leadership?

A

Resource allocation and support

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11
Q

What are the specific targets for a company that have measurable outcomes?

A

Strategic goals/objectives

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12
Q

Describe what a company’s vision and mission are.

A

The fundamental purpose; values; a view of the future.

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13
Q

What are porters five forces?

A 
Threat of substitutes 
Threat of new entrants
Supplier (bargaining) power
Buyer power
Degree of rivalry
\+ 1 complementors
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14
Q

Explain the degree of rivalry force.

A

How intense is the competition?

Will they fight or exit the industry?

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15
Q

Describe threat of new entrants.

A

How easy is it to enter the industry?

Cost, resources, government policies…

16
Q

Explain threat of substitutes.

A

At what price will customers switch?

How easy is it to develop substitutes?

17
Q

Explain bargaining (supplier) power.

A

How many suppliers are there?
How much power do they have?
What are the customer switching costs?

18
Q

Define the bargaining power of customers.

A

How much do customers know?
How much power do they have?
Are products undifferentiated?

19
Q

Define the complementors force.

A

Products in one industry increase sales in another.

Can working with buyers/suppliers add value?

20
Q

Explain the stages of the industry life cycle.

A

Embryonic
Growing
Mature
In decline

21
Q

What is a KSF and a value curve?

A

KSF - key success factors

Which are then plotted on a value curve based on the factors.

22
Q

Describe the steps to doing an external factors evaluation (EFE) matrix.

A
  1. Summarize external factors (opportunities, threats)
  2. Rank importance of issue
  3. Evaluate the company’s response to the issues
  4. Calculate the average score of their responses to the issues
23
Q

Give some examples of board duties.

A 
Set strategy goals/direction.
Hire/fire CEO.
Supervise top management.
Review/approve use of resources.
Care for shareholder interests.
24
Q

What are the types of directors?

A

Inside - management
Outside - non-management
Affiliated

25
Q

When managers identify with company and will do what is right for company, what is this called?

A

Stewardship theory

26
Q

What are the factors of PESTEL analysis?

A 
Political
Economical
Socio-cultural
Environmental
Legal
27
Q

What environment does PESTEL analyze?

A

Macro environment

28
Q

Explain the resource-based view of competition.

A

Resources plus capabilities and strategic leadership create competitive advantage/disadvantage.

29
Q

What are resources and capabilities?

A

Physical (plant, equip, tech, materials)
Human (people, collective experience, skills, knowledge)
Organizational (process, systems, culture, structure)

30
Q

What does the VRINE framework summarize?

A 
For testing competitive resources.
Valuable
Rare
Inimitable
Non-substitutabile
Exploitable
31
Q

What is a value chain?

A

A linked set of value-creating activities.

32
Q

Explain how using value chains gain competitive advantage.

A

Identical -> differentiated processes
Different processes - long-lasting advantage
Better processes - short-term advantage

33
Q

The systematic review of resources and capabilities of a business is considered what?

A

Internal assessment

34
Q

Describe the steps of internal assessment.

A

1) VRINE analysis
2) value-chain analysis
3) internal factors evaluation

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