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Strategic Management > Midterms > Flashcards

Midterms Flashcards

1
Q

Can shape how a company brands itself, the products they choose to sell and how it interacts with other businesses and regulatory agencies.

A

General environment / Macro-environment

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2
Q

What are the dimensions of the General Environment?

A
  1. Legal-Political Dimension
  2. International Dimension
  3. Socio-cultural Dimension
  4. Technological Dimension
  5. Economic Dimension
  6. Natural Dimension
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3
Q

Includes government legislation, regulations, policies and changes to the political environment that will impact a company’s decision-making.

A

Legal-Political Dimension

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4
Q

Includes events and opportunities in foreign countries.

A

International Dimension

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5
Q

Represents the demographic characteristics as well as the norms, customs, and values of the general population.

A

Socio-cultural Dimension

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6
Q

Includes scientific and technological advancements in the industry and society at large.

A

Technological Dimension

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7
Q

Represents the overall economic health of the country or region.

A

Economic Dimension

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8
Q

Events that may happen in the Economic dimension

A

organization functions, consumer purchasing power, unemployment rate, and interest rates

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9
Q

Includes all elements that occur naturally on earth, including plants, animals, rocks, and natural resources such as air, water, and climate.

A

Natural Dimension

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10
Q

The external environment of an organization which affects its ability to reach business goals

A

Task environment

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11
Q

Any business or consumer with direct involvement with an organization may be part of the task environment.

A

Task environment

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12
Q

Dimensions of Task environment (Enumeration)

A
  1. Competitors
  2. Regulators
  3. Strategic Partners
  4. Suppliers
  5. Customers
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13
Q

Generally looks for higher margins and provides unique features to its products, thus trying to create differentiation.

A

Competitors

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14
Q

Types of competitors (enumeration)

A
  1. Direct competitors
  2. Indirect Competitors
  3. Replacement Competitors
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15
Q

Businesses offering similar or identical products or services

A

Direct Competitors

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16
Q

The same category that sells different products or services to solve the same problem.

A

Indirect Competitors

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17
Q

Both seek to solve the same pain points, but the means are different.

A

Replacement Competitors

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18
Q

A person or organization appointed by a government to regulate an area of activity such as banking or industry.

A

Regulators

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19
Q

Examples of regulators (enumeration)

A
  1. Regulations
  2. Strategy
  3. Governance
  4. Rules
  5. Compliance
  6. Policy
  7. Standards
  8. Security
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20
Q

Involves the sharing of resources between two or more individuals or companies to help all involved succeed.

A

Strategic Partners

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21
Q

A person, company, or organization that sells or supplies something such as goods or equipment to customers

A

Suppliers

22
Q

An individual or business purchases another company’s goods or services.

A

Customers

23
Q

A set of elements that defines the atmosphere within the company’s structure.

A

Internal Environment / Micro-environment

24
Q

Describes the way activities and relationships are carried out inside the business, normally within co-workers.

A

Internal Environment

25
Q

Consists of the conditions and forces that exist within the organization.

A

Internal Environment

26
Q

Factors of Internal environment (enumeration)

A
  1. Physical resources
  2. Financial resources
  3. Human resources
  4. Information resources
  5. Organization’s Goodwill
  6. Corporate Culture
27
Q

Facilities, equipment, land, and other assets.

A

Physical resources

28
Q

The funds and assets that finance an organization’s activities and investments

A

Financial resources

29
Q

The personnel of a business or organization, employees who get tasks done and do the labor.

A

Human resources

30
Q

The media, instruments, and methods for planning, collecting, processing, transmitting, and storing data and information, including telecommunications.

A

Information resources

31
Q

The value of a company’s brand name, solid customer base, good customer relations, good employee relations, and any patents or proprietary technology.

A

Organization’s Goodwill

32
Q

A set of beliefs and behaviors that guide how a company’s management and employees interact and handle external business transactions.

A

Corporate culture

33
Q

Elements of Internal environment (enumeration)

A
  1. Owners & Shareholders
  2. Board of Directors
  3. Employees
  4. Organizational culture
  5. Resources of the Organization
  6. Organization’s Goodwill
34
Q

Are people who invested in the company and have property rights and claims on the organization.

A

Owners & Shareholders

35
Q

The governing body of the company who is elected by stockholders.

A

Board of Directors

36
Q

The most important element of an organization’s internal environment, which performs the tasks of the administration.

A

Employees / Workforce

37
Q

The collective behavior of the members in the organization.

A

Organizational culture

38
Q

What makes up the organizational culture?

A

values, the visions, beliefs, habits

39
Q

The basic building blocks of company authority and can be used to achieve its objective and target.

A

Resources of the Organization

40
Q

Different types of resources (enumeration)

A
  • Physical resources
  • Human resources
  • Financial resources
  • Informational resources
  • Technological resources
41
Q

The reputation of an organization is valuable and intangible.

A

Organization’s Goodwill

42
Q

Four parts of External Environment Analysis

A
  1. Scanning
  2. Monitoring
  3. Projecting
  4. Adapting
43
Q

Identifies early signals of change in the general environment.

A

Scanning

44
Q

Detecting meaning through ongoing observations of environmental changes and trends.

A

Monitoring

45
Q

Developing forecasts of anticipated outcomes based on monitored changes and trends

A

Projecting

46
Q

Determining the timing and importance of environmental changes and trends for the firm’s strategies and management.

A

Adapting

47
Q

The closely observing of meaningful changes to see if an important trend is emerging from among those spotted through scanning

A

Monitoring

48
Q

The study of all segments in the general environment and often reveals ambiguous, incomplete, or unconnected data and information.

A

Scanning

49
Q

Predicting of possible trends based on information gathered from scanning and monitoring

A

Projecting

50
Q

Interpreting and applying the gathered information into the business process to produce products or services that can compete in the business industry.

A

Adapting

Strategic Management (1 decks)

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