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Sustainability and Strategic Audit > midterms > Flashcards

midterms Flashcards

1
Q

essential for successful strategy formulation

A

Competitive Forces

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2
Q

Identifying rival firms through:

A
  1. Strengths
  2. Weaknesses
  3. Capabilities
  4. Opportunities
  5. Threats
  6. Objectives
  7. Strategies
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3
Q

7 characteristics of competitive u.s. firms

A
  1. Market share matters
  2. Understand what business you are in
  3. Broke or not, fix it
  4. Innovate or evaporate
  5. Acquisition is essential to growth
  6. People make a difference
  7. No substitute for quality
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4
Q

Porter’s 5 forces model

A
  1. Potential development of substitute products
  2. Rivalry among competing firms
  3. Bargaining power of consumers
  4. Potential entry of new competitors
  5. Bargaining power of suppliers
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5
Q

International Challenge faced by U.S. firms

A
  1. How to gain and maintain exports to other nations
  2. How to defend domestic markets against imported goods
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6
Q

What does EFE mean?

A

External Factor Evaluate

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7
Q

What does EFE evaluate? (9)

A
  1. Economic
  2. Social
  3. Cultural
  4. Demographic
  5. Political
  6. Environmental
  7. Governmental
  8. Technological
  9. Competitive
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8
Q

5 step process of EFE

A
  1. List Key external factors
  2. Assign weight to each
  3. Assign 1-4 rating to each factor
  4. Multiply each factor’s weight by its rating
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9
Q

Identifies firm’s major competitors and their strengths and weaknesses in relation to a sample firm’s strategic position

A

Competitive Profile Matrix

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10
Q

Strategy Hierachies (3)

A
  1. Corporate Strategy
  2. Business unit strategy
  3. Functional strategy
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11
Q

Types of corporate strategy

A
  1. growth strategy
  2. stability strategy
  3. retrenchment strategy
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12
Q

Types of business unit strategy

A
  1. cost leadership
  2. differentiation
  3. focus
  4. mixed
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13
Q

Top level management formulate for overall organization

A

Corporate strategy

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14
Q

Types of growth strategy

A
  1. internal growth
  2. conglomerate diversification
  3. merger
  4. strategic alliance
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15
Q

Increase internal capacity of organization without acquiring other firms.

A

Internal growth

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16
Q

Acquiring unrelated business

A

Conglomerate Diversification

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17
Q

Two roughly similar size firms combine into one to benefit of synergy

A

Merger

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18
Q

Temporary alliance

A

Strategic alliance

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19
Q

The change in a broad set of actions and decisions such as changing relationships and organization of work

A

Corporate Restructuring

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20
Q

Types of restructuring (3)

A
  1. growth
  2. stability
  3. retrenchment
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21
Q

Retrenchment strategies (3)

A
  1. Turnaround
  2. Divestment
  3. Liquidation
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22
Q

Eliminating unprofitable outputs, pruning/cutting assets, reducing size of work force, rethinking firm’s product lines and customer groups

A

Turnaround

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23
Q

Selling one of business units

A

Divestment

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24
Q

Last resort strategy

A

Liquidation

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25
Q

Vertical Integration Strategies (3)

A
  1. Forward integration
  2. Backward integration
  3. Horizontal integration
26
Q

Gaining ownership or increased control over distributors or retailers

A

Forward integration

27
Q

Seeking ownership or increased control of a firm’s suppliers

A

Backward integration

28
Q

Seeking ownership or increased control over competitors

A

Horizontal integration

29
Q

Types of intensive strategies (3)

A
  1. Market penetration
  2. Market development
  3. Product development
30
Q

Seeking increased market share for present products or services in present markets through greater marketing efforts

A

Market Penetration

31
Q

Introducing present products or services into new geographic area

A

Market development

32
Q

Seeking increased sales by improving present products or services or developing new ones

A

Product development

33
Q

Diversification strategies (3)

A
  1. Concentric diversification
  2. Conglomerate diversification
  3. Horizontal diversification
34
Q

Adding new, but related products or services

A

Concentric diversification

35
Q

Adding new, unrelated products or services

A

Conglomerate diversification

36
Q

Adding new, unrelated products or services for present customers

A

Horizontal diversification

37
Q

Defensive strategies (4)

A
  1. Joint venture
  2. Retrenchment
  3. Divestiture
  4. Liquidation
38
Q

2 or more sponsoring firms forming a separate organization for cooperative purposes

A

Joint venture

39
Q

Regrouping through cost and asset reduction to reverse declining sales and profit. Sometimes called as “turnaround” or “reorganizational strategy”

A

Retrenchment

40
Q

Selling a division or part of an organization

A

Divestiture

41
Q

Selling all of a company’s assets, in parts, for their tangible worth

A

Liquidation

42
Q

Michael porter’s generic strategies

A
  1. Cost leadership Strategies (Low-cost & Best-value)
  2. Differentiation strategies
  3. Focus Strategies (Low-cost focus & Best-value focus)
43
Q

Focuses on improving competitive position of company’s products or services within the specific industry or market segment

A

Business Strategy

44
Q

Competitive strategy (4)

A
  1. Low cost
  2. Differentiation
  3. Direct Competition
  4. Focus on niche
45
Q

Generic competitive strategies (2)

A
  1. Lower cost strategy
  2. Differentiation strategy
46
Q

Greater efficiencies than competitors

A

Lower cost strategy

47
Q

Unique/superior value, quality, features, service

A

Differentiation

48
Q

Cost leadership…

A
  1. low-cost competitive strategy
  2. Broad mass market
  3. Efficient-scale facilities
    - Cost reductions
    - Cost minimization
49
Q

Cost leadership types (2)

A
  1. low-cost strategy
  2. best-value strategy
50
Q

offers products to a wide range of customers at the lowest price available on the market

A

low-cost strategy

51
Q

offers products to a wide range of customers at the best price-value available on the marker

A

best-value strategy

52
Q

Strives to be the low-cost producer in an industry

A

Cost leadership

53
Q

Differentation….

A
  1. broad mass market
  2. unique product/service
  3. premiums charged
  4. less price sensitivity
54
Q

Aimed at producing products that are considered unique

A

Differentiation

55
Q

producing products and services that fulfill the needs of small groups of people

A

Focus

56
Q

2 types of focus

A
  1. low-cost focus strategy
  2. best-value focus strategy
57
Q

offers products or services to a small range (niche) of customers at the lowest price available on the market

A

low-cost focus strategy

58
Q

offers products to a small range at the best price-value available on the market.

A

best-value focus strategy / differentiation

59
Q

Concerned with organization’s internal resources and processes which effectively deliver the corporate and business strategic direction

A

Functional/operational strategies

60
Q

How to conduct SWOT anlaysis

A
  1. Analyze internal and External environment
  2. Perform SWOT analysis & Document
  3. Prepare action plans
61
Q

Steps of SWOT

A
  1. Establish objectives
  2. Select contributors
  3. Allocate research and information gathering tasks
  4. Create a workshop environment
  5. List strengths, weaknesses, opportunities
  6. Evaluate listed ideas against objectives
  7. carry your findings forward
62
Q

PESTLE

A
  1. Political
  2. Economic
  3. Social
  4. Technological
  5. Legal
  6. Environmental

Sustainability and Strategic Audit (3 decks)

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