Models and Theorists Flashcards
What does Ansoff’s matrix do?
consider opportunities and potential market developments by looking at new and existing markets and products.
What are the axis of Ansoff’s matrix ?
products and markets
Ansoff’s matrix: Existing Product + Existing Market =
Market penetration
Existing Product + New Market =
Market development
New Product + Existing Market =
Product development
What are porters five forces
bargaining power of suppliers
threat of substitutes
bargaining power of buyers
threat of new entrants
industry rivalry
when are porters five forces used?
to determine the strength or weakness of a firm’s competitive position and the degree of rivalry between companies
What is the Blake Mouton grid used for
To show different managerial styles
what does Blake Mouton consist of
Country club
Team leader
impoverished
produce or perish
middle of the road
What is bowman’s clock used for
to outline different strategies in terms of the perceived added value and price
Which numbers are deemed uncompetitive on Bowman’s clock?
6,7,8 as they are high price and low differentiation
Bowman’s clock - 3
Hybrid, low cost with high perceived added value
Bowman’s clock - 4/5
differentiation and focused differentiation
what does Hackman and Oldham’s model do?
shows five aspects of a job design that can influence how motivating it is and highlights the importance of job design on individuals on their performance
Hackman and Oldham - five elements of job charactheristics
Skill variety
Task identity
Task significance
Autonomy
Feedback
Hackman and Oldham - outcome of feedback
high satisfaction with work - felt listened too
Hackman and Oldham - outcome of Autonomy
High quality of work
Hackman and Oldham - outcome of Skill variety
High internal motivation
What are Herzberg’s two factors?
Hygiene and motivating factors
Examples of Herzberg’s hygiene factors:
salary
job security
safe working conditions
company policies
relationship with peers
Examples of Herzberg’s motivating factors:
achievement
recognition
advancement opportunities
What is Maslow’s theory of motivation
Hierarchy of needs
What are Maslow’s five hierarchy of needs? (top down)
self-actualisation
esteem
belonging
safety
physiological
What was Herzberg’s principle with his two factor theory?
Improving motivating factors increases job satisfaction, improving hygiene factors decreases job dissatisfaction
examples of Maslow’s physiological needs:
food
water
warmth
rest
examples of Maslow’s safety needs:
employment security
health security
property security
examples of Maslow’s belonging needs:
friendship
family
connection
examples of Maslow’s esteem needs:
recognition
freedom
respect
examples of Maslow’s self-actualisation needs:
feeling of achieving full potential
How are Maslow’s needs categorised?
Self-fulfilment
Psychological
Basic
What are Maslow’s basic needs?
Physiological and safety
What are Maslow’s Psychological needs?
belonging and esteem
What is Maslow’s self-fulfilment need?
self-actualisation
Who is Taylor and what is his management style?
money man - scientific management
How did Taylor motivate his staff
piece-rate pay
standardisation of work
What is the Tannenbaum Schmidt continuum
range of different management styles from boss-centered leadership to subordinate centered leadership
Order of leadership styles on the Tannenbaum Schmidt Continuum
Tells
Sells
Suggests
Consults
Joins
Delegates
Abdicates
What is the Boston Matrix used for?
to compare market growth with market share
What are the four components of the Boston Matrix
question marks
Dogs
Rising stars
Cash Cows
What are on the axis of the Boston matrix
Market growth and market share
What is Scientific decision making?
stages of a data based approach to decision making
Stages in Scientific Decision making
gather data
analyse data
select
implement
review
set objectives
What are decision trees an example of?
Scientific decision making
What is stakeholder mapping?
A grid categorising stakeholders in terms of their relative power and interest
What are on the axis of a Stakeholder mapping grid
power and interest
High stakeholder power and low stakeholder interest =
Keep satisfied
High stakeholder power and High stakeholder interest =
manage closely
low stakeholder power and high stakeholder interest =
keep informed
low stakeholder power and low stakeholder interest =
monitor with minimum effort
What is market mapping?
a way to spot gaps in a market for potential new entrants or expansion
What are on the axis for market mapping
usually price and quality but can differ!
How do you make marketing decisions?
STP
what does STP stand for
Segmentation
Targeting
Positioning
What is the marketing mix?
blend of strategies a company uses to drive successful product promotion
Name the 7 P’s of the marketing mix
Promotion
Price
Product
Place
Physical Evidence
Process
People
Difference between place and process in the 7 P’s
place - distribution channels, web bases/bricks and mortar
process - standardisation, delivery services
What is an inventory control chart?
Shows any potential issues relating to inventory such as the re-order level, re-order quantity, usage rate and lead time
How do you work out the lead time on an inventory control chart?
time taken from re-order level to re-stock to maximum stock level
How do you work out the buffer stock level on an inventory control chart?
its the minimum stock level
What is a SWOT analysis
used for strategic planning involving an internal and external audit
What does SWOT stand for
strength
weaknesses
opportunities
threats
What is Elkington’s Triple Bottom Line?
A Venn diagram to show that businesses may have different objectives not just profit
What are the elements in Elkington’s Triple Bottom Line
Planet
People
Profit
How is Carroll’s Corporate Social Responsibility depicted?
a pyramid
What are the 4 responsibilities in Carroll’s Corporate Social Responsibility Pyramid
Economic
Legal
Ethical
Philanthropic
What are the two Porter’s theories
Porter’s five forces and Porte’s generic
What do Porter’s generic strategies do?
highlights the strategic decisions of managers in terms of the scope of the business’ activities and the positioning within the market.
What are the axis on the Porter’s generic grid
Competitive advantage and competitive scope
Porter’s generic - Low cost + broad target =
cost leadership
Porter’s generic - Differentiation + Narrow target
Differentiation focus
Porter’s generic - Differentiation + Broad target
differentiation
Porter’s generic - low cost + narrow target
cost focus
What did Greiner’s model show
challenges that will occur as a business grows with typical crisis points
What are Greiner’s crisis points/revolutions
Leadership
Autonomy
Control
Red Tape
?
What are Greiner’s stages of growth/evolutions
Creativity
Direction
Delegation
Coordination
Collaboration
What are Bartlett and Ghoshal’s strategies?
International
Multi-domestic
Transnational
Global
What does Bartlett and Ghoshal’s model do?
examines the different approaches to managing businesses that operate in several countries
What are on the axis for Bartlett and Ghoshal’s model?
Cost pressures and pressure for local responsiveness
Bartlett and Ghoshal’s - Low cost pressure + low pressure for local responsiveness =
International strategy
Bartlett and Ghoshal’s - Low cost pressure + high pressure for local responsiveness =
Multidomestic strategy
Bartlett and Ghoshal’s - high cost pressure + high pressure for local responsiveness =
Transnational strategy
Bartlett and Ghoshal’s - high cost pressure + low pressure for local responsiveness =
Global strategy
What is a multi-domestic strategy?
there are considerable variations between market demands and few benefits from globally integrating, resulting in a portfolio of relatively independent companies running themselves and producing for their own markets.
What is a global strategy (Bartlett and Ghoshal’s)
there are significant economies of scale and there are similarities in terms of market demand, standardised products are sold globally and the full range of business activities will only exist in the home market
What is a transnational strategy
there is pressure to meet local needs and also benefits from integrating globally. Staff move around the business globally which helps build shared values and shared knowledge.
What is an international strategy (Bartlett and Ghoshal’s)
there are similarities between markets and little gains from globally integrating. a business operates abroad but runs from the home country
What is Lewin’s force field analysis?
there are always forces for and against change
What are driving forces?
Positive forces for change
What are restraining forces
Obstacles to change
What are Kotter and Schlesinger’s reasons for resistance to change
Self interest
misunderstanding and fear
differing views
preference for the status quo
How do Kotter and Schlesinger’s suggest to overcome change
Education
Participation
Facilitation
Negotiation
Manipulation
Coercion
What does Handy’s culture show?
4 types of culture:
Power, role, task and person
What is power culture?
centralised culture which focuses on key decision makers
What is task culture?
focus on specific tasks and projects, Individuals are brought in to work on tasks as and when they are required, sharing ideas across functions
What is role culture?
more formalised culture with jobs having clear rules and procedures, Individuals know their position within the hierarchy
What can role culture lead to?
a silo mentality where departments and individuals do not communicate or share information
What are Hofstede’s national cultures
Power distance
uncertainty avoidance
individualism vs collectivism
masculinity vs femininity
long termism vs short termism
What is masculinity vs femininity (Hofstede’s)
‘masculine’ - focusing on assertiveness and money
‘feminine’ - focusing on concern for others and the quality of relationships
What is strategic drift?
when the strategy pursued by a business no longer fits with the environment around it and what may have been appropriate at one point is no longer suitable as conditions have changed.
