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Business > Pursuing strategies > Flashcards

Pursuing strategies Flashcards

UNIT 9

1
Q

innovation definition

A

improved product e.g velodrome bike over or iphone 15

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2
Q

Invention definition

A

a new product e.g penny farthing or first ever phone

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3
Q

what does product innovation have

A

extra benefits for the consumer e.g upgrades to the item

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4
Q

what does process innovation do

A

streamline production so costs are lower, which can be passed onto the customer in the form of lower prices

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5
Q

why is innovation important

A

to stay competitive and profitable

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6
Q

what is key to being an innovative business

A

a positive environment where it is acceptable to fail with secure funding and a sharing attitude

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7
Q

What makes an innovative business environment

A

benchmarking
intrapreneurship
kaizen groups
positive leadership values & strategies
good at listening to customers and employees

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8
Q

What is benchmarking

A

comparison against the best in the field to aid improvement

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9
Q

what is intraprenurship

A

entrepreneurship within a larger organisation

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10
Q

How to protect your innovations

A

Copyright
trademarks
patents
design rights
registered designs

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11
Q

What is copyright

A

automatic
on literary works
lasts 70years after inventors death

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12
Q

what are trademarks

A

registered
on names, logos and jingles
lasting 10 years

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13
Q

what are patents

A

registered
on inventions and products
lasting 20 years

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14
Q

what are design rights

A

automatic
on shapes
lasting 5 years

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15
Q

what are registered designs

A

on shapes, packaging and colours
lasting 5 years

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16
Q

emphasis on innovation protection - DYSON

A

high emphasis
a lack of would increase a potential loss of market share
for Dyson, this could also be a potential revenue stream as they win many of IP lawsuits

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17
Q

emphasis on innovation protection - TRUNKI

A

little/no emphasis
used first move advantage
protection would be ineffective due to its simple design

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18
Q

what is disruptive innovation

A

when new markets are created which replace the old ones and their old technology e.g google over encyclopaedias & uber over taxi ranks

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19
Q

Innovation impact on HR

A

a positive culture needs to be developed for it to occur

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20
Q

Innovation impact on Finance

A

have to have finance available to fund projects which may not necessarily work

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21
Q

Innovation impact on Operations

A

new/more project managers needed

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22
Q

Innovation impact on Marketing

A

initial stimuli of market research required

23
Q

What are the pressures for innovation

A

PESTLE-C

24
Q

causes of internationalisation

A

trade agreements
improvements in transport
improvements in communication

25
Q

opportunities of internationalisation

A

importing
exporting
offshoring

26
Q

why would a business want to sell overseas

A

to increase the size of the target market
to reduce risk by expanding into other national markets

27
Q

methods of entering international markets

A

exporting
licensing - selling rights to an overseas business for them to produce under your name
joint ventures - overseas partnerships
direct investment - investing in production facilities etc overseas

28
Q

factors influencing the attractiveness of markets

A

size and growth of market
costs of entering
cultural similarities
level of competition
perceived risk
impact of overseas growth

29
Q

reasons for producing abroad

A

cheaper
closer to resources
closer to market
specific skills of an area
may overcome barriers to trading

30
Q

reasons for re-shoring

A

quality issues
delivery issues
fall in cost difference
desire to create jobs locally

31
Q

reasons to offshore

A

pressure for growth
pressure for lower costs
location
politics/economics

32
Q

what do Bartlett and Ghoshal do to help managers

A

provide strategies for managing overseas/international businesses

33
Q

Bartlett and Ghoshal: low pressure for local responsiveness + low pressure for global integration

A

international

34
Q

Bartlett and Ghoshal: high pressure for local responsiveness + low pressure for global integration

A

Multi-domestic

35
Q

Bartlett and Ghoshal: high pressure for local responsiveness + high pressure for global integration

A

Transnational

36
Q

Bartlett and Ghoshal: low pressure for local responsiveness + high pressure for global integration

A

Global

37
Q

Bartlett and Ghoshal: international strategy

A

products are not adapted, just sold abroad

38
Q

Bartlett and Ghoshal: multidomestic strategy

A

regions manage themselves independently, locally responsive

39
Q

Bartlett and Ghoshal: global strategy

A

centralised, standardised products allowing for economies of scale

40
Q

Bartlett and Ghoshal: transnational strategy

A

sharing knowledge, expertise and responsibility between regions

41
Q

risks of internationalisation:

A

cultural differences
different decision making styles
ethical standards
anti-globalisation feelings
instability of the country

42
Q

Digital technologies

A

ERP
E-commerce
Big data
Data mining

43
Q

What is ERP

A

enterprise resource planning is a software to manage data.

44
Q

What is data mining

A

the process of breaking down big data to find correlations and patterns

45
Q

what should ERP do

A

increase productivity and efficiency by ensuring resources are best allocated
faster response and flexibility

46
Q

impacts of digital technology

A

improvement of communication and the availability of information
better management
enabling new ways of doing business
changes in HR

47
Q

challenges of digital technology

A

leadership & control of tech
culture changes
the rate of change will increase

48
Q

pressures to adopt digital technology

A

to keep up with the market
need to keep pace with competitors
need to keep costs down

49
Q

threats of digital technology

A

easier for consumers to compare prices, squeezing profit margins
unexpected competitors
rapid change

50
Q

impact of digital tech on HR

A

changes in skills needed of employees
nature of jobs may change from intuition to scientific

51
Q

impact of digital tech on Marketing

A

more data to be gathered
more personalised and efficient marketing

52
Q

impact of digital tech on OPS

A

ERP - greater efficiency, less waste, better cash flow

53
Q
A

Business (14 decks)

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