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BA 101 > Robbins Chapter 9 > Flashcards

Robbins Chapter 9 Flashcards

1
Q

Strategic Mgmt

A

What managers do to develop the org’s strategies. Involves PLOC

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2
Q

Strategies

A

Plans for how the org will do whatever it’s in business to do, how it will copete successfully, and how it will attract and satisfy its customers in order to ahieve its goals

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3
Q

3 Types of Strategies Note: Page 229, Exhibit 9-3 is useful.

A

Corporate, Competitive, Functional

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4
Q

Business Model

A

How a company is going to make money.

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5
Q

2 Things that a Business Model focuses on

A
  1. Whether customers will value what the company is providing, 2. Whether the company can make any money doing that
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6
Q

3 Reasons why Strategic Mgmt is Important

A
  1. Can make a diff in how well an org performs, 2. Managers cope with uncertainty by using the strategic mgmt process to examine relevant factors and decide what actions to take, 3. Strategic Mgmt helps each part of the org work together toward achieving the org’s goals
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7
Q

The Strategic Mgmt Process

A
  1. identify the org’s current Mission, Goals and Strategies, 2. doing an External Analysis (Opps and Threats), 3. doing an Internal Analysis (Resources, Capabilities, Core Competencies, Strengths, and Weaknesses), 4. Formulating strategies, 5. Implementing strategies, 6. Evaluating results. Sentence for memory (lol): [MGS, EA, IA, F, I, E] Marijuana Gives Such, Eccentric And, Imaginative Appreciation, For, Indecent, Expectations
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8
Q

Mission

A

Statement of an org’s purpose

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9
Q

Resources

A

Assets (Fin, Phy, Human, Intangible) “what” the org has

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10
Q

Capabilities

A

Skills and abilities in doing the work activities needed in its business “how” the org does its work

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11
Q

Core Competencies

A

Major value-creating capabilities of the org

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12
Q

Resources and Core Competencies determine the org’s ___

A

competitive weapons

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13
Q

Strengths (Weaknesses)

A

Activities the org does (doesn’t do) well and/or any unique resources that it has (resources it needs but doesn’t possess)

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14
Q

Corporate Strategy

A

An organizational strategy that determines what business a company is in/wants to be in and what it wants to do with those businesses.

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15
Q

A corporate strategegy is based on (1) the __ and ___ of the org and (2) the ___ that each business unit of the org will play

A

mission, goals, roles

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16
Q

Types of Corporate Strategy

A

Growth, Stability, Renewal

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17
Q

Corporate Growth Strategy

A

A corporate strategy that’s used when an org wants to expand the number of markets served or products offered either through its current business(es) or through new business(es)

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18
Q

Orgs grow by using

A

Concentration (focus on primary line of business - increases the no. of products offered/markets served), Vertical Integration (Backward: it becomes its own supplier; Forward: Org becomes its own distributor), Horizaontal Integration (Combining with competitors), or Diversification (Related: Combines with other companies in different but related industries; Unrelated: Combines with firms in diff and unrelated industries)

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19
Q

Corporate Stability Strategy

A

An org continues to do what it is currently doing. Org doesn’t grow but doesn’t fall behind, either.

20
Q

Corporate Renewal Strategy

A

Retrenchment: Short-run renewal strategy used for minor performance problems that helps an org stabilize ops, revitalize organizational resources and capabilities, and prepare to compete once again; Turnaround: A more drastic strategy employed when an org’s probs are more serious.

21
Q

In both Retrenchment and Turnaround Strategies, managers do 2 things: ____ and ____. However, in a turnaround strategy, these measures are more extensive than in a retrenchment strategy

A

cut costs, turnaround strategy

22
Q

Corporate Portfolio Matrix

A

Provides a framework for understanding diverse businesses and helps managers establish priorities for allocating resources. (BCG matrix,

23
Q

Boston Consulting Group (BCG) Matrix Note: See Page 231, Exhibit 9-4

A

A strategy tool that guides resource allocation decisions on the basis of market share and growth rate of SBUs. Used to identify which business(es) offered high potential and which were a drain on organizational resources. A business unit is evaluated using a SWOT analysis and placed in one of the 4 categories

24
Q

Dogs should be ___. Managers should “milk” cash cows for as much as they can, limit any ___ in them, and use the large amounts of cash generated to (1) ___ and (2) ___ with ___. The stars will eventuall develop into ____ as their markets ___ and sales growth ___.

A

sold off/liquidated, new investment, stars, question marks, strong potential to improve market share, cash cows, mature, slows

25
Q

Competitive Strategy

A

Strategy for how an org will compete in its business(es). For orgs in multiple businesses, each business will have its own competitive strategy that defines its competitive advantage, the products or services it will offer, the customers it wants to reach, etc.

26
Q

Strategic Business Units (SBUs)

A

Single businesses (when an org is in several diff businesses) that are indepenent and have their own competitive strategies

27
Q

Competitive Advantage

A

What sets an org apart; its distinctive edge (edge can come from the org’s core competencies by doing something that others cannot do/doing it better than them)

28
Q

A competitive advantage can come from the company’s resources because the organization has something ____

A

that its competitors do not have

29
Q

T/F: Quality cannot be a competitive advantage

A

False. If a business is able to continuously improve the quality and reliability of its products, it may have a competitive advantage that can’t be taken away

30
Q

Sustaining Competitive Advantage

A

Challenges: market instabilities, new tech, and other changes. However, using strategic mgmt, managers can better position their orgs to get a sustainable competitive advantage

31
Q

Five Forces Model (See Page 233, Exhibit 9-5)

A
  1. Threat of New Entrants, 2. Threat of Substitutes, 3. Bargaining power of Buyers, 4. Bargaining power of Suppliers
32
Q

After managers have assessed the 5 forces and done a SWOT analysis, they can select an appripriate competitive strategy that fits the ____ of the org and the ___ that it’s in

A

competitve strengths (resources and capabilities), industry

33
Q

Types of Competitive Strategies

A
  1. Cost Leadership, 2. Differentiation (unique products that’re widely valued by customers), 3. Focus (cost focus or differentiation focus in a niche based on product variety, customer type, distribution channel, or geographical location)
34
Q

Stuck in the Middle

A

Can’t develop a cost/differentiation advantage

35
Q

T/F: Orgs can’t successfully pursue both a low cost and a differentiation advantage and achieve high performance

A

False. They can but it’s hard. (HP, FedEx, Intel, and Coca-Cola were able to do it)

36
Q

Functional Strategies

A

Strategies used by an org’s various functional depts. to support the competitive strategy

37
Q

Strategic Leadership

A

Ability to anticipate, envision, maintain flexibility, think strategically, and work with other in the org to intitiate changes that will create a viable and valuable future for the org

38
Q

8 Key Dimensions to provide effective Strategic Leadership See: Page 235, Exhibit 9-6

A
  1. Purpose/Vision, 2. Core Competency Exploitation and Maintenance, 3. Human Capital Development, 4. Strong Org Culture, 5. Good Org Relationships, 6. Reframing Views by Questioning Assumptions, 7. Emphasizing Ethical Organizational decisions, 8. Good Organizational Controls
39
Q

Strategic Flexibility

A

Ability to recognize major external changes, to quickly commit resources, and to recognize when a strategic decision isn’t working

40
Q

e-Business Strategies

A

Used to develop a sustainable competitive advantage. (Can be used by cost leader, differentiator, focuser to their respective advantages)

41
Q

Customer Service Strategies: Companies emphasizing excellent customer service need strategies ________

A

that cultivate that atmosphere from top to bottom

42
Q

Having an effective ____ system is an important customer service strategy

A

customer communication

43
Q

Innovation Strategies

A

Transfer tech from one of a business’ divisions to make new products. Applying existing tech to new uses. (Basic Sci Research, Product Development, Process Improvement)

44
Q

First Mover

A

Org that’s first to bring a product innovation to the market or to use a new process innovation

45
Q

First Mover Advantages and Disadvantages (Partial List. See Page 239, Exhibit 9-8 for complete list)

A

Advantages: Reputation, Control over scarce resources and keeping competitors from having access to them; Disadvantages: High development costs, Uncertainty over exact direction the tech and market will go

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