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BTF > Strategic plans and risk management > Flashcards

Strategic plans and risk management Flashcards

1
Q

5 Ps of strategy

A

Plan
Ploy
Pattern
Position
Perspective

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2
Q

What is defined
establishment of objectives and the formulation, evaluation and selection of policies strategies tactics and action required to achieve them

A

planning

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3
Q

what is defined
statement of long term goals with definitions of strategies and polices which will ensure achievement of these goals

A

Strategic plan

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4
Q

what is the plan:
plan setting out the markets a business intends to serve, how it will serve each market and what finance is required

A

business plan

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5
Q

What is the plan:
A plan setting out how overall objectives are to be achieved, by specifying what is expected from specific functions, stores and departemnts

A

operational plan

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6
Q

What of the 5ps is
offering unusually high quality products

A

position

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7
Q

What of the 5ps is
advertising campaign

A

ploy

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8
Q

what is meant by using strategy as a pattern

A

stream of actions arising from the culture of the management team

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9
Q

What is a document containing targets and instructions for people to follow

A

plan

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10
Q

What is a manoeuvre to disadvantage a competitor

A

A ploy

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11
Q

What is the businesses unique way of looking at the world

A

perspective

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12
Q

Setting up strategic business units is part of

A

business strategy

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13
Q

What is described
customers or potential cusotomers who have needs which are satisfied by product/service

A

Market

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14
Q

what is described
comprises of businesses which use tech/competence to satisfy customer needs therefore to compete with each-other

A

industry

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15
Q

Porters 5 forces

A
  1. potential Entrants
  2. Customers
  3. Substitutes
  4. Suppliers
  5. Industry competitors
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16
Q

what type of competitor is described
similar firm with similar products (coke pepsi_

A

Brand competitors

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17
Q

what type of competitor is described
Similar products but other differences e.g. geographic (estate agents)

A

Industry competitors

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18
Q

what type of competitor is described
Competing for same disposable income

A

generic competitors

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19
Q

what type of competitor is described
different products satisfying same need

A

form competitors

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20
Q

what response profile is described
No response to competitor moves

A

laid back

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21
Q

what response profile is described
aggressive response to opposing moves

A

tiger

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22
Q

what response profile is described
reacts to some but not all moves

A

selective

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23
Q

what response profile is described
unpredictable responses

A

the stochastic

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24
Q

What is described
part of the planning process which examines current state of the entity

A

position model

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25
Q

9M model

A

Machinery
make up
management
MI
markets
materials
men and women
methods
money

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26
Q

What is a limiting/key factor

A

anything which limits the activity of an entity

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27
Q

what are activities

A

means by which a business creates value in its products

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28
Q

What are value drivers

A

elements of a product or service and activities that increase the amount of value consumers place on it

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29
Q

what are cost drivers

A

any activity that affects the cost of a product or service

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30
Q

What is described
excess the customer is prepared to pay over the cost to the business of obtaining resource inputs and providing value activities

A

margin

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31
Q

What is firm infrastructure

A

how a firm is run - structure and culture of the organisation

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32
Q

what is described
optimising activities of business working together to produce goods and services

A

supply chain management

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33
Q

what is described
how a product demonstrates different characteristics of profit and investment over time. analysing it enables a business to examine its portfolio of goods and services as a whole

A

product life cycle

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34
Q

different aspects of prodcuts

A

product class
product form
brand

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35
Q

What phase is described
large R&D
low product sales
loss making

A

Introduction

36
Q

Market share is

A

one entity’s sales of product or service as a percentage of total sales in a specified market

37
Q

Market share as a ratio BCG

A

Our market share / market share of largest competitor

38
Q

Market share ratio >1

A

we are the market leader

39
Q

If the market share and market growth are high, the product is a

A

star - build

40
Q

If market share is low and market growth is high the product is a

A

question mark

41
Q

If market growth is low and the market share is high, the product is a

A

cash cow

42
Q

If market growth is low and market share is low, the products are

A

dogs

43
Q

Cash cows should be

A

held or harvested (use cash to invest elsewhere)

44
Q

question marks should be

A

built into starts or harvested

45
Q

Dog decision

A

divest or hold

46
Q

If hold a question mark what strategy to adopt

A

build or harvest strategy

47
Q

what is a positioning based approach

A

fit ourselves into market - SWOT is summary of examination of internal and external

48
Q

What is a resource based approach

A

focus on strengths and competences and build around that - SWOT is first stage to understand core competencies

49
Q

Profit gap

A

the difference between target profit and profit forecast

50
Q

What is described taking offensive or defensive action to create a defendable position in an industry to cope successfully with competitive forces and thereby give a superior return on investment for the business

A

competitive strategies

51
Q

What strategy is described
predicting at the lowest cost in the industry as a whole (not necessarily lowest price offered)

A

cost leadership

52
Q

What strategy is described
providing a product or service which the industry as a whole believes to be unique

A

differentiation

53
Q

what strategy is described
restriction of activities to only a part of the market through providing goods or services at lower cost to that segment (cost focus)
Providing differentiated product or services to that segment (differentiation focus)

A

focus or niche

54
Q

three criteria for choosing corporate strategy (SAF)

A

suitability
acceptability
feasibility

55
Q

What is risk

A

the possible variation in an outcome from what is expected to happen

56
Q

What is uncertainty

A

the inability to predict the outcome from an activity due to lack of infomraiton

57
Q

possibility something will go wrong

A

Pure risk

58
Q

possibility something could go better than expected

A

Speculative risk -

59
Q

COSO risk definition

A

the possibility an event will occur and adversely affect achievement of objectives

60
Q

COSO Opportunity definition

A

possibility event will occur and positively affect achievement of objectives

61
Q

What is the risk of direct or indirect loss resulting from inadequate or failed internal processes, people and systems or from external events including legal risks

A

operational risks

62
Q

What are the four key risk concepts

A

exposure
volatility
impact
probability

63
Q

What is gross risk = to

A

probability * impact

64
Q

what is defined
risk of financial loss, disruption or damage to reputation of an organisation from some sort of failure of its IT systems

A

cyber risks

65
Q

What is defined
deliberate action through internet against organisation with intention of causing loss, damage or disruption to activities

A

cyber attack

66
Q

What is defined
protection of systems, networks and data in cyber space, the procedures used by a business to protect information systems from damage disruption or other loss

A

cyber security

67
Q

What is risk management

A

identification analysis and economic control of risks which threaten the assets or earning capacity of a business

68
Q

Risk response - TARA

A

Transfer
Avoid
Reduce
Accept

69
Q

Controls in place in response to risk

A

physical
financial
system
management

70
Q

What is defined
unexpected event that threatens wellbeing of a business, significant disruption to business and normal operations which impact customers , employees investors or other stakeholders

A

Crisis

71
Q

What is defined
Identifying a crisis, planning a response to the crisis and confronting and resolving the crisi

A

crisis management

72
Q

Three main types of crisis by effect

A

financial
public relations
strategic

73
Q

what is defined
business’s operations, or significant part of them break down for some reason leading to potential losses of equipment, data or funds

A

Disaster

74
Q

What is defined
wider stakeholders not yet affected

A

disaster

75
Q

What is defined
wider stakeholders affected

A

crisis

76
Q

What is defined
business’s ability to manage and survive against planned or unplanned shocks and disruptions to operations

A

business resilience

77
Q

What is defined
an organisations ability to ensure data and information are reliable, available and have integrity as well as being adequately protected from unauthorised access

A

cyber resilience

78
Q

What is defined
Minimising potential disruption caused by outsourcing or working with partners or by adopting JIT approach to inventory management

A

supply chain resilience

79
Q

what kind of risk is regulatory risk

A

event risk

80
Q

What kind of risk is failure of a participant in a supply chain to honour contract

A

systematic risk - subsection of event risk

81
Q

What is defined
how the organisation sees itself at some future time

A

vision

82
Q

What is defined
what is the basic function of the organisation

A

mission

83
Q

What part of the management process is described
generating effort and commitment towards meeting objectives including the motivation of staff

A

Lead

84
Q

What is defined
the number of employees directly responsible to a manager

A

Span of control

85
Q

What is the stage of group development described
seeking to define the purpose of the group

A

Forming

86
Q

What culture is described
business looks inwards aiming to make internal environment stable and controlled with stable goals and defined procedures for all activities

A

internal process culture

BTF (14 decks)

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