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Business Strategy And Focus > Strategy > Flashcards

Strategy Flashcards

1
Q

Define Ansoff Theory

A

Relates to how a company looking for growth can choose their marketing strategy

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2
Q

What are the four Ansoff strategies?

A

Market penetration
Product or service development
Market development
Diversification

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3
Q

Define market penetration?

A

AT: When a business markets in an existing market with an existing product/service
Not much MR needed
Info on competitors and customers

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4
Q

Define product or service development

A

AT: When a business markets into an existing market with a new product/service
May require new skills
Products need to be different
R and D neceserry

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5
Q

Define market development

A 
AT: When a business markets into a new market with an existing product/service
Ways to do it include:
new geographical markets
New usp
Different pricing policies
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6
Q

Define Diversification

A

When a business markets into a new market with a new product/service

Risky because their is no experience

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7
Q

Define Mission Statement

A

A short way of a business expressing their main intent

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8
Q

What elements should a mission statement have

A

Memorable
Inspiring
Timeless

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9
Q

Define coorporate objectives

A

Targets that relate to the business as a whole

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10
Q

What elements should coorporate objectives have?

A

Should flow from the vision statement
Relates to the business
Usually set by senior management

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11
Q

Mission statements should be

A 
Specific
Measureable
Achieveable
Realistic
Time related
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12
Q

What are some limitations of a mission statement?

A

Can be unrealistic
Can be a waste of time
Legal issues
Leads to conflicts

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13
Q

Define competitive advantage

A

An advantage over competitors gained by offering consumers greater value, either by means of lower prices or greater benefits

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14
Q

What is porters generic strategies?

A

A strategy to create a competitive advantage

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15
Q

What are the four Porters Generic Strategies?

A

Cost leadership
Narrow
Differentiation leadership
Differentiation focus

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16
Q

What is cost leadership?

A

PGS: When selling prices are broadly similar, the lowest cost producer will enjoy the highest profits

Effective use of technology
Lean production methods

17
Q

What is cost focus?

A

PGS: When a lower cost advantage is seeken in a small number of market segments

E.G. Tesco value ketchup

18
Q

What is differentiation focus?

A

PGS: Classic niche market strategy

Business aims to differentiate within just one or a few number of goods

19
Q

What is differentiation leadership?

A

PGS: business targets larger markets and aims to achieve comp adv all over the market
Pp products

20
Q

What is the boston matrix?

A

A marketing planning took which helps managers have a good product portfolio

21
Q

What are the four elements of the boston matrix?

A

cash cow
Dog
Star
Question mark

22
Q

What is the star in the BMX?

A

High market share and high growth

E.G. Iphone X

23
Q

What is the ? Mark in the BMX?

A

High market growth low share

E.G. Iphone 11

24
Q

What is the cash cow in the BMX?

A

High market share but low market growth

Maturity

25
Q

What is the Dog in the BMX?

A

Low market share and growth

Decline

26
Q

What are some limitations of the BMX?

A

Doesnt support all business models
Market isn’t defined
High ms doesnt always mean high profits

27
Q

How can we create value?

A

Architecture
Reputation
Innovation

28
Q

What is a strategy?

A

Long-term direction of the business
What the business does the meet aims and objectives
Proactive

29
Q

What is tactics?

A

Short or medium term decisions
How the business implement a strategy
Reactive

30
Q

What do we use for external influences?

A

PESTEL

31
Q

What does PESTEL stand for?

A 
Political
Economical
Social
Technological
Environmental
Legal
32
Q

How does politics affect external influences?

A

Businesses should check how they may be affected by a change in govt
Govt intervention policies
Influence of the EU and Brexit

33
Q

How those economics affect external influences?

A

A business should focus on the economy
Look at inflation
Check unemployment rates
SOTEC

34
Q

How does social affect external influences?

A

Demographics: Segments
Cultural mix
Social trends

35
Q

How does technological affect external influences?

A 
Automation
Innovation
R and D in the industry
New computer systems
Trading online
36
Q

How does law affect external influences?

A

Health and safety at work
Data protection
No discrimination

37
Q

How does environmental affect external influences?

A

Weather
Wildlife
Scarce resources

38
Q

What are porters 5 forces?

A

Theory that 5 forces determine profitability

39
Q

What are Porters 5 forces?

A 
Bargaining of suppliers
Bargaining of customers
New entrants
Threats of subsides
Competition

Business Strategy And Focus (2 decks)

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