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Strategic Management > Test 1 > Flashcards

Test 1 Flashcards

1
Q

Romantic View of Leadership

A

situations in which the leader is the key force in determining the organization’s success, or lack thereof

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2
Q

External Control View of Leadership

A

situations in which external forces (where the leader has limited influence) determine the organization’s success

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3
Q

Strategic Management

A

analyses, decisions and actions an organization undertakes in order to create and sustain competitive advantages

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4
Q

Operational Effectiveness

A

performing similar activities better than rivals

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5
Q

Four Key Attributes of Strategic Management

A

Directs the organization toward overall goals and objectives (thinking about the company as a whole)
Includes multiple stakeholders in decision making
Requires incorporating both short-term and long-term perspectives
Recognition of trade-offs between effectiveness (the right thing) and efficiency (doing things right)

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6
Q

Ambidexterity

A

the challenge for managers to take advantage of existing product markets and proactively exploring new opportunities

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7
Q

Intended Strategy

A

organizational decisions are determined only by analysis (no unforeseen environmental developments…etc)

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8
Q

Realized Strategy

A

combination of deliberate and emergent strategies

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9
Q

3 Key Strategic Management Processes

A

Strategy analysis
Strategy formulation
Strategy implementation

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10
Q

Strategy Analysis

A

study of firms’ external and internal environments and their fit with organizational vision and goals

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11
Q

Strategy Formulation

A

decisions made by firms regarding investments, commitments and other aspects of operations that create and sustain competitive advantages

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12
Q

Strategy Implementation

A

actions made by firms that carry out the formulated strategy

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13
Q

Corporate Governance

A

the relationship among various participants in determining the direction and performance of corporations (management, shareholders and board of directors)

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14
Q

Zero-sum

A

Zero-sum: employees wants higher wages, but that drives down profits. Suppliers want higher prices for their goods and slower and more flexible delivery times, which drives up costs

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15
Q

Triple Bottom Line

A

financial, social and environmental performance

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16
Q

Local-line Leaders

A

significant profit and loss responsibility

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17
Q

Executive Leaders

A

champion and guide ideas, create learning infrastructure and establish a domain for taking action

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18
Q

Internal Networkers

A

generate power through clarity and conviction of their ideas

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19
Q

Hierarchy of Goals

A

organizational goals that range from more broad and less specific, to more specific and measurable (strategic goals-mission statement-vision)

20
Q

Vision

A

organizational goal(s) that evoke(s) powerful and compelling mental images

21
Q

Mission Statement

A

set of organizational goals that include the purpose of the organization, its scope of operations and the basis of its competitive advantage

22
Q

Strategic Objectives

A

organizational goals that are used to achieve the mission statement

23
Q

Objectives must be…

A 
Measurable
Specific
Appropriate
Realistic
Timely
24
Q

Perceptual Acuity

A

the ability to sense what is coming before the fog clears

25
Q

3 Parts that Make up Forecasts

A

Environmental Scanning
Environmental monitoring
Competitive intelligence

26
Q

Environmental Scanning

A

surveillance of external environment to predict environmental changes and detect changes already under way (looking at P&G numbers for consumer spending)

27
Q

Environmental Monitoring

A

tracking the evolution of environmental trends, sequences of events or streams of activities (looking at CPI or net disposable income)

28
Q

Competitive Intelligence

A

collecting and interpreting data on competitors and identifying their strengths and weaknesses

29
Q

Scenario Analysis

A

an in-depth approach to environmental forecasting that involves experts’ detailed assessments of societal trends and more

30
Q

SWOT Analysis

A

Strength, Weaknesses (Internal), Opportunities and Threats (External)

31
Q

Porter’s Five Forces

A

Threat of new entrants
Bargaining power of buyers
Bargaining power of suppliers
Threat of substitute products and services
Intensity of rivalry among competitors in an industry

32
Q

Economies of Scale

A

decreases in cost per unit as absolute output per period increases

33
Q

Product Differentiation

A

the degree to which a product has strong brand loyalty or customer loyalty

34
Q

Powerful Buyer Group when…

A 
Most of supplier's sales are from one buyer
Products are undifferentiated
Buyer faces few switching costs
It earns low profits (need lower costs)
Pose a threat of backward integration
35
Q

Powerful Supplier Group when…

A

The group is dominated by a few companies
There are few or no substitutes
The industry is not an important customer of the supplier group
The supplier’s product is an important input to the buyer’s business
Their products are differentiated
The supplier group poses a credible threat of forward integration

36
Q

Zero-sum Game

A

situation with multiple players and winners win only by taking from other players

37
Q

Strategic Groups

A

clusters of firms that share similar strategies

38
Q

Value-Chain Analysis

A

views the organization as a sequential process of value-creating activities

39
Q

Five Primary Activities

A

inbound logistics-receiving, storing and distributing inputs of a product
operations- all activities associated with transforming inputs into the final product
outbound logistics-collecting, storing and distributing the product or service to buyers
marketing and sales- activities associated with purchases of products and services by end users and the inducements used to get them to make purchases
service-actions associated with providing service to enhance or maintain the value of the product

40
Q

4 Support Activities

A

Procurement
technology development
human resource management
general administration

41
Q

Resource-Based View

A

firm’s competitive advantages are due to their strategic resources that are valuable, rare and costly to substitute

42
Q

VRIN Model

A

Valuable
Rare
Inimitable
Non-substitutable

43
Q

Path Dependency

A

characteristics of resources that are developed through a unique series of events

44
Q

Casual Ambiguity

A

a characteristic of the firm’s resources that is costly to imitate because a competitor cannot determine what the resource is or how it was created

45
Q

Social Complexity

A

being a great company to work for also makes you a great company to work with

Strategic Management (1 decks)

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