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CAPSTONE > Test 1 (Ch 1-5) > Flashcards

Test 1 (Ch 1-5) Flashcards

1
Q

Know what GE Ecomagination and what GE did.

A

BOOK beginning of ch. 1 pg 2

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2
Q

What is a companies Vision?

A

Describes what the organization would like to become.

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3
Q

What is a companies Mission?

A

The purpose or reason for the organizations existence. Tells what the company is providing to the society.

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4
Q

What are Objectives?

A

The end results of planned activity.

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5
Q

What are Strategies?

A

A comprehensive master plan that states how the corporation will achieve its mission and objectives.

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6
Q

What is Strategic Management?

A

A set of managerial decisions and actions that determines the long-run performance of the company.

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7
Q

What are the 4 phases of strategic management?

A

1) Basic financial planning
2) Forecast-based planning
3) Externally oriented (strategic) planning
4) Strategic Management

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8
Q

What are 3 benefits of Strategic Management?

A

1) Clearer sense of strategic vision for the firm.
2) Sharper focus on what is strategically important.
3) Improved understanding of a rapidly changing environment.

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9
Q

What is Globalization?

A

The integrated internationalization of markets and corporations.

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10
Q

What is Environmental Sustainability?

A

The use of business practices to reduce a company’s impact upon the natural, physical environment.

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11
Q

What is Learning Organization?

A

An organization skilled at creating, acquiring, and transferring knowledge and at modifying its behavior to reflect new knowledge and insights.

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12
Q

What are the main activities of a Learning Organization?

A

1) Solving problems systematically
2) Experimenting with new approaches
3) Learning from past experience, history and experiences of others.
4) Transferring knowledge quickly and easily throughout the organization.

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13
Q

What is the Strategic Decision Making Process?

A

1) Evaluate current performance results
2) Review corporate governance
3) Scan and assess the external environment
4) Scan and asses the internal corporate environment
5) Analyze strategic (SWOT) factors
6) Generate, evaluate, and select the best alternative strategy
7) Implement selected strategies
8) Evaluate implemented strategies

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14
Q

What is Environmental Scanning?

A

The monitoring, evaluating, and disseminating of information from the external and internal environments to key people within the corporation.

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15
Q

What is SWOT analysis?

A

Strength, Weaknesses, Opportunities, and Threats/

External Environment- Opportunities and Threats

Internal Environment- Strength and Weaknesses

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16
Q

What are the 4 basic elements of Strategic Management?

A
  • Environmental Scanning- The monitoring, evaluating and disseminating of information from the external and internal environments to key people within the corporation.
  • Strategy Formulation- The development of long-range plans for the effective management of environmental opportunities and threats, in light of corporate Strengths and Weaknesses.
  • Strategic Implementation- A process by which strategies and policies are put into action through the development of programs, budgets, and procedures.
  • Evaluation and Control- A process in which corporate activities and performance results are monitored so that actual performance can be compared with desired performance.
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17
Q

What are the 3 types of Strategies?

A

1) Corporate Strategies- Overall direction of company and management of its business
2) Business Strategy- Competitive and Cooperative Strategies
3) Functional Strategy- Maximize resource productivity.

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18
Q

What are Mintzbergs 4 modes of strategic decision making?

A

1) Entrepreneurial mode- Made by 1 powerful individual. Focus is on opportunities; problems are secondary.
2) Adaptive Mode- sometimes referred as “muddling through”. characterized by reactive solutions to existing problems, rather then a proactive search for new opportunities.
3) Planning Mode- Involves systematic gathering of appropriate information for situations analysis, the generation of feasible alternative strategies, and the rationale selection of the most appropriate strategy.
4) Logical Mode (added by Quinn)- A synthesis of the planning, adaptive, and, to a lesser extent, the entrepreneurial mode.

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19
Q

Know about Home Depot

A

beg of Ch. 2 pg 42

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20
Q

What is a Corporation?

A

A mechanism established to allow different parties to contribute capital, expertise, and labor for their mutual benefit.

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21
Q

What is the Board of Directors (BOD) and what are the BOD responsibilities?

A

BOD-oversees top management with the concurrence of the shareholders.

1) Setting corporate strategy, overall direction, mission or vision.
2) Hiring and firing the CEO and top management.
3) Controlling, monitoring, or supervising top management.
4) Reviewing and approving the use of resources.
5) Caring for shareholder interests.
6) Assures corporation is managed in accordance to laws and regulations.

22
Q

What are the 3 Members of a Board of Directors?

A
  • Inside Directors- Officers or executive employed by the boards corporation.
  • Independent Outside Directors- Executives of other firms but are not employees of the boards corporation.
  • Family Directors- Descendants of the founder and own significant blocks of stock.
23
Q

What is Agency Theory?

A

Problems arise in corporations because top management is not willing to accept responsibility for their decisions unless they own a substantial amount of stock in the corporation.

24
Q

What is Stewardship theory?

A

The result of long tenure with the corporation, insiders (top management) tend to identify with the corporation and its success. Act in the best interest of the corporation more then self-interest.

25
Q

What is the criteria for a good director include?

A
  • Willingness to challenge management when necessary.
  • Special expertise that is important to the company
  • Available for outside meetings to advise management.
  • Understands the firms key technologies and processes.
  • Brings external contacts - potentially valuable to the firm.
  • Has detailed knowledge of the firms industry.
  • Has high visibility in their field.
  • Is accomplished at representing the firm to stakeholders.
26
Q

What is the Sarbanes Oxley Act 2002?

Why was it enacted?
What did it do?

A

Designed to protect shareholders from excesses and failed oversight of board of directors.

Enacted in response to many corporate scandals (Enron, Worldcom, Home Depot)

27
Q

What are some Trends in Corporate Governance?

A
  • Boards shaping company strategy
  • Shareholder demands that top management own significant stock.
  • More involvement of outside directors.
  • Increased representation of women and minorities
  • Smaller boards
  • Society expects boards to balance profitability and CSR.
  • Splitting CEO and COB positions.
28
Q

What is the difference between Carroll and Friedmans view of Corporate responsibility?

A

Carroll- argues social responsibility is important though secondary to economic and legal.

Friedman- Argues primary goal of business is profit maximization not spending shareholders money for the general social interest.

29
Q

What is Social Responsibility?

A

Proposes that a private corporation has responsibilities to society that extend beyond making a profit.

30
Q

What are Ethics?

A

The consensually accepted standards of behavior for an occupation, trade, or profession.

31
Q

What is Morality?

A

The precepts of personal behavior based on religious or philosophical grounds.

32
Q

What is Law?

A

The formal codes that permit or forbid certain behaviors and may or may not enforce ethics or morality.

33
Q

What are the 3 types of Sustainability?

A
  • Environmental Sustainability- This includes environmental reporting, eco-design and efficiency, environmental management systems, and executive commitment to environmental issues.
  • Economic Sustainability- This includes codes of conduct and compliance, anti-corruption policies, corporate governance, risk and crisis management, strategic planning, quality and knowledge management, and supply chain management.
  • Social Sustainability- This includes corporate citizenship, philanthropy, labor practices, human capital development, social reporting, talent attraction and retention, and stake holder dialogue.
34
Q

How does Cavanagh approach resolving ethical dilemmas?

A

He asks 3 qustions:

  • Utility- are consequences reasonable among stakeholders?
  • Rights- have individual rights of stakeholders been respected?
  • Justice- is there fairness and equity across stakeholders?
35
Q

What are Kant’s principles?

A
  • Golden Rule- Treat others as you would like to be treated

- Dont treat others as a means to an end.

36
Q

What is Environmental Scanning?

A

The monitoring, evaluation, and dissemination of information from the external and internal environments to key people within the corporation.

37
Q

What is the STEEP Analysis?

A

The scanning of:

  • Sociocultural- Forces that regulate the values, mores, and customs of society.
  • Technological- Forces that generate problem-solving inventions.
  • Economic- Forces that regulate the exchange of materials, money, energy, and information.
  • Ecological-
  • Political-legal environment- Forces that allocate power and provide constraining and protecting laws and regulations.
38
Q
  • Intensity of competition within an industry has huge influence on strategic direction*
A

*Ultimately it determines long-term profit potential

39
Q

What are Porter’s 6 Forces of a Competitive Environment?

A

1) Threat of new entrants
2) Rivalry among existing firms
3) Threat of substitute products
4) Bargaining power of buyers
5) Bargaining power of suppliers
6) Relative power of other stakeholders

40
Q

What are Resources? What are examples of tangible and intangible resources?

A

Resources are an organizations assets

Tangible- plant, equipment, finances and location.
Intangible- technology, culture and reputation.

41
Q

What are Capabilities?

A

A corporations ability to exploit its resources

42
Q

What is Competency? Core Competency?

A

Competency- a function or operation (a capability) that a corporation excels at.

Core Competency- Wide-spread throughout the corporation and is something the corporation does exceedingly well.

43
Q

what are the 4 parts of VRIO framework?

A

1) Value- Does it provide customer value and competitive advantage?
2) Rareness- Do no other competitors possess it?
3) Imitability- Is it costly for others to imitate?
4) Organization- Is the firm organized to exploit the resource?

44
Q

What are Business Models and its 5 elements?

A

Business Models- a company’s method for making money in the current business environment.

1) Who it serves
2) What it provides
3) How it makes money
4) How it differentiates and sustains competitive advantage
5) How it provides its product/service

45
Q

What is a Value chain?

A

A linked set of value creating activities that begin with basic raw materials coming from suppliers, moving on to a series of value-added activities involved in producting and marking a product or service, and ending with distributors getting the final goods into the hands of the ultimate consumer.

Raw materials>Primary Manufacturing>Fabrication>Distributor>Retailer

46
Q

What is Corporate Culture?

A

The collection of beliefs, expectations and values learned and shared by a corporations members and transmitted from one generation of employees to another.

47
Q

What is the Market Position and Marketing Mix?

4P’s and 4C’s

A

Market Position- Who are our customers? What needs should we address? What price/value category?

Marketing Mix- variables that define a product/service offering:
4 P’s- Product, place, promotion, and price
4 C’ss- Customer, cost, convenience and communication

48
Q

What is a Brand and Corporate Brand?

A

Brand- a name given to a companys product line which identifies that item in the mind of the consumer.

Corporate brand- a type of brand in which the companys name serves as the brand.

49
Q

What is the product life cycle?

A

Product sales over time from introduction through growth and maturity to decline.

50
Q

What is Financial Leverage, Cash position, and financial performance??

A

Financial Leverage- Ratio of total debt to total assets?
Cash Positions- Days cash on hand, cash reserves
Financial Performance- Sales and profitability trends

51
Q

What are R&D Intensity, Technology competence, and technology transfer?

A

R&D Intensity- spending on R&D as a percentage of sales

Technology Competence the development and use of innovative technology

Technology Transfer- the process of taking a new technology from the lab to the marketplace.

CAPSTONE (1 decks)

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