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Theory Flashcards

1
Q

Rational planning model

A

1) Strategic analysis (external/internal)
2) Strategic choice
3) Strategy implementation
4) Review and control

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2
Q

Strategic planning approach (and model)

A
  • Rational approach
  • Top down
  • Formal/traditional
  • Rational planning model
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3
Q

Strategic management approach

A
  • Emergent approach

- Bottom up

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4
Q

Ohmae’s strategic thinking (3Cs)

A

3 core elements:

  • Corporate-based strategies (superior competences)
  • Customer-based strategies (tailoring)
  • Competitors-based strategies (exploit rival weaknesses)
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5
Q

Mintzberg’s 5 types of strategies

A
  • Intended (deliberately planned)
  • Deliberate (intended plans put into action)
  • Unrealised (not all planned strategies implemented)
  • Emergent (unforeseen circumstances)
  • Realised (outcome)
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6
Q

SMART meaning

A 
Specific = unambiguous
Measurable = quantified
Achievable = within reach
Relevant = congruent with mission
Timely = completion date
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7
Q

3 categories of stakeholder

A
  • Internal (employees, management)
  • Connected (owners, suppliers, customers, lenders)
  • External (government, local community)
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8
Q

Mendelow (power-interest) stakeholder mapping

A

High power / high interest = key players
Low power / low interest = minimal effort
High power / low interest = keep satisfied
Low power / high interest = keep informed

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9
Q

PESTEL

A
  • Political
  • Economic
  • Social
  • Technological
  • Ecological/environmental
  • Legal
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10
Q

Porter’s diamond (competitive advantage of nations)

A
  • Firm strategy, structure, rivalry
  • Demand conditions
  • Factor conditions (basic/advanced)
  • Related and supporting industries
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11
Q

Ohmae’s 5Cs (encourage acting globally)

A
  • Customer (converging tastes)
  • Company (economies of scale)
  • Competition (global competitors)
  • Currency volatility (setting up overseas reduces risk)
  • Country (cheaper access to resources)
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12
Q

Porter’s 5 forces

A
  • Rivalry among existing firms
  • Bargaining power of customers
  • Bargaining power of supplier
  • Threat of substitute products
  • Threat of new entrants
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13
Q

Product life cycle

A

1) Introduction
2) Growth
3) Shakeout
4) Maturity
5) Decline

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14
Q

6 internal analysis considerations

A
  • Critical success factors
  • Competences
  • Resources
  • Value chain
  • Supply chain
  • Product portfolio
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15
Q

Kay’s 3 sources of core competences

A
  • Competitive architecture (internal/external/network)
  • Reputation
  • Innovative ability
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16
Q

Resource audit 9Ms

A
  • Men and women (number/skills/motivation/adaptability)
  • Machines (number/capacity/age/condition/location)
  • Money (sources/uses/cash flow/bank relationship)
  • Materials (supplier reliability/flexibility/cost/distribution)
  • Markets (status/position/share/loyalty/distribution)
  • Management (quality/skills/ability)
  • Methods (processes)
  • Management information systems (quality/timeliness)
  • Make up (stricture/culture)
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17
Q

Big data 4 Vs

A
  • Volume
  • Velocity
  • Variety
  • Veracity
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18
Q

Value chain 5 primary activities

A
  • Inbound logistics (receiving/handling/storing)
  • Operations (converting inputs)
  • Outbound logistics (storing/distributing)
  • Marketing and sales (advertising/promotion)
  • Service
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19
Q

Value chain 4 support activities

A
  • Procurement (acquiring inputs)
  • Technology development (design/processes/utilisation)
  • HR management (recruiting/training/rewarding)
  • Firm infrastructure (organisational structure)
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20
Q

Harmon’s process strategy matrix

A

Low importance / low complexity = automate/outsource
High importance / high complexity = improve
High importance / low complexity = automate
Low importance / high complexity = outsource

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21
Q

Supply chain management 3Rs

A
  • Responsiveness
  • Reliability
  • Relationships
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22
Q

Methods of benchmarking

A
  • Internal (historical/branch)
  • Competitive/strategic (same sector)
  • Activity (any industry)
  • Generic (similar processes)
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23
Q

BCG matrix

A

Low RELATIVE share / low growth = dog
High RELATIVE share / high growth = star
High RELATIVE share / low growth = cash cow
Low RELATIVE share / high growth = question mark

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24
Q

GE’s business screen

A

Business strength / market attractiveness

Weak / attractive = develop selectively/build on strengths
Weak / average = harvest
Weak / unattractive = divest
Average / attractive = invest selectively/build
Average / average = develop selectively for income
Average / unattractive = harvest or divest
Strong / attractive = invest for growth
Strong / average = invest selectively for growth
Strong / unattractive = develop for income

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25
Q

Institute of business ethic 3 tests

A

1) Transparency (do I mind other knowing my decision?)
2) Effect (who does the decision affect?)
3) Fairness (considered fair by those affected?)

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26
Q

Ethical issues question approach

A

1) Legal issue?
2) Principle/code of conduct issue?
3) Whom impacted?
4) 3 tests (transparency/effect/fairness)
5) Issues with not doing?
6) Sustainability issues?

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27
Q

4 strategic approaches to corporate responsibility

A
  • Proactive (take full responsibility)
  • Reactive (continue unresolved until someone finds out)
  • Defence (minimising/avoiding additional obligations)
  • Accommodation (taking responsibility when encouraged)
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28
Q

SWOT (corporate analysis)

A
  • Strengths
  • Weaknesses
  • Opportunities
  • Threats
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29
Q

TOWS matrix

A

Strength / threat = ST (counter/avoid threats)
Weakness / threat = WT (defensive - avoid threats)
Strength / opportunity = SO
Weakness / opportunity = WO

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30
Q

Planning gap

A

Difference between strategic objective and forecast

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31
Q

3 strategic choices

A
  • Competitive
  • Product/market
  • Development
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32
Q

Porter’s generic strategies

A

Cost / broad = cost leadership
Cost / narrow = cost focus
Differentiation / broad = differentiation
Differentiation / narrow = differentiation focus

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33
Q

Bowman’s strategic clock

A 
1 - No frills
2 - Low price (cost leadership)
3 - Hybrid
4 - Differentiation
5 - Focused differentiation
6 - FAILURE
7 - FAILURE
8 - FAILURE

Perceived added value and price

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34
Q

Ansoff’s product-market growth matrix

A

Existing market / existing product = market penetration
Existing market / new product = product development
New market / existing product = market development
New market / new product = diversification

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35
Q

Market penetration options

A
  • Withdrawal
  • Demerger
  • Privatisation
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36
Q

Diversification options

A
  • Related (vertical/horizontal)

- Unrelated (conglomerate)

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37
Q

Lynch expansion methods

A

Home county / internal = internal domestic development
Home country / external = JV/merger/acquisition/alliance/franchise/licence
Abroad / internal = exporting/overseas office/overseas manufacture/global operation
Abroad / external = JV/merger/acquisition/alliance/franchise/licence

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38
Q

3 strategy evaluators

A
  • Suitability (SWOT - logic/fit)
  • Acceptability (to stakeholders - return/risk)
  • Feasibility (resources)
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39
Q

Gross profit margin formula

A

Gross profit / revenue * 100

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40
Q

Net profit margin formula

A

Net profit / revenue * 100

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41
Q

Mark up formula

A

(Selling price - COS) / COS * 100

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42
Q

ROI formula

A

Profit before interest and tax / capital employed *100

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43
Q

Current ratio formula

A

Current assets / current liabilities

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44
Q

Stock turnover ratio formula

A

COS / average stock held

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45
Q

Debtors days formula

A

Debtors / revenue * 365

46
Q

Creditors days formula

A

Creditors / COS * 365

47
Q

Gearing ratio formula

A

Debt / equity

Debt / (debt + equity)

48
Q

Interest cover formula

A

EBIT / interest

49
Q

Resource performance 3Es (public sector/NFP)

A
  • Economy (resources used)
  • Efficiency (productivity)
  • Effectiveness (impact achieved)
50
Q

RI (residual income) formula

A

Divisional profit - (net assets of division * required rate)

Superior to ROI as absolute amount instead of %

51
Q

Kaplan and Norton balanced scorecard

A
  • Customer
  • Internal business (processes)
  • Innovation and learning (new products)
  • Financial
52
Q

Qualities of good information (ACCURATE)

A
  • Accurate
  • Complete
  • Cost-beneficial
  • User-targeted
  • Relevant
  • Authoritative
  • Timely
  • Easy to use
53
Q

Earl’s systems audit grid

A

Low value / low quality = Divest
High value / high quality = maintain/enhance
High value / low quality = renew
Low value / high quality = reassess

Business value and technical quality

54
Q

Johnson, Scholes and Whittington model of change matrix

A

Reactive / incremental = adaption
Proactive / incremental = tuning
Reactive / transformational = forced
Proactive / transformational = planned

55
Q

Lewin’s iceberg model

A

1) Unfreeze (existing behaviour)
2) Move (behavioural change)
3) Refreeze (new behaviour)

56
Q

Gemini 4Rs framework

A
  • Reframing (questioning organisation purpose)
  • Restructuring (culture changes)
  • Revitalising (securing good fit)
  • Renewal (support change)
57
Q

3 stages to overcoming resistance to change (PMS)

A
  • Pace
  • Manner
  • Scope
58
Q

Lewin’s force field analysis

A
  • Driving forces pushing towards preferred state

- Restraining forces pushing back to current state

59
Q

Attractiveness of a market segment (MASS D)

A
  • Measurable (ability to forecast)
  • Accessible (make/distribute/promote)
  • Stable (persist for sufficient time)
  • Substantial (profits give adequate return on capital employed)
  • Defensible (barriers to entry)
60
Q

5 targeting strategies

A
  • Single segment
  • Selective specialisation
  • Product specialisation
  • Market specialisation
  • Full market coverage
61
Q

Marketing mix 7Ps

A
  • Product
  • Price
  • Place
  • Promotion
  • People
  • Processes (booking/delivery)
  • Physical evidence (premises)
62
Q

Marketing mix - product (PQ BAPS)

A
  • Packaging
  • Quality and reliability
  • Branding
  • Aesthetics
  • Product mix
  • Servicing/associated services
63
Q

Marketing mix - price (4Cs)

A
  • Costs
  • Customers
  • Competitors
  • Corporate strategy
64
Q

Marketing mix - place (SNAIL)

A
  • Size
  • Number
  • Accessibility
  • Inventory
  • Layout
65
Q

Marketing mix - promotion (SAPP)

A
  • Sales promotion
  • Advertising
  • Public relations
  • Personal selling
66
Q

Brand positioning matrix

A

Low price / low quality = economy
High price / high quality = premium
High price / low quality = cowboy
Low price / high quality = bargain

Perceived price and perceived quality

67
Q

Contribution formula

A

Selling price - variable costs

68
Q

Bartlett and Ghoshal multi-national structures matrix

A

Low co-ordination / low responsiveness = international division
High co-ordination / high responsiveness = transnational corporation
High co-ordination / low responsiveness = global product division
Low co-ordination / high responsiveness = local subsidiary

Global co-ordination and local responsiveness

69
Q

5 main sections of corporate governance code

A

1) Leadership
2) Effectiveness
3) Accountability
4) Remuneration
5) Relations with shareholders

70
Q

Factors affecting amount of decentralisation (E-MESSAGE)

A
  • Extent of activity diversification
  • Management style
  • Effectiveness of communication
  • Size of organisation
  • Speed of technological advancement
  • Ability of management
  • Geography
  • Extent of local knowledge
71
Q

Mintzberg’s organisational structure 6 elements

A
  • Operating core (produce goods)
  • Strategic apex (ensure mission met)
  • Middle line (middle managers)
  • Technostructure (analysts)
  • Support staff (no standardised function)
  • Ideology of organisation
72
Q

Mintzberg’s 5 organisational configurations

A
  • Simple structure (strategic apex)
  • Machine bureaucracy (technostructure)
  • Professional bureaucracy (operating core)
  • Divisionalised form (middle line)
  • Adhocracy (informal)
73
Q

Handy’s shamrock organisation

A
  • Professional core (permanent)
  • Flexible labour force (temporary/part-time)
  • Contractual fringe (external)
  • Customers
74
Q

Risk formula

A

Risk = likelihood * financial consequences

75
Q

Risk management model

A
  • Risk appetite
  • Risk identification
  • Risk analysis
  • Risk evaluation and response
  • Risk monitoring and reporting
  • Review process and feedback
76
Q

Miles and Snow’s 4 strategic types of business (risk)

A
  • Defenders (low risk)
  • Prospectors (risk seeking)
  • Analysers (balanced attitude to risk and return)
  • Reactors (risk adverse)
77
Q

6 risks (BOSH FC)

A
  • Business:
    • Operational
    • Strategic
    • Hazard
  • Financial
  • Compliance
78
Q

Trading risks (PLC)

A
  • Physical
  • Liquidity
  • Credit
79
Q

Cultural risks (VANE)

A
  • Values
  • Attitudes
  • Norms
  • Expectations
80
Q

Political risks

A

Action by government which restrict activities

81
Q

Legal risks (P TEAM)

A
  • Patents
  • Taxation law
  • Export/import controls
  • Advertising restrictions
  • Monopolies and mergers legislation
82
Q

IT systems risk (HD VISN)

A
  • Human
  • DoS attacks
  • Viruses
  • Integrity fraud (data systems)
  • Sabotage
  • Natural
83
Q

Risk response matrix

A

Low frequency / low severity = accept
High frequency / high severity = avoid
High frequency / low severity = reduce
Low frequency / high severity = transfer

84
Q

Breakeven formula

A

Fixed costs / contribution per unit

85
Q

Required profit formula

A

(Fixed costs + required profit) / contribution per unit

86
Q

Margin of safety formula

A

(Planned sales - breakeven sales) / planned sales * 100

87
Q

6 elements of a business plan

A

1) Cover sheet
2) Statement of purpose
3) Table of contents
4) Business information
5) Financial data
6) Supporting documents

88
Q

7 elements of business information in business plan

A
  • Description of business
  • Marketing
  • Competition
  • Operating procedures
  • Personnel
  • Business insurance
  • Financial data
89
Q

6 elements of financial data in business plan

A
  • Loan applications
  • Capital equipment and supply list
  • SOFP
  • Breakeven analysis
  • Pro-forma income projections
  • Pro-forma cash flow
90
Q

7 supporting documents in business plan

A
  • 3 years tax returns (business and owner)
  • Personal financial statement
  • Copy of franchise contract
  • Copy of proposed lease
  • Copy of licences
  • Copy of resume of owners/managers
  • Copies of letter of intent from suppliers
91
Q

Pro-forma income projections and cash flow guidance for business plan

A
  • 3 year summary
  • Detail by month for 1st year
  • Detail by quarters for 2nd and 3rd years
  • Assumptions upon which projections are based
92
Q

Devanna’s human resource cycle

A
  • Selection
  • Performance
  • Appraisal
  • Rewards
  • Training and development
93
Q

Operations 4Vs

A
  • Volume
  • Variety
  • Variation in demand
  • Visibility
94
Q

Purchasing mix

A
  • Quantity
  • Quality
  • Price
  • Delivery
95
Q

International trade life cycle

A

1) Product developed in high-income country
2) Overseas production starts
3) Overseas producers compete in export markets
4) Overseas producers compete in domestic market

96
Q

5 areas in which CSFs should be identified

A
  • Structure of industry
  • Competitive strategy/position of firm
  • Environmental factors
  • Temporary factors
  • Functional management issues
97
Q

7 transfer pricing methods

A
  • Full cost (variable cost + overheads)
  • Variable cost
  • Opportunity cost
  • Negotiated prices
  • Two-part transfer prices
  • Dual pricing
  • Central subsidy
98
Q

Optimal transfer pricing

A

Higher of:

  • Variable cost
  • Opportunity cost
99
Q

4 purposes of NEDs

A
  • Independent viewpoint
  • Scrutinise management performance
  • Satisfy themselves integrity financial information
  • Responsible for remuneration of executives
100
Q

4 non-relevant cash flows

A
  • Sunk costs (already spent)
  • Accounting costs (depreciation is not a cash flow)
  • Unavoidable costs (already committed)
  • Finance costs (interest)
101
Q

4 quality related costs

A
  • Prevention costs
  • Appraisal costs
  • Internal failure costs
  • External failure costs
102
Q

Report layout

A

1) To
2) From
3) Date
4) RE

103
Q

Strategic risk

A

Risk relating to company’s strategic position with respect to competitors and environment

104
Q

Operational risk

A

Risk arising from how business is managed and controlled on day to day basis, including compliance issues

105
Q

Hazard risk

A

Risk arising from accidents or natural events

106
Q

Financial risk

A

Risk associated with how business is financed

107
Q

Compliance risk

A

Risk of failure to comply with laws and regulations

108
Q

Cyber risk

A

Risk of financial loss/disruption/damage to reputation of organisation from failure in IT systems

109
Q

Marketing definition

A

Identifying, anticipating and supplying customer needs efficiently and profitably

110
Q

Sustainable enterprise definition

A

Organisation that takes account of social, environmental and finance returns

111
Q

Nolan’s principle of public life (corporate governance for NFPs)

A
  • Selflessness
  • Objectivity
  • Openness
  • Leadership
  • Integrity
  • Accountability
  • Honesty
112
Q

Triple bottom line (3Ps)

A
  • People
  • Planet
  • Profit

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