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buisness > unit 8 > Flashcards

unit 8 Flashcards

1
Q

what is a business strategy

A

refers to how the objectives will be achieved, firms may set corporate as well as functional strategies.

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2
Q

what is the hierarchy of objectives

A

aim
mission
corporate objectives
functional objectives
business unit/individual targets

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3
Q

what is ansoff matrix

A

a marketing planning model that helps a business determine its product and marketing strategy

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4
Q

what are on the axis of ansoff matrix

A

y markets
x products

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5
Q

what is in existing markets and existing products

A

market penetration

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6
Q

what is in a new market and existing products

A

market development

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7
Q

new product existing markets

A

product development

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8
Q

new product new markets

A

diversification

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9
Q

what is market penetration

A

a growth strategy where a business aims to sell existing products into existing markets

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10
Q

how would you sell more of your existing products to your existing customers

A

gain market share from competitors
encourage more consumption
-change elements of the marketing mix
5 ps
people, price, promotion, place product

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11
Q

examples of market penetration strategies

A

rapid growth in the UK targeting the same customer base with new stores

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12
Q

evaluating market penetration

A

business focuses on market and products
can exploit insights

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13
Q

what is product development

A

a growth strategy where a business aims to introduce new products into existing markets

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14
Q

examples

A

brand extensions are common examples e.g coke life
technological innovation

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15
Q

benefits

A

great way of exploiting the existing customer base
strength to an established business with loyal fans base

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16
Q

market penetration

A

a growth strategy where a business aims to sell existing products into existing markets,

17
Q

approaches to market development

A

new geolographical markets
-new distribution channels
-different pricing policies

18
Q

examples of market penetration

A

John Lewis prices appeal to new markets
filed attempts include Tescos
Starbucks expansion into china I a classic example

19
Q

diversification

A

the growth strategy where a business markets new products in new markets.

20
Q

examples of diversification

A

virgin- Atlantic
virgin- mobile

21
Q

what was porters suggested approach to strategic positioning

A

-porter suggested two overall business strategies that could be followed in order to gain competitive advantage
-differentiation and low cost are effective strategies for firms to gain competitive advantage

22
Q

what is competitive advantage

A

an advantage over competitors gained by offering consumers great value, either buy means of lower prices and service the justifies higher prices

23
Q

what is a low cost strategy

A

the objective is to become the lowest-cost operator, typically involving production on a large scale which enables the business to exploit economies of scale

24
Q

how is low cost a source of competitive advantage

A

offer lowest prices

25
Q

features of a low cost operator

A

-high productivity levels
-lead production methods and culture
access to wide distribution channels
examples of low cost strategies

26
Q

examples of low costs strategies

A

Ryan air
poundland

27
Q

strategy of focus and differentiation

A

different from competition

28
Q

what are quality circles

A

a group of individuals come together to discus issues relating too the quality of the product, customer service, and other parts of the business.

29
Q

what is kaizen

A

continuously improving all functions of a business, involves all employees assembling into line workers

30
Q

what is profit compared to profitbability

A

profit is the difference between revenue and costs, whereas profirtability is how well you can change profit into operating profit

31
Q

what does A stand for

A

acquisition- taking over another firm so two become one.

32
Q

what are conglomerates

A

companies that own lots of businesses in different markets.

33
Q

you can have hostile and friendly acquisition

A

hostile- company that is being bought doesn’t want to be. Kraft acquired Cadbury

friendly- Disney and 20th Century fox 2019 $71.3bn normally threat of competitors

34
Q

what is the difference between mergers and acquisitions

A

two businesses of similar sizes and scale of operations combine into one company. gives you synergy- add together the sum to give you a better outcome.

35
Q

why do not all acquisitions create synergy

A

when its a hostile takeover.

36
Q

what is suck in the middle

A

when a firm has no strategy, this will confuse customers and affect sales as you are neither the cheap or sufficient,

buisness (14 decks)

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