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Business JHUS > Strategy implementation > Flashcards

Strategy implementation Flashcards

1
Q

corporate strategy

A

Defines the overall and scope of the business to meet stakeholder expectations.

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2
Q

divisional strategy

A

used by a part of the business to help achieve the overall business strategy. E.g google has nest that builds security cameras

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3
Q

Functional strategy

A

is used by a part of the business to help it achieve the corporate strategy. A function such human resources develop its own strategy to ensure the overall strategy of the business is achieved.

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4
Q

Tactics

A

The smaller steps and short term goals that help achieve the strategy of the business.

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5
Q

set out the business strategy

A

Including the mission and vision of the business. This will include looking at opportunities and threats of market and set realistic goals.

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6
Q

help plan and prepare the resources needed

A

to deliver the objectives for example financial and staffing needs.

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7
Q

set out clearly defined and measurable targets

A

for the business to ensure the objectives are met within the time limits stated, if targets not met or overachieved , business will have structure in place to deal with this.

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8
Q

Be reviewed each year

A

to evaluate performance and respond to changes in market the economy to make sure plan remains realistic and achievable

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9
Q

SWOT ?

A

a method for analysing business its resources and its environment. Internal strengths weakness external opportunities.

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10
Q

Internal strengths weaknesses examples

A

Brand image, sales and revenue figures, market share and capacity utilisation.

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11
Q

external opportunities and threats

A

business should focus on areas such as potential market segments, new legislation, technological changes, economic factors.

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12
Q

Advantages of SWOT

A

encourages business to develop strategy to convert weaknesses into strengths.

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13
Q

Drawbacks of SWOT

A

may oversimplify the strengths,weaknesses, opportunities and threats facing the business.

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14
Q

Porters five forces framework

A

a model for analysing the nature of competition within an industry or market.

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15
Q

Threat of new entrants

A

potential effects of a new business entering the market, rivalry increases. Can increase barriers to entry.

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16
Q

Bargaining power of suppliers

A

how much power a supplier has, presuming it sells its product at a higher price if possible

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17
Q

Bargaining power of buyers

A

the extent to which customers are able to exert pressure and drive down prices.
Volume of orders
competition

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18
Q

Threats of substitute product/services

A

the effect of any product or service from a different industry that meets same needs as one provided by the business.

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19
Q

Rivalry among existing competitors

A

intensity of competition in market, this is the central factors in porters five force framework as shapes business approach.

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20
Q

Where rivalry is low

A

few dominate the market
branding is important to customers.
opportunities market growth available for all.
there is little spare capacity
barriers to entry are high
no direct competition from abroard

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21
Q

where rivalry is high

A

many competitors of roughly same size
products are relatively undifferentiated
market growth slow
capacity utilisation low
barriers to entry are low
businesses face overseas competition directly.

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22
Q

Benefits

A

Business understands customers better and anticipate wants and needs

can help a business create a product that meets customer expectations, differs from competitors

allows business to look at possible risks and make sure impact is as positive as possible

corporate plans give businesses confidence in future approach to growth and success.

23
Q

drawbacks

A

for corporate plans to be effective they must be effective, forecasts based on must be reliable and accurate

need to monitor closely must be able to change strategy to avoid competitors gaining advantage,

corporate plans often predictions so can offer little award, so time and money invested for nothing potentially.

24
Q

Matrix- market penetration

A

Where the business focuses on selling its existing products into existing markets

25
Q

Market development

A

sell existing products in new market-
entering new geographical markets such as in india eg.

26
Q

Product development

A

where a business aims to introduce new products in existing markets. Risky, mars milkshake.

27
Q

Diversification

A

markets new products in new markets highly risky as business has no experience in market or with new product.

28
Q

Ansoffs matrix +-

A

indicates level of risk in pursuing possible strategies for growth, shows the opportunity cost of each alternative aim and objective. Theoretical does not account for competitors activities.

29
Q

organic growth

A

the growth in revenues that arises when a business expands existing operations rather than completing merger or takeover.

30
Q

external growth

A

when business attempts to grow by completing a merger or takeover.

31
Q

organic growth

A

existing production capacity may be increased through investing in new technology.

new products may be developed and launched new markets may be found

growth can take longer as new machinery and distributing resources takes time.

32
Q

external growth

A

production capacity may be increased through merger or takeover.

the product range may be expanded through merger or takeover, new product development not necessary.

growth can be achieved relatively quickly as employees, machinery distribution resources in place.

33
Q

organic growth+

A

build on strengths such as brand and customer loyalty.

34
Q

Organic growth-

A

Harder to build market share if market leader already exists.

35
Q

merger two business equal size

A

combination of 2 separate businesses into new businesses

36
Q

takeover- large business small business

A

where one business acquires a controlling interest in new business.

37
Q

mergers or takeovers

A

Acquire technological expertise
Reduce costs through economies of scale to improve competitiveness
move out of low or no growth economies
gain access to wider distribution networks
diversify, investing in new products or new markets.

38
Q

horizontal integration

A

2 businesses operating in same industry and at same stage in supply chain become one business.

39
Q

vertical integration

A

where a business acquires another business in same market but at different stage in supply chain.

40
Q

+ horizontal

A

increased economies of scale, increased market share and market power, reduced production costs.

41
Q

-horizontal

A

potential rises in unit costs due to dis economies of scale and workers complacency.

42
Q

vertical +

A

greater control of supply chain
improved access to raw materials or manufacturing.

43
Q

vertical -

A

less scope for economies of scale as operating different levels of production, suppliers may become complacent as they know business will buy from them.

44
Q

Forward integration

A

means a merger or takeover of customer
Backwards means a merger or takeover of supplier

45
Q

Franchising

A

an agreement where business allows other businesses to use its name to sell its products for percentage of revenue generated.

46
Q

Franchising +

A

Easy access to capital expansion,
franchiser has access to charismatic young people who want to sell.

47
Q

franchising -

A

brand name damaged if franchisee is bad

48
Q

Rationalisation

A

Where a business reorganises its production in order to increase productivity and efficiency.

49
Q

Location/relocation

A

relocating can decrease wages
staff paid more in London vs other places.

50
Q

Transportation costs

A

can be reduced by locating business nearer to supplier especially if raw materials are heavy used large quantities.

51
Q

productivity

A

Benefits a business by reducing unit costs while maintaining quality.

52
Q

outsourcing

A

business gets another business to do its work for it in same or different country

53
Q

Outsourcing +

A

lower unit costs, specialised suppliers and services and economies of scale.

54
Q

Outsourcing -

A

poor public and employee relations due to job loss and monitoring work increases costs.
loss of customer service and brand recognition.

Business JHUS (4 decks)

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