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winter sem 24 > bsm 200 midterm > Flashcards

bsm 200 midterm Flashcards

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1
Q

what is the SME

A

small to medium enterprise

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2
Q

characteristics of the SME (2)

A
  1. sole proprietorship
  2. local operation
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3
Q

Characteristics of a startup (3)

A
  1. growth-oriented founders
  2. mass-market potential
  3. has early investors
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4
Q

Growth challenges of the entrepreneur (3)

A
  1. loyal to early hires
  2. focused on short term objectives/tasks 3. networking ability,
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5
Q

What factors influence growth? (5)

A
  1. Industry life cycle change
  2. competition
  3. demand
  4. investor pressure
  5. entrepreneurial preference
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6
Q

The growth process (6)

A
  1. a complex process
  2. depends on people/leader/culture
  3. needs diversity of thinking
  4. strategic reframing
  5. tolerance of mistakes
  6. requires change
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7
Q

Are growing businesses different from startups? Why? (4)

A

Yes, in their
1. capital
2. personnel
3. management
4. organizational requirements

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8
Q

Hess’ Growth Decision Template (9)

A
  1. why should we grow
  2. how should we grow
  3. how much should we grow
  4. how fast should we grow
  5. do we have the right people, processes, and controls in place to support growth?
  6. what are the risks of growth
  7. what are the risks of not growing
  8. do the benefits of growth outweigh the risks
  9. how do we manage the risks created by our decisions
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9
Q

What are the preconditions to growth?

A

Internal: why should we grow? are the founders ready for change?
External: attention to customer value proposition

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10
Q

How to prepare for growth (3)

A
  1. install accounting systems, have good customer relationship
  2. evaluate costs of expanding
  3. demand forecast
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11
Q

How to grow organically (3)

A
  1. improvements
  2. innovations
  3. scaling
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12
Q

how to grow inorganically (3)

A
  1. acquisitions (very risky, but fast)
  2. strategic alliances
  3. joint ventures
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13
Q

growth stressors

A

understand that growth puts you in a competitive space

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14
Q

risk management in business growth (4)

A
  1. avoid doing the same thing as competition
  2. attract risk intolerant investors
  3. risk of equity
  4. ensure growth is well managed and successful
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15
Q

what is the customer value proposition

A

why a customer should buy a product

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16
Q

growth through improvement (4)

A
  1. needs to be ahead of the competition
  2. deliver what the customer needs faster than competition
  3. deliver less expensively
  4. improve operating systems to enhance profitability and prepare for growth
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17
Q

growth through innovation (3)

A
  1. combining features or products in new ways
  2. transferring concepts from one industry to another
  3. collaborating with another business
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18
Q

growth boosters (4)

A
  1. new products/quality changes
  2. new channels
  3. pricing, branding, and payment innovations
  4. bundling
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19
Q

Scaling - The Business Model (9)

A
  1. Key partners: who are our suppliers
  2. Activities: what do we do with our resources
  3. Resources: what goods, services, and infrastructure do we use
  4. Value Proposition: what problems need to be solved and what product does it best
  5. Customer relationships: how do we interact with customers
  6. Channels: How do our customers find, buy, and use the products
  7. Customer Segments: Who are our users and who are our paying customers?
  8. Cost Structure: What is the total cost of production?
  9. Revenue Model: where does revenue come from?
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20
Q

Scaling within a business (3)

A
  1. means doing more with the same amount of money
  2. means ramping up all aspects of business operations at the same time/doing more of the same
  3. related to the economics of scale in that one is a precondition to the other
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21
Q

What is the scaling business model?

A

the core of what a business does

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22
Q

The Right Amount of Growth

A

Ensure your business has the right size, brand credibility, and financial ability
Ex: if a small businesses products are being sold in a major corporation, there may not be enough product to keep up with the demand

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23
Q

What is aquisition?

A

when one business buys another

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24
Q

What were Shopify’s growth methods? (4)

A
  1. improvements to software, payment processing, and enterprise plan
  2. innovation: shifted to an e-commerce service
  3. strategic alliances: tiktok and paypal
  4. NO joint ventures
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25
What is the goal of a business strategy?
to establish competitive advantage and therefore sustainable financial performance
26
What does a business strategy consist of? (4)
1. vision/mission 2. industry attractiveness 3. inimitable capabilities 4. implementation, use of resources, management decisions
27
Defining the business: Values
HOW: a set of fundamental beliefs that guide a business in the decisions it makes
28
Defining the business: Vision
WHERE: an explanation of why the company exists and where it is trying to head
29
Defining the business: Mission Statement
WHY: an outline of the fundamental purposes of an organization
30
Defining the business: Strategy
WHAT: the broad, long-term accomplishments an organization wishes to attain
31
Defining the business: Goals and Objectives
HOW: specific, measurable, short-term statements detailing how to achieve the organization's goals
32
What is SWOT analysis?
the planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats
33
SWOT Analysis includes... (4)
1. potential internal strengths 2. potential internal weaknesses 3. potential external opportunities 4. potential external threats
34
Management Executing Strategy (4)
1. organizing 2. controlling 3. planning 4. leading
35
Management Hierarchy (3)
1. top management 2. middle management 3. first line management
36
Management Hierarchy: Top Management Responsibilities (3)
1. articulate vision 2. establish priorities 3. overseeing why the company exists
37
Management Hierarchy: Middle Management Responsibilities (2)
1. facilitate communication 2. coordinate teams
38
Management Hierarchy: First Line Management Responsibilities (2)
1. train, motivate, and evaluate employees 2. manage daily processes
39
Forms of Planning (4)
1. strategic planning 2. tactical planning 3. contingency planning 4. operational planning
40
Forms of Planning: Strategic Planning
setting broad, long-range goals, done by top managers
41
Forms of Planning: Tactical Planning
identifying specific, short-term objectives, done by middle management
42
Forms of Planning: Contingency Planning
backup plans in case primary plans fail. these plans focus on issues that are most probable and potentially harmful. established through risk factors
43
Forms of Planning: Operational Planning
the setting of work standards and schedules. done by first line management
44
Employee Management Theories (5)
1. Maslow's Hierarchy of Needs 2. Theory X and Theory Y 4. Hawthorne Effect 4. Scientific Management 5. Herzberg Motivating Factors
45
Maslow's Hierarchy of Needs Levels (4)
physiological, safety, social, esteem, actualization
46
Theory X and Theory Y
the primary motivator is fear, people must be controlled, and people avoid work
47
Who developed Theory X and Theory Y
Douglas McGregor
48
Hawthorne Effect
people behave differently if they think they are being watched
49
Who developed the Hawthorne Effect
Elton Mayo
50
Scientific Management
studying workers to identify the most efficient way to do things, then teaching others those methods. goal is to increase worker productivity
51
Who developed scientific management
Frederick Taylor
52
Herzberg Motivating Factors
the relationship between motivation and job-related factors. found that the absence of certain factors in the work environment will cause dissatisfaction
53
Motivators based on Herzberg's Factors
work itself, achievement, recognition, responsibility, growth, and advancement
54
Benefits of Organization (6)
1. specialization 2. coordination 3. culture and cooperation (employee motivation) 4. budgeting 5. accountability 6. decision-making
55
Why is organizing important?
vital part of business growth, allows for communication, coordination, control, and efficiency
56
Organizing consists of... (5)
1. dividing labour 2. creating teams to do specific tasks 3. assigning responsibility and authority 4. allocating resources 5. establishing procedures for accomplishing the organizational objectives
57
Fayol - Principles of Organization
concerned with how workers were managed and how they contributed to the organization. HR style
58
Max Weber - Principles of Organization
bureaucratic management style
59
what are the variables in organizational structure (4)
1. centralization vs decentralization of authority 2. span of control 3. tall vs flat organizational design 4. departmentalization or not
60
What are the 6 considerations of promotional programs?
1. motives 2. message 3. market 4. medium 5. money 6. measure of success
61
what is included in the promotion mix? (6)
1. advertising 2. personal selling 3. direct marketing 4. sales promotion 5. public relations 6. product
62
What is the push strategy
convince wholesalers and retailers to stock and sell merchandise
63
what is the pull strategy
consumers requesting products from retailers
64
what is a marketing intermediary?
middlemen that distribute products from the distributor to the retailer
65
5 impacts of pricing strategies
1. return on investment 2. building traffic 3. increasing market share 4. creating image/building brand 5. addressing social objectives
66
What is the break-even analysis?
the process used to determine profitability at various levels of sales
67
what is total fixed costs
all expenses remain the same no matter how many products are made or sold
68
what are variable costs
costs that change according to the level of production
69
what is the breakeven (BEP) formula?
total fixed costs DIVIDED BY (unit price - variable cost/unit)

winter sem 24 (4 decks)

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