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Management Exam 2 > Chapter 7 > Flashcards

Chapter 7 Flashcards

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1
Q

what is the nature of strategic management?

A

strategy

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2
Q

what is strategy?

A

a comprehensive plan for accomplishing an organization’s goals

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3
Q

what is strategic management?

A

involves formulating and implementing strategies to take advantages of business opportunities and meet competitive challenges

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4
Q

what is an effective strategy?

A

it promotes superior alignment between an organization, its environment, and its goals

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5
Q

what are the components of strategy?

A

distinctive competence, scope, resource deployment

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6
Q

what is distinctive competence in relation to strategy?

A

something an organization does extremely well

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7
Q

what is a scope in relation to strategy?

A

range of markets in which an organization will compete

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8
Q

what is resource deployment as it relates to strategy?

A

how an organization will distribute its resources across the ares in which it competes

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9
Q

What are the types of strategic alternatives?

A

business level and corporate level

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10
Q

What is the business level of strategy?

A

the set of strategic alternatives that an organization chooses from as it conducts business in a particular industry or in a particular market; how do we compete?

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11
Q

What is the corporate level strategy?

A

the set of strategic alternatives that an organization chooses from as its manages its operations simultaneously across several industries and several markets; what business are we in?

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12
Q

What is the strategy formula?

A

the set of processes involved in creating or determining the organization’s strategies; it focuses on the content of strategies

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13
Q

what is strategy implementation?

A

the methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved

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14
Q

what is deliberate strategy?

A

a plan, chosen and implemented to support specific goals, that is the of a rational, systemic, and planned process of strategy formulation and implementation

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15
Q

what is the emergent strategy?

A

a pattern of action that develops overtime in the absence of goals or missions, despite goals and missions

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16
Q

what does the emergent strategy develop into?

A

a deliberate strategy

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17
Q

what is the main purpose of the SWOT analysis and strategy

A

to evaluate the organizational strengths

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18
Q

What are organizational strengths?

A

skills and abilities enabling an organization to conceive of an implement strategies

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19
Q

What are common organization strengths?

A

organizational capabilities possessed by numerous competiting firms

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20
Q

How are distinctive competencies used?

A

useful for competitive advantage and superior performance

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21
Q

what is the imitation of distinct competencies?

A

it removes the competitive advantage of the company

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22
Q

What is sustained competitive advantage?

A

it occurs when the distinctive competence cannot be easily duplicated and it is what remains after all attempts at strategic limitations cease

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23
Q

When does strategic limitation of distinctive competence become difficult?

A

based on complex phenomenon (organizational culture), based on unique historical circumstances, it is difficult for competitors to understand its nature or character

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24
Q

What are organizational weaknesses?

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A

skills and capabilities that do no enable an organization to choose and implement strategies that support its mission

25
How can weaknesses be overcome?
investments to obtain the strengths needed and modification of the organizations mission so it can be accomplished within the current workforce
26
What is competitive disadvantage?
occurs when the organization fails to implement strategies being implemented by competitiors
27
How to evaluate the organizations opportunities and threats?
opportunities- areas in the organizations environment that may generate high performance threats- areas in the organization's environment that make it difficult for the organization to achieve high performance
28
What are porter's generic strategies for the business level? (3)
different strategy, overall cost leadership strategy, focus strategy
29
what is the different strategy?
when an organization seeks to distinguish itself from competitors through the qualities of its products or services
30
What is the overall cost leadership strategy?
an organization attempts to gain competitive advantage by reducing its costs below the costs of competing firms
31
what is a focus strategy?
an organization concentrates on a specific regional market, product line, or group of buyers
32
How to implement porter's differentiation strategy
An organization seeks to distinguish itself from competitors through the quality of its product or services; example: ben and jerry's serves quality ingredients in their ice cream
33
How to implement porter's overall cost leadership strategy
Marketing and sales focus on simple product attributes and how these product attributes meet customer needs in low-cost and effective manner; example: Walmart and Kroger brands are cheaper than the name brands
34
How to implement porter's focus strategy
either differentiation or cost leadership, depending on which one is the proper basis for competing in or for specific market segment, product category, or group buyers; example: bluebell ice cream only serves a set number of states
35
What are the 5 ways you can implement porter's business level strategies?
differentiation, overall cost leadership, focus, differentiation and focus, overall cost leadership focus
36
What are the miles and snow strategy types? (4)
prospector, defender, analyzer, reactor
37
What is the prospector strategy? (m/s)
encourages creativity to seek out new market opportunities and to take risks; develops the flexibility to meet changing market conditions by decentralizing its organization structure
38
what is the defender strategy (m/s)
focuses on defending its current markets by lowers its costs and or improving the performance of its current products
39
what is the analyzer strategy (m/s)
incorporates elements of both the prospector and defender strategies to maintain business and to be somewhat innovative; anheuser busch
40
What is the reactor strategy? (m/s)
has no clear strategy, reacts to changes and events
41
what are the stages of product lifecycle? (business level)
introduction stage, growth stage, mature stage, and decline
42
what is the introduction stage of the product life cycle?
focuses on getting the product out the door without sacrificing quality
43
what is the growth stage of the product lifecycle?
focuses on ensuring quality and delivery, and begin to differentiate the product
44
what is the mature stage of theduct lifecycle
focus on low costs and new products; essential stage of a company is going to survive in the long run
45
what is the decline stage of the product lifecycle
exactly what is sounds like
46
How to formulate a corporate level strategy within a strategic business unit
each business or group of businesses within an organization is engaged in serving the same markets, customers, and products
47
how to formulate a corporate level strategy through diversification
the number of businesses an organization is engaged in the extent to which these business are related to one another
48
What is the single level strategy at the corporate level?
an organization manufactures one product or service and sells it in a single geographic market
49
what is related diversification at the corporate level
a strategy in which an organization operates in several different businesses, industries, or markets that are somehow linked; it avoids the disadvantages and risks of a single product strategy; basis of relatedness
50
what are the advantages of related diversification?
reduces dependency and economic risk, reduces overhead costs, allows for exploitation of strengths and capabilities, synergy for greater whole economic value
51
what is unrelated diversification in an organization
operates multiple businesses that are not logically associated with one another; harder to manage
52
what are the advantages of unrelated diversification?
stable performance over time due to business cycle differences; allocation of resource areas with the highest return potential
53
what are the disadvantages of unrelated diversification?
poor performance due to the complexity of diverse businesses; failing to explotio key synergies that put the firm at competitive disadvantages
54
What are some ways to implement corporate level strategies?
becoming a diversified firm, internal development, mergers and acquisitions
55
What is the internal development of new products as implementing a corporate level strategy?
developing products and services within the boundaries of traditional business operations
56
what is the replacement of supplies and customers as implementing a corporate level strategy?
backward vertical integration; beginning of business that furnishes resources previously handled by a supplier; forward vertical integration?
57
what is merger?
purchase of one firm by another firm that is approximately the same size
58
what is an acquisition?
purchase of a firm by another firm that is considerably larger
59
what is the purpose of mergers and acquisitions
to diversify through vertical integration

Management Exam 2 (2 decks)

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