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BADM 449 > Checkpoint 1: Chap 1-5 > Flashcards

Checkpoint 1: Chap 1-5 Flashcards

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1
Q

Competitive advantage

A

Superior performance relative to other competitors in the same industry or industry average

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2
Q

Strategic management

A

And integrated management field that combines analysis formulation and implementation in the quest for competitive advantage

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3
Q

Competitive disadvantage

A

Under performance relative to competitors in the same industry or industry average

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4
Q

Competitive parity

A

Performance of two or more firms at the same level

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5
Q

Sustainable competitive advantage

A

Outperforming competitors or the industry average over a prolonged period of time

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6
Q

Strategy is the…

A

Quest to gain and sustain competitive advantage

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7
Q

Co-opetition

A

Cooperation by competitors to achieve a strategic objective

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8
Q

Firm effects

A

The results of managers actions to influence firm performance

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9
Q

Industry effects

A

The result attribute it to the choice of industry in which to compete

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10
Q

Strategic business unit

A

The standalone division of the larger conglomerate with its own profit and loss responsibility

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11
Q

Business model

A

Organizational plan that details the firms competitive tactics and initiatives – how the firm intends to make money

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12
Q

Externalities

A

Side effects of production and consumption that are not reflected in the price of the product

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13
Q

Crowdsourcing

A

A process in which a group of people voluntarily performs tasks that were traditionally completed by firms employees

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14
Q

Stakeholders

A

Individuals or groups who can affect or are affected by the actions of a firm

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15
Q

AFI strategic framework

A

A model that links three interdependent strategic management tasks – analyze for the light and implement

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16
Q

Strategic management process

A

Method by which managers conceive of an implement a strategy that can lead to a sustainable competitive advantage

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17
Q

Vision

A

A statement about what an organization ultimately wants to accomplish – it captures the companies aspiration

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18
Q

Strategic intent

A

The sticking out of the desired leadership position that far exceed the company’s current resources and capabilities

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19
Q

Mission

A

Scription of what an organization actually does, what it’s businesses, and why does it

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20
Q

Product oriented

A

Defines business in terms of a good or service provided

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21
Q

Customer oriented

A

Find business in the terms of the customer needs to be met – provides greater strategic flexibility

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22
Q

Strategic commitments

A

Actions that are costly long-term oriented and difficult to reverse

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23
Q

Organizational values

A

Ethical standards and norms that govern the behavior of individuals within a firm

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24
Q

Strategic planning

A

A rational top down process through which management can program features success

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25
Scenario planning
Strategy planning activity in which managers envision different "what if" scenarios to plan for possible futures
26
Dominant strategic plan
The city took option the managers think most clearly matches the reality at a given point in time
27
Strategic initiative
Any activity a firm pursues to explore and develop new products and processes or markets and ventures
28
Emergent strategy
And unplanned strategic initiative undertaken by mid level employees of their own volition
29
Intended strategy
The outcome of rational and structured top down strategic planning
30
Unrealized strategy
Part or all of the firm strategic plan that fall down by the wayside due to unexpected events
31
Realized strategy
Combination of intended an emergent strategy
32
PESTEL model
A framework that categorizes and analyzes and importance that of extern all forces that might impact a firm
33
PESTEL meaning
Political economic sociocultural technological ecological legal
34
Industry
A group of companies offering similar products or services
35
Structure conduct performance model
Framework that explains differences and industry performance and identifies different industry types
36
Industry types
Perfect competition, monopolistic competition, oligopoly, monopoly
37
Five forces model
If Raymore proposed by Michael Porter that identifies five forces that determine the profit potential of an industry and shape a firms competitive strategy
38
Entry barriers
Obstacles that determine how easily it firm can enter an industry
39
The five forces
Threat of entry, power of suppliers, power of buyers, threat of substitutes, rivalry among existing competitors
40
Example barriers to entry
Become is a scale, experience curve advantages, intended excess capacity, reputation, differentiation, capital requirements, high switching costs, access to distribution channels, network effects, Technology
41
Exit barriers
Obstacles that determine how easily a firm can leave the industry
42
Complement
A product service or competency that adds value to the original product when the two are used together
43
Complimentor
A company that provides a good or service that leads customers to value a firms offering more when the two are combined Toyota car and Michelin tires
44
Industry convergence
A process whereby formally unrelated industries begin to satisfy the same customer need
45
Strategic group
Set of companies that pursue a similar strategy within an industry
46
Strategic group model
Framework that explains firm differences in performance in the same industry by clustering different firms into groups based on a few key strategic dimensions
47
Mobility barriers
Industry specific factors that separate one strategic group from another
48
Core competencies
Unique strengths that are embedded deep within a firm that allow the firm to differentiate its products and services from its rivals and create higher value for the customer at a lower cost
49
Resource-based review
A model that sees resources as key to superior performance – VR I O
50
Tangible resources
Resources with physical attributes Buildings, land, equipment, supplies
51
Intangible resources
Resources that do not have physical attributes Culture, knowledge, brand equity, reputation, intellectual property
52
Resource heterogeneity
Assumption in the resource-based few that are firm is a bundle of resources and capabilities that differ across firms
53
The VR I O framework
Predicts firm level competitive advantages – valuable, rare, costly to imitate, organized to capture value
54
Value chain
Internal activities when transforming inputs and outputs – each activity adds value and cost
55
Primary activities
For my titties to add value directly by turning inputs into outputs
56
Support activities
For my titties the add value indirectly but are necessary to sustain a primary activities
57
Strategic activity system
Conceptualization of a firm as a network of interconnected activities
58
Dynamic capabilities perspective
Model that emphasizes a firm's ability to modify and leverage it's resource base in a way that enables it to gain and sustain competitive advantage in a constantly changing environment
59
Resource stocks
The firms current level of intangible resources
60
Resource flows
The firm's level of investments to maintain or build a resource
61
Path dependence
Situation in which the option one faces in the current situation are limited by decisions made in the past
62
Causal ambiguity
A situation in which the cause-and-effect the phenomenon are not readily apparent
63
Social complexity
Situation in which different social and business systems interact
64
SW OT analysis
Analyze internal analysis – strengths and weaknesses, and external analysis - threats and opportunities
65
Value
The dollar amount a consumer would attach to a good or service
66
Economic value created
Difference between value and cost
67
Profit – producer surplus
Difference between priced charged and cost
68
Consumer surplus
Difference between value and what is paid
69
Opportunity cost
The value of the best forgone alternative use of resources
70
Risk capital
Capital provided by shareholders and exchange for equity
71
Total return to shareholders
Return on risk capital that includes stock price appreciation plus dividend
72
Balanced scorecard
Strategy implementation tool that harnesses multiple internal and Extertal performance metrics in order to balance financial and strategic goals
73
Triple bottom-line
Combination of economic, social, ecological concerns that lead to a sustainable strategy - people planet profit
74
Corporate strategy
Where to compete
75
Business strategy
How to compete
76
Functional strategy
How to implement the business strategy
77
Strategy
Planned and realize set of actions a firm takes to achieve its goals

BADM 449 (1 decks)

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