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MGMT 4219 > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

Realized Strategy

A

Plan of action that an organization actually follows

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2
Q

Business Model

A

Describes the process through which a company hopes to earn profits

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3
Q

Distinctive Competence

A

A set of activities that an organization performs especially well.

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4
Q

Intellectual Property

A

Creations of the mind, such as inventions, artistic products and symbols.

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5
Q

Transaction Cost Economics

A

A theory that centers on whether it is cheaper for a company to make or to buy the products that it needs.

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6
Q

PESTEL Analysis

A

The examination of political, economic, social, technological, environmental, and legal factors and their implications for an organization

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7
Q

S.M.A.R.T Goals are

A 
Specific
Measurable
Aggressive
Realistic 
Time-bound
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8
Q

Backward Integration Strategy

A

A company that enters the business of one of its suppliers

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9
Q

Deliberate Strategy

A

Parts of the intended plan that an organization continues to pursue overtime

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10
Q

Valuable

A

Resources that help a company create strategies that capitalize on opportunities and ward off threats.

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11
Q

Icons

A

CEOs who possess both fame and strong reputations

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12
Q

Best Value Supply Chains

A

Supply chains that focus on the total value added to the customer as opposed to individual outcomes, such as speed or cost.

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13
Q

Intangible Resources

A

Resources that are difficult to see, to touch or to quantify , such as the knowledge and skills of employees, a company’s reputation and a company’s culture.

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14
Q

Rare

A

Resources that are unique when contrasted with the resources of competitors.

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15
Q

Product

A

Goods and services a company sells to customers

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16
Q

Competitive Aggressiveness

A

The tendency to intensely and directly challenge competitors

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17
Q

Ploy

A

A specific move designed to outwit or trick competitions

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18
Q

Marketing Mix

A

The four Ps (Product, Price, Place Promotion) that companies use to offer customers a coherent and persuasive message

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19
Q

Alignment

A

Creating consistency in the interests of all participants in a supply chain.

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20
Q

Marketing and Sales

A

Activities used to attract potential customers and convince them to make purchases.

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21
Q

Intended Strategy

A

Plan that an organization hopes to execute

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22
Q

General Environment

A

Overall trends and events in society such as social trends, technological trends, demographics and economic conditions.

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23
Q

franchising

A

An organization grants the right to use its brand name, products, and processes to other organizations in exchange for an up-front payment and a percentage of franchises’ revenues

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24
Q

Backward Vertical Integration

A

A strategy that involves a buyer entering the industry that it purchases goods or services from

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25
Q

Suppliers

A

Providers of inputs that the competitors in an industry need to create goods or services

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26
Q

Triple Bottom Line

A

An approach to assessing performance that emphasizes the concerns of people and the planet in addition to profit

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27
Q

Five Forces Analysis

A

A technique for understanding an industry by examining the interactions among competitors in an industry, potential new entrants to the industry, substitutes for the industry’s offerings, suppliers to the industry and the industry’s buyers.

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28
Q

Operations

A

The production process of a good or service

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29
Q

Buyers

A

Purchasers of the goods or services that the competitors in an industry create.

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30
Q

Vision

A

What the organization hopes to become in the future

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31
Q

Place

A

A physical purchase point as well as a distribution channel

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32
Q

Hidden Gems

A

CEOs who lack fame but possess positive reputations.

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33
Q

Support Activities

A

An action not directly involved in the evolution of a product but that instead provides important underlying support for a primary activity.

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34
Q

Procurement

A

The process of negotiating for and purchasing raw materials

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35
Q

Price

A

The amount companies charge for their goods or services.

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36
Q

Economies of Scale

A

A cost advantage created when a company can produce a good or service at a lower per unit price due to producing the good or service in large quantities

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37
Q

Plan

A

carefully crafted set of steps that a firm intends to follow in order to be successful

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38
Q

Sustained Competitive Advantage

A

A competitive advantage that will endure over time.

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39
Q

Nonsubstiutable

A

Resources that exist when competitors cannot find alternative ways to gain the benefits that a resource provides.

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40
Q

Technological Development

A

The use of computerization and telecommunications to support primary activities.

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41
Q

Competitors

A

The set of companies that produce goods or services within an industry.

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42
Q

Organizational Performance

A

How well an organization is doing at reaching its vision, mission and goals

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43
Q

Performance referent

A

A benchmark such as the industry average that is used to make sense of an organization’s standing along a performance measure

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44
Q

Trade Secrets

A

Formulas, practices and designs that are central to a company’s business and that remain unkown to competitors.

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45
Q

Intellectual property rights

A

The ability of an organization to protect intangible goods such as movies, software, and video games from piracy.

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46
Q

Forward Vertical Integration

A

A strategy that involves a supplier entering the industry that it supplies inputs to.

47
Q

Capabilities

A

What the organization can do based on the resources it possesses

48
Q

Perspective

A

How executives interpet the competitive lanscape around them

49
Q

Service

A

The extent to which a company provides assistance to its customers.

50
Q

Porter’s Five Forces

A

Potential Entrants
Buyers
Suppliers
Substitutes

51
Q

Value Chain

A

A tool that charts the path by which products and services are created and eventually sold to customers.

52
Q

Speed “Cycle Time”

A

The time duration from initiation to completion of the production and distribution process.

53
Q

Political Segment

A

The portion of the general environment that involves governments.

54
Q

Flexibility

A

A supply chain’s responsiveness to changes in customers’ needs.

55
Q

Legal Segment

A

The portion of the general environment that involves the law and courts.

56
Q

Risk Taking

A

The tendency to engage in bold rather than cautious actions

57
Q

Economic Segment

A

The portion of the general environment that involves economic and financial conditions.

58
Q

Entrepreneurial

A

The processes, practices and decision-making styles of organizations that act entrepreneurial

59
Q

Outbound Logistics

A

The departure of finished goods

60
Q

Mobility Barriers

A

Factors that make it unlikely or illogical for a company to change strategic groups over time

61
Q

Substitutes

A

Offerings from other industries that fulfill the same need or a very similar need as an industry’s products or services.

62
Q

Environmental Determinism

A

A theoretical perspective that contends that organizations are limited in their ability to adapt to the conditions around them.

63
Q

Dynamic Capability

A

A unique ability to create new capabilities by continually updating a firm’s array of capabilities to keep pace with changes in its environment.

64
Q

Copyright

A

Provides exclusive rights to the creators of original artistic works such as books, movies, songs and screenplays.

65
Q

Quality

A

The relative reliability of supply chain activities.

66
Q

Threats

A

Events and trends that may undermine an organization’s performance

67
Q

Performance Measure

A

A metric such as profits, stock price and sales along which organizations can be gauged.

68
Q

Strategic Resource (VRIO)

A

Valuable
Rare
Inimitable
Organized

69
Q

Pro-activeness

A

The tendency to anticipate and act on future needs

70
Q

Pattern

A

The degree of consistency in a firm’s strategic actions

71
Q

Potential new entrants

A

Companies that do not currently compete in an industry but might join the industry in the future

72
Q

Strategy as Pattern

A

The extent to which a company’s actions overtime are consistent

73
Q

Environment

A

The set of external conditions and forces that have potential to influence the organization

74
Q

Emergent Strategy

A

Unplanned direction that arises in response to unexpected opportunities and challenges

75
Q

Adaptability

A

A willingness and capacity to reshape supply chain when necessary.

76
Q

scoundrels

A

CEOs who display high levels of relative fame but low levels of reputation

77
Q

Primary Activities

A

An action directly involved in the creation and distribution of goods and services.

78
Q

Environmental Segment

A

The portion of the general environment that involves the natural environment.

79
Q

Silent Killers

A

CEOs who are overlooked and ignored sources of harm to their firms

80
Q

Supply Chain

A

A system of people activities, information and resources involved in creating a product and moving it to the customer.

81
Q

non-realized strategy

A

Parts of the intended plan that are abandoned

82
Q

SWOT Analysis

A

A technique for understanding a company’s situation by considering its strengths and weaknesses along with the opportunities and threats that exist in the company’s environment.

83
Q

Mintxberg’s Five P’s

A 
Plan
Ploy
Pattern
Position 
Perspective
84
Q

Piracy

A

Theft of trademark or copyrighted material

85
Q

Cost

A

The price paid for supply chain inputs.

86
Q

Strategic Management

A

Examines how actions and events involving top executives, firms and industries influence a company’s success or failure.

87
Q

Tangible Resources

A

Resources that can be readily seen, touched, and quantified, such as physical assets, property, plant equipment and cash.

88
Q

Strategy as Position

A

A company’s place in the industry relative to its competitors

89
Q

Position

A

A firm’s place in the industry relative to its competitors

90
Q

Industry ( Competitive Environment)

A

Multiple organizations that collectively compete with one another by providing similar goods services or both

91
Q

Mission

A

The reasons for an organization’s existence

92
Q

Trademarks

A

Phrase, picture, name, or symbol used to identify a particular organization.

93
Q

Enactment

A

A theoretical perspective that contends that an organization can, at least in part, create an environment for itself that is beneficial to the organization by putting strategies in place that reshape competitive conditions in a favorable way.

94
Q

Strategic Plans

A

A carefully crafted set of steps that a company intends to follow to be successful

95
Q

Autonomy

A

Whether an individual or team of individuals within an organization has the freedom to develop an entrepreneurial idea and then see it through to completion.

96
Q

Agility

A

The supply chain’s relative capacity to act rapidly in response to dramatic changes in supply and demand.

97
Q

Exit Barriers

A

Factors that make it difficult for a company to stop competing in an industry.

98
Q

Company Infrastructure

A

How the company is organized and led by executives.

99
Q

Difficult to Imitate

A

Resources that cannot be easily duplicated by competitors and are often protected by various legal means, including trademarks, patents and copyrights.

100
Q

Resource-Based Theory

A

A theory that contends that the possession of strategic resources can provide an organization with competitive advantages over its rivals.

101
Q

Balanced Scorecard

A

An approach to assessing performance that target managers’ attention on four areas: financial, customer, internal business process and learning & growth

102
Q

Goals

A

Narrower aims that organizations pursue to serve their vision and missions

103
Q

Institutional Theory

A

The extent to which companies copy one another’s strategies.

104
Q

Inbound Logistics

A

The arrival of raw materials.

105
Q

Patents

A

Legal decree that protects inventions from direct imitation for a limited period of time.

106
Q

Strategic Groups

A

Sets of companies that follow similar strategies

107
Q

Innovativeness

A

The tendency to pursue creativity and experimentation

108
Q

Promotion

A

The communications used to market a product, including advertising, public relations, and other forms of direct and indirect selling.

109
Q

Opportunities

A

Events and trends that create chances to improve an organization’s performance level

110
Q

Technological Segment

A

The portion of the general environment that involves scientific advances.

111
Q

Human Resource Management

A

Includes activities involved in recruiting, training and compensating employees

112
Q

Social Segment

A

The portion of the general environment that involves demographics and cultural trends

113
Q

Strategic Supply Chain Management

A

The use of supply chains as a means to create competitive advantages and enhance company performance.

MGMT 4219 (3 decks)

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