External Flashcards
(38 cards)
1
Q
Communication Strategies
A
- Corporate affairs
- Community relations
- Crisis management
- employee relations
- Investor relations
- media relations
- public affairs
- public relations
2
Q
post maturity outcomes
A
- Steady State
- renewal
- decline
3
Q
internal operating and macro influences on post mature businesses
A
- steeple
- swot
- porters five forces
4
Q
Steady State and decline outcomes
A
- repositioning
- mergers and acquisitions
- exit closing a business
- dissolving partnership
- dissolving company (voluntary and involuntary)
5
Q
characteristics of steady state
A
- maintains day to day practices
- no extra funds to marketing, doesn’t strive to build customer base
- business moniters its staffing based on business needs, staff numbers the same
- financials performing at satisfactory level
6
Q
repositioning
A
- where a business attempts to engage with a new or broader market, rebranding or updating tactics
- larger the business the harder it is
- is created through use of 4 P’s: price, promotion, product and place
7
Q
Merger
A
when two businesses come together to operate as one new, larger organisation, businesses negotiate how the business will look going ahead
8
Q
Acquisition
A
when one business purchases another and takes over responsibility for management and strategic planning
9
Q
Mergers and Acquisition benefits
A
- Greater market share
- business owners to withdraw investment (a way out)
- provide opportunities for employees to transfer
- roles into new business
- can result in redundancy
10
Q
Porters five forces:
A
Threats bargaining power new entrants threats existing competitors threat of substitutes
11
Q
measuring new threat entrants
A
- what are the capital requirements of the industry?
- what are existing barriers to enter the industry?
- how hard is it to replicate the product/ service?
- does your business have economies of scale and cost advantage?
- does your business have ability and financial means to retaliate?
- does your business have strong brand equity?
12
Q
measuring threat of existing competitors
A
- who are the main competitors?
- how many competitors are there in the operating area?
- how aggressive and powerful are competitors’ strats?
- how strong and capable is your business?
- can your business find solutions to competitors strategies?
- what are strengths and weaknesses of your business and competitors?
13
Q
Measuring threat of substitutes:
A
- how good is relative performance of substitute?
- how much does the substitute satisfy?
- do customers need to make adjustments to use?
- how many subs are in the market?
- how easy is it to obtain subs?
14
Q
Bargaining power of customers
A
- How many buyers are there in the market?
- how dependent are your buyers?
- how much information do buyers have on the industry?
- how sensitive are your customers to prices?
- how easily can your buyers switch to another competitor?
15
Q
Bargaining power of supplier:
A
- How many suppliers are in the market?
- how dependent are you to the suppliers?
- are there ways of securing long term relationships with your sups?
- how easy is it to switch to a new sup?
16
Q
communication strategies:
A
- communication
- public relations
- Crisis management
17
Q
Communication
A
Refers to strategic planning of the message that a business needs to deliver stakeholders to ensure business maintains a good rep and can achieve objectives.
18
Q
Corporate affairs
A
area of communications where companies monitor how they are perceived in the market. their decisions attract attention of influential stakeholders (government and media)
- how a business wants to be viewed in the market
- how it communicates to highly influential stakeholders
- executive managers plan corporate communications so control media perception
- usually managed by top-level executives
19
Q
Community relations
A
- focuses on stakeholder engagement and satisfaction
- special projects
- listen to stakeholders
- invite feedback
- implement solutions that minimise disruption
- also apply to government and NFP orgs
20
Q
Crisis management:
A
- any situation that threatens to harm a business, its staff or customers that can have a negative rep on the business or cause financial impact.
- staff being charged with fraud
- hi defect rates
- poorly executed events
- machinery malfunctions that could injure staff or customers
21
Q
how to approach crisis management?
A
- approach sensitively
- provide information to stakeholders
- don’t assume responsibility or blame others
- state that time is needed for a through investigation to occur for all stakeholders
22
Q
Employee relations:
A
organisation wide communicaiton with staff, delivered from top level management about business issues
- information must be clear and unambiouous - pressure should not be placed on middle management to handle quieres - must promote productivity and job satisfaction
23
Q
Investor relations:
A
investment is linked with money, shareholders will be sensitive to the actions a business might take, will react quick if risks pose a threat to investment.
information communicated to investors includes:
- financial performance
- decisions made regarding debt and equity finance are justified
- forecast growth is reflected increased revenue
- net profit might be distributed through dividends or reinvested in business.
24
Q
Socio-Cultural factor questions (STEEPLE)
A
- What are the cultural trends and societal attitudes?
- Can the business pursue a new niche?
- how can the business respond to decline in demand?
- how can the business reposition through corporate and social responsibility?
- what employment and job market trends affect the industry?
- how can strategic networks assist?
25
Technological Factors (STEEPLE)
- Emerging tech to take business to decline or renewal?
- Advanced yet affordable online platforms achieve steady state/ renewal?
- automation effects?
- Security and data management?
26
Economic Factors (STEEPLE)
- How stable is economy, what impacts?
- any likely changes in exchange rates or interest rates?
- are inflation factors impacting pricing considerations?
- current consumer buying patterns in the market?
- effect of globalisation?
27
Environmental Factors (STEEPLE)
- Sustainable practices to help reposition?
- Ways to minimise waste/ run efficiently?
- using resources to conserve? (natural lighting vs artificial...)
- impacts of natural disasters, seasons and weather patterns?
28
Political Factors (STEEPLE)
- Federal, State and Local supporting post mat business?
- Trend towards regulation or deregulation in industry?
- Government approach/ monitor ethical practices?
- Pending legislations?
29
Legal Factors? (STEEPLE)
- Federal, State and Local requirements?
- impact of consumer law on decisions?
- workplace legislation impact?
- Approach to potential work disputes
- requirements from solicitors, financial advisors and accountants?
- redundancy costs?
30
Ethical Factors (STEEPLE)
- Values of business?
- Ethical standards complied with?
- how incorporate social responsibilities into practices?
- Stakeholder response to change in business
- utilisation of triple bottom line?
- are sustainability practices ethical?
31
Strengths (SWOT)
- What does the business do well?
| - what advantage business have over competitors?
32
Weaknesses: (SWOT):
- What does the business do poorly?
| - what disadvantages does the business have compared to competitors?
33
Opportunities (SWOT):
- Increased demand for product or service offered by business?
- do expansion opportunities exist?
- can business invest in new technology
34
Threats (SWOT):
- What competitors does the business have?
| - What business environment changes could severely impact the business?
35
Media relations:
- Strategy by which a business develops relationships and communicates with journalists to ensure that published news remains favourable
- needed by large public or private companies, government departments and NFP orgs that attract constant media attention
36
Public affairs:
- How business communicate and lobby government for change
| - businesses that lobby constantly will be marked as lobbyists to ensure fair dealing occurs
37
Public relations:
- Utilising unpaid methods of promotion to engage and persuade
- public relations specialists do this through story telling and networking
- goal is to build mutually beneficial relationships
38
Employee relation mistakes:
- Playing favourites
- taking sides in disputes
- not giving employees clear performance expectations
- not giving a platform to voice greviances
- hiding bigger picture
- kneejerk reactions to disputes
