Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

GMS 200 > GMS Chap 7 > Flashcards

GMS Chap 7 Flashcards

(62 cards)

Start Studying
1
Q

Competitive Advantage

A

The ability to do something so well that one outperforms competitors

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Sustainable Competitive Advantage

A

The ability to outperform rivals in ways that are difficult or costly to imitate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Strategy

A

A comprehensive plan guiding resource allocation to acheive long-term organization goals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Strategic Intent

A

Focuses and applies organizational energies on a unifying and compelling goal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

3 Levels of Strategy

A
  • Corporate Strategy
  • Business Strategy
  • Functional Strategy
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Corporate Strategy

A

Sets the long term direction for the total enterprise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Business Strategy

A

Identifys how a division or strategic business unit will compete in its product or service domain

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Functional Strategy

A

Guides the activities within one specific area of operation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

3 Step Strategic Management Process

A
  • Strategic Analysis
  • Strategic Formulation
  • Strategic Implementation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Strategic Management

A

The process of formulating and implementing strategies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Strategic Analysis

A

the process of analysing the organization, the environment and the organization’s competitive position and current strategies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Strategy Formulation

A

The process of creating strategies to guide the allocation of resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Strategy Implementation

A

The process of puting strategies into action

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Mission Statement

A

Expresses the organization’s reason for existance in society

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

5 Stakeholders of an Organization

A
  • Employees
  • Comunities
  • Shareholders
  • Customers
  • Suppliers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Strategic Constituancies analysis

A

Assesses the interest of stakeholders and howw well the organization is responding to them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Core Values

A

Broad beliefs about what is or os not appropriate behaviour

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Organizational Culture

A

The predominant value system for the organization as a whole

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Operating Objectives

A

Specific results that organizations try to accomplish

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

9 Operating Objectives

A
  • Profitatability
  • Finantial health
  • Cost efficiency
  • Customer service
  • Product quality
  • Market share
  • Human talent
  • Innovation
  • Social responsability
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

SWOT analysis

A

Examines organizational stranghts and weaknesses and environmental opportunities and threats

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Strenghts and Weaknesses Examples

A
  • Manufacturing Efficiency
  • Workforce
  • Market Share
  • Financing
  • Reputation
  • Facilities
  • R&D
  • Techologies
  • Management
  • Past planning implementation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Opportunities and Threats Examples

A
  • Market
  • Economy
  • Porter 5 Forces
  • New Technologies
  • Resources
  • Customer Taste
  • Regulation
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Core Competency

A

A special strength that gives an organization a competitive advantage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
4 Grand or Master Strategies
- Growth Strategy - Stability Strategy - Renewal Strategy - Combination Strategy
26
Growth Strategy
Involves expansion of the organization current operations
27
Stability Strategy
Maintains current operations without substantial changes
28
Renwal Strategy
Tryes to solve pb and overcome weaknesses that are hurting performance
29
Liquidation
Business operations ceases and assets are sold to pay creditors
30
Combination Strategy
Pursues growth, stability and/or retrenchement in some combination
31
3 Growth Strategies
- Concentration - Diversification - Vertical Integration
32
Growth Strategy: Concentration
Growth within the same business area
33
Growth Strategy: Diversification
Gorwth by acquisition of or investment in new and different business area
34
Growth Strategy: Vertical Integration
Growth by acquiering suppliers or distributors
35
3 Restructuring Strategies
- Turnaround - Downsizing - Divestiture
36
Restructuring
Changes the mix or reduces the scale of operations
37
Turnaround
Strategy tries to fix specific performance problems
38
Downsizing
Strategy decreases the size of operations
39
Divestiture
Sell off part of the organization to refocuse attention on core business area
40
3 Global Strategies
- Globalization Strategy - Multidomestic Strategy - Transnational strategy
41
Globalization Strategy
Adopts standardized products and advertising for use worldwide
42
Multi-domestic Strategy
Customize product and advertizing to best fit local needs.
43
Transnational Strategy
Seeks efficiencies of global operations with attention to local market
44
Strategic Alliance
Organizations joint togather in partnership to persue an area of mutual interest
45
Co-opetition
A form of strategic alliance among competitors that work on a project of mutual benefit
46
2 e-business strategies
B2B Business strategy | B2C business strategy
47
e-business strategy
Strategecly uses the internet to gain competitive advantage
48
B2B business strategy
Uses IT and web portal to link organizations verticaly in the supply chain
49
B2C business strategy
Uses IT and web portals to link business to customers
50
Portfolio Planning
An approach that seeks the best mix of investments among alternative business opportunities
51
BCG Matrix
Analyses business opportunities according to market growth rate and market share (4 types of product: Question marks, Stars, Dogs, Cash Cow)
52
Porter's 4 Competitive Strategies
- Cost leadership strategy - Differentiation strategy - Focused low-cost strategy - Focussed differentiation strategy
53
Differentiation Strategy
Offers product that are different from the competition
54
Cost Leadership Strategy
Seeks to operate with lower cost so that product can be sold at lower price
55
Focused Strategy
Concentrates on serving a unic market segment better that anyone else
56
Focused Differentiation Strategy
Offers a unique product to a special market segment
57
Focused Cost Leadership
Strategy seeks the lower cost of operations within a special market segment
58
Strategic Incrementalism
Makes modest changes in strategy as experience builds over time
59
Emergent Strategy
Unfolds over time as managers learn from and respond to experiences
60
Corporate Governance
System of control and performance monitoring of top management
61
Strategic Control
Makes sure strategies are well implemented and that poor strategies are scrapped or modified
62
Strategic Leadership
Inspiers people to continuously change, refine, and improve strategies and their implementation

GMS 200 (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions