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Project Management Year 1 > Management > Flashcards

Management Flashcards

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1
Q

UK Chartered Institute of Marketing Definition

A

The process of identifying, anticipating and satisfying customer requirements profitably

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2
Q

Marketing Focus

A

Strategy
Determine Offer
Match offer to market place
Create long term satisfaction

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3
Q

Sales Focus

A

Tactics
How to sell to customer
Customer Management
Induce customer satisfaction

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4
Q

Business/Corporate Strategy

A

How to compete

Where to compete

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5
Q

Strategy

A

A set of objectives and a plan to attain them

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6
Q

Direct Interaction Definition

A

Gronroos 2014

Refers to the actors actions which are merged into a collaborative, dialogical process

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7
Q

Project Definition

A

Turner / Miller 2003

A temporary organisation of resources aiming to achieve a specific goal

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8
Q

Typology of Value

A

Economic Value - Efficiency / quality
Social - Status / reputation
Hedonic - Fun / Aesthetic
Altruistic - Ethics (fairtrade) / Faith (spirituality)

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9
Q

Value Co-Creation Definition

A

Gronroos et al 2013
Where two or more actors such as a customer and provider create value in a direct interaction and through a joint process

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10
Q

Standards

A

De Jure - Set by government enforced by law
De Facto - Set by the market
Committee - Private clubs or industry association

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11
Q

How to deal with standard war

A

Need to establish tech as industry standard
Control over users - IPR, ability to innovate
Brand name / reputation

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12
Q

Pricing Definition

A

The process of determining what a company will receive in exchange for its product / service

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13
Q

Cost plus Pricing

A

Cost to create plus a pre determined mark up

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14
Q

Demand Based Pricing

A

In accordance to how much a customer is willing to pay

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15
Q

Geographical Pricing

A

Basis of a customers location

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16
Q

Competitor Based Pricing

A

Set price based on competitor price

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17
Q

Value Based Pricing

A

Based on the value the customer perceives it to be

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18
Q

Negotiated Pricing

A

According to specific agreements between company and the customer / client

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19
Q

Premium Pricing

A

High end anchoring to elevate / maximise profit

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20
Q

Customised Pricing

A

In line with customer intimacy

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21
Q

Optional Pricing

A

Encourage upselling

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22
Q

Introductory Pricing

A

Price high to recoup sunk costs like R&D

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23
Q

Retail / Asset sale

A

Customers purchase by paying once

Transaction revenue

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24
Q

Consulting

A

Daily rates / fixed fees

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25
Usage Fees
Lending / renting / leasing
26
Licensing
Fee Plus Royalty
27
Marketing Channel Management
A process to develop various marketing techniques and sales strategies for widest possible customer base Economics - Mngm resource/costs achieve target return Courage - Optimise brand exposure/availability/access Control - Balance all mix within target cost/sale
28
Kraljic's Matrix
Maximise Supply Security / reduce cost Making most of purchasing powr Procurement impact on final results vs Supply risk
29
Kraljic's Matrix | Low / Low
Normal Items Purchasing criteria - Functional efficiency Supply - Local Supplier Items Purchased - Mainly Commodities some specialised
30
Kraljic's Matrix | Low Supply / High
Leverage Items Purchasing criteria - Cost / Price Supply - Multiple suppliers Items Purchased - Commodities or specialised
31
Kraljic's Matrix | High / High
Strategic Items Purchasing criteria - Long term availability Supply - Global suppliers Items Purchased - Scare / High Value
32
Kraljic's Matrix | High Supply / Low
Bottleneck Items Purchasing criteria - Cost Mngm / Reliable Sourcing Supply - New with new technology Items Purchased - Specialised materials
33
Industrial Property
Patents - Rights of the inventor Trademarks - Protect trade name / logo Industrial Designs - Shape, configuration, appearance
34
Copyright
Protection to 'creators of works of the mind'
35
Ethics Definition
The code of moral principles / values that governs behaviour with whats right and wrong
36
CSR Definition
Daft 2010 The obligation of organisations management to make decisions and take actions that will enhance the welfare and interests of society as well as the organisation
37
Exclusionary Rights
Patents / Copyrights | Right to prevent usage by others, but have to disclose to solve asymmetric information problem
38
IPR Covering and Lifespan
Utility Patents - Machines/manu product/processes 20y Copyright - Original works or authorship Life + 70y Trademark - Sign / design / expression While maintained Design Patents - Decorative ornamentation 15y Plant protect - Discovered/asexually produced plants 20y
39
Copyright Definition / Detail
Orig works of authorship in any tangible means of express Literature, Dance, Music and Films Protection is automatic Life + 70y Breadth set by comprehensive non literal similarity
40
Trademarks Definition / Detail
``` Identify the provenance of a good / service Sign / Symbol / Word / Phrase Duration while maintained Help distinguish goods / services Logos induce trust ```
41
Shared Value
Advancing competitivness of company and the economic / social condition of the communities it operated in Joint value creation integral to competition
42
CSR Types
Legal approach - Satisfy legal requirements Market approach - Respond to customers Stakeholder approach - Address 1+ stakeholder concern Activist approach - Actively conserve environment
43
Trade Secrets Definition / Detail
Economic value by not being readily known / accessible / attainable Not publicly known Owner taken reasonable precautions to keep it a secret Not technically property rights Legal protection if prove it acquired by improper means
44
Patent Definition / Detail
A legal document giving holder monopoly right to exploit commercially for 20y subject to regular renewal fees High use in manufacturing / pharmaceuticals Granted by nation with jurisdiction varying. US largest
45
First Movers
First entrants to sell the new product / service
46
Fast Followers
Early but not first entrants
47
Late Entrants
Wait until product penetrates mass market
48
First Mover Adv / Disadv
Temporary monopoly / brand loyalty High R&D High Market / tech uncertainty
49
Methods of Strategic Development
Internal - Build / develop org capability / org growth Merger - Takeover / ownership of another organisation Strategic Alliance - 2+ orgs share resources/activities
50
Corporate Strategy in Mergers/Acquisitions
``` Industry / Market Same / Same - Consolidation Same / New - Conglomerate New / Same - Horizontal integration New / New - Vertical Integration ```
51
Vertical
Backward - input activities | Forward - Output activities
52
Horizontal Integration
Develop into complementary activities | Exploit strategic capability in new market
53
Motives for Strategies
Environment - Fit to changing business envir Capability - Stretch/exploit org resources / competances Expectation - Expectation cultural / political context
54
Why Diversify
Efficiency gains Apply Corp Manager capability to new market/product Increase market power from diverse product range Spread risk across the business
55
BCG Matrix
``` Market Share / Market Growth High / High - Star High / Low - Cash Cow Low / High - Question Mark Low / Low - Dog ```
56
Diversification Definition
A strategy that takes an organisation into new markets, products or services
57
Ansoff's Matrix
``` Market / Product New / New - Diversification New / Old - Market Development Old / New - Product Development Old / Old - Market Penetration ```
58
No Frills
Low price or benefit Price sensitive customers High buyer power
59
Low Price
Lower price than competitors Similar product/service benefits Low cost in ways competi can't match give sustain adva
60
Hybrid
Hybrid of Differentiation + Low Price than competitors | Achieve greater volumes
61
Basis of Competitive Advantage
How to achieve best value or gain competitive advantage
62
Porters Generic Strategy
Market / Source of Advantage Broad / Low Cost - Lost Leadership Broad / Differentiation - Differentiation Narrow / Low Cost - Cost Focus Narrow / Differentiation - Differentiation Focus
63
Strategic Clock
``` Perceived Benefits / Price No Frills Low Price Hybrid Differentiation Focussed Differentiation Risky High Margins Monopoly Pricing Loss of Market Share ```
64
Strategic Clock Failure
Risky high margins Monopoly pricing Loss of market share
65
Differentiation
Offer different benefits Valued by buyers Need to identify what their customers value Know competitors Narrow - Focussed Wide - Address differentiation valued by customers
66
Failure Strategies
Increase Price without increasing benefit | Reduce Benefit and maintain price
67
Focussed
High perceived product benefits to market segment | Premium Heavily branded
68
Market Research Process
``` Define Problem Decide Research Plan Data Collection Data Analysis / Interpretation Write Report and deliver presentation ```
69
Break Down Method
Market customers are the same identify groups that share differences
70
Build Up Method
Market customers are all different, find similarities
71
Segmenting Consumer Markets
Behaviour - Purchase, consump/usage, media/tech use Psycholo - Lifestyle, personali, percep, attitude, motives Profile - Demographic, Socio-economic, Geographic
72
Cost / Predictability Market Research
Behavioural - High cost/measure High Predictability | Demographic - Low cost/measure Low Predictability
73
Segment Attractiveness
``` Market growth / size Segment profitability Competitive intensity Cyclical nature Measured 1-10 (10) Good Low number highly cyclical ```
74
Market Research Definition
The collection, collation and analysis of data and information regarding a particular market
75
Organisational Characteristics
Firmographic - Age, size, lifecycle, industry, type Economic - Revenue, profit, budget Geographic - Local, national, multinational, global
76
Segment Targeting Evaluation
DAMP Distinct - Is each segment different to others Accessable - Buyers reached promotion/ deliv channel Measurable - Easy to identify and measure Profitable - Large for constant/future reven/profit
77
Who Profits from innovation
Customers - Most Imitators Innovators Suppliers / Complementors - Least
78
Segmentation Differentiation
The division of a market into different groups of customers with distinctly similar needs and product / service requirements
79
Purpose of Market Segmentation
To leverage scarce resources Parts mrk strat are for particu needs of diff custo groups Orgs focus on specific custom needs most effe/effi way
80
SDL Foundation Premise Value Determined
Uniquely/phenomenologically determin by beneficiary Value is experiential (experience) Perceived / integrated differently Uniquely experienced
81
Job Definition
Is the fundamental problem a customer needs to resolve in a given situation
82
Customer Acquisition Process
``` Motive development Info gathering Proposition evalutation Proposition selection Acquisition / Purchase Re-evalutaion ```
83
Maslow's Hierarchy of Needs
Psychological - Basic needs Safety - Non threatening environment Belongingness - Affection, attachment, Friendship Esteem - Valued and well respected Self actualisation - Need to fulfil a potential
84
SDL Definition
Vargo and Lusch 2006 | The process of using ones resources for the benefit of another entity
85
Operant / Operand Resources
Resources that act on other resources to create benefit | Resources that need to be acted upon to create benefit
86
SDL Foundation Premise Value Creation
Value is Co-created by multiple actors Always includes beneficiary Actors create value directly / indirectly Value created following, so inherently relational
87
SDL Foundation Premise Integrator Creation
All social/economic actors are resource integrators Integrating resources from various resources Res intergrat ex/implicit combination value is co created
88
Relationship Marketing Definition / Idea
``` Gummesson 1994 Mrking seen as relationships, networks and interactions Customer satisfaction Retention not sales Long term value of customer relationship ```
89
Typed of Relationship
``` Gummessons 30 types of relationship Classic Market Special Market Mega Nano ```
90
Marketing Objectives
Create awareness - Company, product, service Create interest - Offer match customer D engage client Induce identification - Personal/social identification Secure new business - Create new needs/deliver wants Increase Rep - Meet expectation, referrals Sec Rep Business - Client/serv focus client lifetime value Increase Profits - Profit margins / market share increases
91
Drivers of customer Behaviour
Price Quality Customer Value
92
Value - Theory
Holbrook | Preference Experience
93
Value in use | Value in exchange
Satisfaction from the use of a commodity Amount of g/s we obtain in exchange of a thing (Dependant on time and place)
94
Marketing 7P's
McCarthy Product - Design / Manufacture Place - Delivery Channel Price - Cost + Profit Promotion - Advertising / PR Physical Evidence - Tangible components of service People - Interaction with customer, how satisfied Process - Serv del standardised easy to mng expecta
95
Way of profiting from Innovation
Use in own products Excluding others from use Direct profits use by others Indirect profits from use by others
96
Suarez / Lanzolla Model Idea
Pace of Market Adoption Pace of Tech Development Durability of First Mover Advantage
97
Suarez / Lanzolla Model Identifiers
Calm Waters - S/S likely to be durable Market Leads - F/S cannot satisfy D Compet 1/F R&D Tech Leads - S/F differenti others FM tech shortcomings Rough Waters - F/F big R&D/mrking campaign survive
98
Innovation Definition
Michael Porter | A new way of doing things that is commercialised
99
Why Innovation Matters
William Baumol All economic growth that has occurred since the 18th century is ultimately attributable to innovation Life and death matter for the firm
100
Consumer / Society Benefits of Innovation
New and improved G / S Reduced cost of existing G / S Increased private wealth and social care Longer / Healthier lives
101
Firm Benefits of Innovation
Market Survival Higher productivity and higher profits over LT Provide higher wages / better quality of employment Higher credit ratings / market value
102
Innovation Leadership
Firms need to re-invent themselves constantly Apple Google Samsung Microsoft Apple Google 3M Toyota
103
Invention vs Innovation
Creation of a product / intro of process for the first time. If someone improves / makes significant contribution to an existing product, process or service
104
Risks in generating innovations
``` Market - Uncertainty over demand Competitive - What will competitors do Technological - Will it work Organisational - Org changes required Operational - Can it be made / service delivered Financial - Large Upfront investment ```
105
Innovation Failure
``` Do not meet user demand Not differentiated enough Too high a price Late to market Dont comply with regulations Compete with companies other products ```
106
Innovation is...
Risky Very costly Must happen outside routine business operations Creative Destruction - CD's to MP3
107
5 Types of Innovation
``` Product vs Process Complement vs Substitute Adjacent vs Cumulative System vs Component Radical vs Incremental ```
108
Product vs Process
G/S sold to outsiders / Business inputs to production | Method of produc/design/delivery, red costs incr quality
109
Substitute vs Complement
Sub - one replace other, value an additive of inputs Iphone/samsung Complements - One needs other printer/ink
110
Adjacent vs Cumulative
Cumu - Build on past | Adj - Putting thing firm does well into something new
111
System vs Component
Sys - New system new components | Comp - Innovation on part of a system faster CPU
112
Radical vs Incremental
Incre - Reinforce capability of firm, embedded in firm, stable market/design Rad - New mrk/opport new domina design may emerge
113
Struggle to Innovate
Strong culture resist to change Insufficiently adaptable dont react/see Organisational inertia
114
Disruptive Innovation
Disrupts existing market New features that fringe / new customers value Cheaper simpler, smaller Fast improvement in performance
115
Fluid Phase
Uncertainty about technology | Firms experiment with different product designs
116
Transitional Phase
Market expands and industry stabilises around a dominant deign
117
Specific Phase
Firms focus on incremental improvements to the design and manufacturing efficiency
118
Product Lifecycle Innovation Product R&D
FP - Major product changes, diverse design, focus unspecified TP - Major process change (rising demand), one design, specific product features SP - Incremental / Cumulative improvements, undifferentiated, focus on incremental product tech
119
Product Lifecycle Costs Basis of Competition Innovation Strategy
Fluid - Low, functionality/performance, Performance maximising Transitional - Medium, Product variation, sales maximise Specific - High, Price, Cost minimise
120
Product / Process Innovation
Fluid - Exploration, ncertainty, flexibility Transitional - Dom design, automation Specific - Standarisation. Integration
121
Dominant Design
Where Product and process innovation meet Establish what is required Market standard/Industry agreement on attributes
122
Innovation Survival
``` From Product to Process From Radical to Incremental Fluid - identify ill-defined customer needs Trans - develop distribution channel Specific - Designing standard product ```
123
Product Lifecycle Adv
Helps shape innovation strategy Assess where they are in the PLC of their industry Create aware about the pot emerge of dominant design
124
Product Lifecycle Disadv
Difficult to define boundaries of product / industry Some sectors don't follow PLC evolution: services Product innovations also occur in mature industries: car

Project Management Year 1 (13 decks)

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