Management Flashcards Preview

Project Management Year 1 > Management > Flashcards

Flashcards in Management Deck (124)
Loading flashcards...
1
Q

UK Chartered Institute of Marketing Definition

A

The process of identifying, anticipating and satisfying customer requirements profitably

2
Q

Marketing Focus

A

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

3
Q

Sales Focus

A

Tactics
How to sell to customer
Customer Management
Induce customer satisfaction

4
Q

Business/Corporate Strategy

A

How to compete

Where to compete

5
Q

Strategy

A

A set of objectives and a plan to attain them

6
Q

Direct Interaction Definition

A

Gronroos 2014

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

7
Q

Project Definition

A

Turner / Miller 2003

A temporary organisation of resources aiming to achieve a specific goal

8
Q

Typology of Value

A

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

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

10
Q

Standards

A

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

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

12
Q

Pricing Definition

A

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

13
Q

Cost plus Pricing

A

Cost to create plus a pre determined mark up

14
Q

Demand Based Pricing

A

In accordance to how much a customer is willing to pay

15
Q

Geographical Pricing

A

Basis of a customers location

16
Q

Competitor Based Pricing

A

Set price based on competitor price

17
Q

Value Based Pricing

A

Based on the value the customer perceives it to be

18
Q

Negotiated Pricing

A

According to specific agreements between company and the customer / client

19
Q

Premium Pricing

A

High end anchoring to elevate / maximise profit

20
Q

Customised Pricing

A

In line with customer intimacy

21
Q

Optional Pricing

A

Encourage upselling

22
Q

Introductory Pricing

A

Price high to recoup sunk costs like R&D

23
Q

Retail / Asset sale

A

Customers purchase by paying once

Transaction revenue

24
Q

Consulting

A

Daily rates / fixed fees

25
Q

Usage Fees

A

Lending / renting / leasing

26
Q

Licensing

A

Fee Plus Royalty

27
Q

Marketing Channel Management

A

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
Q

Kraljic’s Matrix

A

Maximise Supply Security / reduce cost
Making most of purchasing powr
Procurement impact on final results vs Supply risk

29
Q

Kraljic’s Matrix

Low / Low

A

Normal Items
Purchasing criteria - Functional efficiency
Supply - Local Supplier
Items Purchased - Mainly Commodities some specialised

30
Q

Kraljic’s Matrix

Low Supply / High

A

Leverage Items
Purchasing criteria - Cost / Price
Supply - Multiple suppliers
Items Purchased - Commodities or specialised

31
Q

Kraljic’s Matrix

High / High

A

Strategic Items
Purchasing criteria - Long term availability
Supply - Global suppliers
Items Purchased - Scare / High Value

32
Q

Kraljic’s Matrix

High Supply / Low

A

Bottleneck Items
Purchasing criteria - Cost Mngm / Reliable Sourcing
Supply - New with new technology
Items Purchased - Specialised materials

33
Q

Industrial Property

A

Patents - Rights of the inventor
Trademarks - Protect trade name / logo
Industrial Designs - Shape, configuration, appearance

34
Q

Copyright

A

Protection to ‘creators of works of the mind’

35
Q

Ethics Definition

A

The code of moral principles / values that governs behaviour with whats right and wrong

36
Q

CSR Definition

A

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
Q

Exclusionary Rights

A

Patents / Copyrights

Right to prevent usage by others, but have to disclose to solve asymmetric information problem

38
Q

IPR Covering and Lifespan

A

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
Q

Copyright Definition / Detail

A

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
Q

Trademarks Definition / Detail

A
Identify the provenance of a good / service
Sign / Symbol / Word / Phrase
Duration while maintained
Help distinguish goods / services 
Logos induce trust
41
Q

Shared Value

A

Advancing competitivness of company and the economic / social condition of the communities it operated in
Joint value creation integral to competition

42
Q

CSR Types

A

Legal approach - Satisfy legal requirements
Market approach - Respond to customers
Stakeholder approach - Address 1+ stakeholder concern
Activist approach - Actively conserve environment

43
Q

Trade Secrets Definition / Detail

A

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
Q

Patent Definition / Detail

A

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
Q

First Movers

A

First entrants to sell the new product / service

46
Q

Fast Followers

A

Early but not first entrants

47
Q

Late Entrants

A

Wait until product penetrates mass market

48
Q

First Mover Adv / Disadv

A

Temporary monopoly / brand loyalty
High R&D
High Market / tech uncertainty

49
Q

Methods of Strategic Development

A

Internal - Build / develop org capability / org growth
Merger - Takeover / ownership of another organisation
Strategic Alliance - 2+ orgs share resources/activities

50
Q

Corporate Strategy in Mergers/Acquisitions

A
Industry / Market
Same / Same - Consolidation 
Same / New - Conglomerate 
New / Same - Horizontal integration
New / New - Vertical Integration
51
Q

Vertical

A

Backward - input activities

Forward - Output activities

52
Q

Horizontal Integration

A

Develop into complementary activities

Exploit strategic capability in new market

53
Q

Motives for Strategies

A

Environment - Fit to changing business envir
Capability - Stretch/exploit org resources / competances
Expectation - Expectation cultural / political context

54
Q

Why Diversify

A

Efficiency gains
Apply Corp Manager capability to new market/product
Increase market power from diverse product range
Spread risk across the business

55
Q

BCG Matrix

A
Market Share / Market Growth 
High / High - Star
High / Low - Cash Cow
Low / High - Question Mark
Low / Low - Dog
56
Q

Diversification Definition

A

A strategy that takes an organisation into new markets, products or services

57
Q

Ansoff’s Matrix

A
Market / Product
New / New - Diversification
New / Old - Market Development
Old / New - Product Development
Old / Old - Market Penetration
58
Q

No Frills

A

Low price or benefit
Price sensitive customers
High buyer power

59
Q

Low Price

A

Lower price than competitors
Similar product/service benefits
Low cost in ways competi can’t match give sustain adva

60
Q

Hybrid

A

Hybrid of Differentiation + Low Price than competitors

Achieve greater volumes

61
Q

Basis of Competitive Advantage

A

How to achieve best value or gain competitive advantage

62
Q

Porters Generic Strategy

A

Market / Source of Advantage
Broad / Low Cost - Lost Leadership
Broad / Differentiation - Differentiation
Narrow / Low Cost - Cost Focus
Narrow / Differentiation - Differentiation Focus

63
Q

Strategic Clock

A
Perceived Benefits / Price
No Frills
Low Price
Hybrid
Differentiation 
Focussed Differentiation
Risky High Margins
Monopoly Pricing 
Loss of Market Share
64
Q

Strategic Clock Failure

A

Risky high margins
Monopoly pricing
Loss of market share

65
Q

Differentiation

A

Offer different benefits
Valued by buyers
Need to identify what their customers value
Know competitors
Narrow - Focussed
Wide - Address differentiation valued by customers

66
Q

Failure Strategies

A

Increase Price without increasing benefit

Reduce Benefit and maintain price

67
Q

Focussed

A

High perceived product benefits to market segment

Premium Heavily branded

68
Q

Market Research Process

A
Define Problem 
Decide Research Plan
Data Collection
Data Analysis / Interpretation
Write Report and deliver presentation
69
Q

Break Down Method

A

Market customers are the same identify groups that share differences

70
Q

Build Up Method

A

Market customers are all different, find similarities

71
Q

Segmenting Consumer Markets

A

Behaviour - Purchase, consump/usage, media/tech use
Psycholo - Lifestyle, personali, percep, attitude, motives
Profile - Demographic, Socio-economic, Geographic

72
Q

Cost / Predictability Market Research

A

Behavioural - High cost/measure High Predictability

Demographic - Low cost/measure Low Predictability

73
Q

Segment Attractiveness

A
Market growth / size
Segment profitability
Competitive intensity
Cyclical nature
Measured 1-10 (10) Good 
Low number highly cyclical
74
Q

Market Research Definition

A

The collection, collation and analysis of data and information regarding a particular market

75
Q

Organisational Characteristics

A

Firmographic - Age, size, lifecycle, industry, type
Economic - Revenue, profit, budget
Geographic - Local, national, multinational, global

76
Q

Segment Targeting Evaluation

A

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
Q

Who Profits from innovation

A

Customers - Most
Imitators
Innovators
Suppliers / Complementors - Least

78
Q

Segmentation Differentiation

A

The division of a market into different groups of customers with distinctly similar needs and product / service requirements

79
Q

Purpose of Market Segmentation

A

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
Q

SDL Foundation Premise Value Determined

A

Uniquely/phenomenologically determin by beneficiary
Value is experiential (experience)
Perceived / integrated differently
Uniquely experienced

81
Q

Job Definition

A

Is the fundamental problem a customer needs to resolve in a given situation

82
Q

Customer Acquisition Process

A
Motive development
Info gathering
Proposition evalutation
Proposition selection 
Acquisition / Purchase
Re-evalutaion
83
Q

Maslow’s Hierarchy of Needs

A

Psychological - Basic needs
Safety - Non threatening environment
Belongingness - Affection, attachment, Friendship
Esteem - Valued and well respected
Self actualisation - Need to fulfil a potential

84
Q

SDL Definition

A

Vargo and Lusch 2006

The process of using ones resources for the benefit of another entity

85
Q

Operant / Operand Resources

A

Resources that act on other resources to create benefit

Resources that need to be acted upon to create benefit

86
Q

SDL Foundation Premise Value Creation

A

Value is Co-created by multiple actors
Always includes beneficiary
Actors create value directly / indirectly
Value created following, so inherently relational

87
Q

SDL Foundation Premise Integrator Creation

A

All social/economic actors are resource integrators
Integrating resources from various resources
Res intergrat ex/implicit combination value is co created

88
Q

Relationship Marketing Definition / Idea

A
Gummesson 1994
Mrking seen as relationships, networks and interactions
Customer satisfaction
Retention not sales
Long term value of customer relationship
89
Q

Typed of Relationship

A
Gummessons 30 types of relationship 
Classic Market
Special Market 
Mega 
Nano
90
Q

Marketing Objectives

A

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
Q

Drivers of customer Behaviour

A

Price
Quality
Customer Value

92
Q

Value - Theory

A

Holbrook

Preference Experience

93
Q

Value in use

Value in exchange

A

Satisfaction from the use of a commodity
Amount of g/s we obtain in exchange of a thing
(Dependant on time and place)

94
Q

Marketing 7P’s

A

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
Q

Way of profiting from Innovation

A

Use in own products
Excluding others from use
Direct profits use by others
Indirect profits from use by others

96
Q

Suarez / Lanzolla Model Idea

A

Pace of Market Adoption
Pace of Tech Development
Durability of First Mover Advantage

97
Q

Suarez / Lanzolla Model Identifiers

A

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
Q

Innovation Definition

A

Michael Porter

A new way of doing things that is commercialised

99
Q

Why Innovation Matters

A

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
Q

Consumer / Society Benefits of Innovation

A

New and improved G / S
Reduced cost of existing G / S
Increased private wealth and social care
Longer / Healthier lives

101
Q

Firm Benefits of Innovation

A

Market Survival
Higher productivity and higher profits over LT
Provide higher wages / better quality of employment
Higher credit ratings / market value

102
Q

Innovation Leadership

A

Firms need to re-invent themselves constantly
Apple Google Samsung Microsoft
Apple Google 3M Toyota

103
Q

Invention vs Innovation

A

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
Q

Risks in generating innovations

A
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
Q

Innovation Failure

A
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
Q

Innovation is…

A

Risky
Very costly
Must happen outside routine business operations
Creative Destruction - CD’s to MP3

107
Q

5 Types of Innovation

A
Product vs Process
Complement vs Substitute 
Adjacent vs Cumulative
System vs Component 
Radical vs Incremental
108
Q

Product vs Process

A

G/S sold to outsiders / Business inputs to production

Method of produc/design/delivery, red costs incr quality

109
Q

Substitute vs Complement

A

Sub - one replace other, value an additive of inputs
Iphone/samsung
Complements - One needs other printer/ink

110
Q

Adjacent vs Cumulative

A

Cumu - Build on past

Adj - Putting thing firm does well into something new

111
Q

System vs Component

A

Sys - New system new components

Comp - Innovation on part of a system faster CPU

112
Q

Radical vs Incremental

A

Incre - Reinforce capability of firm, embedded in firm, stable market/design
Rad - New mrk/opport new domina design may emerge

113
Q

Struggle to Innovate

A

Strong culture resist to change
Insufficiently adaptable dont react/see
Organisational inertia

114
Q

Disruptive Innovation

A

Disrupts existing market
New features that fringe / new customers value
Cheaper simpler, smaller
Fast improvement in performance

115
Q

Fluid Phase

A

Uncertainty about technology

Firms experiment with different product designs

116
Q

Transitional Phase

A

Market expands and industry stabilises around a dominant deign

117
Q

Specific Phase

A

Firms focus on incremental improvements to the design and manufacturing efficiency

118
Q

Product Lifecycle
Innovation
Product
R&D

A

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
Q

Product Lifecycle
Costs
Basis of Competition
Innovation Strategy

A

Fluid - Low, functionality/performance, Performance maximising
Transitional - Medium, Product variation, sales maximise
Specific - High, Price, Cost minimise

120
Q

Product / Process Innovation

A

Fluid - Exploration, ncertainty, flexibility
Transitional - Dom design, automation
Specific - Standarisation. Integration

121
Q

Dominant Design

A

Where Product and process innovation meet
Establish what is required
Market standard/Industry agreement on attributes

122
Q

Innovation Survival

A
From Product to Process
From Radical to Incremental
Fluid - identify ill-defined customer needs
Trans - develop distribution channel
Specific - Designing standard product
123
Q

Product Lifecycle Adv

A

Helps shape innovation strategy
Assess where they are in the PLC of their industry
Create aware about the pot emerge of dominant design

124
Q

Product Lifecycle Disadv

A

Difficult to define boundaries of product / industry
Some sectors don’t follow PLC evolution: services
Product innovations also occur in mature industries: car