mgmt final Flashcards
(214 cards)
1
Q
what are the three aspects of marketing history
A
telling and selling, developing and maintaining long term relationships, real time virtual interactions
2
Q
what is the definition of marketing
A
managing profitable customer relationships (profitable not just in terms of money but also customer satisfaction, engagement etc)
3
Q
what is the marketing process
A
creating value, communicating that value and capturing value from customers
4
Q
what are the 4P’s in the marketing mix
A
product, promotion, place and price
5
Q
describe the product P in the 4P’s of the marketing mix
A
ideas, services, physical objects etc that satisfy a want or need
6
Q
describe the promotion P in the 4P’s of the marketing mix
A
how do we make people aware of the products we have through promotional activities. the product could be established eg: milo, modified eg: coca-cola, new eg: utopia wines, informational of educational eg: WHO social distancing guidelines, and the promotional method will differ depending on what kind of product it is
7
Q
describe the place P in the 4P’s of the marketing mix
A
distribution, making sure the product is available at the right place at the right time in the right quantities and the art of logistics
8
Q
describe the price P in the 4P’s of the marketing mix
A
what we pay is associated with what we value. the price reflects the cost of making, what people are willing to pay, what the competition is doing and the length of the supply chain (mark up chaining channels)
9
Q
why do businesses need law
A
1) Provide a code by which people can regulate their own business conduct
2) Enforce compliance with rules which prohibit bad business conduct
3) Provide a process for sorting out and resolving disputes between businesses and customers/consumers and employees
4) Restrict the freedom of action of owners, managers and people in authority
Protect consumers and employees from arbitrary acts of those in authorit
10
Q
the era 200 provides a framework for the relationship between?
A
employees, employers and unions
11
Q
era 200 is based on the understanding employment is a human relationship based on?
A
trust, confidence and fair dealings
12
Q
what is the objective of the era 2000
A
to build productive employment relationships through the promotion of good faith
13
Q
under the era 2000, employers are obliged to?
A
- Deal with each other fairly, reasonably and in good faith
- Act honestly, openly and without hidden motives
- Be cooperative and constructive
- Respond promptly
- Treat others respectfully
14
Q
what are some important aspects of the era 2000
A
- Role of unions reaffirmed
- Need to try talking to each other first, but otherwise 3rd party mediation is key to resolving conflict
- Focus shifted from contract to a relationship
- Collective Bargaining (need to consider each others proposals)
15
Q
what did the era ammendment act 2018 aim to do and how
A
do:
- Aim to improve fairness in the workplace - Deliver decent work conditions and fair wages - More protection for employees, especially vulnerable workers - Strengthens collective bargaining and union rights in the work place
how:
- Statutory rest and meal breaks
- Limiting 90 day trials to employers with fewer than 20 employees
- Restored reinstatement as the primary remedy to unfair dismissal
- Increase protection for vulnerable workers eg: caterers when restructuring occurs
- Strengthened collective bargaining and union rights in the workplace
16
Q
what is direct and indirect discrimination
A
Direct Discrimination
- Someone is treated less favourably than someone else because of their group membership
Indirect Discrimination
- Discrimination also exists where a condition, although applying to everyone, disadvantages some people unfairly
- Indirect discrimination is requirements or conditions that might not appear to breach the legislation but will do so if they have the effect of treating a person or a group in a way that amounts to unlawful discrimination unless good reasons for the different treatment can be shown
17
Q
what are some prohibited grounds of discrimination
A
- Sex
- Age
- Marital status
- Religious belief
- Ethical belief
- Disability
- Political opinion
- Colour
- Race
- Ethnic or national origins
- Employment status
- Family status
- Sexual orientation
- And more (but you don’t need to learn this list!)
18
Q
when is ‘discrimination’ allowed in hiring
A
when there is genuine occupational qualifications ie male model needs to be a male
19
Q
what should be checked before the exception for discrimination is hiring is allowed
A
○ If a reasonable adjustment could be made to the employers activities to make the different treatment unnecessary then the employer cannot use these exceptions
20
Q
define stress
A
- A state of tension experiences when facing high demands
21
Q
long term stress leads to?
A
burnout
22
Q
what is the job demands and resources model
A
- When there is an imbalance of demands and resources, this is when feelings of stress and potential burnout can occur. The sort of resources people will need are very individual to their personalities.
- Demands: deadlines etc.
- Resources: demands need to be met with an appropriate level of resources for manageable levels of stress
23
Q
what can managers do to reduce stress
A
- Plan
- Communicate
- The little things - box of chocolate, a card etc.
- Create a psychologically healthy workplace
- Train managers in stress intervention (leadership development!)
- Make sure people have some fun at work
- Provide wellness programs and training
- Support work life balance (particularly important for younger generation)
- Recognise the importance of recovery - after working really hard on a project for a period you should get break
24
Q
when is stress good and bad
A
- Challenging/constructive stress is energising, and can increase effort and stimulate creativity
- Threat/destructive stress is not good for us because it is too much and can paralyse us
25
who were the first people to discover NZ
Kuramarotini and Kupe
26
where did kuramarotini and kupe come from
hawaiki
27
what did kuramarotini say when he first pointed at the land
He Ao, He Ao, He Aoteroa - the cloud, the cloud, the long white cloud
28
what did kuramarotini and kupe bring with them to nz
maori traditions (tikanga) such as whanaungatanga, manaakitanga and kaitiakitanga
29
when did abel tasman rediscover NZ as the first european to do so
1642
30
who was the first person to circumnavigate NZ and step on the land to have lots of engagement with Maori
Cook
31
when did british settlers and their government first start coming from britain
1770
32
what did the british settlers bring with them to nz
legal system based on contractual ownership of property which was very different to Maori communalism
33
what was the major trade items
timber, flax, shore whaling, seal gangs, ship building, trading
34
what were the whales used for in trade
their blubber and sometimes other parts were used to make candles, soaps etc
35
where did the seals and whales meat or products get sent
aussie and uk
36
was their conflict between Maori and Pakeha with trade
yes, despite a coming together
37
what does culture include
values, emotions, beliefs and assumptions
38
what is cultural competence
the ability to interact and engage with persons from a background that is different to your own, going beyond an awareness of or sensitivity to another culture to include the ability to use that knowledge in cross-cultural situations
39
what is national cultures
conduct may be linked to the expectations of the nation(s) you identify with
40
what is organisation of cultures
conduct may be linked to the expectations of your colleagues and managers
41
what is professional cultures
conduct may be linked to the expectations of people doing similar jobs to you
42
what is ethnic cultures
conduct may be linked to the expectations of your family and ancestors
43
what is gendered cultures
conduct may be linked to the expectations of people who share your identified gender(s)
44
what are the 6 parts, in order from lowest to highest, of the cultural competence continuum
cultural destructiveness, cultural incapacity, cultural blindness, cultural pre-competence, cultural competence, cultural proficiency
45
what is cultural destructiveness
when someone reinforces the superiority of one rce or culture over another, with the resultant oppression of the group viewed as inferior
46
what is cultural incapacity
when someone lacks the skills to be effective with individuals from diverse groups
47
what is cultural blindness
when someone professes that culture, race and/or language make no difference and explicitly or implicitly encourages assimilation
48
what is cultural pre-competence
when someone accepts the need for culturally competent policies and procedures, but does not proceed beyond tokenism or searching for ways to respond
49
what is cultural competence
when someone accepts and respects differences and implements policies that support these beliefs and commitments
50
what is cultural proficiency
when someone seeks to refine their approach by learning more about diverse groups through research, dissemination and fully inclusive practises
51
do people always want to reveal every part of their culture
no
52
does the media have an important role in shaping our perceptions of cultures
yes very, because it involves the sharing of ideas and values
53
how can a person from a cultural minority be manipulated at work
often they are given roles in managing diversity within the company, which could be cherished by some but other people could find this unfair
54
what should managers do to deal with cultures intelligently
engage in conversations, understand employees values, consider their own prejudices
55
what shouldn't managers do to deal with cultures intelligently
be careful not to stereotype or judge people because of an observable appearance
56
who purchased wellington
New Zealand company
57
where was the NZ company set up
London
58
when was the deed of purchase for wellington signed
27 September 1839
59
how many local chiefs signed the deed of settlement for wellington
16
60
what did Maori did for wellington
4000 pounds worth of goods and a reservement of 1/10 of the land for Maori chiefs, their families and descendants forever
61
why was the sale of wellington to the NZ company a problem
confusion over who had the right to lands in wellington and 99% of land being taken over by settlers
62
what have governments established and maintained to hear claims from Maori to lands and resources which were essentially stripped
Waitangi tribunal
63
what did WAI 145 2003 find about the sale of wellington
it was flawed and unalwful
64
why was the NZ company's purchase of wellington flawed and unlawful
- no proper explanations about what areas would be reserved
- no explanation as to maraes, burial grounds
- unclear what maori could have access to
- concept of a sale was foreign to maori
- maori didnt understand they would never have access to the land again
- 16 chiefs didnt represent everyone who had customary rights there at the time
65
when was the port nicholson block settlement trust established and where
2008 in wellington (aka port nicholson)
66
what was the port nicholson block settlement trust set up to do
represent the interests of the descendants of the early maori chiefs, collect compensation from the government for the unlawful sale
67
On the 2nd of September 2009, what was given to the Port Nicholson settlement trust as compensation
$25 million in cash, 18 property sites, land, which was then leased back to the government for the High Court, Wellington Girls College, Te Papa and Wellington Hospital, and the right to buy 2000 government properties in the future
68
when was the declaration of independence signed
1835
69
why was the declaration of independence needed
issues between maori and settlers, particularly in the north
70
why was the treaty of waitangi needed
the declaration of independence was largely about northern tribes and settlers, so another treaty was needed to be all around nz
71
who drew up the treaty of waitangi
reps of the crown and reps of maori iwi and hapu
72
what were the issues around the english and maori versions of the tow not being exact translations
issues to do with who was giving up what and governorship vs sovereignty
73
true or false, the tow protected maori interests
it was supposed to but didnt
74
what breaches were there in the treaty of waitangi
- maori pushed off land and resources
| - major sense of grievance from descendants
75
what treaty of waitangi redress was made by the government
- through the waitangi tribunals
- tribunal considers claims regarding breaches
- makes reccomendations to the government about compensation and settlements are made
76
wwhat are some examples of treaty settlement
Te Urewera (land) and Whanganui River were granted legal personhood. Health of the river is administered by the rivers guardians who act and speak on behalf of the river, and the land has a new governance board of 6 Tuhoe (tribe) members and 3 crown appointed members and is no longer a national park, and was returned to the tribe
77
what is the significance of the treaty of waitangi
- still grievances
- treaty set up nz for us all to enjoy
- need to debate on what it means to live and manage sustainably and collectively
- consider value of maori way of doing things in relation to the land and people
- no one person can ever speak with finality, certainty or with absolute authority about the past
78
define international management
"the process of developing strategies, designing and operating systems, and working with people around the world to ensure sustained competitive advantage"
79
what comes under task environment for a business
customers, competitors, suppliers, labour market
80
what comes under internal environment for a business
employees, culture, management
81
what comes under general environment for a business
technological, a=natural, sociocultural, economic, legal/political, international
82
what is the warehouses main response to COVID_19
strategic thinking about pay cuts
83
what is michael hill jewellers response to COVID-19
close stores in canada for 2 weeks and focus on ecommerce, keep selling, ship later
84
what have elemental gin distillery done to adapt to COVID 19
using a by product of producing gin (ethanol) to turn into a hand sanitiser production overnight
85
what do shell do that has put them in a good place for COVID 19 and how have they adapted
engage in scenario and future planning + have adapted by making isopropyl alcohol which is needed for sanitisers and other materials and medical supplies
86
how many shareholding does the government have in air nz and how much was the bailout paid for covid
52%, $900m
87
nz does business with more and more?
emerging markets eg: brazil, china, russia, india, south africa etc.
88
what is the backlash to globalization based around
carbon emissions, shipping and other environmental factors as well as cheap labour and bad working conditions under unregulated governments
89
what is it called when governments take actions which affect business
legal-political risk
90
how many percent of people work in an informal economy
61%
91
what is an informal economy
where there is no regulation from the state
92
what is hofstede power distancing
some countries tolerate managers, others dont
93
what is hofstedes view on uncertainty
some countries love uncertainty, stress and diversity, others dont
94
what is collective vs individual hofstede
who people care about and how they prefer to work
95
some countries are M____ and some are f___ hofstede
masculine, femenine
96
define leading
the ability to influence people towards the attainment of organisational goals
97
what is the hard power theory
position power
using reward, coercion and legitimacy (your the boss)
98
what is the soft power theory
personal power
employees give it to you not the employer
using expert (follow for skills) and referent (follow because they like you)
99
what is the most effective method of using power
referent and expert (soft power)
100
what happens if you use coercion power
employees are resistant
101
what happens if you use legitimacy or reward power
compliance
102
what happens if you use expert or referent power
enthusiastic comitted employees
103
what was the thinking behind researching leadership traits
if they found the traits of a leader (tall? intelligent?) they could select people with those traits. however people with the right traits didnt always make effective leaders because effective leaders understand their strengths and weaknesses and develop over time
104
what was the thinking behind researching leadership behaviour
if you could identify the best leadership behaviour then you could train others. either you focus on the task at hand (goals, results, plans, how you do the work) or are more people focussed (maintaining good social relationships, being warm and supportive). however certain leadership styles work well in different situations. what works in one situation wont be effective in other situations
105
describe the situational leadership model
leaders need to adjust their style to the readiness of the employee. readiness is job readiness (skill, experience) but also psychological readiness (are they confident, motivated, willing etc.)
106
at what levels of readiness should a manager use the directing style
low skill and low psych (1), task is the main focus
107
at what levels of readiness should a manager use the coaching style
low skill but getting better and low psych (2), dual focus
108
at what levels of readiness should a manager use the supporting style
good skill, low psych (3), know what theyre doing but need extra support
109
at what levels of readiness should a manager use the entrusting style
high skill, high psych (4), know what they are doing and are confident
110
what is servant leadership
focusing on others, making sure followers and peer leaders do well, leader gets empowerment from staff, commitment to serve others, similar to Maori leadership
111
what is authentic leadership
leaders who understand themselves and their values and act according to them, inspiring others to be real and true, collaborating, leading with heart as well as head
112
females are associated with what leadership style?
interactive - focus on tohers, relationships, collaboration
113
what are some leadership views from different countries
european - people focused
japanese - groups
us - short term focus
114
what 3 aspects make up an employees performance
employees ability, motivation and the situation
115
what two things can managers use to motivate us externally or internally
pain and fear or pleasure and growth
116
what kind of theory is maslows hierarchy of needs
content theory
117
describe maslows hierarchy of needs
we want what we dont already have. we all start at the bottom of the pyramid and work our way up step by step. a need you already have doesnt motivate you anymore (deficit principle) and you cant skip levels and only move up when the lower level has been satisfied (progression principle)
118
what are pysiological needs
food, water, warmth, rest
119
what are safety needs
security, job security, safety
120
what are belongingness and love needs
intimate relationships, friends
121
what are esteem needs
prestige and feeling accomplished
122
what are self actualisation needs
achieving ones full potential, including creative activities
123
which of maslows hierarchy of needs are basic needs
psysiological and safety
124
which of maslows hierarchy of needs are psychological needs
belonginess and love needs
125
which of maslows hierarchy of needs are self fulfillment needs
self actualisation
126
what are the managerial implications of maslows hierarchy of needs
- Employees can always be expected to want more, once a lower level need is satisfied, other things become more important
- Employees on different levels should be treated differently. There are individual differences, and not everyone wants a pay increase or a different job since they are at different levels and want different things.
127
what criticism is there of maslows theory of needs
- People don't leave a lower level behind to move onto the next one, they still want that as well
- We don't move in a hierarchy one step at a time
128
what are two examples of process theories of motivation
goal setting, equity
129
goals must be?
1. Challenging - if you have a goals that’s easy to obtain it won't be as motivating as a challenging goal, such as getting an A+
2. Specific - A+ rather than to do my best
3. Accepted - set goals together, as employers and employees
4. Have feedback - constant and often feedback on how you are doing
130
what are the implications for management of goal setting theory
- Setting specific and challenging goals, with the involvement of the employees they are for
- Giving regular feedback to employees on their progress
131
describe the equity theory of motivation
This is based on social comparison. We are social beings and compare ourselves to others in seeking social equity. We find our ratio of what we bring to the job such as skills and what we get out such as salary, prestige and meaning, and then compare this ratio to others, such as someone from a previous organisation or a colleague. How we feel about this ratio determines our motivation.
132
what are our responses to inequity under the equity theory of motivation
- Change work effort - less effort, less helping others, not on time
- Change outcomes - ask for better rosters, a pay increase or better treatment
- Change perceptions - justify that the other person is doing a good job, and I am bringing less than I originally thought I was
- Leave the job
133
how might we feel under equity theory of motivation is we are under rewarded, equal or over rewarded
1. discomfort
2. no change in behaviour
3. discomfort/guilt
134
what are the implications for management of equity theory of motivation
- Need two way communication to understand how employees are feeling
- Have transparency about why someone is being treated better
- Understand the perceptions of inequity
- Ensure employees know the 'rules' of outcome allocation relative to inputs
135
describe the reinforcement theory of motivation
This looks at the relationship between behaviour and its consequences, and modifying employee behaviour through rewards and punishment.
136
what is the law of effect
If you reward a behaviour it is likely to occur again. This is "learning by reinforcement." In business, this is organisational behaviour modification.
137
what are the 4 types of reinforcement and describe
- Positive reinforcement - the best
- Avoidance - employee is picking up the pace to avoid the negative consequences.
- punishment - obvious
- Extinction is when initially you see an employees behaviour as positive, but then it becomes a negative behaviour so you take away the reinforcer. It is withholding a previously positive reinforcer
138
what are the managerial implications of the reinforcement theory
- Employees need to know what behaviours will be rewarded
- What is rewarding differs between people due to individual differences
- Punishment and negative reinforcement can have harmful consequences in the long term and needs to be used carefully. It needs to be administered quickly and consistently.
139
are there cultural differences in motivation theory
yes
140
define general environment
conditions which may have an influence but their impact is not direct or immediate
141
what are the factors of the general environment
international, technological, sociocultural, economic, , legal-political and natural
142
define task environment
things that have a direct relationship with the organisation
143
what are the factors of the task environment
customers, competitors, suppliers, labour market, regulators
144
what is domain
niche and what the managers sets out as task environment and the rest falls into general
145
with a high number of factors in the organisations environment and a high rate of change in factors in the environment you get ___ environmental uncertainy
high
146
with a low number of factors in the organisations environment and a low rate of change in factors in the environment you get ___ environmental uncertainty
low
147
what is the catch phrase for corporate culture
"the way we do things around here"
148
what is visible corporate culture
what we can observe and see eg; office layout, dress code, informal meetings
149
what is invisible corporate culture
the core values and what lies beneath the surface. these determine why things are the way they are, and commitment to them is major to long term success
150
in what 5 ways are fundamental values shown
symbols, stories, slogans, ceremonies
151
what 4 types of organisational culture are there
adaptability, achievement, involvement and consistency
152
describe adaptability culture
the environment is changing rapidly. the business looks outside and incorporates this to their internal environment. this encourages employees to take risks, be creative, experiment and come up with new things
153
describe achievement culture
only high achievers get rewarded, emphasis is on winning and achieving goals, how the business is conducted remains the same and the focus is on what customers need. this prizes aggressiveness, working really hard, and working long hours
154
describe involvement culture
focus on needs of, caring for and growing employees
155
describe consistency culture
following the rules
156
what is a change agent
a person or group who take management responsibility for changing the existing patterns of behaviour of another person, persons or operational systems within an organisation.
157
what are the 3 change levels
top down, bottom up, integrated
158
what do the different change levels mean
top down is change from high level CEO's (not v effective as no stake), bottom up is employee driven, integrated is the best because everyone works together to develop and implement change
159
what is planned change
occurs as a result of a change agent because of a performance gap or deficiency
160
what is unplanned change
acting immediately to an environmental force
161
what are the 5 targets for change
technology, structure, culture, tasks and people
162
what is structure change
the configuration, design features, lines of authority, communications
163
what is task change
nature of work, shown by mission, objectives and strategy, job designs for individuals and groups
164
what is technology change
operations and information tech used to support job designs, arrange workflows
165
what is people change
the attitudes and competencies of employees and the hr systems that support them
166
what is culture change
the value system for the org. as a whole and norms and guiding individual and group behaviour
167
define people change
relates to changing individuals and groups of people
168
what is cultural change
relates to the organisation as a hole
169
what are 4 reasons people resist change
self interest, lack of understanding and trust, uncertainty, different assessment and goals
170
define organisational development
comprehensive approach to planned organisational change that involves the application of behavioural science in a systematic and long-range effort to improve organisational effectiveness.
171
what are individual interventions for change
helping individual staff become more active and self-reliant in their ability to continue changing
172
what are team interventions for change
enhancing cohesiveness - team development
173
what are large group (organisational) interventions for change
bring together participants from all parts of the org. to discuss problems or opportunities and plan for major change
174
what are the 3 steps of kurt lewin's model of change
1. unfree current situation - make everyone aware of the need for change and willing to accept it
2. change: learn new behaviour - implement and train people in the new ways
3. refreeze new behaviour - reinforce so they don't go back to the old ways
175
what is a crisis problem
immediate action required
176
what is a non-crisis problem
a resolution is required, but not immediately
177
what is an opportunity problem
something like a complaint, which is valuable and a gift
178
what is a programmed decision
routine, repeated time and time again and well structured
179
what is a non-programmed decision
unique situations that we can't make rules about and are likely to involve uncertainty
180
non-programmed decisions are made by ___ managers the most as they are of a more ____ type
top, conceptual
181
programmed decisions are made by ___ managers the most because they are of a more ___ type
lower, technical
182
decisions can be made under which 4 dconditions
certainty, risk, uncertainty, ambiguity
183
programmed decisions have a high level of which condition
certainty
184
non-programmed decisions have a high level of which condition
ambiguity
185
what is the certainty condition for decision making
a manager is clear on the action and what the outcome will be
186
what is the risk condition for decision making
decisions have to be based on working out probabilities
187
what is the uncertainty condition for decision making
goals are clear, but the information on alternatives and what the future might be are incomplete
188
what is the ambiguity condition for decision making
the goals to be achieved and the problems to be solved are all unclear
189
what is the classical model for decision making
making economically sensible decisions, with all the relevant information and probabilites calculated - these are not attainable by real people in real organisations because managers don't know everything, and can't calculate every probability
190
what is bounded rationality and satisficing
br - managers ability to be rational is based on factors such as cognitive and time constraints
s - managers seek alternatives only until they find one that is satisfactory, rather than reaching an optimal decision
there are a bunch of options outside the managers bubble which they don't address as they are outside their bounded rationality - they are limited to what they know
191
how do managers make decisions through intuition
managers have experience so identify solutions without having to go through all the options based on their past experience
192
what are the 6 stages of the decision making process
recognition of decision requirement
diagnosis and analysis of causes
development of alternatives
selection of desired alternative
implementation of chosen alternative
evaluation and feedback
193
what questions address missions, goals and plans
mission - how do we see ourselves
goals - where are we going
plans - how are we going to get there
194
what are the 4 benefits of planning
1. prospective benefits - reducing the chances of errors
2. responsibility - so all staff know theirs
3. communication - all involved will know the overall objectives
4. commitment - assuming an organisational ownership
195
what are the 3 levels of planning
corporate, departmental, operational
196
what is an approach to the planning process
1. mission statement
2. define your goals (objective)
3. determine where you stand in relation to the goals (strengths and weaknesses)
4. develop premises regarding future conditions (alternative scenarios)
5. analyse and choose among plan alternatives
6. implement the plan and evaluate results
197
what is the simplified model of the planning process
mission --> goals --> plans --> evaluate goal attainment and feed it back into the other 3
198
what is a mission statement
a broad, unique statement about the purpose and scope of the business, that distinguishes the organisation from others
199
good mission statements identify which 4 things
1. customers
2. products/services
3. location
4. underlying philosophy (what kind of difference do we want to make in the world)
200
what do the letters in smart goals stand for
specific, measurable, actionable, reasonable and timetables
201
what is a single use plan and what 3 steps are there
plans that probable won't be repeated in the same form:
- program - covering the whole event, outlining major steps, persons responsible, order and timing
- projects - smaller portions of the programs
- budgets - financial imperatives
202
what are standing plans and what 3 types are there
ongoing guidance for things that repeat:
- policy - general guideline for decision making
- standard procedures - a specific set of instructions, translating company policy into a prescribed set of instructions followed by staff
- rules - a statement of action which should or shouldn't be taken in a specific situation
203
what is scenario planning
managers don't know what the future holds and so should plan different scenarios for different future outcomes
204
what is strategic thinking
taking a long term view and seeing the big picture
205
what is strategic management
decisions and actions which implement strategies to create competitive advantage
206
what is competitive advantage
setting the organisation apart from others, and consistently dealing with market and environmental factors better, and being ahead with innovations (sustainable advantage)
207
what are the elements of competitive advantage
exploit core competence - what do we do better than our competitors
target customers - what customer needs can we serve, now and in the future
achieve strategy - how well do different parts of our organisation work together
create value - how can we deliver better value to our customers, now and in the future
208
what is the strategic management process
evaluate current, SWOT, define new, formulate strategy and implement strategy through change
209
what is SWOT analysis
s = strengths - how can we take advantage of these
W = weaknesses - how can we reduce or avoid these
O = opportunities - what's realistic/fits my mission and goal and how can we take advantage
T = threats - reduce or avoid, take opportunitities that avoid threats
210
what are Porter's 4 strategies from his model
cost leadership (Broad but low price), focused low cost strategy (narrow but low price), differentiation strategy (broad and unique) and focused differentiation strategy (narrow and unique)
211
what is the product life cycle
introduction, growth, maturity, decline
212
what strategies should be used during introduction and growth of a product
differentiation (setting product apart) and prospector (low price)
213
what strategies should be used during the maturity stage of a product
focus and/or cost leadership strategies
214
what strategies should be used during the decline stage of a product
defender ("last iceman," stay till the rest leave) or analyser (when is it best to discard the product)
