Strategic plans and risk management

Question 1

5 Ps of strategy

Answer 1

Plan
Ploy
Pattern
Position
Perspective

Question 2

What is defined
establishment of objectives and the formulation, evaluation and selection of policies strategies tactics and action required to achieve them

Answer 2

planning

Question 3

what is defined
statement of long term goals with definitions of strategies and polices which will ensure achievement of these goals

Answer 3

Strategic plan

Question 4

what is the plan:
plan setting out the markets a business intends to serve, how it will serve each market and what finance is required

Answer 4

business plan

Question 5

What is the plan:
A plan setting out how overall objectives are to be achieved, by specifying what is expected from specific functions, stores and departemnts

Answer 5

operational plan

Question 6

What of the 5ps is
offering unusually high quality products

Answer 6

position

Question 7

What of the 5ps is
advertising campaign

Answer 7

ploy

Question 8

what is meant by using strategy as a pattern

Answer 8

stream of actions arising from the culture of the management team

Question 9

What is a document containing targets and instructions for people to follow

Answer 9

plan

Question 10

What is a manoeuvre to disadvantage a competitor

Answer 10

A ploy

Question 11

What is the businesses unique way of looking at the world

Answer 11

perspective

Question 12

Setting up strategic business units is part of

Answer 12

business strategy

Question 13

What is described
customers or potential cusotomers who have needs which are satisfied by product/service

Answer 13

Market

Question 14

what is described
comprises of businesses which use tech/competence to satisfy customer needs therefore to compete with each-other

Answer 14

industry

Question 15

Porters 5 forces

Answer 15

1. potential Entrants
2. Customers
3. Substitutes
4. Suppliers
5. Industry competitors

Question 16

what type of competitor is described
similar firm with similar products (coke pepsi_

Answer 16

Brand competitors

Question 17

what type of competitor is described
Similar products but other differences e.g. geographic (estate agents)

Answer 17

Industry competitors

Question 18

what type of competitor is described
Competing for same disposable income

Answer 18

generic competitors

Question 19

what type of competitor is described
different products satisfying same need

Answer 19

form competitors

Question 20

what response profile is described
No response to competitor moves

Answer 20

laid back

Question 21

what response profile is described
aggressive response to opposing moves

Answer 21

tiger

Question 22

what response profile is described
reacts to some but not all moves

Answer 22

selective

Question 23

what response profile is described
unpredictable responses

Answer 23

the stochastic

Question 24

What is described
part of the planning process which examines current state of the entity

Answer 24

position model

Question 25

9M model

Answer 25

Machinery make up management MI markets materials men and women methods money

Question 26

What is a limiting/key factor

Answer 26

anything which limits the activity of an entity

Question 27

what are activities

Answer 27

means by which a business creates value in its products

Question 28

What are value drivers

Answer 28

elements of a product or service and activities that increase the amount of value consumers place on it

Question 29

what are cost drivers

Answer 29

any activity that affects the cost of a product or service

Question 30

What is described excess the customer is prepared to pay over the cost to the business of obtaining resource inputs and providing value activities

Answer 30

margin

Question 31

What is firm infrastructure

Answer 31

how a firm is run - structure and culture of the organisation

Question 32

what is described optimising activities of business working together to produce goods and services

Answer 32

supply chain management

Question 33

what is described how a product demonstrates different characteristics of profit and investment over time. analysing it enables a business to examine its portfolio of goods and services as a whole

Answer 33

product life cycle

Question 34

different aspects of prodcuts

Answer 34

product class product form brand

Question 35

What phase is described large R&D low product sales loss making

Answer 35

Introduction

Question 36

Market share is

Answer 36

one entity's sales of product or service as a percentage of total sales in a specified market

Question 37

Market share as a ratio BCG

Answer 37

Our market share / market share of largest competitor

Question 38

Market share ratio >1

Answer 38

we are the market leader

Question 39

If the market share and market growth are high, the product is a

Answer 39

star - build

Question 40

If market share is low and market growth is high the product is a

Answer 40

question mark

Question 41

If market growth is low and the market share is high, the product is a

Answer 41

cash cow

Question 42

If market growth is low and market share is low, the products are

Answer 42

dogs

Question 43

Cash cows should be

Answer 43

held or harvested (use cash to invest elsewhere)

Question 44

question marks should be

Answer 44

built into starts or harvested

Question 45

Dog decision

Answer 45

divest or hold

Question 46

If hold a question mark what strategy to adopt

Answer 46

build or harvest strategy

Question 47

what is a positioning based approach

Answer 47

fit ourselves into market - SWOT is summary of examination of internal and external

Question 48

What is a resource based approach

Answer 48

focus on strengths and competences and build around that - SWOT is first stage to understand core competencies

Question 49

Profit gap

Answer 49

the difference between target profit and profit forecast

Question 50

What is described taking offensive or defensive action to create a defendable position in an industry to cope successfully with competitive forces and thereby give a superior return on investment for the business

Answer 50

competitive strategies

Question 51

What strategy is described predicting at the lowest cost in the industry as a whole (not necessarily lowest price offered)

Answer 51

cost leadership

Question 52

What strategy is described providing a product or service which the industry as a whole believes to be unique

Answer 52

differentiation

Question 53

what strategy is described restriction of activities to only a part of the market through providing goods or services at lower cost to that segment (cost focus) Providing differentiated product or services to that segment (differentiation focus)

Answer 53

focus or niche

Question 54

three criteria for choosing corporate strategy (SAF)

Answer 54

suitability acceptability feasibility

Question 55

What is risk

Answer 55

the possible variation in an outcome from what is expected to happen

Question 56

What is uncertainty

Answer 56

the inability to predict the outcome from an activity due to lack of infomraiton

Question 57

possibility something will go wrong

Answer 57

Pure risk

Question 58

possibility something could go better than expected

Answer 58

Speculative risk -

Question 59

COSO risk definition

Answer 59

the possibility an event will occur and adversely affect achievement of objectives

Question 60

COSO Opportunity definition

Answer 60

possibility event will occur and positively affect achievement of objectives

Question 61

What is the risk of direct or indirect loss resulting from inadequate or failed internal processes, people and systems or from external events including legal risks

Answer 61

operational risks

Question 62

What are the four key risk concepts

Answer 62

exposure volatility impact probability

Question 63

What is gross risk = to

Answer 63

probability * impact

Question 64

what is defined risk of financial loss, disruption or damage to reputation of an organisation from some sort of failure of its IT systems

Answer 64

cyber risks

Question 65

What is defined deliberate action through internet against organisation with intention of causing loss, damage or disruption to activities

Answer 65

cyber attack

Question 66

What is defined protection of systems, networks and data in cyber space, the procedures used by a business to protect information systems from damage disruption or other loss

Answer 66

cyber security

Question 67

What is risk management

Answer 67

identification analysis and economic control of risks which threaten the assets or earning capacity of a business

Question 68

Risk response - TARA

Answer 68

Transfer Avoid Reduce Accept

Question 69

Controls in place in response to risk

Answer 69

physical financial system management

Question 70

What is defined unexpected event that threatens wellbeing of a business, significant disruption to business and normal operations which impact customers , employees investors or other stakeholders

Answer 70

Crisis

Question 71

What is defined Identifying a crisis, planning a response to the crisis and confronting and resolving the crisi

Answer 71

crisis management

Question 72

Three main types of crisis by effect

Answer 72

financial public relations strategic

Question 73

what is defined business's operations, or significant part of them break down for some reason leading to potential losses of equipment, data or funds

Answer 73

Disaster

Question 74

What is defined wider stakeholders not yet affected

Answer 74

disaster

Question 75

What is defined wider stakeholders affected

Answer 75

crisis

Question 76

What is defined business's ability to manage and survive against planned or unplanned shocks and disruptions to operations

Answer 76

business resilience

Question 77

What is defined an organisations ability to ensure data and information are reliable, available and have integrity as well as being adequately protected from unauthorised access

Answer 77

cyber resilience

Question 78

What is defined Minimising potential disruption caused by outsourcing or working with partners or by adopting JIT approach to inventory management

Answer 78

supply chain resilience

Question 79

what kind of risk is regulatory risk

Answer 79

event risk

Question 80

What kind of risk is failure of a participant in a supply chain to honour contract

Answer 80

systematic risk - subsection of event risk

Question 81

What is defined how the organisation sees itself at some future time

Answer 81

vision

Question 82

What is defined what is the basic function of the organisation

Answer 82

mission

Question 83

What part of the management process is described generating effort and commitment towards meeting objectives including the motivation of staff

Answer 83

Lead

Question 84

What is defined the number of employees directly responsible to a manager

Answer 84

Span of control

Question 85

What is the stage of group development described seeking to define the purpose of the group

Answer 85

Forming

Question 86

What culture is described business looks inwards aiming to make internal environment stable and controlled with stable goals and defined procedures for all activities

Answer 86

internal process culture