Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

10 Cards in this Set

  • Front
  • Back
  • 3rd side (hint)
What are the 6/7 components of the strategic management process?
1. Mission and goals
2. External Analysis
3. Irrelated Environments
4. Internal Analysis
5. Strategic Choice
6. Strategy Implementation
7. The Feedback Loop
What it SWOT Analysis?
What are the 5 criticisms of formal planning systems?
1. Planning Equilibruim
2. Planning under uncertainty
3. Ivory tower planning
4. Strategic intent vs. strategic fit
5. Porter's Five Forces
What are the pitfalls in decision making?
Cognitive Bias
Techniques for improving decison making?
Devil's advocacy
Dialectic inquiry
What are Porter's 5 Forces?
1. Bargaining Power-Suppliers
2. Entry Risks
3. Established firm rivalry
4. Buyer bargaining power
5. Substitute product threats
In P5, Potential Competitors pose what barriers to entry?
Brand loyalty
Absolute cost advantages
Economies of scale
Governmental regulation
In P5, what are the exit barriers?
Non-reusable investments
High fixed costs
Emotional attachments
Economic dependence on industry
Describe product differentiation.
Low cost leadership
Highly unique
Low-High Focus
Describe market segmentation.
Low cost leadership
High market segmentation
Low focus