Mgmt Test 1

Front 1

Operational effectiveness

Back 1

performing similar activities better than rivals

Front 2

Hyper-competiotion

Back 2

operational effectiveness that’s gone too far. Competing soley on lean manufactoring practices

Front 3

Strategy

Back 3

unique, inimitable activity, fit: theory about how to gain a competitive advantage

Front 4

Strategic positions

Back 4

variety based, needs based, access based

Front 5

Tradeoffs

Back 5

barrier to imitation, activities are not compatible, inconsistent image: activities, limit on internal coordination

Front 6

Imitiations

Back 6

competitors copy, repositioning and stradling

Front 7

variety based strategy

Back 7

based on the choice of product or service varieties, best when company can produce prodoct or service the best

Front 8

needs based strategy

Back 8

based on targeting a segment of customers, and fulfilling their needs

Front 9

access based strategy

Back 9

Segmenting customers who are accessible in different ways, geography

Front 10

Fit

Back 10

activities and strategy, activities reinforce position, optimizing effort, match resource and capabilities

Front 11

Strategic management process

Back 11

mission, objectives, external/internal, strategic choice, strategy implementation, competitive advantage

Front 12

mission

Back 12

long-term purpose

Front 13

objectives

Back 13

specifice measurable allow to evaluate realization of mission

Front 14

external/internal

Back 14

SW OT

Front 15

strategic choice

Back 15

choose strategy (biz level and corp level), corporate structure, formal/informal mgmt, compensation

Front 16

Competitive advantage

Back 16

create more economic value than rival

Front 17

economic value

Back 17

percieved benefit vs cost to create

Front 18

general environment

Back 18

broad trends: technology, demographics, culture, economic climate, legal/political, specific international event

Front 19

recession

Back 19

economy low

Front 20

depression

Back 20

severe, sustained recession

Front 21

biz cycle

Back 21

alternation of recession to prosperity

Front 22

10 trends to watch

Back 22

resources feeling strain, globalization under fire, trust in business running out, bigger role for government, shifting consumption patterns, management as a science, asia rising, industries taking new shape, innovation and price stability

Front 23

Industry analysis

Back 23

select which part in the value chaint to analyze and which market/geography

Front 24

Porter's 5 forces

Back 24

(external analysis) analysis to develop strategy: suppliers, buyers, rivalry, threat of new entry, substitues

Front 25

RBV

Back 25

resource based view (internal analysis), resources and capabilities controled by firm

Front 26

types of resources

Back 26

(useful for RBV) financial, physical, human, organizational

Front 27

Key assumptions of RBV

Back 27

firm resource heterogenity and resource immobility

Front 28

resource heterogenity

Back 28

different firms have different resources

Front 29

resource immobility

Back 29

difficult/expensive to move resources to another firm

Front 30

VRIO

Back 30

(internal analysis) Value Rarity Immitiability Organized

Front 31

VRIO: No _ _ _

Back 31

competitive disatvantage

Front 32

VRIO: Yes No _ _

Back 32

Competitive parity

Front 33

VRIO: Yes Yes No _

Back 33

Temporary competitive advantage

Front 34

VRIO: Yes Yes Yes No/Yes

Back 34

runs the spectrum of possibilities depending on what is done: parity, disatvantage or advantage