Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
1. What are the major components of strategic management? |
a. Strategy is both short-term and long-term b. Strategy experiences a trade off between effectiveness and efficiency c. Strategy uses goals (vague/broad) and objectives (specific/quantitative) d. Satisfaction of multiple stakeholders i. Stockholders ii. Employers iii. Suppliers iv. Government v. Creditors vi. Customers vii. Community |
|
|
What is the emphasis of strategyat every level, i.e., corporate, business, functional and international levels? |
Corporate: diversificationBusiness: competitive Functional: customer satisfactionInternational: customization |
|
|
Describe a mission statement andits usefulness. |
A formal summary of the values ofa company. The reason for existence. |
|
|
Describe a vision statement andits usefulness. |
Goal statement that motivates thepeople. A dream for the future. |
|
|
List and describe the types ofstrategies (Intended, Emergent, Unrealized, and Realized). |
a) Intended strategy: strategy the company hopes to execute b) emergent strategy: is an unplanned strategy that arises in response to unexpected opportunities and challenges. c) realized strategy is the strategy that an organization actually follows. |
|
|
Define competitive advantage. |
Differentiation, cost leadership. |
|
|
List the 4 questions that areasked to determine if a company has sustainable competitive advantage. |
Is the advantage valuable? Is the advantage rare? Is the advantage costly toimitate? Is the advantage nonsubstitutable? |
|
|
List the 6 factors of the generalenvironment. |
Demographics ex: Age, gender, ethnicity,education, incomeEconomics ex: GDP, unemployment, inflation Sociocultural Technological Legal Global |
|
|
List the five forces analysis. |
A threat of new entrants Power of buyers Power of suppliers Threat of substitutes Level of rivalry evidence |
|
|
Primary activities in the value chain |
Inbound logistics – timelyarrival of inputsOutbound logistics – timelyarrival of outputsOperationsSales and marketing Warranties and repairs |
|
|
Secondary activities in the value chain |
Information systems, IT,technology, development Infrastructure Purchasing department procurement Human resources department |
|
|
List all the components of theresource analysis. |
Physical Resources Financial Resources Technological Resources Organizational Resources |
|
|
What are the questions asked bythe balanced scorecard? |
How does the company look toinvestors/stockholders? How does the company look to employees?How does the company look tocustomers?Where do we go from here? |
|
|
What are the components of humancapital? |
Recruiting: need to hire forattitude (passion for job) and train for skill Developing: train/ teach Retaining |
|
|
What are the components of socialcapital? (Interpersonal skills) |
Pied piper effect: Hire thefriends of employees with good interpersonal skillsTeam work |
